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CashFlowAnalysis
Session62022/12/31CashFlowAnalysis
Session620ThissessionHowtocalculateandanalysisacorporationsCashFlowanalysisHowtoevaluatethesolvencyofacompanybasedonitsbalancesheetandcashflows2022/12/32ThissessionHowtocalculateaIncaseyoumissedthelastsession…….Wecovered……….I&EBalanceSheetsThelinkagesbetweenI&EandBalanceSheets2022/12/33IncaseyoumissedthelastseBusinessChallengesEarnProfitsConvertProfitstoCashasFastasPossible2022/12/34BusinessChallengesEarnProfitCashFlowFromOperatingActivitiesFromInvestingActivitiesFromFinancingActivities2022/12/35CashFlowFromOperatingActiviBalanceSheetAssetsCash+AccountsReceivable+Inventory+PrepaidExpenses+Property,Plant&Equipment+AccumulatedDepreciation=TotalAssetsLiabilities&EquityAccountsPayable+AccruedOperatingExpenses+AccruedInterestPayable+IncomeTaxPayable+NotesPayable+Capitalstock+RetainedEarnings=TotalLiability&EquityCashFlowStatementCashFlowFromOperatingActivitiesNetIncome-AccountsReceivableIncrease-InventoryIncrease-PrepaidExpensesIncrease+DepreciationExpense-AccountsPayableIncrease-AccruedExpensesIncrease-IncomeTaxPayable=CashFlowformOperatingActivities+CashFlowFromInvestingActivitiesPurchasesofProperty,Plant&Equipment+CashFlowsFromFinancingActivitiesShort-TermDebtBorrowing+Long-TermDebtBorrowing+CapitalStockIssue+DividendsPaidtoStockholders=IncreaseinCashforYearBalanceSheet/CashFlowInteractions
2022/12/36BalanceSheetCashFlowStatemeCashFlowFromOperationsBalanceSheetlastyearBalanceSheetthisyearIncome&ExpensethisyearChangesintheBalancesheet“closetsplusthedepreciationadjustedincome2022/12/37CashFlowFromOperationsBalanCashFlowfromOperationsProfit(“thebottomline”oftheI&EStatement)Plus7year-to-yearchangeadjustments(BalanceSheet)AccountsreceivableInventoryPrepaidexpensesDepreciationAccountsPayableAccruedExpensesIncomeTaxPayableCashflow,liketheBalanceSheetusesCASHACCOUNTINGNotACCRUALACCOUNTING2022/12/38CashFlowfromOperationsProfiOperatingCashFlowCommentsNetIncomeisfromthebottomlineofI&EStatement(DepreciationAdjusted)IncreasesinOperatingAssetsdecreasecashflowfromprofit(AR,Inventory,Prepaid
Expenses)Increasesinliabilities“help”cashflow(AP,
AccruedExpenses,IncomeTaxPayable)2022/12/39OperatingCashFlowCommentsNeGrowthConsumesCa$h!IncreasingrevenuewithcontrolledexpenseswillresultinincreasedprofitsRevenueincreasesalsodriveincreasesinoperatingassetsCashincreasesarenotaslargeasprofitincreasesbutaredelayedbecauseofARDecliningbusinessesexperienceoppositeeffectandcanexperienceincreased“cashflow”overprofitchanges2022/12/310GrowthConsumesCa$h!IncreasinDepreciation&OperatingCashFlowDepreciation:Sincethecompanypaidcashforthefixedassetswhenitboughtthem,thecompanydoesnotconsumecashasecondtimewhenitusesthemThedepreciationoftheI&EStatementistherefore“addedback”forcashflowpurposes2022/12/311Depreciation&OperatingCashBalanceSheetAssetsCash+AccountsReceivable+Inventory+PrepaidExpenses+Property,Plant&Equipment+AccumulatedDepreciation=TotalAssetsLiabilities&EquityAccountsPayable+AccruedOperatingExpenses+AccruedInterestPayable+IncomeTaxPayable+NotesPayable+Capitalstock+RetainedEarnings=TotalLiability&EquityCashFlowStatementCashFlowFromOperatingActivitiesNetIncome-AccountsReceivableIncrease-InventoryIncrease-PrepaidExpensesDecrease+DepreciationExpense-AccountsPayableIncrease-AccruedExpensesIncrease=CashFlowformOperatingActivitiesCashFlowFromInvestingActivities-PurchasesofProperty,Plant&EquipmentCashFlowsFromFinancingActivities+Short-TermDebtBorrowing+Long-TermDebtBorrowing+CapitalStockIssue-DividendsPaidtoStockholders=IncreaseinCashforYearBalanceSheet/CashFlowInteractions
2022/12/312BalanceSheetCashFlowStatemePurchasesofProperty,Plant&EquipmentFixedAssetstomodernizeorexpandcapacityWillbecapitalized(depreciated)2022/12/313PurchasesofProperty,Plant&TheDepreciationStoryCapitalassetsareacashflowoutwhentheassetisbought(CashFlow/Investing)TheboughtassetsareaddedtotheProperty,Plant&EquipmentlineoftheBalanceSheetTheappropriatedepreciationisallocatedforintheperiodthatitis“used”ontheI&EThesumoftheaccumulateddepreciationsfromtheI&EissubtractedfromthepurchasepriceoftheassetsonthebalancesheetTheallocatedI&Edepreciationis“addedback”totheIncomeintheCashFlowanalysis2022/12/314TheDepreciationStoryCapitalBalanceSheetAssetsCash+AccountsReceivable+Inventory+PrepaidExpenses+Property,Plant&Equipment+AccumulatedDepreciation=TotalAssetsLiabilities&EquityAccountsPayable+AccruedOperatingExpenses+AccruedInterestPayable+IncomeTaxPayable+NotesPayable+Capitalstock+RetainedEarnings=TotalLiability&EquityCashFlowStatementCashFlowFromOperatingActivitiesNetIncome-AccountsReceivableIncrease-InventoryIncrease-PrepaidExpensesDecrease+DepreciationExpense-AccountsPayableIncrease-AccruedExpensesIncrease=CashFlowformOperatingActivitiesCashFlowFromInvestingActivities-PurchasesofProperty,Plant&EquipmentCashFlowsFromFinancingActivities+Short-TermDebtBorrowing+Long-TermDebtBorrowing+CapitalStockIssue-DividendsPaidtoStockholders=IncreaseinCashforYearBalanceSheet/CashFlowInteractions
2022/12/315BalanceSheetCashFlowStatemeCashFromFinancingActivitiesWhenoperatingcashflowsareinsufficienttofundcompanyoperations,thefinancedepartmentmustraisecashforthecompanyLoansLineofcredit(short-termdebt)Notes,BondsorDebentures(long-termdebt)IssueStockDividendspaidtoStockholdersareconsideredafinancingcashflow2022/12/316CashFromFinancingActivitiesIBM2001CashFlow(M$)CashFlowFrom:
2001
2000
1999Operations 14,2659,27410,111Investing (6,106)(4,248)(1,669)Financing(5,309)(6,359)(8,625)Exchangeratechanges(83)(1470)(149)NetChangeinCash2,767(1,480)(332)Cashon1/13,5635,0435,375Cashon12/316,3303,5635,043Daysofcash3016232022/12/317IBM2001CashFlow(M$)CashFlIBM2001
CashFlowfromOperations(M$)
2000
2001
NetIncome7,7238,093Depreciation4,1954,513AmortizationofSoftware625482Deferredincometaxes65829Gainsonassetsales(317)(792)Write-downonimpairedinvestments405Receivables3,284(4,720)Inventories337(55)Otherassets(545)(643)Accountspayable(969)2,245OtherLiabilities(1,131)122CashfromOperations14,2659,2742022/12/318IBM2001
CashFlowfromOperaIBM2001
CashFlowfromInvesting(M$)
2001
2000Plant,rentalmachinesandotherproperty (5,660)(5,616)DispositionofPlant,rentalmachinesandotherproperty 1,1651,619Investmentsinsoftware (655)(565)Purchasesofmarketablesecuritiesandotherinvestments (778)(750)Proceedsfrommarketablesecuritiesandotherinvestments 7381,393Acquisitions (916)(329)NetCashusedinInvestingActivities (6,106)(4,248)
2022/12/319IBM2001
CashFlowfromInvestIBM2001
CashFlowfromFinancing(M$)
2001
2000Proceedsfromnewdebt 4,5359,604Short-termborrowings 2,926(1,400)Paymentstosettledebt (7,898)(7,561)Preferredstocktransactions–net (254)Commonstocktransactions–net (3,652)(6,073)CashDividendspaid (966)(929)NetCashUsedinFinancing (5,309)(6,359)2022/12/320IBM2001
CashFlowfromFinancMotorola2000CashFlowsCashFlowFrom:
2000
1999
1998Operations (1,164)2,1401,295Investing (4,091)(960)(3,079)Financing5,1197881,872Exchangeratechanges(100)(33)34NetChangeinCash(236)1,935122Cashon1/13,5371,6021,480Cashon12/313,3013,5371,602DaysofCash3340182022/12/321Motorola2000CashFlowsCashFMotorola2000
CashFlowfromOperations(M$)NetIncome 1,318Depreciation 2,522Chargesforre-organization1,483Deferredincometaxes658Acquiredin-processR&Dcharges332Salesofinvestments&businesses(1,570)Deferredincometaxes239Write-downonimpairedinvestments405Receivables(1,471)Inventories(2,305)Otherassets(532)Accountspayable(666)OtherLiabilities(514)CashfromOperations
(1,164)
2022/12/322Motorola2000
CashFlowfromCooking!ControllingdiscretionaryexpensesRepairs&maintenanceTraining&developmentTravelIncreasingrevenue“Stuffingthechannels”LyingFraud-gotojail2022/12/323Cooking!ControllingdiscretionEnronitisEnronDynergyInc.,ReliantResourcesInc.,CMSEnergyTycoGEBoeingIBM2022/12/324EnronitisEnron2022/12/3243KeyFinancialAspectsofaBusinessCashFlowsMaintainingSolvencyProfitability2022/12/3253KeyFinancialAspectsofaBSolvency-AgainTheCurrentRatio:TestofShort-TermSolvencyCurrentRatio=currentassets/currentliabilitiesGeneralRuleofthumb:Shouldbegreaterthan2togetashorttermloanTheQuickRatio(Theacidtestratio)QuickRatio=(Cash+AR)/CurrentLiabilitiesShouldbelessthan12022/12/326Solvency-AgainTheCurrentRaSolvency-2DebttoEquityRatioDebttoEquity=TotalLiabilities/TotalEquityMeasureof“l(fā)everaging”ofdebt.Usuallykeptbelow1TimesInterestEarnedRatioTIER=OperatingEarnings/InterestExpenseHigherisbetter,muststayabove12022/12/327Solvency-2DebttoEquityRatiProfitabilityReturnonSalesRatioReturnonSalesRatio=NetIncome/RevenueReturnonEquityROE=Income/StockholdersEquityShouldbeatotherinvestmentoptionsconsideringrisk
ReturnonAssetsROA=Income/TotalAssetsMeasuredagainstcompaniesborrowinginterestrate2022/12/328ProfitabilityReturnonSalesRWejustcoveredHowtocalculateandacorporationsCashFlowanalysisHowtoevaluatethesolvencyofacompanybasedonitsbalancesheetandcashflows2022/12/329WejustcoveredHowtocalculatForYourselfReadpages68-158ofTracy’sbook2022/12/330ForYourselfReadpages68-CashFlowAnalysis
Session62022/12/331CashFlowAnalysis
Session620ThissessionHowtocalculateandanalysisacorporationsCashFlowanalysisHowtoevaluatethesolvencyofacompanybasedonitsbalancesheetandcashflows2022/12/332ThissessionHowtocalculateaIncaseyoumissedthelastsession…….Wecovered……….I&EBalanceSheetsThelinkagesbetweenI&EandBalanceSheets2022/12/333IncaseyoumissedthelastseBusinessChallengesEarnProfitsConvertProfitstoCashasFastasPossible2022/12/334BusinessChallengesEarnProfitCashFlowFromOperatingActivitiesFromInvestingActivitiesFromFinancingActivities2022/12/335CashFlowFromOperatingActiviBalanceSheetAssetsCash+AccountsReceivable+Inventory+PrepaidExpenses+Property,Plant&Equipment+AccumulatedDepreciation=TotalAssetsLiabilities&EquityAccountsPayable+AccruedOperatingExpenses+AccruedInterestPayable+IncomeTaxPayable+NotesPayable+Capitalstock+RetainedEarnings=TotalLiability&EquityCashFlowStatementCashFlowFromOperatingActivitiesNetIncome-AccountsReceivableIncrease-InventoryIncrease-PrepaidExpensesIncrease+DepreciationExpense-AccountsPayableIncrease-AccruedExpensesIncrease-IncomeTaxPayable=CashFlowformOperatingActivities+CashFlowFromInvestingActivitiesPurchasesofProperty,Plant&Equipment+CashFlowsFromFinancingActivitiesShort-TermDebtBorrowing+Long-TermDebtBorrowing+CapitalStockIssue+DividendsPaidtoStockholders=IncreaseinCashforYearBalanceSheet/CashFlowInteractions
2022/12/336BalanceSheetCashFlowStatemeCashFlowFromOperationsBalanceSheetlastyearBalanceSheetthisyearIncome&ExpensethisyearChangesintheBalancesheet“closetsplusthedepreciationadjustedincome2022/12/337CashFlowFromOperationsBalanCashFlowfromOperationsProfit(“thebottomline”oftheI&EStatement)Plus7year-to-yearchangeadjustments(BalanceSheet)AccountsreceivableInventoryPrepaidexpensesDepreciationAccountsPayableAccruedExpensesIncomeTaxPayableCashflow,liketheBalanceSheetusesCASHACCOUNTINGNotACCRUALACCOUNTING2022/12/338CashFlowfromOperationsProfiOperatingCashFlowCommentsNetIncomeisfromthebottomlineofI&EStatement(DepreciationAdjusted)IncreasesinOperatingAssetsdecreasecashflowfromprofit(AR,Inventory,Prepaid
Expenses)Increasesinliabilities“help”cashflow(AP,
AccruedExpenses,IncomeTaxPayable)2022/12/339OperatingCashFlowCommentsNeGrowthConsumesCa$h!IncreasingrevenuewithcontrolledexpenseswillresultinincreasedprofitsRevenueincreasesalsodriveincreasesinoperatingassetsCashincreasesarenotaslargeasprofitincreasesbutaredelayedbecauseofARDecliningbusinessesexperienceoppositeeffectandcanexperienceincreased“cashflow”overprofitchanges2022/12/340GrowthConsumesCa$h!IncreasinDepreciation&OperatingCashFlowDepreciation:Sincethecompanypaidcashforthefixedassetswhenitboughtthem,thecompanydoesnotconsumecashasecondtimewhenitusesthemThedepreciationoftheI&EStatementistherefore“addedback”forcashflowpurposes2022/12/341Depreciation&OperatingCashBalanceSheetAssetsCash+AccountsReceivable+Inventory+PrepaidExpenses+Property,Plant&Equipment+AccumulatedDepreciation=TotalAssetsLiabilities&EquityAccountsPayable+AccruedOperatingExpenses+AccruedInterestPayable+IncomeTaxPayable+NotesPayable+Capitalstock+RetainedEarnings=TotalLiability&EquityCashFlowStatementCashFlowFromOperatingActivitiesNetIncome-AccountsReceivableIncrease-InventoryIncrease-PrepaidExpensesDecrease+DepreciationExpense-AccountsPayableIncrease-AccruedExpensesIncrease=CashFlowformOperatingActivitiesCashFlowFromInvestingActivities-PurchasesofProperty,Plant&EquipmentCashFlowsFromFinancingActivities+Short-TermDebtBorrowing+Long-TermDebtBorrowing+CapitalStockIssue-DividendsPaidtoStockholders=IncreaseinCashforYearBalanceSheet/CashFlowInteractions
2022/12/342BalanceSheetCashFlowStatemePurchasesofProperty,Plant&EquipmentFixedAssetstomodernizeorexpandcapacityWillbecapitalized(depreciated)2022/12/343PurchasesofProperty,Plant&TheDepreciationStoryCapitalassetsareacashflowoutwhentheassetisbought(CashFlow/Investing)TheboughtassetsareaddedtotheProperty,Plant&EquipmentlineoftheBalanceSheetTheappropriatedepreciationisallocatedforintheperiodthatitis“used”ontheI&EThesumoftheaccumulateddepreciationsfromtheI&EissubtractedfromthepurchasepriceoftheassetsonthebalancesheetTheallocatedI&Edepreciationis“addedback”totheIncomeintheCashFlowanalysis2022/12/344TheDepreciationStoryCapitalBalanceSheetAssetsCash+AccountsReceivable+Inventory+PrepaidExpenses+Property,Plant&Equipment+AccumulatedDepreciation=TotalAssetsLiabilities&EquityAccountsPayable+AccruedOperatingExpenses+AccruedInterestPayable+IncomeTaxPayable+NotesPayable+Capitalstock+RetainedEarnings=TotalLiability&EquityCashFlowStatementCashFlowFromOperatingActivitiesNetIncome-AccountsReceivableIncrease-InventoryIncrease-PrepaidExpensesDecrease+DepreciationExpense-AccountsPayableIncrease-AccruedExpensesIncrease=CashFlowformOperatingActivitiesCashFlowFromInvestingActivities-PurchasesofProperty,Plant&EquipmentCashFlowsFromFinancingActivities+Short-TermDebtBorrowing+Long-TermDebtBorrowing+CapitalStockIssue-DividendsPaidtoStockholders=IncreaseinCashforYearBalanceSheet/CashFlowInteractions
2022/12/345BalanceSheetCashFlowStatemeCashFromFinancingActivitiesWhenoperatingcashflowsareinsufficienttofundcompanyoperations,thefinancedepartmentmustraisecashforthecompanyLoansLineofcredit(short-termdebt)Notes,BondsorDebentures(long-termdebt)IssueStockDividendspaidtoStockholdersareconsideredafinancingcashflow2022/12/346CashFromFinancingActivitiesIBM2001CashFlow(M$)CashFlowFrom:
2001
2000
1999Operations 14,2659,27410,111Investing (6,106)(4,248)(1,669)Financing(5,309)(6,359)(8,625)Exchangeratechanges(83)(1470)(149)NetChangeinCash2,767(1,480)(332)Cashon1/13,5635,0435,375Cashon12/316,3303,5635,043Daysofcash3016232022/12/347IBM2001CashFlow(M$)CashFlIBM2001
CashFlowfromOperations(M$)
2000
2001
NetIncome7,7238,093Depreciation4,1954,513AmortizationofSoftware625482Deferredincometaxes65829Gainsonassetsales(317)(792)Write-downonimpairedinvestments405Receivables3,284(4,720)Inventories337(55)Otherassets(545)(643)Accountspayable(969)2,245OtherLiabilities(1,131)122CashfromOperations14,2659,2742022/12/348IBM2001
CashFlowfromOperaIBM2001
CashFlowfromInvesting(M$)
2001
2000Plant,rentalmachinesandotherproperty (5,660)(5,616)DispositionofPlant,rentalmachinesandotherproperty 1,1651,619Investmentsinsoftware (655)(565)Purchasesofmarketablesecuritiesandotherinvestments (778)(750)Proceedsfrommarketablesecuritiesandotherinvestments 7381,393Acquisitions (916)(329)NetCashusedinInvestingActivities (6,106)(4,248)
2022/12/349IBM2001
CashFlowfromInvestIBM2001
CashFlowfromFinancing(M$)
2001
2000Proceedsfromnewdebt 4,5359,604Short-termborrowings 2,926(1,400)Paymentstosettledebt (7,898)(7,561)Preferredstocktransactions–net (254)Commonstocktransactions–net (3,652)(6,073)CashDividendspaid (966)(929)NetCashUsedinFinancing (5,309)(6,359)2022/12/350IBM2001
CashFlowfromFinancMotorola2000CashFlowsCashFlowFrom:
2000
1999
1998Operations (1,164)2,1401,295Investing (4,091)(960)(3,079)Financing5,1197881,872Exchangeratechanges(100)(33)34NetChangeinCash(236)1,935122Cashon1/13,5371,6021,480Cashon12/313,3013,5371,602DaysofCash3340182022/12/351Motorola2000CashFlowsCashFMotorola2000
CashFlowfromOperations(M$)NetIncome 1,318Depreciation
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