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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- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Net earnings (loss)
- The net earnings exhibit significant fluctuations over the periods. Initially positive with values around 400 million USD, a notable loss of 249 million USD occurs at the end of 2017. Subsequently, earnings rebound strongly, reaching a peak above 2 billion USD in Q4 2018. Following this peak, earnings return to a range between approximately 300 million and 700 million USD. A pronounced decline to negative earnings appears during mid-2020, followed by recovery through 2021 though the amounts remain more volatile compared to earlier periods.
- Depreciation and amortization
- Depreciation steadily increases from 62 million USD in early 2017 to over 90 million USD by 2022, indicating growing capital asset usage. Amortization of intangible assets similarly trends upwards, rising from the high 80s million USD to over 140 million USD, with a noticeable spike in late 2020 and 2021, suggesting increasing intangible asset amortization possibly due to acquisitions or asset revaluations.
- Asset impairments
- Asset impairments are sporadic but show substantial charges in late 2019, mid-2020, and throughout 2021, with amounts reaching above 140 million USD. These periodic impairments indicate occasional writedowns or valuation adjustments potentially related to operational challenges or restructuring activities.
- Share-based compensation and recall charges
- Share-based compensation fluctuates moderately around 25 to 70 million USD, with spikes suggesting periods of increased employee compensation expenses. Recall charges show high variability, with sharp increases in mid-2019 and 2021, including a peak of 117 million USD, reflecting episodic costs associated with product recalls or similar activities impacting operational expenses.
- Changes in working capital components
- Accounts receivable and inventories demonstrate volatility, with frequent swings between negative and positive values, indicating fluctuating sales and inventory management dynamics. Accounts payable and accrued expenses also vary considerably, further suggesting shifting supplier and liability management practices. Notably, accrued expenses and other liabilities show large negative and positive changes, highlighting variable timing or recognition of obligations.
- Operating cash flows and adjustments
- Net cash provided by operating activities generally trends upwards, with peaks in late 2018 and from mid-2020 onward, reaching over one billion USD in some quarters. Adjustments to reconcile net earnings to cash flow reflect significant volatility, occasionally reaching large positive or negative figures, indicating non-cash items and working capital effects influencing cash generation.
- Investing activities
- Investing cash flows are typically negative due to purchases of property, plant, and equipment, which average around 100 to 200 million USD per quarter. There are substantial acquisition outflows especially in late 2018 and early 2021, with some quarters showing multi-billion expenditures, reflecting aggressive external growth strategies. Proceeds from sales of marketable securities partially offset these outflows but remain relatively minor in scale.
- Financing activities
- Financing cash flows reveal considerable variability, with pronounced inflows linked to long-term debt issuances in 2018 and 2019, offset by significant debt repayments in subsequent periods. Dividend payments steadily increase over time from approximately 160 million to over 260 million USD quarterly, demonstrating a consistent shareholder payout policy. Share repurchases appear intermittently, with notable activity early in the period and no repurchases recorded after 2018. Short-term borrowings and other financing items fluctuate without a clear directional trend.
- Cash position changes
- The change in cash and cash equivalents mirrors the volatility in investing and financing activities. Large negative swings occur in periods of heavy acquisitions or debt repayments, with positive inflows during quarters of strong operating cash generation and financing proceeds. Exchange rate effects show minor impact relative to operational and investing flows.
- Overall assessment
- The financial data indicates a company managing significant operational volatility alongside an active strategy of capital investment, acquisitions, and dynamic financing. Earnings and cash flows experience large swings, reflecting both internal operational factors and external actions such as acquisitions and asset impairments. The consistent dividend payments amid fluctuating net earnings suggest a commitment to shareholder returns. Working capital components' variability signals ongoing adjustments to operational working capital needs. The periods of heavy acquisitions and asset impairments highlight strategic repositioning or restructuring phases during the timeline.