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
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Aggregate Accruals
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Hershey Co., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 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: 2018-07-01), 10-Q (reporting date: 2018-04-01).
- Net Income Including Noncontrolling Interest
- The net income generally shows a variable pattern with some notable peaks in late 2020 and early 2023, reaching highs above $500 million. There is a clear uptick at the end of each year and into the early months of the following year, reflecting potential seasonality or operational factors.
- Depreciation and Amortization
- This expense rose steadily over the periods, with values increasing from around $74 million in early 2018 to above $100 million by mid-2023, indicating growing investment in fixed assets or amortizable intangibles.
- Stock-Based Compensation Expense
- This expense exhibits fluctuations, generally increasing over time but with some periods of decline. The trend suggests ongoing employee compensation programs with periodic adjustments in valuation or issuance volume.
- Deferred Income Taxes
- The deferred income taxes show irregular and volatile changes, with some significant positive and negative adjustments over periods. This volatility may reflect timing differences, tax position changes, or valuation allowance adjustments.
- Impairment of Long-Lived Assets
- Impairments occurred sporadically, notably in mid-2018 and late 2019, with large values such as $107.7 million in December 2019, indicating periodic write-downs of assets that may affect profitability and balance sheet strength.
- Write-Down of Equity Investments
- There are multiple spikes in write-downs, particularly in late 2020 and early 2023, with amounts exceeding $100 million at times, signaling potential challenges or revaluation impacts in equity holdings.
- Other Operating Adjustments
- The amounts under "Other" demonstrate variability yet stay positive in most periods, possibly indicating miscellaneous operating items adding to cash flow adjustments.
- Working Capital Components (Accounts Receivable, Inventories, Prepaid Expenses, and Payables)
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Trade accounts receivable and inventories reveal significant volatility and large swings in both positive and negative directions, suggesting variable sales cycles or inventory management practices. Similarly, accounts payable and accrued liabilities fluctuate widely, indicating active supply chain and payment terms management.
Prepaid expenses and other current assets also demonstrate instability, sometimes positive and other times negative, potentially reflecting seasonality or prepayment timing.
- Accrued Income Taxes
- This component exhibits large fluctuations, shifting from large payables to receivables across quarters, reflecting dynamic tax positions or timing differences in tax payments.
- Contributions to Pension and Other Benefit Plans
- This cash outflow remains relatively steady with some notable increased payments in late 2021 and early 2023, reflecting ongoing employee benefit funding commitments.
- Net Cash Provided by Operating Activities
- Operating cash flow shows an overall upward trend with peaks at year-end quarters, notably reaching over $750 million in several recent periods, indicating strong cash generation capacity despite volatility in other areas.
- Capital Additions
- Capital expenditures, including software, present a growing trend, rising significantly in recent years with peak spending exceeding $170 million in early 2023, indicating sustained investment in productive capacity and technology.
- Business Acquisitions and Dispositions
- Major acquisition activity is evident in several periods with large cash outflows exceeding $1 billion in late 2021, indicating aggressive expansion or strategic investments. Proceeds from sales of businesses are sporadic, with a notable inflow in late 2018, possibly representing divestiture activities.
- Equity Investments in Tax Credit Partnerships
- These investments show continued cash outflows over most periods, becoming particularly large in late 2022 and early 2023, which may be part of a tax planning strategy or investment in partnership structures.
- Net Cash Used in Investing Activities
- Investing cash flows predominantly show substantial outflows, consistent with capital spending and acquisitions, with only occasional inflows related to asset sales or divestments.
- Debt and Financing Activities
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Debt issuance and repayments are erratic, involving both significant increases and decreases in short-term and long-term borrowings, indicating active debt management. Repayments spike in some periods, suggesting refinancing or debt maturity payments.
Dividends paid demonstrate a steady and gradually increasing cash outflow, consistent with stable shareholder returns. Stock repurchases are large but inconsistent, with active buybacks varying substantially across quarters.
Proceeds from exercised stock options fluctuate but generally remain positive, contributing to financing cash inflows.
- Net Cash Provided by (Used in) Financing Activities
- Overall financing cash flows display significant volatility, with large inflows and outflows reflecting debt issuance and repayments, dividend payments, share repurchases, and other financing transactions.
- Effect of Exchange Rate Changes on Cash
- Currency impacts on cash balances are generally minor but variable, sometimes resulting in modest positive or negative cash adjustments.
- Net Increase (Decrease) in Cash and Cash Equivalents
- The net cash position shows substantial variability, with some quarters recording large increases while others experience significant decreases. This variability aligns with the fluctuating operating, investing, and financing activities described.