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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Waste Management Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
- Consolidated Net Income
- The net income exhibits moderate volatility across quarters, with occasional peaks such as a high of 903 million USD in December 2017 and significant dips, notably in March 2020 at 361 million USD and June 2021 at 351 million USD. Despite fluctuations, the overall values remain within a range of approximately 297 to 539 million USD, without a clear upward or downward long-term trend.
- Depreciation and Amortization
- Depreciation and amortization expenses showed a gradual increase over the observed period, rising from around 328 million USD in March 2017 to a peak exceeding 510 million USD by December 2021. This steady growth suggests ongoing capital investments and asset base expansion or aging.
- Deferred Income Tax Expense (Benefit)
- This line item varies widely with alternating positive and negative values, reflecting the timing differences in recognition of tax expenses and benefits. Large swings, such as a significant benefit of -205 million USD in December 2017 and an expense of 104 million USD in June 2020, indicate episodic tax events or adjustments.
- Interest Accretion on Landfill and Environmental Remediation Liabilities
- The interest accretion consistently increased slightly from 22 million USD in March 2017 to 29 million USD in December 2021, indicative of growing environmental liabilities or changes in discount rates applied.
- Provision for Bad Debts
- The provision generally fluctuated between 4 and 22 million USD, with an increase noted in mid-2020, possibly reflecting increased credit risk or deteriorating receivables quality during that period.
- Equity-Based Compensation Expense
- Expenses related to equity-based compensation varied without a clear pattern, ranging from 10 to 51 million USD. A notable spike occurred in September 2020 (51 million USD), indicating a possible one-off grant or valuation change.
- Net Gain on Disposal of Assets
- Disposal gains and losses mostly reflect negative values, particularly in the later quarters of 2017 and 2018, signaling asset sales at losses or impairment recognition. Sporadic positive values are less prominent.
- Gain/Loss from Divestitures, Asset Impairments, and Other
- The values show considerable volatility with significant positive spikes (e.g., 55 million USD in March 2019) and negatives (such as -44 million USD in December 2018), suggesting irregular divestiture activities or impairment charges impacting earnings variably.
- Equity in Net Losses of Unconsolidated Entities
- These losses remain relatively stable with minor fluctuations, staying mostly between 7 and 19 million USD, pointing to consistent impact from investments in joint ventures or affiliates.
- Loss on Early Extinguishment of Debt
- Reported losses are irregular but present in 2019 and 2020, with a notably large loss of 220 million USD in December 2020, indicating substantial debt refinancing activities involving penalties or write-offs in that period.
- Changes in Operating Assets and Liabilities
- These changes demonstrate periods of both significant negative and positive impacts on operating cash flows. For example, December 2017 shows a sharp negative shift (-325 million USD), while other quarters show positive movements, reflecting working capital fluctuations driven by receivables, payables, and other current assets and liabilities.
- Net Cash Provided by Operating Activities
- Operating cash flow remains robust and relatively stable, with quarterly amounts mostly ranging from approximately 720 to 1180 million USD. A peak is observed in December 2021 at 1184 million USD, attesting to strong cash generation capability.
- Net Cash Used in Investing Activities
- The company demonstrates consistent investing outflows, ranging roughly from 280 to over 3600 million USD in exceptional circumstances (notably in December 2020). Capital expenditures form the bulk of investing cash outflows, showing variability but an overall high level of investment in property and equipment. Acquisitions fluctuate substantially with a large outflow spike at the end of 2020, indicating a major acquisition or investment.
- Net Cash Provided by (Used in) Financing Activities
- Financing cash flows are highly variable. Early periods mostly show cash outflows due to debt repayments, stock repurchases, and dividends. Contrastingly, 2019 and parts of 2020 show strong inflows related to significant new borrowings exceeding repayments, likely reflecting refinancing or liquidity management. Later quarters exhibit a mix of inflows and outflows without a definitive trend.
- Cash and Cash Equivalents
- Changes in cash balances demonstrate mainly small quarterly variances with some larger increases in mid-2019 (over 2000 million USD) and notable decreases in late 2020, reflecting the net effect of operating, investing, and financing activities as well as large acquisition activity during that period.
- Dividends and Stock Repurchases
- Cash dividends consistently range from approximately 184 to 247 million USD per quarter, indicating a steady shareholder return policy. Stock repurchases appear sporadic but significant in certain quarters, such as mid and late 2017 and 2018, reflecting active capital return programs.