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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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Amphenol Corp., consolidated cash flow statement
US$ in thousands
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 income from continuing operations
- Displayed a generally upward trend from 2019 through 2023, increasing from approximately $1.16 billion in 2019 to about $1.95 billion in 2023, with an especially notable jump between 2020 and 2021.
- Depreciation and amortization
- Remained relatively stable between 2019 and 2020, followed by a significant increase in 2021 that was sustained through 2023, peaking at approximately $406 million in 2023.
- Stock-based compensation expense
- Exhibited a consistent upward trajectory over the five-year period, rising from $63 million in 2019 to $99 million in 2023, reflecting increasing expense recognition related to equity compensation.
- Deferred income tax provision (benefit)
- Fluctuated considerably, with positive provisions in 2019 and 2020, transitioning to negative benefits from 2021 through 2023, with the largest tax benefit recorded in 2023 at about $58.8 million.
- Accounts receivable, net
- Presented volatile movements, significantly negative in 2020 and 2021, then showing notable improvement by 2023 with a positive balance, indicating changes in credit sales or collections.
- Inventories
- Negative inventory balances were seen from 2019 to 2022, with a significant positive reversal in 2023, suggesting a change in inventory management or valuation.
- Prepaid expenses and other current assets
- Fluctuated widely, shifting from negative in early years to positive in 2022, followed by a negative turn in 2023, indicating variable timing of payments or asset recognition.
- Accounts payable
- Showed substantial variability, climbing to positive levels in 2020 and early years, but turning negative by 2023, suggesting changes in supplier payment terms or procurement activities.
- Accrued income taxes
- Trended from negative values toward positive in 2022, then moderating in 2023, reflecting changes in tax liabilities recognized but not yet paid.
- Other accrued liabilities
- Displayed fluctuation with significant positive swings in 2020 and 2022, but turning negative in 2023, indicating variability in accrued expenses or other liabilities.
- Net change in operating assets and liabilities, excluding effects of acquisitions
- Experienced significant negative changes in 2021 and 2022, followed by a positive reversal in 2023, highlighting shifts in working capital unrelated to acquisitions.
- Adjustments to reconcile net income to net cash provided by operating activities
- Varied widely, with a marked negative adjustment in 2021 and substantial positive adjustments in 2022 and 2023, suggesting changes in non-cash expenses, working capital, or other reconciling items.
- Net cash provided by operating activities
- Remained robust throughout the period, peaking in 2023 at roughly $2.53 billion, reflecting strong cash generation despite fluctuations in working capital and other adjustments.
- Capital expenditures
- Consistently significant and increasing slightly over the years, reaching approximately $373 million in 2023, indicating sustained investment in property and equipment.
- Proceeds from disposals of property, plant, and equipment
- Fairly stable but relatively modest inflows ranging between $3.7 million and $12.7 million, with no clear trend.
- Purchases of investments and sales/maturities of investments
- Both categories increased markedly, especially in 2022 and 2023, with investment purchases near $306 million in 2023 and sales/maturities surpassing $246 million, reflecting active portfolio management.
- Acquisitions, net of cash acquired
- Significant and volatile acquisition activity is evident, particularly in 2021 with net acquisition outflows exceeding $2.2 billion, and elevated levels also in 2019 and 2023, pointing to aggressive expansion strategies.
- Net cash used in investing activities
- Varied broadly, with very high outflows in acquisition-heavy years (2019 and 2021), but overall large cash usage dominated investing activities in all years, peaking at about $2.6 billion used in 2021.
- Proceeds from issuance and repayments of senior notes and other long-term debt
- Issuance proceeds generally decreased over time while repayments fluctuated, indicating active debt management with net reductions in debt obligations from 2021 onward.
- Borrowings and repayments under credit facilities and commercial paper programs
- Significant borrowing and repayment activities occurred, especially notable movements in 2020 with large borrowings under credit facilities, and varied net borrowing positions under commercial paper programs.
- Purchase of treasury stock
- Substantial and consistent repurchases occurred annually, with the highest amount recorded in 2022 at approximately $730 million, reflecting a strong share repurchase program aimed at returning value to shareholders.
- Proceeds from exercise of stock options
- Displayed variability, ranging from $185 million in 2022 to a peak of $394 million in 2023, indicating fluctuating employee stock option exercises over time.
- Dividend payments
- Displayed a steady increase year-over-year, growing from $280 million in 2019 to about $501 million in 2023, indicating a consistent policy of returning income to shareholders through dividends.
- Net cash used in financing activities
- Generally negative across all years, with the highest cash outflow in 2022 exceeding $1.1 billion, reflecting significant use of cash for debt repayment, share repurchases, dividends, and other financing activities.
- Net increase (decrease) in cash and cash equivalents
- Displayed volatility with significant increases in 2020 and more moderate increases in 2022 and 2023, but a notable decrease in 2021, reflecting the net result of operating, investing, and financing cash flows combined with foreign exchange effects.
- Cash and cash equivalents balance
- Ending cash balances showed an overall upward movement, more than doubling from about $891 million at the end of 2019 to $1.48 billion at the end of 2023, indicating strengthened liquidity positions over the period.