Stock Analysis on Net
Stock Analysis on Net

Time Warner Inc. (NYSE:TWX)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 26, 2018.

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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Time Warner Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Net income
Discontinued operations, net of tax
Net income from continuing operations
Depreciation and amortization
Amortization of film and television costs
Asset impairments
Venezuelan foreign currency loss
(Gain) loss on investments and other assets, net
Equity in losses of investee companies, net of cash distributions
Equity-based compensation
Deferred income taxes
Premiums paid and costs incurred on debt redemption
Adjustments for noncash and nonoperating items
Changes in operating assets and liabilities, net of acquisitions
Cash provided by operations
Investments in available-for-sale securities
Investments and acquisitions, net of cash acquired
Capital expenditures
Proceeds from Time Inc. in the Time Separation
Proceeds from the sale of Time Warner Center
Other investment proceeds
Cash (used) provided by investing activities
Borrowings
Debt repayments
Proceeds from exercise of stock options
Excess tax benefit from equity instruments
Principal payments on capital leases
Repurchases of common stock
Dividends paid
Other financing activities
Cash used by financing activities
Cash provided (used) by operations from discontinued operations
Cash used by investing activities from discontinued operations
Cash used by financing activities from discontinued operations
Effect of change in cash and equivalents of discontinued operations
Cash provided (used) by discontinued operations
Effect of Venezuelan exchange rate changes on cash and equivalents
Increase (decrease) in cash and equivalents

Based on: 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), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).

Net Income and Related Items
Net income exhibits a generally increasing trend over the analyzed periods, with notable fluctuations. It peaks significantly in December 2016 at 1467 million and again in March 2018 at 1642 million. Net income from continuing operations follows a nearly identical pattern, confirming that discontinued operations have a relatively minor impact on overall profitability. Discontinued operations show sporadic and small gains or losses, with occasional quarters showing notable losses, such as -137 million in September 2013.
Depreciation and Amortization
Depreciation and amortization expenses remain relatively stable, averaging around 170 to 230 million with minor quarterly variation. However, amortization of film and television costs fluctuates more substantially, ranging from approximately 1400 million to over 2700 million. The peaks in amortization costs tend to align with quarters ending in December, suggesting a seasonal or cyclical pattern in content amortization.
Asset Impairments and Investment Gains/Losses
Asset impairments occur intermittently, with notable spikes such as 105 million in December 2013 and smaller amounts in other quarters, indicating periodic write-downs. Gains and losses on investments and other assets are volatile; some quarters report significant losses, e.g., -448 million in March 2014, balanced by gains in others. This variability reflects an unpredictable investment portfolio performance.
Equity in Losses and Equity-based Compensation
Equity in losses of investee companies peaks notably at 173 million in June 2016, indicating increased losses from investment activities during that quarter. Equity-based compensation expenses show cyclical fluctuations but no clear upward or downward trend, generally ranging between 19 and 108 million across quarters.
Deferred Income Taxes
Deferred income taxes fluctuate widely, with large positive and negative values. A significant negative spike occurs at -890 million in December 2017, indicative of a considerable tax benefit or loss recognized in that period. These fluctuations suggest variable tax positions or adjustments.
Operating Cash Flows
Cash provided by operations is mostly positive and demonstrates substantial growth, from around 700 million in early 2013 to peaks exceeding 1500 million in late 2016 and early 2018. This reflects robust operational cash generation despite volatility in some quarters.
Investing Activities
Investments in available-for-sale securities and acquisitions show variability with occasional large transactions, such as a 1400 million proceed from Time Inc. in mid-2014 and 1264 million from the sale of Time Warner Center in December 2013. Capital expenditures fluctuate but generally remain within the range of 50 to 300 million per quarter. Cash used by investing activities shows mixed cash inflows and outflows, with substantial positive inflows in mid-2014 due to asset sales and proceeds but turning negative in many other quarters.
Financing Activities
Borrowings and debt repayments fluctuate significantly, with large borrowings in June 2014 (2272 million), June 2015 (2100 million), and June 2017 (2888 million), while debt repayments peak strongly in September 2015 (-1537 million) and December 2016 (-3000 million). Repurchases of common stock show a declining trend, starting high at -1105 million in December 2013 and decreasing sharply by late 2016 to negligible levels. Dividends paid remain consistent around -270 to -320 million, demonstrating stable shareholder returns. Overall, cash used by financing activities is mostly negative but includes occasional cash inflows, indicating active capital structure management.
Discontinued Operations
Cash flows from discontinued operations are generally minor but consistently negative, reflecting ongoing dispositions or winding down of business segments. The effect of Venezuelan exchange rate changes shows a one-time significant negative adjustment (-129 million) in late 2014, indicating currency exposure impact on cash balances.
Cash and Equivalents
The net increase or decrease in cash and equivalents is erratic, with considerable positive spikes such as 1679 million in March 2014 and several quarters with substantial decreases, e.g., -1380 million in late 2017. The volatility in cash levels corresponds with large investing and financing transactions.