When looking at for example Netflix’s cash flow statements here http://financials.morningstar.com/cash-flow/cf.html?t=NFLX®ion=usa&culture=en-US&ownerCountry=USA, there is a big difference between company’s free cash flow (279) and net change in cash (-6) in year 2009.
It appears that on the referenced page, free cash flow is calculated as operating cash flow – capex where capex consists of investments in property and purchases of intangibles. So, for example, purchases of investments are not part of capex and thus it is not taken into account when calculating free cash flow.
Why it seems that important elements are left out from the free cash flow calculation on the referenced page?