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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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Aggregate Accruals
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Analog Devices Inc., consolidated cash flow statement
US$ in thousands
Based on: 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-11-02).
The financial data presented demonstrates several notable trends in the company’s income, cash flow, and balance sheet activities over the examined periods.
- Net Income
- Net income showed moderate fluctuation from 2019 through 2021, with values ranging between approximately 1.22 billion and 1.39 billion USD. A significant increase occurred in 2022 and 2023, peaking at over 3.3 billion USD in 2023, followed by a sharp decline to around 1.63 billion USD in 2024, indicating volatility in profitability.
- Depreciation and Amortization of Intangibles
- Depreciation expense steadily increased from 240.7 million USD in 2019 to 362.8 million USD in 2024, reflecting growing investment in fixed assets. Amortization of intangibles rose substantially from about 570.6 million USD in 2019 to more than 2 billion USD in 2022 and 1.95 billion USD in 2023, before decreasing to approximately 1.74 billion USD in 2024. This pattern suggests significant intangible asset acquisitions or write-downs in prior years.
- Stock-based Compensation Expense
- Stock-based compensation almost doubled from 150.3 million USD in 2019 to a peak of 323.5 million USD in 2022 before declining to 262.7 million USD in 2024, indicating heightened employee compensation expenses through equity incentives during the middle years.
- Deferred Income Taxes
- Deferred income taxes consistently presented negative values, increasing in absolute magnitude from approximately -91.3 million USD in 2019 to -367.6 million USD in 2024, signaling ongoing deferred tax liabilities or tax asset adjustments.
- Operating Assets and Liabilities
- Changes in accounts receivable, inventories, and accounts payable showed significant volatility, with notable negative swings in operating assets and liabilities, especially during 2022 and 2023. For example, accounts receivable moved from negative adjustments in earlier years to a positive increase of 330.7 million USD in 2023, then decreased in 2024. Inventories and accounts payable also fluctuated, reflecting dynamic working capital management.
- Cash Flows from Operating Activities
- Net cash provided by operating activities increased substantially from 2.25 billion USD in 2019 to over 4.8 billion USD in 2023, before declining to 3.85 billion USD in 2024. This indicates strong cash generation capabilities despite fluctuations in net income.
- Investing Activities
- Investing cash flows were negative in most years, except for 2021 which showed a large positive inflow due to acquisition activity (over 2.45 billion USD net cash received). Capital expenditures increased notably over time, peaking at over 1.26 billion USD in 2023, reflecting significant investment in property, plant, and equipment, before decreasing in 2024.
- Financing Activities
- Financing cash flows were predominantly negative across the periods, with outflows driven by dividend payments, stock repurchases, and debt repayments. Dividend payments steadily increased from 777 million USD in 2019 to near 1.8 billion USD in 2024, demonstrating a commitment to returning capital to shareholders. Stock repurchases fluctuated, reaching a high of nearly 2.96 billion USD in 2023 before a sharp reduction in 2024. Debt activities were marked by significant issuances and repayments, including large proceeds from commercial paper notes in 2023 and 2024, suggesting active liquidity management.
- Cash and Cash Equivalents
- Cash balances were variable with increases in 2020 and 2021, peaking near 2 billion USD at the end of 2021, then declining over the next two years before sharply rising again in 2024. This pattern highlights fluctuating liquidity resulting from the combination of operating, investing, and financing cash flow activities.
Overall, the company exhibited strong operational cash generation and invested significantly in intangible assets and fixed assets during the period. Financing activities reflected aggressive capital return strategies along with active debt management. The volatility in net income and cash flows in recent years could be attributed to acquisitions, asset amortization, and fluctuating market or operational conditions.