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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Charter Communications Inc., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The financial data reveals several notable trends and fluctuations over the five-year period under review.
- Profitability
- Consolidated net income exhibited an overall increasing trend, rising from $3,676 million in 2020 to $5,853 million in 2024, with a peak at $5,849 million in 2022. However, there was a decline in 2023 to $5,261 million before rebounding in 2024.
- Depreciation and Amortization
- Depreciation and amortization expenses showed a steady decline, decreasing annually from $9,704 million in 2020 to $8,673 million in 2024, indicating a gradual reduction in the non-cash charges related to asset usage.
- Stock Compensation Expense
- Stock compensation expense increased markedly, especially between 2022 and 2023 where it rose from $470 million to $692 million, before slightly declining to $651 million in 2024. This suggests rising costs related to equity-based remuneration.
- Noncash Interest, Net
- This item transitioned from negative values in 2020-2022 to positive in 2023 and 2024, moving from -$41 million to $34 million, reflecting changes in noncash interest charge dynamics.
- Deferred Income Taxes
- Deferred income taxes showed significant volatility, peaking at $826 million in 2021 before declining sharply to negative values (-$87 million) by 2024, indicating shifts in tax timing differences and liabilities.
- Other, net (Operating Adjustments)
- Other net operating adjustments fluctuated, initially declining from $214 million in 2020 to $29 million in 2022, then rising substantially to $354 million by 2024, possibly indicating changing miscellaneous operational factors.
- Changes in Operating Assets and Liabilities
- This line displays considerable negative trends starting from net positive changes in 2020 and 2021 (+$193 million and +$160 million, respectively) to increased negative values from 2022 through 2024, reaching -$1,048 million in 2024, pointing to worsening working capital or operational asset/liability management.
- Operating Cash Flows
- Adjustments to reconcile net income to cash from operations declined from $10,886 million in 2020 to $8,577 million in 2024, while net cash flows from operating activities peaked in 2021 at $16,239 million but then decreased and stabilized around $14,400 million in 2023 and 2024.
- Capital Expenditures
- Purchases of property, plant, and equipment consistently increased year-over-year, rising from $7,415 million in 2020 to $11,269 million in 2024, reflecting a strong investment trend. Accrued expenses related to capital expenditures also increased notably in 2024 to $1,096 million.
- Investing Cash Flows
- Net cash outflows from investing activities deepened from -$8,157 million in 2020 to nearly -$11,000 million during 2023 and 2024, paralleling the rise in capital expenditures.
- Financing Activities
- There is a trend of substantial long-term debt activities: borrowings increased over the period, especially in 2024 reaching $25,893 million, while repayments also surged to $29,660 million in the same year, indicating active debt refinancing or restructuring. Equipment installment plan borrowing commenced in 2024 with $1,074 million.
- Payments related to debt issuance costs were relatively modest and stable.
- Equity issuance occurred only in 2020, with no subsequent issuances recorded.
- Treasury stock purchases declined significantly from a high of $15,431 million in 2021 to $1,213 million in 2024, suggesting reduced share repurchases.
- Other equity-related activities, including proceeds from stock option exercises, were minor but showed a slight upward trend.
- Purchases and distributions related to noncontrolling interests decreased steadily, with purchases reducing from $2,234 million in 2021 to $189 million in 2024.
- Overall, net cash flows from financing activities improved, with negative cash flows decreasing from -$8,953 million in 2020 to -$3,979 million in 2024.
- Cash Position
- The cash balance saw a net decline, falling from $3,549 million at the start of 2020 to $506 million at the end of 2024 despite minor increases in intermediate years. The net change in cash and equivalents was mostly negative or flat, indicating limited growth in liquidity over the period.
In summary, the data points to consistent profitability growth with some fluctuation, increasing capital investment, a strategic approach to managing debt with both rising borrowings and repayments, and a cautious stance on share repurchases. Operating cash flows remained strong but showed signs of pressure related to working capital changes. Overall liquidity as reflected by cash balances declined, potentially reflecting heavy investment and financing activities.