Cash Flow Statement
Quarterly Data
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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- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2008
- Net Profit Margin since 2008
- Operating Profit Margin since 2008
- Return on Equity (ROE) since 2008
- Price to Operating Profit (P/OP) since 2008
- Price to Sales (P/S) since 2008
- Aggregate Accruals
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Keurig Dr Pepper Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Net Income Trends
- The net income exhibits notable variability across the periods analyzed. It peaked towards the end of 2021, reaching $843 million in December, representing a significant increase relative to earlier quarters. However, a sharp decline is observed in mid-2022, dropping to $218 million in June. This suggests fluctuating profitability influenced possibly by external market conditions or internal operational factors.
- Depreciation and Amortization
- Depreciation expense remained relatively stable, fluctuating between $85 million and $106 million throughout the periods, with a slight increase towards 2021. Amortization of intangibles was steady around $31-$34 million per quarter, indicating consistent allocation of intangible asset expenses. Other amortization expenses showed more variability, with a general downward trend after 2019.
- Provision and Tax Items
- Provision for sales returns varied but generally stayed within a moderate range, peaking at $19 million in Q1 2021. Deferred income taxes displayed considerable volatility, with large negative and positive swings, including significant reversals in multiple quarters, hinting at complex tax positions or timing differences affecting income tax accounting.
- Non-Cash and One-Time Items
- Several non-recurring charges and gains, such as losses on early extinguishment of debt and impairment charges, occurred sporadically. For instance, a substantial loss of $169 million was recorded in June 2022 related to early debt extinguishment. Gains on the sale of equity method investments were significant but infrequent, notably a $524 million gain in December 2021 which impacted net results markedly.
- Working Capital Dynamics
- Trade accounts receivable and inventories experienced fluctuations, with negative changes more common, indicating possible collection or inventory management challenges. Accounts payable and accrued expenses generally increased over time, suggesting possibly extended payment terms or increased procurement activity. The net change in operating assets and liabilities fluctuated considerably, showing periods of both working capital investment and release.
- Cash Flows from Operations
- Operating cash flow showed a general upward trend with peaks around Q4 2021, reaching $941 million, demonstrating strong cash generation capacity. This occurred despite volatile net income, suggesting effective cash management or adjustments for non-cash items. Adjustments to reconcile net income to cash flow also varied, reflecting timing and non-cash expense effects.
- Investing Activities
- Investing cash flows were predominantly negative or modestly positive, marked by sustained capital expenditures between $77 million and $151 million quarterly, signifying ongoing investment in property and equipment. In some quarters, significant proceeds from sales of property or investments were realized, such as $578 million in September 2021, indicating occasional divestitures bolstering cash flow.
- Financing Activities
- Financing cash flows were volatile, reflecting varying debt issuance and repayments. Large issuances of notes occurred notably in Q2 2020, Q4 2020, and Q2 2022, offset by substantial repayments including $3,164 million repayment in June 2022. Commercial paper activity also fluctuated, indicating active short-term debt management. Dividends remained fairly steady around $210-$268 million per quarter, emphasizing consistent shareholder returns. Stock repurchases appeared only later in the timeline and were relatively limited.
- Liquidity and Cash Position
- The net change in cash and equivalents showed frequent fluctuations. There were positive net changes in several quarters, notably Q4 2021 with a $365 million increase, while some quarters recorded declines, such as a decrease of $179 million in Q2 2021 and $214 million in Q2 2022. This variability aligns with the irregular nature of investing and financing activities observed.
- Exchange Rate Effects and Other Miscellaneous Items
- Exchange rate effects on cash were minor but variable, mostly fluctuating between gains and losses of a few million dollars. Other miscellaneous items such as unrealized gains/losses on foreign currency and derivatives, as well as employee stock compensation expense, showed considerable movement, contributing to financial result volatility in some periods.