Name: Paramount Global (NASDAQ:PARA) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

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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Paramount Global, consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Net earnings (loss), Paramount and noncontrolling interests	(1,112)	109)	242)	422)	441)	2,108)	551)	1,049)	923)	829)	627)	726)	519)	(254)	646)	983)	1,964)	561)	488)	400)	511)
Net earnings from discontinued operations, net of tax	(45)	(198)	(78)	(61)	(42)	(36)	(73)	(41)	(12)	(27)	(47)	(28)	(15)	(15)	(4)	(6)	(13)	—)	—)	—)	—)
Net earnings (loss) from continuing operations	(1,157)	(89)	164)	361)	399)	2,072)	478)	1,008)	911)	802)	580)	698)	504)	(269)	642)	977)	1,951)	561)	488)	400)	511)
Depreciation and amortization	100)	123)	92)	94)	96)	101)	95)	95)	99)	99)	97)	122)	112)	120)	108)	109)	106)	55)	56)	56)	56)
Programming charges	1,674)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred tax provision (benefit)	(436)	(64)	14)	6)	(62)	111)	89)	(205)	95)	(65)	(40)	74)	153)	(263)	29)	36)	(571)	44)	—)	—)	—)
Stock-based compensation	39)	45)	50)	41)	36)	38)	53)	49)	52)	86)	45)	56)	87)	120)	65)	50)	56)	41)	14)	47)	44)
(Gain) loss on dispositions	—)	—)	(41)	—)	(15)	(2,227)	—)	(116)	—)	(214)	—)	—)	—)	51)	—)	—)	(549)	1)	—)	—)	—)
(Gains) losses from investments	—)	—)	9)	—)	—)	—)	5)	(52)	—)	(174)	—)	(32)	—)	(24)	(12)	(39)	(38)	—)	—)	—)	—)
Loss on extinguishment of debt	—)	—)	—)	47)	73)	—)	—)	—)	128)	—)	23)	103)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Equity in loss of investee companies, net of tax	75)	83)	58)	29)	37)	16)	18)	44)	18)	—)	12)	13)	9)	—)	17)	24)	17)	6)	18)	20)	14)
Change in assets and liabilities	(778)	(459)	(602)	(398)	(269)	(804)	(912)	(772)	348)	(873)	679)	(233)	(508)	(194)	(349)	(897)	(43)	(462)	(442)	(195)	92)
Adjustments to reconcile net earnings (loss) from continuing operations to net cash flow provided by (used for) operating activities	674)	(272)	(420)	(181)	(104)	(2,765)	(652)	(957)	740)	(1,141)	816)	103)	(147)	(190)	(142)	(717)	(1,022)	(315)	(354)	(72)	206)
Net cash flow provided by (used for) operating activities	(483)	(361)	(256)	180)	295)	(693)	(174)	51)	1,651)	(339)	1,396)	801)	357)	(459)	500)	260)	929)	246)	134)	328)	717)
Investments	(43)	(65)	(48)	(82)	(59)	(46)	(33)	(74)	(40)	1)	—)	(14)	(46)	(34)	(5)	(33)	(99)	(48)	(5)	(31)	(40)
Capital expenditures	(71)	(130)	(77)	(99)	(52)	(123)	(93)	(76)	(62)	(114)	(79)	(80)	(51)	(102)	(109)	(75)	(67)	(66)	(37)	(32)	(30)
Acquisitions, net of cash acquired	—)	—)	—)	—)	—)	(27)	(27)	—)	—)	(5)	(1)	(141)	—)	(15)	(23)	(2)	(359)	(2)	—)	(29)	—)
Proceeds from dispositions	—)	57)	2)	5)	31)	2,610)	10)	195)	213)	447)	—)	—)	146)	1)	4)	10)	741)	—)	—)	—)	—)
Other investing activities	25)	—)	—)	(1)	—)	1)	(1)	—)	(25)	—)	—)	—)	—)	8)	2)	1)	3)	(13)	6)	(1)	3)
Net cash flow (used for) provided by investing activities	(89)	(138)	(123)	(177)	(80)	2,415)	(144)	45)	86)	329)	(80)	(235)	49)	(142)	(131)	(99)	219)	(129)	(36)	(93)	(67)
Proceeds from (repayments of) commercial paper borrowings, net	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(8)	(512)	(186)	649)	50)	—)	(674)	300)	4)	153)	(462)
Proceeds from issuance of debt	—)	24)	36)	50)	1,028)	10)	10)	13)	25)	10)	(5)	4,370)	—)	—)	(1)	—)	493)	—)	—)	—)	—)
Repayment of debt	—)	(17)	(15)	(1,099)	(2,009)	(10)	(20)	(83)	(2,117)	(5)	(361)	(2,535)	—)	(90)	(220)	—)	(600)	—)	—)	—)	—)
Dividends paid on preferred stock	(14)	(15)	(14)	(15)	(14)	(15)	(15)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Dividends paid on common stock	(166)	(160)	(156)	(157)	(158)	(159)	(156)	(151)	(151)	(150)	(149)	(149)	(152)	(149)	(147)	(149)	(150)	(68)	(68)	(69)	(71)
Proceeds from issuance of preferred stock	—)	—)	—)	—)	—)	—)	—)	—)	983)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from issuance of common stock	—)	—)	—)	—)	—)	—)	—)	—)	1,672)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Purchase of Company common stock	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(58)	(43)	—)	—)	(14)	(89)	(103)	(208)	(186)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(16)	(17)	(1)	(4)	(9)	(55)	(6)	(14)	(35)	(31)	(3)	(9)	(50)	(4)	—)	(11)	(41)	—)	(1)	(6)	(52)
Proceeds from exercise of stock options	—)	—)	—)	—)	—)	—)	—)	—)	408)	5)	—)	(5)	5)	15)	—)	—)	—)	4)	1)	6)	16)
Payments to noncontrolling interests	(89)	(112)	(29)	—)	(77)	(20)	(58)	(130)	(27)	44)	(44)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other financing activities	(27)	(3)	(4)	(2)	(32)	(4)	(5)	(7)	(35)	(69)	27)	(32)	(38)	(34)	(15)	(49)	(32)	(4)	(4)	(4)	(10)
Net cash flow provided by (used for) financing activities	(312)	(300)	(183)	(1,227)	(1,271)	(253)	(250)	(372)	723)	(196)	(543)	1,128)	(479)	344)	(333)	(209)	(1,018)	143)	(171)	(128)	(765)
Net cash flow provided by (used for) operating activities from discontinued operations	105)	254)	(9)	14)	102)	(6)	35)	17)	72)	68)	18)	(6)	(1)	—)	—)	—)	—)	—)	3)	(2)	—)
Net cash flow used for investing activities from discontinued operations	—)	(5)	(2)	(1)	—)	(4)	(1)	(2)	—)	(4)	(2)	(1)	—)	(2)	—)	—)	—)	—)	—)	—)	(23)
Net cash flow from discontinued operations	105)	249)	(11)	13)	102)	(10)	34)	15)	72)	64)	16)	(7)	(1)	(2)	—)	—)	—)	—)	3)	(2)	(23)
Effect of exchange rate changes on cash and cash equivalents	3)	52)	(81)	(54)	(11)	(18)	(22)	11)	(19)	31)	11)	12)	(29)	15)	(18)	1)	1)	—)	—)	—)	—)
Net increase (decrease) in cash and cash equivalents	(776)	(498)	(654)	(1,265)	(965)	1,441)	(556)	(250)	2,513)	(111)	800)	1,699)	(103)	(244)	18)	(47)	131)	260)	(70)	105)	(138)

The financial trajectory from March 2018 through March 2023 is characterized by a transition from stable operational profitability to significant volatility and a recent downturn in cash generation. While early periods showed consistent positive net earnings and operating cash flows, the most recent quarters indicate a marked deterioration in core operational performance, partially offset by strategic divestitures and financing activities.

Operating Cash Flow Trends: A significant decline in operational efficiency is observed in the latter half of the analyzed period. Net cash flow provided by operating activities was generally positive between 2018 and early 2021, peaking at 1,651 million US$ in March 2021. However, a reversal occurred starting in late 2021, with the company reporting consecutive quarterly outflows in 2022 and the first quarter of 2023. This trend is punctuated by a substantial net loss of 1,112 million US$ in March 2023, accompanied by an operating cash outflow of 483 million US$.
Investing Activities and Asset Management: Capital expenditures remained relatively consistent, typically ranging between 50 million US$ and 130 million US$ per quarter. A major liquidity event occurred in December 2021, where proceeds from dispositions reached 2,610 million US$, significantly offsetting operating losses during that period. Throughout the timeline, investments and acquisitions have been managed with moderate volatility, though the reliance on asset dispositions for cash infusion became more prominent in the later years.
Financing and Capital Structure: Financing activities have been characterized by large-scale debt restructuring and equity issuance. A notable spike in liquidity was achieved in June 2020 through the issuance of debt totaling 4,370 million US$. This was followed by aggressive debt repayment cycles, most notably in March 2021 and March 2022, with repayments exceeding 2,000 million US$ in both instances. The company also leveraged equity markets in March 2021, raising 1,672 million US$ through common stock and 983 million US$ through preferred stock. Dividend payments on common stock have remained remarkably stable, averaging approximately 150 million US$ per quarter.
Impact of Discontinued Operations: Cash flows from discontinued operations have transitioned from negligible or slightly negative values to a meaningful source of cash. In the most recent quarters, specifically December 2022 and March 2023, these operations provided 249 million US$ and 105 million US$, respectively. This suggests that the divestment or separation of certain business units has provided a critical liquidity buffer as continuing operations faced headwinds.
Overall Liquidity Position: The net increase or decrease in cash and cash equivalents exhibits extreme volatility. While the company experienced large cash inflows in June 2020 and March 2021 due to financing and equity raises, the trend from March 2022 through March 2023 shows a consistent and steep decline in cash reserves, with net decreases occurring in every quarter of that window, culminating in a 776 million US$ decrease in the final reported quarter.

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Paramount Global (NASDAQ:PARA)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data