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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Humana Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Net Income
- Net income exhibits significant volatility across the reported quarters. After moderate earnings in 2019, a notable surge occurred mid-2020, peaking at 1828 million USD in June 2020, followed by a steep negative value of -274 million USD in December 2020. The fluctuations continue into 2023-2024, with large negative figures such as -540 million USD in December 2023 and -18 million USD in December 2022. The pattern suggests episodic profitability with intermittent quarters of losses.
- Non-Recurring Gains and Losses
- Certain one-time items like the Gain on sale of Gentiva Hospice are visible only in the last quarters of 2021 and early 2022, including a -240 million USD impairment and a 2708 million USD net sale proceed. Equity method gains such as from Kindred at Home appeared only once, with a substantial loss of -1129 million USD in June 2021, impacting overall profitability during that period. The (Gain) loss on investment securities fluctuates widely, with periods of substantial loss seen in 2020, affecting net income.
- Stock-based Compensation, Depreciation, and Amortization
- Stock-based compensation remains relatively stable, averaging between 33 and 80 million USD but showing a spike at 80 million USD in September 2022. Depreciation consistently increases from 118 million USD in early 2019 to 228 million USD by the mid-2024 period, reflecting growing asset base or capital expenditures. Amortization fluctuates modestly without a clear trend, peaking at 28 million USD in September 2022.
- Asset Impairments
- There are multiple impairment charges, particularly on property, equipment, and intangible assets, noted mainly from 2022 onwards. Large impairments such as 140 million USD in March 2022 and recurring impairments through 2023 suggest ongoing asset write-downs or restructuring efforts.
- Working Capital and Asset/Liability Changes
- Receivables alternate between positive and negative changes, with significant swings such as -1890 million USD in June 2024 and 1946 million USD in September 2024, indicating volatility in collection or billing cycles. Other assets and liabilities also display irregular movements. Benefits payable and unearned revenue fluctuate widely, with unusually large changes in unearned revenues during 2022-2023 (e.g., 5748 million USD in September 2022 and -7270 million USD in December 2023), illustrating considerable timing shifts in revenue recognition or customer prepayments.
- Operating Cash Flows
- Net cash provided by operating activities is highly variable, peaking at 8453 million USD in September 2022 but also experiencing sharply negative quarters like -837 million USD in March 2021 and -7134 million USD in December 2023. These swings suggest operational inconsistencies possibly linked to working capital management or extraordinary items affecting cash generation capacity.
- Investing Activities
- Investing cash flow is predominantly negative, consistent with ongoing capital expenditures and purchases of investment securities. Notable exceptions include the proceeds from the sale of Gentiva Hospice seen in 2022. Acquisitions also show substantial outflows, especially in late 2020 and 2021, indicating expansion efforts. Purchases of property and equipment trend downward after 2022, suggesting potential cap expenditure moderation.
- Financing Activities
- Financing cash flows show considerable variability, with large inflows such as 2736 million USD in March 2020 counterbalanced by significant outflows like -3540 million USD in December 2020 and extreme volatility in 2023-2024. Issuance and repayments of senior notes and commercial paper appear as key drivers of financing cash flows, accompanied by active common stock repurchases and dividend payments that remain fairly consistent at around 100 million USD per quarter.
- Cash and Cash Equivalents
- The net change in cash and cash equivalents aligns with the volatility observed in operating, investing, and financing activities. Large positive changes were recorded in early 2022 and mid-2022 quarters, with sharp declines thereafter, including a dramatic drop of -10,454 million USD in December 2023. This suggests significant cash flow swings affecting liquidity.