Stock Analysis on Net
Stock Analysis on Net

Estée Lauder Cos. Inc. (NYSE:EL)

$22.49

This company has been moved to the archive! The financial data has not been updated since August 18, 2023.

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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Estée Lauder Cos. Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Jun 30, 2023 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 Dec 31, 2017 Sep 30, 2017
Net earnings (loss)
Depreciation and amortization
Deferred income taxes
Non-cash stock-based compensation
Net loss on disposal of property, plant and equipment
Non-cash restructuring and other charges
Pension and post-retirement benefit expense
Pension and post-retirement benefit contributions
Impairment of other intangible assets
Changes in fair value of contingent consideration
Gain on liquidation of an investment in a foreign subsidiary, net
Gain on previously held equity method investment
Other non-cash items
(Increase) decrease in accounts receivable, net
(Increase) decrease in inventory and promotional merchandise
(Increase) decrease in other assets, net
Increase (decrease) in accounts payable
Increase (decrease) in other accrued and noncurrent liabilities
Increase (decrease) in operating lease assets and liabilities, net
Changes in operating assets and liabilities
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities
Net cash flows provided by (used for) operating activities
Capital expenditures
Proceeds from purchase price refund
Payment for acquired business
Purchases of other intangible assets
Proceeds from the disposition of investments
Purchases of investments
Settlement of net investment hedges
Proceeds from sale of property, plant and equipment
Net cash flows (used for) provided by investing activities
Proceeds (repayments) of current debt, net
Proceeds from issuance of long-term debt, net
Debt issuance costs
Repayments and redemptions of long-term debt
Net proceeds from stock-based compensation transactions
Payment for acquisition of noncontrolling interest
Payments to acquire treasury stock
Payments of contingent consideration
Dividends paid to stockholders
Payments to noncontrolling interest holders for dividends
Net cash flows provided by (used for) financing activities
Effect of exchange rate changes on Cash and cash equivalents
Net increase (decrease) in Cash and cash equivalents

Based on: 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

Net Earnings (Loss)
Net earnings exhibited considerable variability over the observed periods, peaking at 1,090 million USD in the quarter ending December 31, 2021. Notably, significant losses were recorded during the early quarters of 2020 and again in mid-2023, with the most severe loss of -459 million USD in June 2020, coinciding with the early impacts of the COVID-19 pandemic. Recovery periods followed these downturns, highlighting volatility influenced by external economic conditions and internal operational performance.
Depreciation and Amortization
Depreciation and amortization costs demonstrated a gradual and consistent increase, rising from 127 million USD in September 2017 to a high of 196 million USD by June 2023. This trend suggests ongoing investments in fixed assets and intangible assets, reflecting capital expenditures and asset base growth or revaluation over time.
Deferred Income Taxes
The deferred income taxes component showed fluctuations, with no clear directional trend; alternating between positive and negative values. Significant negative adjustments, such as -127 million USD during June 2021, indicate changes in tax positions or adjustments in assessments, which may affect tax liabilities and the company's effective tax rate.
Non-Cash Stock-Based Compensation
Stock-based compensation remained a noteworthy non-cash expense, generally fluctuating between 40 and 113 million USD quarterly. Spikes occurred in December 2020 and December 2022, reaching over 100 million USD, possibly reflecting grant or vesting schedules that cluster in certain periods.
Impairment of Other Intangible Assets
Impairments were sporadic but significant when they occurred, particularly noticeable in the quarters ending December 2019 and March 2020, with amounts surpassing 700 million USD and 300 million USD respectively. This suggests periods of major write-downs of intangible asset values, perhaps related to changes in business strategy or market conditions.
Changes in Working Capital
Working capital components showed substantial volatility. Accounts receivable and inventory levels experienced both sharp increases and decreases, indicating fluctuating sales volumes and inventory management strategies. Accounts payable similarly fluctuated with large positive and negative swings, reflecting changes in supplier payment terms or purchasing patterns. The net changes in operating assets and liabilities were pronounced, aligning with the variations in the components and impacting cash flow cycles.
Net Cash Flows from Operating Activities
Operating cash flows generally mirrored net earnings trends but with less volatility, maintaining predominantly positive cash generation except during downturn periods coinciding with negative earnings such as in late 2019 and early 2020. The ability to produce operating cash flow, even amidst earnings losses, indicates effective working capital management and non-cash adjustments support liquidity.
Capital Expenditures
Capital expenditures remained relatively stable but showed peaks, such as in June 2018, June 2019, and December 2022, suggesting periods of intensified investment in property, plant, and equipment. The spend patterns align with increased depreciation and amortization expenses observed over the timeframe.
Investing Activities
Investing cash flows were generally negative reflecting ongoing investments and acquisitions offset occasionally by proceeds from disposition of investments and property. Large negative outflows occurred in the quarters surrounding acquisitions and intangible asset purchases, highlighting an active acquisition and asset management strategy.
Financing Activities
Financing cash flows showed significant fluctuations, influenced by issuing and repaying debt as well as equity transactions. Noteworthy is a large inflow of 1,103 million USD in the fourth quarter of 2019, mainly due to long-term debt issuance. Payments for treasury stock were substantial and consistent, reflecting active share repurchase programs aimed at capital structure optimization. Dividend payments remained steady and increased moderately over time, indicating a commitment to returning value to shareholders.
Cash and Cash Equivalents
Overall, cash and cash equivalents experienced notable volatility aligning with the company's operational, investing, and financing activities. Periods of substantial cash inflows followed significant investment and acquisition outlays, balancing liquidity positions. Occasional declines, such as in quarters following high capital expenditures or share repurchases, show tactical cash deployment to support growth and shareholder returns.