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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Price to Sales (P/S) since 2005
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Estée Lauder Cos. Inc., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).
- Net Earnings
- Net earnings demonstrated volatility from 2018 to 2023, with a peak in 2021 at $2,875 million, followed by a decline to $1,010 million in 2023. A notable decline occurred in 2020, coinciding with a significant decrease to $696 million.
- Depreciation and Amortization
- Depreciation and amortization expenses showed a steady upward trend, increasing from $531 million in 2018 to $744 million in 2023, indicating continual investment in long-term assets.
- Deferred Income Taxes
- Deferred income taxes fluctuated notably, starting positive at $175 million in 2018, then becoming negative from 2019 onwards, reaching -$186 million in 2023, suggesting changes in tax timing differences or tax strategies.
- Non-Cash Stock-Based Compensation
- This expense slightly increased from $236 million in 2018 to peaks near $330 million in 2021 and 2022, followed by a decrease to $267 million in 2023, reflecting variability in stock-based employee incentives.
- Impairments and Other Charges
- Goodwill and intangible asset impairments surged significantly in 2020 to $1,426 million, decreasing in subsequent years but remaining elevated compared to 2018 and 2019. Non-cash restructuring charges also peaked in 2021 before fluctuating. These suggest episodic write-downs and restructuring activities during the period.
- Working Capital Movements
- Changes in accounts receivable and inventory showed variability, with an unusual increase in accounts receivable in 2020 and a substantial decrease in inventory in 2022. Accounts payable fluctuations also varied, with increases in some years and decreases in others, implying dynamic management of short-term operating assets and liabilities.
- Cash Flows from Operating Activities
- Net cash provided by operating activities remained strong and generally steady, peaking at $3,631 million in 2021. The figure dropped to $1,731 million in 2023, indicating some weakening in cash generation capability despite fluctuating earnings.
- Investing Activities
- Cash flows from investing activities showed large outflows in 2020, 2021, and especially in 2023 with -$3,217 million, linked primarily to significant purchases of intangible assets and acquisition expenditures. Capital expenditures were substantial throughout, peaking in 2022 at over $1 billion.
- Financing Activities
- Financing activities displayed considerable variability. Net cash used in financing was significant in most years, indicative of stock repurchases and dividend payments. There was a notable issuance of long-term debt in 2020 and 2023, partially offset by repayments. Stock repurchases peaked in 2022 at more than $2 billion but decreased sharply in 2023, reflecting adjustments in capital return strategies.
- Cash and Cash Equivalents
- Cash and cash equivalents grew substantially from 2018 through 2020 but declined thereafter, consistent with financing and investing activity trends. The ending balance in 2023 stood slightly above the prior year at $4,029 million.
- Overall Observations
- The data reflects a company facing volatility in profitability and non-operating charges, especially large impairments in 2020. Operating cash flow remains a solid strength, supporting considerable capital investments and returning capital to shareholders through dividends and repurchases. Recent years suggest strategic shifts, particularly in 2022 and 2023, with increased investing outflows and a reduction in stock buybacks. Debt issuance activity also indicates changes in financing structure. The fluctuations warrant close monitoring of asset impairments and working capital management.