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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NXP Semiconductors N.V. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2010
- Return on Equity (ROE) since 2010
- Price to Operating Profit (P/OP) since 2010
- Price to Book Value (P/BV) since 2010
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NXP Semiconductors N.V., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 20-F (reporting date: 2018-12-31), 20-F (reporting date: 2017-12-31).
- Net Income
- Net income showed a sharp decline from 2017 (2,272 million US$) and 2018 (2,258 million US$) to 2019 (272 million US$) and 2020 (80 million US$), followed by a significant recovery in 2021 (1,906 million US$). This indicates a period of reduced profitability for two years, with pronounced improvement afterward.
- Depreciation and Amortization
- Depreciation and amortization remained relatively stable from 2017 through 2020, fluctuating between approximately 1,987 million and 2,173 million US$. However, in 2021, a notable decrease occurred, with the figure dropping to 1,262 million US$.
- Share-Based Compensation
- Share-based compensation increased steadily from 281 million US$ in 2017 to a peak of 384 million US$ in 2020, followed by a slight decline to 353 million US$ in 2021, indicating ongoing expenses related to equity compensation with some moderation in the most recent year.
- Net Gain on Sale of Assets
- This item showed a large negative figure in 2017 (-1,615 million US$), suggesting significant losses or impairments. Subsequently, values were closer to zero or modest losses, with -20 million US$ in 2019, -115 million US$ in 2020, and -1 million US$ in 2021, indicating less volatility or fewer asset disposals impacting income.
- Deferred Tax Benefit
- Deferred tax benefits reduced significantly over the years, from -797 million US$ in 2017 to -20 million US$ in 2021, indicating a decreasing contribution of deferred tax assets to net income reconciliation.
- Working Capital Changes
- Changes in operating assets and liabilities fluctuated over the years with a negative figure in 2017 (36 million US$), slightly negative in 2018 (-29 million US$) and 2019 (-173 million US$), a strong positive shift in 2020 (438 million US$), and a return to negative in 2021 (-437 million US$). Specific categories reveal volatility, such as inventories and receivables showing alternating increases and decreases.
- Net Cash Provided by Operating Activities
- This cash flow fluctuated considerably, rising from 2,447 million US$ in 2017 to a pinnacle of 4,369 million US$ in 2018, then decreasing in 2019 (2,373 million US$) and stabilizing in 2020 (2,482 million US$), followed by growth in 2021 to 3,077 million US$. This pattern suggests cyclical variations in operating cash generation.
- Investing Activities
- Net cash used for investing activities shifted markedly, showing a positive cash inflow of 2,072 million US$ in 2017 but substantial outflows in subsequent years: -522 million US$ in 2018, -2,284 million US$ in 2019, -418 million US$ in 2020, and -934 million US$ in 2021. The spike in 2019 outflow reflects a purchase of interests in businesses worth -1,698 million US$, indicating significant acquisitions during that year.
- Capital Expenditures
- Capital expenditures on property, plant, and equipment fluctuated, initially increasing from -552 million US$ in 2017 to -611 million US$ in 2018, dropping to -526 million US$ in 2019 and further to -392 million US$ in 2020, and then rising sharply to -767 million US$ in 2021. This indicates varying investment levels in fixed assets, with a strong uptick in the final year.
- Financing Activities
- Net cash used for financing activities was negative throughout, with a peak outflow of -4,597 million US$ in 2018, indicating heavy repayment or repurchases. The outflows decreased to -1,831 million US$ in 2019, -835 million US$ in 2020, but increased again to -1,585 million US$ in 2021. Repurchase of long-term debt remained substantial across years, while proceeds from issuance of long-term debt significantly increased in 2021 to 4,000 million US$, the highest in the period analyzed.
- Cash and Cash Equivalents
- Cash and cash equivalents at period end showed a downward trend in the initial years, from 3,547 million US$ in 2017 to 1,045 million US$ in 2019, followed by a recovery to 2,275 million US$ in 2020 and 2,830 million US$ in 2021, reflecting improved liquidity in latter years.
- Summary
- The financial data reveals a period of pronounced volatility, especially in profitability between 2017 and 2021, with a substantial decline in net income in 2019-2020 followed by strong recovery in 2021. Operating cash flows remained robust despite net income variability. Investments fluctuated, reflecting strategic acquisitions and capital expenditures. Financing activities show active debt management with significant repurchases and increased debt issuance in 2021. Overall liquidity improved toward the end of the period after a notable trough in 2019.