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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- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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Hubbell Inc., consolidated cash flow statement
US$ in thousands
Based on: 10-K (reporting date: 2022-12-31), 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).
- Net Income Trends
- Net income from continuing operations shows fluctuations over the analyzed period. Beginning at $366.1 million in 2018, the figure reached a peak in 2019 at $407.4 million, declined to $356 million in 2020, rose marginally to $371.1 million in 2021, and then significantly increased to $516.8 million in 2022. This indicates an overall positive trend with a substantial improvement in the most recent year.
- Depreciation and Amortization
- Depreciation and amortization expenses remained relatively stable, fluctuating between $148.4 million and $157.6 million throughout the years without significant upward or downward trends.
- Deferred Income Taxes
- The deferred income tax balances exhibited volatility, dropping sharply from $49 million in 2018 to only $3.3 million in 2020, then slightly increasing to $9.2 million in 2021, before turning negative to -$27.8 million in 2022, indicating changes in tax-related obligations or assets.
- Stock-Based Compensation
- Stock-based compensation showed some variation but generally remained within a band of approximately $16.4 million to $24.5 million, peaking in 2022. No clear trend of increase or decrease is evident.
- Provision for Bad Debt Expense
- Provision for bad debt expense was absent in 2018 but appeared in subsequent years, exhibiting spikes in 2020 and 2022 with $6.7 million and $7.4 million respectively, indicating periods of increased credit risk or write-offs.
- Gains and Losses on Dispositions and Sales
- The data shows occasional gains and losses related to dispositions and sales of businesses and assets, with notable gains in 2019 (-$21.7 million loss indicated as gain), mixed results in sale of assets, and a loss on extinguishment of debt recorded in 2021 at $16.8 million. These fluctuations suggest intermittent non-operating activities impacting results.
- Working Capital Changes
- Changes in working capital components such as accounts receivable, inventories, accounts payable, and current liabilities reveal variable patterns. Significant decreases in accounts receivable were noted in 2021 and 2022, indicating collection improvement or reduced sales on credit. Inventories also decreased notably in these years, while accounts payable increased in 2021 but declined in 2022. These movements demonstrate active management of working capital with differing strategies across years.
- Pension Contributions and Charges
- Contributions to qualified pension plans consistently involved cash outflows, with a marked reduction in 2021. Pension charges appeared intermittently, indicating ongoing obligations but no consistent upward or downward trend.
- Cash Flow from Operating Activities
- Net cash provided by operating activities grew from $517.1 million in 2018 to $648 million in 2020, dipped in 2021 to $513.7 million, and rebounded to $636.2 million in 2022, reflecting underlying operational cash generation strength amid some volatility.
- Investing Activities
- Investing cash flows were predominantly negative in early years, with significant expenditures on acquisitions, notably $1.118 billion in 2018. Subsequent years saw lower acquisition spending, with positive cash flow in 2022 driven by proceeds from disposal of business amounting to $332.8 million. Capital expenditures fluctuated, peaking in 2022 at $129.3 million. Investment purchases and sales also showed variable activity but were smaller in magnitude.
- Financing Activities
- Financing cash flows exhibited considerable variability. 2018 featured net positive cash flow primarily due to significant debt issuance. Later years reflected net cash outflows due to debt repayments, dividends, and share repurchases. Acquisition of common shares escalated sharply to $182 million in 2022. Dividend payments steadily increased year over year from $172.3 million to $229.6 million, indicating consistent shareholder returns.
- Cash and Cash Equivalents
- Cash and cash equivalents decreased sharply in 2018 by $186 million, remained relatively flat in 2019, then increased appreciably in 2020 and subsequent years, reaching $440.5 million by the end of 2022. This reflects strengthening liquidity positions despite volatility in operating, investing, and financing activities.
- Summary of Financial Position and Operational Insight
- The data reveals a company with generally solid profitability and robust operational cash flows, though impacted intermittently by investing and financing activities, particularly large acquisitions in earlier years and share repurchases in 2022. Working capital management shows active adjustments, with recent reductions in receivables and inventories likely aiding cash flow. The increasing dividends and stable pension contributions indicate a commitment to shareholder returns and employee obligations. The marked improvement in net income and cash balances in 2022 suggests a favorable financial environment and effective management interventions during that period.