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What is a Cash Flow Statement?

A cash flow statement is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents. It breaks the analysis down into three main categories of activities.

The cash flow statement is crucial because it shows how a company is managing its cash position, indicating whether a company is on solid financial footing.

Operating Activities

Operating activities include the production, sale and delivery of the company’s product as well as collecting payment from its customers.

Examples of Operating Activities:

• Cash receipts from sales of goods and services
• Cash payments to suppliers and employees
• Interest payments and receipts
• Income tax payments
• Cash received from royalties, fees, commissions
• Cash payments for operating expenses

Key Operating Cash Flow Metrics:

• Operating Cash Flow Ratio: Shows how well current liabilities are covered by the cash flow generated from operations
• Cash Flow Coverage: Measures how well a company can cover its debt obligations with operating cash flow

Investing Activities

Investing activities include the purchase and sale of long-term assets and other investments not included in cash equivalents.

Examples of Investing Activities:

• Purchase of property, plant, and equipment (PPE)
• Sale of equipment or real estate
• Purchase of marketable securities
• Sale of marketable securities
• Loans made to other entities
• Collection of loans made to other entities
• Acquisition of other businesses
• Proceeds from sale of business units

Understanding Investing Cash Flows:

• Negative investing cash flows often indicate growth investments in the business
• Positive investing cash flows may indicate asset sales or maturity of investments

Financing Activities

Financing activities include transactions involving debt, equity, and dividends.

Examples of Financing Activities:

• Proceeds from issuing stock
• Dividend payments to shareholders
• Proceeds from borrowing (loans, bonds)
• Debt repayment
• Share repurchases (treasury stock)
• Payment of financing costs

Understanding Financing Cash Flows:

• Positive financing cash flows indicate capital raising activities
• Negative financing cash flows often show returns to shareholders or debt reduction

Key Cash Flow Statement Metrics

Free Cash Flow

Free Cash Flow is the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets.

Formula: Free Cash Flow = Operating Cash Flow - Capital Expenditures

Cash Flow from Operations vs. Net Income

The difference between cash flow from operations and net income helps identify:

• Quality of earnings
• Working capital changes
• Non-cash expenses impact
• Revenue recognition timing differences

Cash Flow Ratios

1. Operating Cash Flow Margin = Operating Cash Flow ÷ Revenue
2. Cash Flow Coverage Ratio = Operating Cash Flow ÷ Total Debt
3. Cash Flow to Capital Expenditures = Operating Cash Flow ÷ Capital Expenditures

Why Cash Flow Statements Matter

The cash flow statement helps investors and creditors determine:

1. Liquidity: The company’s ability to generate positive cash flows
2. Solvency: Its ability to pay dividends and meet obligations
3. Financial Flexibility: The company’s ability to adapt to changing circumstances
4. Investment Quality: Why net income and actual cash flows might differ
5. Growth Potential: The company’s ability to grow and expand operations

Cash Flow Statement Analysis Tips

Red Flags to Watch:

• Consistently negative operating cash flows
• Large differences between net income and operating cash flow
• Heavy reliance on financing activities to fund operations
• Declining cash flows despite growing revenues

Positive Indicators:

• Strong and growing operating cash flows
• Free cash flow generation
• Consistent cash flow patterns
• Cash flows that support business strategy

Direct vs. Indirect Method

Indirect Method (Most Common)

Starts with net income and adjusts for:

• Non-cash expenses (depreciation, amortization)
• Changes in working capital
• Gains/losses on asset sales

Direct Method

Reports actual cash receipts and payments:

• Cash received from customers
• Cash paid to suppliers
• Cash paid for operating expenses
• Cash paid for taxes and interest

Both methods arrive at the same operating cash flow figure, but present the information differently.