Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Advanced Micro Devices Inc., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).
- Net Income
- Net income showed growth from 2020 to 2021, increasing from $2,490 million to $3,162 million, followed by a steep decline in 2022 to $1,320 million. The downward trend continued into 2023 reaching $854 million, then partially recovered to $1,641 million in 2024.
- Depreciation and Amortization
- Depreciation and amortization consistently increased over the period, rising from $312 million in 2020 to $671 million by 2024. Amortization of acquisition-related intangibles, introduced in 2022 at $3,548 million, decreased in subsequent years but remained significant.
- Stock-Based Compensation
- Stock-based compensation rose sharply from $274 million in 2020 to $1,407 million in 2024, reflecting a substantial increase in non-cash employee compensation expense.
- Operating Lease and Inventory Adjustments
- Amortization of operating lease right-of-use assets gradually increased from $42 million in 2020 to $113 million in 2024. Amortization of inventory fair value adjustment was present only in 2022 and 2023, with values $189 million and $3 million, respectively.
- Other Income Statement Adjustments
- The loss on debt redemption was minor and sporadic, while deferred income taxes fluctuated markedly, showing large negative and positive swings, indicating variable tax expense recognition over the years.
- Changes in Working Capital
- Working capital components generally displayed negative trends, with accounts receivable rising negatively from -$219 million to -$1,865 million and inventories fluctuating but ending at a substantial negative -$1,458 million in 2024. Prepaid expenses followed a negative trend until 2024, where they became positive. Accounts payable reversed from a positive position in 2021 and 2022 to negative in later years, reflecting changes in operating cash flow timing.
- Operating Cash Flow
- Net cash provided by operating activities peaked in 2022 at $3,565 million, declined in 2023 to $1,667 million, and improved again in 2024 to $3,041 million, mirroring the fluctuations in net income and adjustments for non-cash items and working capital changes.
- Investing Activities
- Capital expenditures increased steadily from -$294 million in 2020 to -$636 million in 2024. Purchases of short-term investments were substantially higher in 2023 at -$3,722 million but decreased to -$1,493 million by 2024. Proceeds from maturity of short-term investments peaked in 2022 at $4,310 million. Notably, cash received from acquisition of Xilinx was $2,366 million in 2022, followed by net outflows for acquisitions in later years. Net cash provided by investing activities displayed significant variability, being positive in 2022 but negative in 2023 and 2024.
- Financing Activities
- Debt activities were irregular, with net proceeds in 2022 and considerable repayments in 2020 and 2024. Equity financing via employee equity plans increased slightly over time, while repurchases of common stock peaked in 2022 at $3,702 million and diminished thereafter. Stock repurchases for tax withholding rose steadily. Overall, net cash used in financing activities was negative in most years, reaching -$2,062 million in 2024.
- Liquidity Position
- The company’s cash balance increased significantly from $1,595 million at the end of 2020 to $4,835 million at the end of 2022, before declining to $3,811 million in 2024, indicating accumulation of cash in earlier years followed by moderate utilization in recent periods.
- Overall Trends and Insights
- The financial data indicate volatility in profitability with net income peaking in 2021, followed by a downturn and partial recovery. Depreciation, amortization, and stock-based compensation expenses have increased, impacting earnings quality. Operating cash flow demonstrated resilience despite fluctuations in working capital. Investment activities emphasize strategic acquisitions and substantial investment in short-term securities with timing differences affecting cash flows. Financing actions reflect active management of capital structure with significant stock repurchases and variable debt transactions. The liquidity position has been maintained at a strong level despite cash outflows in later years.