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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Mastercard Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Net Income Trend
- The net income displays substantial quarterly fluctuations with a peak of 2,631 million US$ in March 2022 and a notable trough of 899 million US$ in December 2018. After an initial decline in late 2018, net income generally recovers and grows through 2021, showing resilience despite some volatility in 2022 and early 2023.
- Amortization and Depreciation
- Both amortization of customer and merchant incentives and depreciation and amortization expenses steadily increase over the periods, suggesting growing investments in intangible assets and physical/equipment assets. The amortization of incentives has more pronounced peaks and valleys, while depreciation trends upward more consistently.
- Equity Investment Gains and Losses
- Gains and losses on equity investments fluctuate considerably, with some extreme negative and positive quarters, indicating volatility in investment returns or valuation changes on equity holdings.
- Share-Based Compensation
- Share-based compensation generally increases, peaking sharply in mid to late 2021 and again near the end of 2022, which might indicate higher employee incentives or stock awards during these periods.
- Deferred Income Taxes
- Deferred income taxes movements are volatile, fluctuating between positive and negative values with a recent trend toward negative amounts, signaling changes in temporary differences or tax planning strategies.
- Working Capital Related Items
- Accounts receivable and settlement assets show significant volatility and sometimes large negative values, highlighting fluctuations in credit operations or settlement processing. Prepaid expenses generally show irregular but predominantly negative changes, while accrued litigation and legal settlements vary substantially, reflecting episodic legal events.
- Operating Assets and Liabilities
- The changes in operating assets and liabilities have wide swings, with large negative shifts in some quarters, notably in early 2019 and 2023, indicating substantial variations in operational cash flows and working capital management.
- Cash Flow from Operating Activities
- Net cash provided by operating activities exhibits growth over the years, with strong peaks in the last quarters of 2021 and 2022, although it remains somewhat volatile. This reflects operational strength but also the impact of fluctuating working capital.
- Investing Activities
- The net cash used in investing activities mostly trends negative, with notable large outflows in late 2020 and early 2021, driven mainly by acquisitions and purchases. This suggests active investment in growth through acquisitions and capital expenditures, despite fluctuations in security purchases and sales.
- Financing Activities
- Cash flows from financing activities generally reflect substantial outflows consistent with aggressive share repurchases and dividend payments. The periods encompass large purchases of treasury stock and dividends, exceeding proceeds from debt issuance at many points, leading to net financing cash outflows. There are spikes in net inflows during certain quarters, e.g., early 2020, linked to debt proceeds.
- Capital Expenditures and Software Investment
- Purchases of property, equipment, and capitalized software show generally increasing trends, indicating ongoing investments in physical infrastructure and technology systems, with considerable quarterly variability.
- Acquisitions and Equity Investments
- Acquisition activity is highly variable, with significant outflows in several quarters, especially around 2020-2021, implying strategic expansion through business acquisitions. Purchases and proceeds from equity investments generally show smaller amounts but contribute to investing cash flow volatility.
- Overall Liquidity and Cash Position
- The net increase or decrease in cash and equivalents fluctuates significantly, with large positive spikes in early 2020 and late 2019 but notable decreases towards late 2021 and in 2023. This pattern underscores the impact of operating cash generation balanced against investing and financing cash uses, reflecting dynamic liquidity management amidst growth and shareholder return activities.