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: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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KLA Corp., consolidated cash flow statement
US$ in thousands
Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).
- Net Income
- The net income showed a consistent upward trend from June 2019 to June 2023, increasing from approximately 1.18 billion to 3.39 billion US dollars. However, there was a notable decrease in June 2024, dropping to about 2.76 billion. This indicates strong growth over the initial five years followed by a decline in the most recent period.
- Impairment of Goodwill and Purchased Intangible Assets
- There was significant volatility in impairment charges, peaking dramatically in June 2020 and June 2024 with values of 270 million and 289 million US dollars respectively. Other years showed relatively minor impairments, suggesting episodic large write-downs.
- Depreciation and Amortization
- Depreciation and amortization expenses steadily increased from about 233 million to over 415 million between 2019 and 2023, followed by a slight decrease in 2024 to around 402 million, indicating substantial investment in depreciable assets over time.
- Stock-Based Compensation Expense
- This expense exhibited a consistent upward trend, rising from approximately 94 million in 2019 to 213 million in 2024, highlighting increased employee compensation costs linked to stock incentives.
- Cash Flows from Operating Activities
- Net cash provided by operating activities increased significantly from 1.15 billion in 2019 to a peak of approximately 3.67 billion in 2023, before declining slightly to about 3.31 billion in 2024. This reflects strong and generally improving cash-generating operations with a recent moderate decrease.
- Cash Flows from Investing Activities
- Net cash used in investing activities showed substantial variation. A major outflow occurred in 2019 (-1.18 billion), and after reduced outflows in 2020 and 2021, there was a sharp increase in 2024 (-1.48 billion). Proceeds from maturity of available-for-sale securities increased notably from 589 million in 2019 to nearly 1.46 billion in 2024. Capital expenditures steadily rose from 130 million in 2019 to a peak of 342 million in 2023, then slightly declined to 277 million in 2024. These patterns suggest ongoing asset investment accompanied by portfolio adjustments in securities.
- Cash Flows from Financing Activities
- Net cash used in financing activities increased in outflow magnitude from -360 million in 2019 to -2.84 billion in 2023, with a reduced outflow of -1.78 billion in 2024. Significant common stock repurchases occurred, peaking massively at nearly 4 billion in 2022 before declining but remaining high in subsequent years. Dividend payments grew consistently from 472 million to 773 million. Debt issuance and repayments showed fluctuations, with large inflows in 2019 and 2022 and substantial repayments in most years. Overall, financing activities demonstrate aggressive capital return policies coupled with active debt management.
- Working Capital and Other Liabilities
- Changes in working capital, as represented by accounts receivable, inventories, accounts payable, and deferred revenues, exhibited varied patterns. Inventories and accounts receivable generally decreased liabilities (negative values), with inventories notably large declines in 2022 and 2023, suggesting inventory reductions or write-downs. Accounts payable rose steadily through 2022, then showed volatility. Deferred revenues increased significantly in recent years, reflecting growing prepaid customer balances. Other liabilities fluctuated substantially, switching from negative to large positive values before a sharp negative reversal in 2024, indicating dynamic changes in non-current obligations or provisions.
- Effect of Exchange Rate Changes
- Foreign exchange gains and losses fluctuated over the years, with some periods showing gains (negative values) and others losses (positive values). The effect on cash and cash equivalents due to exchange rates was minor but consistently negative in recent years, suggesting currency headwinds impacting the cash position.
- Cash and Cash Equivalents
- The cash and cash equivalents balance increased from approximately 1.02 billion in 2019 to nearly 2.0 billion by 2024, indicating a growing liquidity position despite the fluctuations in operating, investing, and financing cash flows.