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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PayPal Holdings Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Net Income Trend
- Net income experienced significant fluctuations from 2018 through 2023. Initial quarters in 2018 and 2019 showed stable and moderately growing profits, peaking in Jun 2020 at 1,530 million USD. However, a sharp decline was observed in Mar 2020 with a low of 84 million USD. Post-2020, net income showed volatility with substantial increases and decreases, including a loss of -341 million USD in Jun 2022, followed by recovery and moderate profits by Mar 2023 at 795 million USD.
- Transaction and Credit Losses
- Transaction and credit losses rose noticeably during the pandemic period starting Mar 2020, reaching a peak of 591 million USD, compared to pre-pandemic averages around 300-400 million USD. Despite some reduction after 2020, losses remained elevated relative to earlier years, suggesting increased risk or credit issues during this timeframe.
- Depreciation and Amortization
- Depreciation and amortization expenses followed a steady upward trend from 185 million USD in early 2018 to a peak of 333 million USD in Dec 2022, then slightly declined to 270 million USD by Mar 2023. This steady increase reflects continuous investment in fixed assets or intangibles.
- Stock-Based Compensation
- Stock-based compensation costs rose gradually, starting around 205 million USD in early 2018, peaking at 429 million USD in Mar 2022, before declining to 345 million USD in Mar 2023. The pattern indicates increasing use of equity incentives over the years, with some normalization recently.
- Cash Flow from Operating Activities
- Net cash provided by operating activities showed strong overall growth, particularly from 2018 onward, with notable peaks in Jun 2020 (2,383 million USD) and Dec 2021 (1,763 million USD). Fluctuations correspond with net income variations but maintain a generally positive momentum, indicating healthy operational cash generation.
- Investing Activities
- Cash flow used in investing activities exhibited considerable variability, with large outflows in late 2019 and throughout 2020, reaching over -7,500 million USD in Jun 2020. Purchases of investments were consistently substantial, while proceeds from sales and maturities fluctuated. Recent quarters showed smaller net outflows or minor inflows, suggesting a more cautious or stabilized investment approach.
- Financing Activities
- Net cash from financing activities showed irregular patterns, including large inflows in Jun 2020 (6,278 million USD) and Mar 2020 (2,241 million USD), followed by periods of outflows and moderate inflows. Notably, purchases of treasury stock were consistently negative, indicating ongoing stock buybacks. Borrowings and repayments under financing arrangements varied, reflecting shifting capital structure strategies.
- Working Capital Changes
- Changes in accounts receivable and payable varied widely across periods, with no clear directional trend but occasional large swings. Other assets and liabilities also showed high volatility, impacting changes in assets and liabilities, which in turn affected operating cash flows.
- Tax and Deferred Income Taxes
- Deferred income taxes displayed considerable volatility, with sharp positive and negative adjustments throughout the periods, notably large negative impacts in 2022. Income taxes payable fluctuated, occasionally showing large negative or positive balances, which may reflect timing differences or tax strategy impacts.
- Net Cash Position
- Net change in cash and cash equivalents varied from sizable increases, such as a 5,847 million USD increase in Sep 2018, to significant decreases, including a 2,330 million USD decline in Mar 2019 and a 1,462 million USD decline in Mar 2023. These fluctuations are consistent with substantial variations in operating, investing, and financing cash flows over time.
- Overall Observations
- Financial results illustrate responsiveness to external events, especially the COVID-19 pandemic’s impact on income volatility, credit losses, and cash flows. The company pursued active investment strategies with large transactions in loans and securities, alongside sustained share repurchase programs. Operating cash flow remained generally robust, supporting ongoing investment and financing activities despite episodic net losses and elevated transaction losses.