Both companies seem to have a decent cash cushion, but perhaps not for long. Nokia had 4.2 billion ($5.16 billion) of net cash at the end of the last quarter, but it sees 1.2 billion of restructuring expenses over the next two years. RIM has $2.2 billion of net cash and $350 million of restructuring costs. More important is whether each will see operations become a bigger cash drain. That's tough to forecast, not knowing how quickly their franchises will continue to deteriorate. But one source of cash for both should go away, working capital benefits.

两家公司似乎都有较为雄厚的现金作为缓冲，但这些现金可能无法长久维持。截至上季度末，诺基亚有着42亿欧元（合51.6亿美元）的净现金，但它预计未来两年将产生12亿欧元的重组成本。RIM有22亿美元的净现金，预计重组成本为3.5亿美元。更重要的是两家公司的运营会不会消耗越来越多的现金。这很难预测，因为我们不知道它们的业务将以何种速度继续恶化。但两家公司的现金来源之一──流动资本效益应当会枯竭。

When companies shrink, they draw down inventories and collect on receivables while making smaller payments to suppliers. This can add cash to the balance sheet, but it's a gift that eventually stops giving. In the most recent quarter, Nokia generated 500 million of cash this way, and RIM generated $400 million.

当企业萎缩时，它们会降低库存、收取应收款项并减少对供应商的付款。这可以增加资产负债表上的现金，但这种馈赠最终会停止。在刚刚过去的这个季度，通过这种方式诺基亚产生了5亿欧元的现金，RIM产生了4亿美元的现金。

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