Name: Newmont Corp. (NYSE:NEM) | Cash Flow Statement
Creator: Stock Analysis on Net

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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Newmont Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	(2,467)	(369)	233)	2,791)	2,884)
Depreciation and amortization	2,108)	2,185)	2,323)	2,300)	1,960)
Impairment charges	1,891)	1,320)	25)	49)	5)
Loss on assets held for sale	—)	—)	571)	—)	—)
Gain on formation of Nevada Gold Mines	—)	—)	—)	—)	(2,390)
Net (income) loss from discontinued operations	(27)	(30)	(57)	(163)	72)
Reclamation and remediation	1,506)	892)	1,827)	353)	258)
(Gain) loss on asset and investment sales, net	197)	(35)	(212)	(677)	(30)
Deferred income taxes	(104)	(278)	(109)	(222)	334)
Stock-based compensation	80)	73)	72)	72)	97)
Change in fair value of investments	47)	46)	135)	(252)	(166)
Charges from pension settlement	9)	137)	4)	92)	—)
Other non-cash adjustments	27)	98)	(5)	252)	161)
Trade and other receivables	(240)	5)	142)	29)	(193)
Inventories, stockpiles and ore on leach pads	(187)	(161)	(136)	(139)	(132)
Other assets	50)	(84)	36)	34)	29)
(Increase) decrease in operating assets	(377)	(240)	42)	(76)	(296)
Accounts payable	(42)	102)	(11)	(50)	144)
Reclamation and remediation liabilities	(275)	(247)	(161)	(101)	(102)
Accrued tax liabilities	(197)	(343)	(317)	378)	47)
Other accrued liabilities	378)	(113)	(94)	144)	(102)
Increase (decrease) in operating liabilities	(136)	(601)	(583)	371)	(13)
Net change in operating assets and liabilities	(513)	(841)	(541)	295)	(309)
Adjustments	5,221)	3,567)	4,033)	2,099)	(8)
Net cash provided by operating activities	2,754)	3,198)	4,266)	4,890)	2,876)
Additions to property, plant and mine development	(2,666)	(2,131)	(1,653)	(1,302)	(1,463)
Maturities of investments	1,363)	93)	—)	—)	—)
Acquisitions, net	668)	(15)	(328)	—)	127)
Purchases of investments	(551)	(940)	(59)	(37)	(112)
Proceeds from sales of investments	234)	171)	194)	307)	67)
Contributions to equity method investees	(108)	(194)	(150)	(60)	(28)
Return of investment from equity method investees	36)	62)	18)	58)	132)
Proceeds from sales of mining operations and other assets, net	—)	16)	84)	1,156)	30)
Other	22)	(45)	26)	44)	21)
Net cash (used in) provided by investing activities	(1,002)	(2,983)	(1,868)	166)	(1,226)
Dividends paid to common stockholders	(1,415)	(1,746)	(1,757)	(834)	(889)
Distributions to noncontrolling interests	(150)	(191)	(200)	(197)	(186)
Funding from noncontrolling interests	138)	117)	100)	112)	93)
Payments on finance lease and other financing obligations	(67)	(66)	(73)	(66)	(55)
Payments for Norte Abierto deferred payment obligation	(64)	(8)	(26)	—)	—)
Payments for withholding of employee taxes related to stock-based compensation	(25)	(39)	(32)	(48)	(50)
Acquisition of noncontrolling interests	—)	(348)	—)	—)	—)
Repayment of debt	—)	(89)	(1,382)	(1,160)	(1,876)
Proceeds from issuance of debt, net	—)	—)	992)	985)	690)
Repurchases of common stock	—)	—)	(525)	(521)	(479)
Other	(20)	14)	(55)	49)	(25)
Net cash used in financing activities	(1,603)	(2,356)	(2,958)	(1,680)	(2,777)
Net cash provided by (used in) operating activities of discontinued operations	9)	22)	13)	(8)	(10)
Net cash used in investing activities of discontinued operations	—)	—)	—)	(75)	—)
Net cash provided by (used in) discontinued operations	9)	22)	13)	(83)	(10)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2)	(30)	(8)	6)	(3)
Net change in cash, cash equivalents and restricted cash	156)	(2,149)	(555)	3,299)	(1,140)
Cash, cash equivalents and restricted cash at beginning of period	2,944)	5,093)	5,648)	2,349)	3,489)
Cash, cash equivalents and restricted cash at end of period	3,100)	2,944)	5,093)	5,648)	2,349)

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).

A significant divergence is observed between net income and net cash provided by operating activities over the five-year period. While net income transitioned from a profit of 2,884 million US dollars in 2019 to a substantial loss of 2,467 million US dollars in 2023, the company maintained positive operating cash flows throughout the period. This discrepancy is primarily attributable to large non-cash charges, most notably a sharp increase in impairment charges, which rose from 5 million US dollars in 2019 to 1,891 million US dollars in 2023.

Operating Cash Flow Dynamics: Net cash provided by operating activities peaked in 2020 at 4,890 million US dollars before trending downward to 2,754 million US dollars by 2023. The impact of operating assets and liabilities has been consistently negative since 2021, with the net change in operating assets and liabilities reaching a low of -841 million US dollars in 2022, indicating increased working capital requirements or asset growth that consumed cash.
Capital Expenditure and Investing Trends: There is a clear upward trend in capital intensity, as additions to property, plant, and mine development increased steadily from 1,463 million US dollars in 2019 to 2,666 million US dollars in 2023. Net cash used in investing activities was most severe in 2022, totaling 2,983 million US dollars, though this figure improved to 1,002 million US dollars in 2023, aided by 1,363 million US dollars in maturities of investments.
Financing and Shareholder Distributions: Dividend payments to common stockholders remained a primary cash outflow, fluctuating between 834 million US dollars and 1,757 million US dollars annually. A notable strategic shift is observed in capital allocation: repurchases of common stock, which averaged approximately 508 million US dollars annually between 2019 and 2021, ceased entirely in 2022 and 2023. Similarly, aggressive debt repayment seen in the 2019-2021 period diminished significantly by 2023.

The overall liquidity position shows a volatile but managed cash balance, ending 2023 at 3,100 million US dollars. The company has transitioned from a period of aggressive debt reduction and share buybacks to a phase characterized by higher capital expenditures and the absorption of significant impairment losses, while continuing to prioritize dividend distributions to shareholders.

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