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 Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2013
- Current Ratio since 2013
- Total Asset Turnover since 2013
- Price to Book Value (P/BV) since 2013
- Price to Sales (P/S) since 2013
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IQVIA Holdings Inc., consolidated cash flow statement
US$ in millions
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
- Net income exhibited variability with an initial decline from 284 million in 2018 to 227 million in 2019, before increasing sharply to 971 million in 2021 and reaching 1,091 million in 2022, indicating improved profitability in recent years.
- Depreciation and Amortization
- Depreciation and amortization expenses gradually increased from 1,141 million in 2018 to a peak of 1,287 million in 2020, followed by a slight decrease to 1,130 million in 2022, suggesting relatively stable asset usage and amortization policies over the period.
- Stock-Based Compensation
- Stock-based compensation showed some fluctuations, dropping in 2020 to 95 million from 146 million in 2019, then rising to 194 million in 2022, which may reflect changes in incentive structures or stock price volatility.
- Other Income and Expense Items
- Items such as gains or losses on disposals of property and equipment, earnings from unconsolidated affiliates, and gains/losses on investments varied inconsistently, with notable positive income in 2022 from unconsolidated affiliates (12 million) and a reversal from previous years' losses on investments, indicating mixed performance from non-core asset transactions and associates.
- Deferred Income Taxes
- The benefit from deferred income taxes gradually diminished from -177 million in 2018 to -115 million in 2022, showing decreasing tax benefits or changes in deferred tax asset valuations.
- Working Capital Changes
- Significant fluctuations occurred in accounts receivable and related items, with positive changes in 2020 (+255 million) contrasting with negative movements in 2018, 2021, and 2022, indicating variable collections efficiency or billing patterns. Unearned income increased sharply in 2021 (591 million) compared to earlier years, potentially reflecting billing ahead of service delivery. Overall changes in operating assets and liabilities peaked in 2021 (+680 million), then reversed to negative in 2022 (-84 million).
- Operating Cash Flow
- Net cash provided by operating activities increased steadily from 1,254 million in 2018 to a high of 2,942 million in 2021, but decreased to 2,260 million in 2022. Adjustments reconciling net income to cash from operations followed a similar pattern, indicating strong cash generation capacity with a slight reduction in the latest year.
- Investing Activities
- Cash used in investing activities was consistently negative, with significant investments in property, equipment, software, and acquisitions. The outflows peaked sharply in 2021 (-2,103 million) due to large acquisitions (-1,458 million), remaining high in 2022 (-2,006 million) with continued substantial acquisition spending (-1,315 million). This indicates aggressive expansion and capital expenditure strategies during these years.
- Financing Activities
- Financing cash flows showed mixed trends. Debt issuance fluctuated, peaking in 2019 at 1,900 million and decreasing to 1,250 million in 2022. Debt repayments spiked in 2021 (over 2,000 million), reflecting substantial deleveraging activity, followed by lower repayments in 2022. Revolving credit facility activity was significant, with increased proceeds in 2022 (2,350 million) accompanied by notable repayments (-2,025 million), indicating active short-term debt management. Stock repurchases varied, dropping to 406 million in 2021 but rebounding to 1,168 million in 2022, reflecting a renewed focus on returning capital to shareholders. Overall net cash used in financing activities was highest in 2021 (-1,235 million) but substantially lower in 2022 (-329 million).
- Cash and Cash Equivalents
- Cash levels decreased overall from 959 million at the start of 2018 to 1,216 million at the end of 2022, with notable volatility including a sharp increase in 2020 (1,814 million) and declines thereafter. The company maintained a solid cash position throughout the period despite substantial investing and financing activities.
- Foreign Currency Effects
- The effect of foreign currency exchange rates on cash was negative in most years, particularly notable in 2018 (-60 million) and 2022 (-75 million), indicating currency headwinds impacting cash balances.