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
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-25), 10-K (reporting date: 2022-06-26), 10-K (reporting date: 2021-06-27), 10-K (reporting date: 2020-06-28), 10-K (reporting date: 2019-06-30).
The financial data presents several notable trends over the six-year period from June 2019 to June 2024. Net income demonstrates a general upward trajectory from 2019 to 2022, reaching its peak in 2022 before experiencing a decline in the subsequent two years. Specifically, net income increased significantly from approximately 2.19 billion USD in 2019 to about 4.61 billion USD in 2022, then decreased to approximately 3.83 billion USD in 2024.
Depreciation and amortization expenses exhibit a gradual increase throughout the period, rising from roughly 309 million USD in 2019 to around 360 million USD by 2024, indicating ongoing investments in fixed assets or intangible assets.
Deferred income taxes display negative values across all years, with the magnitude increasing substantially during the earlier years, particularly from 2019 to 2022, suggesting growing deferred tax liabilities or reductions in deferred tax assets.
Equity-based compensation expense consistently rises each year, from approximately 187 million USD in 2019 to nearly 293 million USD in 2024, reflecting increasing stock-based remuneration costs.
Operating asset and liability accounts show high volatility. Accounts receivable show irregular values: positive in 2019 and 2023, but negative in intervening years. Inventories follow a similar pattern, with positive values in 2019 and 2024 but negative in between, indicating fluctuations in working capital management. Prepaid expenses and other assets, trade accounts payable, deferred profit, and accrued expenses and other liabilities also show considerable variances, alternating between positive and negative values, signifying unstable changes in operating assets and liabilities over the years.
The net cash provided by operating activities consistently remains positive, with fluctuations in magnitude. It peaked in 2023 at approximately 5.18 billion USD and slightly declined in 2024 but stayed well above earlier years, suggesting strong operational cash generation.
Capital expenditures and intangible assets investments increased noticeably between 2019 and 2022, from approximately 303 million USD to about 546 million USD outflows, then decreased in the following years, indicating a possible easing in capital spending.
Investing activities show a mixed pattern. Net cash used for investing activities is predominantly negative except in 2021 and 2022, where positive values indicate net cash inflows from investing activities. Significant purchases and sales of available-for-sale securities contribute to these fluctuations, with large purchases in the early years tapering off by 2023 and 2024. Proceeds from sales and maturities of available-for-sale securities vary considerably, enhancing liquidity in certain years.
Financing activities are characterized by consistent net cash outflows, reflecting significant treasury stock repurchases, increasing from approximately 1.37 billion USD in 2020 to over 3.86 billion USD in 2022, then declining but remaining substantial. Dividends paid steadily increase each year from about 678 million USD in 2019 to nearly 1.02 billion USD in 2024, indicating sustained shareholder returns. Debt-related activities show initial proceeds from long-term debt issuance in 2019 and 2020, with principal repayments rising over time. Borrowings and repayments related to the revolving credit facility occur only in 2020, suggesting temporary financing adjustments during that year. Proceeds from issuance of common stock are relatively small but gradually increase across the period.
Overall cash and cash equivalents exhibit variability. The cash balance decreases from 2019 to 2020, recovers in 2021, drops again in 2022, then increases notably in 2023 and maintains growth into 2024, ending at approximately 5.85 billion USD. This pattern aligns with the net changes in cash flows, influenced by operating, investing, and financing activities as well as exchange rate effects.
In summary, the financial data reflects strong operating performance with fluctuating net incomes, consistent increases in non-cash expenses such as depreciation and equity compensation, and strategic management of working capital. Capital expenditures peaked in the middle of the period before easing, while investing activities show a transition from substantial securities investments to reduced activity. Financing decisions reveal aggressive share repurchases and growing dividend payments alongside variable debt management. The cash position, after periods of decline, concludes with a robust balance, underscoring effective liquidity management amid these dynamics.