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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2010
- Return on Assets (ROA) since 2010
- Price to Book Value (P/BV) since 2010
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Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The financial data exhibits significant growth in net income over the five-year period, rising steadily from $161.1 million in 2017 to $556.6 million in 2021. This upward trajectory signifies robust profitability improvements year over year.
Depreciation and amortization expenses have generally increased during the same period. Depreciation rose from $23.1 million to $42.2 million, while amortization of intangible assets saw more fluctuation but ended markedly higher at $49.9 million in 2021 compared to $28.9 million in 2017. These rising costs may reflect increased investment in property, equipment, and intangible assets that are being depreciated or amortized.
Operating cash flows peaked notably in 2020 at approximately $486.5 million before declining to $411.2 million in 2021. Despite the decline, operating cash flow remains elevated compared to earlier years, supporting overall liquidity and operational strength.
Investing activities show heavy fluctuations, with large cash outflows driven primarily by acquisitions, which increased dramatically in 2021 to $713.5 million, indicating an aggressive expansion strategy. Expenditures for property and equipment also increased significantly in 2021, nearly doubling compared to 2020, reflecting ongoing capital investment.
Financing activities saw negative net cash movements in all years, with a notable increase in the net outflow in 2021. This outflow corresponds with higher repayments of both short-term and long-term borrowings and substantial stock repurchases, which resumed in 2021 at $126.0 million after ceasing for two years. These financing activities suggest active capital management and debt reduction efforts.
The changes in working capital components present variable patterns. Accounts receivable and inventories experienced significant fluctuations, with notably negative adjustments in 2021, implying increased investment in these assets or possible collection challenges. Accounts payable and other accrued liabilities also showed wide swings, especially a large increase in accounts payable in 2021, which may indicate extended payment terms or increased supplier financing.
Cash and cash equivalents increased substantially from 2017 through 2020, peaking at $655.1 million at the end of 2020 before declining sharply in 2021 to $147.3 million. This notable reduction relates to the substantial investing and financing cash outflows noted above.
Share-based compensation expenses increased steadily, roughly doubling over the period, which may point to increased equity-based incentive programs for employees and management. Other non-cash adjustments such as loss on extinguishment of debt and deferred income taxes fluctuated, occasionally impacting reported financial results but without a consistent directional trend.
Overall, the data reveals a company experiencing strong income growth and increasing investment activity supported by operational cash flow, balanced against aggressive acquisition spending and capital investments. The elevated financing outflows and reduction in cash reserves in the final year highlight a potential shift in capital structure management and liquidity deployment strategies.