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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Analysis of Revenues
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Motorola Solutions Inc., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2023-12-31), 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).
- Net Earnings
- Net earnings exhibited a consistent upward trend over the five-year period, increasing from $871 million in 2019 to $1,714 million in 2023. This represents nearly a doubling of net profit, indicating improved profitability.
- Depreciation and Amortization
- Depreciation and amortization expenses remained relatively stable, fluctuating slightly around the $400 million mark, with a decline to $356 million in 2023. This stability suggests consistent capital asset usage and amortization practices.
- Non-cash Other Income and Charges
- This category showed variability, including negative values such as -$13 million in 2020, but generally remained modest in magnitude, indicating occasional adjustments or one-time items.
- Special Items
- The company recorded notable special charges in specific years, including a $147 million impairment loss in 2022 related to ESN fixed assets, a $359 million pension settlement loss in 2019, and a $24 million charge associated with the exit of video manufacturing operations in 2023. These events represent significant one-time costs impacting respective years.
- Share-based Compensation Expenses
- These expenses have steadily increased from $118 million in 2019 to $212 million in 2023, reflecting potentially increased employee incentives or changes in compensation structure.
- Gains and Losses on Sales and Debt Extinguishment
- The company recognized small gains and losses from sales of investments and businesses, generally within a narrow range. Losses on extinguishment of long-term debt decreased significantly from $50 million in 2019 to $6 million in 2022, indicating less costly debt restructuring over time.
- Changes in Working Capital
- Working capital components exhibited fluctuations, with accounts receivable changing from a $79 million decrease in 2019 to a $180 million decrease in 2023, suggesting improved collections or receivable management. Inventories showed a large negative adjustment of $284 million in 2021 but reversed to a positive $200 million in 2023, indicating inventory level fluctuations or adjustments. Accounts payable and accrued liabilities were notably volatile, peaking with a $578 million increase in 2021 before declining to a $144 million decrease in 2023. Deferred income taxes showed a volatile pattern, especially a large decrease of $334 million in 2022.
- Operating Cash Flow
- Net cash provided by operating activities showed a generally positive and stable trend, ranging from $1,613 million to $2,044 million, with the highest figure in 2023, reinforcing strong cash generation from core operations.
- Investing Activities
- Investing cash flow was generally negative, reflecting ongoing capital expenditures and acquisitions. There was a marked peak in acquisitions and investments in 2022 amounting to $1,177 million, significantly higher than in other years. Capital expenditures remained stable around $250 million annually. The net cash used for investing activities spiked to -$1,387 million in 2022, aligned with increased acquisition activity, but declined substantially to -$414 million in 2023.
- Financing Activities
- Financing cash flows generally involved significant repayments of debt, which decreased in magnitude over the years to only $1 million in 2023, indicating substantial debt reduction. New debt issuances also declined over time. Share repurchases were consistently high, peaking at $836 million in 2022 and slightly decreasing to $804 million in 2023, signaling an aggressive stock buyback strategy. Dividends steadily increased from $379 million to $589 million over the period. Net cash used for financing activities fluctuated, with a low of -$429 million in 2021 and a high of -$1,295 million in 2023, the latter influenced by increased dividends and share repurchases.
- Cash and Cash Equivalents
- Cash balances showed variability, starting at $1,257 million in 2019, dipping to $1,001 million by the end of 2019, then rising to $1,874 million at the end of 2021 before falling to $1,325 million in 2022. By the end of 2023, cash increased again to $1,705 million. These fluctuations correlate with variations in investing and financing activities.