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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Selected Financial Data since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Elevance Health Inc., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Net Income
- Net income showed a general upward trend from 2020 through 2021, increasing from $4,572 million to $6,095 million, followed by a slight decline in subsequent years, settling around $5,971 million in 2024. This suggests stabilization after a peak in 2021.
- Net Gains/Losses on Financial Instruments
- This item fluctuated notably, beginning with gains in 2020 and 2021 (-$182 million and -$318 million respectively, negative values indicating gains), turning to losses in 2022 and 2023 ($550 million and $694 million losses), before partially improving in 2024 to $445 million losses. The trend indicates increased volatility in financial instruments results over the period.
- Gain on Sale of Business
- Only recorded in 2024 with a loss of $201 million, indicating a negative impact from disposal activities in the latest year reported.
- Equity in Net (Earnings) Losses of Other Invested Assets
- This account showed a significant loss in 2021 ($562 million), which improved somewhat but remained negative in following years, ending close to zero in 2024. The fluctuation indicates erratic performance in other invested assets.
- Depreciation and Amortization
- Depreciation and amortization increased steadily from 2020 ($1,154 million) to a peak in 2023 ($1,745 million) before decreasing to $1,393 million in 2024. This reflects elevated asset amortization costs followed by some easing.
- Deferred Income Taxes
- Deferred income taxes swung from negative to positive and back to negative values over the period, ending negative at $374 million in 2024. This volatility suggests changing tax timing differences affecting earnings.
- Impairment of Property, Equipment, and Right-of-Use Assets
- Impairment charges fluctuated annually, peaking strongly in 2023 at $446 million and reducing to $103 million in 2024. This indicates occasional significant write-downs of assets.
- Share-Based Compensation
- Share-based compensation costs remained relatively stable, around the range of $191 million to $289 million over the years, with a slight downward movement towards 2024.
- Receivables, Net
- Receivables declined sharply in 2021 and 2022 by over $2 billion each year, then the decreases moderated in the following years, suggesting fluctuations in collections or credit terms.
- Other Invested Assets and Other Assets
- Other invested assets and other assets exhibited volatile variations year to year, with no clear directional trend, indicating irregular changes in miscellaneous asset accounts.
- Policy Liabilities
- Policy liabilities decreased significantly from $3,528 million in 2020 to negative $1,840 million in 2024, reflecting substantial reductions or reversals in policy-related obligations.
- Unearned Income
- Unearned income levels fluctuated from positive to negative values without a clear directional pattern, indicating variability in recognition timing.
- Accounts Payable and Other Liabilities
- This account showed a decline in 2024 to negative $272 million after earlier increases, reflecting changes in payment obligations or liabilities management.
- Income Taxes
- Income taxes paid varied widely, showing positive payments in 2020, 2021, and 2024, but negative values in 2022 and 2023, which may indicate tax refunds or deferred tax adjustments.
- Changes in Operating Assets and Liabilities
- Changes diminished significantly over five years, turning negative in 2023 and 2024, suggesting a reduction in working capital inflows from operations.
- Adjustments to Reconcile Net Income to Net Cash from Operating Activities
- Adjustments decreased markedly from 2020 levels, with a negative value reported in 2024 (-$163 million), indicating less positive adjustment to net income in that year.
- Net Cash Provided by Operating Activities
- Operating cash flow showed a downward trend from a high of $10,688 million in 2020 to $5,808 million in 2024, reflecting reduced cash generation capacity over time.
- Purchases of Investments
- Investment purchases fluctuated but remained substantial and negative across the period, peaking at nearly $25 billion in 2022 and stabilizing around $17-$18 billion thereafter.
- Proceeds from Sale of Investments
- Proceeds from sales of investments were generally stable between $10 billion and $12 billion until 2024 when proceeds increased sharply to $16.5 billion, indicating asset disposals or portfolio rebalancing.
- Maturities, Calls and Redemptions from Investments
- These inflows peaked in 2022 at over $10.6 billion then fell sharply to $2 billion range by 2024, implying fewer maturing investments in later years.
- Changes in Securities Lending Collateral
- Changes trended from negative toward neutral and slightly positive in recent years, indicating stabilization in securities lending activity.
- Purchases and Proceeds from Subsidiaries
- Purchases of subsidiaries varied considerably, with a peak in 2024 of $4.8 billion spent, while proceeds from sales of subsidiaries only appeared in 2024 ($363 million), indicating aggressive acquisition activity in the latest year.
- Purchases of Property and Equipment
- Capital expenditures increased modestly through 2023 and held steady near $1.2 billion, indicating consistent investment in physical assets.
- Other Net Investing Activities
- Other investing cash flows were consistently negative, typically between -$45 million and -$124 million across the years.
- Net Cash Used in Investing Activities
- Cash outflows for investing peaked in 2021 near $9.6 billion, decreased substantially in 2022 to around $4.6 billion, before modestly rising again but staying below $6 billion through 2024. This indicates fluctuating but generally high investment levels.
- Proceeds and Repayments of Borrowings
- Long-term borrowings proceeds increased significantly in 2024 to $7.7 billion from prior years in the $2.5 to $3.5 billion range, while repayments remained relatively stable. Short-term borrowings showed smaller amounts with net slight repayments overall. This reflects a strategic increase in long-term debt in 2024.
- Changes in Securities Lending Payable and Bank Overdrafts
- Securities lending payable changes reversed from positive values early to slightly negative in recent years. Bank overdrafts showed large fluctuations, including a notable increase in 2022 and a sharp reduction by 2024, indicating variable short-term liquidity management.
- Repurchase and Retirement of Common Stock
- Stock repurchases consistently increased over the five-year period, rising from $2.7 billion in 2020 to $2.9 billion in 2024, suggesting an ongoing strategy of returning capital to shareholders.
- Cash Dividends
- Dividend payments steadily increased from $954 million in 2020 to $1.5 billion in 2024, aligning with shareholder return policies.
- Issuance of Common Stock Under Employee Plans and Related Taxes
- Issuance under employee stock plans remained relatively stable, with slight increase to $221 million in 2024. Taxes paid through withholding showed small, steady reductions over time.
- Net Cash Provided by (Used in) Financing Activities
- Financing cash flows swung from a negative $2.6 billion in 2020 to a positive $1.2 billion in 2024. The negative values in intermediate years reflect higher repayments and repurchases, while 2024 reflects increased borrowing and reduced repayments.
- Effect of Foreign Exchange Rates on Cash and Cash Equivalents
- Foreign exchange impacts were minor and consistently negative after 2020, exerting limited influence on cash balances.
- Change in Cash and Cash Equivalents
- Cash balances increased in 2022 and 2024 by $2.5 billion and $1.8 billion respectively, while declining in 2021 and 2023 by roughly $860 million, indicating volatility in liquidity changes.
- Cash and Cash Equivalents at Year-End
- Year-end cash balances increased over the period, reflecting stronger liquidity at $8.3 billion by 2024, despite interim fluctuations.