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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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Allergan PLC, consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
- Net income (loss)
- The net income fluctuated significantly over the periods analyzed, showing volatile swings between large losses and substantial gains. Notably, a large positive spike occurred in September 2015 and again at the end of 2017, followed by a series of losses into 2020, ending with a moderate positive net income in the first quarter of 2020. This volatility suggests episodic gains possibly tied to non-recurring events, as consistent profitability was not maintained.
- Depreciation and Amortization
- Depreciation expenses were relatively stable with a slight upward trend from 2015 through 2020. Amortization expenses remained consistently high throughout the period, with minor fluctuations but no significant trend, reflecting ongoing amortization of intangible assets. The high amortization level relative to depreciation underscores a business model reliant on intangible assets.
- Inventory reserve provision
- The provisions for inventory reserve varied substantially, with periodic increases and decreases, reaching notably high levels in mid-2019. This indicates periodic re-assessment of inventory valuations potentially linked to changes in product demand or obsolescence risks.
- Share-based compensation
- Share-based compensation expenses declined from early 2015 into 2016 and remained fairly stable at a lower level thereafter, indicating possible changes in employee compensation or equity plan structures.
- Deferred income tax benefit
- The deferred income tax benefit showed extreme volatility, including large negative impacts in late 2015 and again in late 2017. These fluctuations suggest significant tax-related events or adjustments impacting reported earnings unevenly across quarters.
- Pre-tax gain on sale of generics business
- A substantial one-time pre-tax gain was recognized in the fourth quarter of 2016, corresponding with a large cash inflow from the sale, which significantly impacted financial results for that period.
- Goodwill and Research and Development impairments
- Goodwill impairments were recorded sporadically, particularly during 2018 and 2019, affecting earnings negatively. In-process R&D impairments occurred repeatedly, underscoring challenges in capitalizing research development investments during the timeframe analyzed.
- (Gain) loss on asset sales and impairments, net
- This item showed high variability with major positive spikes, especially in late 2017 and mid-2018, evidencing occasional significant asset disposals or write-downs impacting earnings irregularly.
- Cash flows from operating activities
- Operating cash flow generally remained positive, with notable exceptions in third quarter 2016, aligning with negative net income periods. Despite earnings volatility, the business maintained overall positive operating cash generation most periods.
- Investing activities and divestitures
- Significant investing activity changes occurred due to the sale of a generics business in late 2016, resulting in a large positive cash inflow. Additions to property, plant, equipment, and intangibles generally declined over time, indicating reduced capital expenditures after peak investment. Acquisition activity peaked notably in the first quarter of 2015 and again mid-2016, followed by less frequent acquisitions in later periods.
- Financing activities
- Financing cash flows showed large inflows in early 2015 from debt and equity issuances, supporting acquisition funding. Subsequent periods experienced substantial debt repayments and share repurchases, especially aggressive share repurchases in 2016 and 2017, pointing to active capital structure management. Dividend payments remained steady with slight incremental increases throughout the period.
- Working capital changes
- Accounts receivable and inventories showed considerable fluctuations, with periods of both increases and decreases indicating active management or volatility in sales and inventory turnover. Accounts payable and accrued expenses also fluctuated widely, showing sizable increases in some periods, which suggests flexible supplier payment terms or accrual management as part of working capital optimization.
- Summary of financial health
- The overall financial picture reflects significant episodic transactions, including business sales, impairments, and acquisitions that heavily influenced both earnings and cash flows. The company demonstrated strong cash generation capability from operations despite unstable net income, driven by non-cash charges and gains. Capital expenditures declined over time, and financing activities indicate an effort to manage leverage and return capital to shareholders via share repurchases and dividends.