Operating cash flow is the balance of Operating outflows and Operating inflows generated by the Business cycle of the business. Operating cash flow reflects the cash flows generated by operations during a given period. It represents the cash flow generated by the company's day-to-day operations. Operating cash flow differs from EBITDA by the amount of change in the Working capital. It is also equal to cash flow less the change in the Operating working capital. Operating cash flow is a concept that depends on how expenditure is classified between operating outlays and Investment outlays. Since this distinction is not always clear-cut, operating cash flow is not widely used in practice, with Free cash flow being far more popular. Also called Cash flow from operating activities or Cash flow from operations.

(See Chapters 2, 5, 11 and 12 of the Vernimmen)

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