Avon Products Inc. is a global manufacturer and marketer of beauty products. Avon distributes its products to customers in the United States through independent sales representatives. The following operating results (in thousands) are for years ending December 31:

a. Compute the ratio of cash flow to net income for each year. Round to one decimal place.
b. Is there a significant difference between the ratios for 2004 and 2003? If so, what are some possible causes for thedifference?

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2004 2003 Net cash flows from operating activities $882,600 745,300 Net income 846,100 664800