With operating cash flow down by more than half over the past few years, management has a lot of work to do if its focus is truly generating higher returns.
Not exact matches
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions
with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost of accommodating, announced increases in the build rates of certain aircraft; 6) the effect on aircraft demand and build rates of changing customer preferences for business aircraft, including the effect of global economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result of global economic uncertainty or otherwise; 8) the effect of economic conditions in the industries and markets in which we
operate in the U.S. and globally and any changes therein, including fluctuations in foreign currency exchange rates; 9) the success and timely execution of key milestones such as the receipt of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation of our announced acquisition of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements
with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements
with additional customers; 12) the ability of all parties to satisfy their performance requirements under existing supply contracts
with our two major customers, Boeing and Airbus, and other customers, and the risk of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect of changes in tax law, such as the effect of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components; 23) our ability to recruit and retain a critical mass of highly - skilled employees and our relationships
with the unions representing many of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our
cash flows and our credit facility may not be adequate for our additional capital needs or for payment of interest on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness of any interest rate hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks of doing business internationally, including fluctuations in foreign current exchange rates, impositions of tariffs or embargoes, compliance
with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
«Increased commodity prices, coupled
with a focus on
operating efficiently and strengthening our portfolio, resulted in higher earnings and the highest quarterly
cash flow from operations and asset sales since 2014,» Darren Woods, chairman and chief executive officer, said in a statement.
The electric car maker has
operated with a negative net
operating cash flow since 2013 and has not made a quarterly profit since its third quarter of 2016.
The Healthcare Reform Law, including The Patient Protection and Affordable Care Act and The Healthcare and Education Reconciliation Act of 2010, could have a material adverse effect on Humana's results of operations, including restricting revenue, enrollment and premium growth in certain products and market segments, restricting the company's ability to expand into new markets, increasing the company's medical and
operating costs by, among other things, requiring a minimum benefit ratio on insured products, lowering the company's Medicare payment rates and increasing the company's expenses associated
with a non-deductible health insurance industry fee and other assessments; the company's financial position, including the company's ability to maintain the value of its goodwill; and the company's
cash flows.
FCF is computed by subtracting capital expenditures from
operating cash flow, each as determined in accordance
with GAAP.
During the first quarter of 2018, Gilead generated $ 2.3 billion in
operating cash flow, fully repaid the $ 4.5 billion term loans borrowed in connection
with Gilead's acquisition of Kite, utilized $ 1.0 billion on stock repurchases and paid
cash dividends of $ 753 million.
Assuming Intelsat generates positive
operating cash flow on par
with those years — $ 464 million generated in 2017, and $ 684 million generated in 2016 — this means there's a very good chance that Intelsat will generate positive free
cash flow over the next few years as well.
Most managers running retail and pension money have no idea what a triple - hook rating means for any company
with massive
cash flow deficits
operating in a financial environment in which the Fed is not printing trillions of dollars that can be recycled into bad ideas.
Examples of forward - looking statements include, but are not limited to, statements we make regarding the Company's plans, assumptions, expectations, beliefs and objectives
with respect to store openings and closings; product introductions; sales; sales growth; sales trends; store traffic; retail prices; gross margin;
operating margin; expenses; interest and other expenses, net; effective income tax rate; net earnings and net earnings per share; share count; inventories; capital expenditures;
cash flow; liquidity; currency translation; growth opportunities; litigation outcomes and recovery related thereto; the collectability of amounts due under financing arrangements
with diamond mining and exploration companies; and certain ongoing or planned product, marketing, retail, manufacturing, information systems development, upgrades and replacement, and other operational and strategic initiatives.
This is one of the reasons I am so concerned about the widespread focus on
operating earnings, which often have nearly nothing to do
with the actual stream of
cash flows that is claimed by stockholders.
The sites
operate with minimal overhead allowing for a highly scalable business model
with plenty of
cash flow.
The UK oil major left its annual dividend unchanged at $ 0.40 and announced
operating cash flow of $ 24.1 billion, compared
with $ 17.6 billion in 2016.
Operating cash flow should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance w
Operating cash flow should not be considered in isolation or as a substitute for net
cash provided by
operating activities prepared in accordance w
operating activities prepared in accordance
with GAAP.
* Change in
operating cash flow is replaced
with: (i) tangible book value per share growth for companies in the Banks, Diversified Financials and Insurance sectors; and (ii) growth in funds from operations for REITs,
with the exception of Mortgage and Specialized REITs.
Free
cash flow2 for the first quarter was $ 181 million, compared to $ 161 million in the prior - year period, reflecting slightly higher
operating cash flows, combined
with slightly lower capital expenditures.
As
with our pay - for - performance model,
operating cash flow is replaced
with: (i) tangible book value for companies in the Banks, Diversified Financials and Insurance sectors; and (ii) funds from operations for REITs,
with the exception of Mortgage and Specialized REITs.
After all, the proverbial «boxes» have been ticked; permitting, sufficient infrastructure, customer base, real producing assets (as opposed to highly speculative land
with evidence of graphite), revenue, and
operating cash flow.
They seek opportunities to invest $ 25 — $ 100 million in growth companies
with sustainable and defensible business models, strong recurring revenue, significant
operating leverage, strong
cash flow margins, and franchise customer loyalty.
According to the Kohlberg web site, «Kohlberg & Company invests in companies where it can work in partnership
with senior management to identify growth opportunities and implement fundamental
operating and strategic changes, resulting in substantial increases in revenue and
cash flow.»
The business delivered an AED 1.9 billion (US$ 506 million)
cash flow from
operating activities in 2017 - 18, which is also a new record in line
with the enhanced
cash balance.
We achieved moderate annual revenue increases in Jewish Networks and Other Affinity Networks, improved Contribution margins to 74 %, cut
Operating Expenses by 19 %, drove annual Adjusted EBITDA to record levels at a 28 % margin and returned capital to stockholders by using
cash flow to repurchase 21 % of the shares outstanding at the start of 2008... we are disappointed
with second half trends and in particular the fourth quarter, as revenue and subscribers decreased sequentially in each online segment.
Operating cash flow increased 19 % to $ 3.11 billion for the trailing twelve months, compared
with $ 2.62 billion for the trailing twelve months ended September 30, 2010.
Operating cash flow was $ 3.22 billion for the trailing twelve months, compared
with $ 3.21 billion for the trailing twelve months ended June 30, 2011.
Operating cash flow increased 7 % to $ 4.18 billion for the trailing twelve months, compared
with $ 3.90 billion for the trailing twelve months ended December 31, 2011.
Most people just look at a company's margins and judge the quality of the business model based on that, but the
cash flow characteristics of the business can make one company a far more valuable company than another
with the exact same
operating margin.
Hedge fund activists tend to target companies that are typically «value» firms,
with low market value relative to book value, although they are profitable
with sound
operating cash flows and return on assets.
We analyze thousands of aggressive stock picks, and narrow our choices to those few stocks
with solid
operating businesses; we want to see rising sales, earnings and
cash flow in a growing industry.
with consistent
operating history (strong and consistent revenue, EPS, book value, free
cash flows growth)
AFFO measures
cash flow by removing the non-
cash impact of real estate depreciation along
with several other items to give a more accurate look at a company's
operating performance.
This credit line is best for established businesses that
operate with large, fluctuating
cash flows.
Concentrating on long - term growth in NAV ought to give OPMIs far greater downside protection than would the conventional approach where the emphasis is on predicting periodic future
operating cash flows or earnings (
with earnings defined as creating wealth while consuming
cash).
They looked at two portfolios of value stocks trading on comparable multiples of price - to - earnings,
cash flow,
operating earnings, book value and sales, but
with different historical rates of sales growth; one
with a high rate of growth, the other low.
If you strip out the «returns» from its merchant banking (it spun off
with assets
with book value far below actual value and slowly reported profits when these discrepancies were recognized) and just look at the free
cash flow of its
operating businesses, the returns have been ok but nothing phenomenal.
Since KWG ticked the box fr me, the only sentence tht remained was: «Finally,
cash -
flow looks reasonable,
with operating free
cash -
flow (after interest, taxes & net intangibles / PPE) basically flat in 2011 & H1 2012 ′.
And
cash flow provides no relief either —
with Digicel's net
cash from operations (&
operating cash margin) declining each year, and cumulative free
cash flow negative to the tune of $ (0.5) billion.
Finally,
cash -
flow looks reasonable,
with operating free
cash -
flow (after interest, taxes & net intangibles / PPE) basically flat in 2011 & H1 2012.
The Company acquires controlling interests in businesses that
operate in industries
with long - term macroeconomic growth opportunities and that have positive and stable
cash flows and face minimal threats of technological or competitive obsolescence.
If you are discounting the composite
cash flows of a multinational company, the equity risk premium should be a weighted average of the equity risk premiums of the countries that the company
operates in,
with the weights based on revenues or
operating assets.
Immediate taxable income would would be distributable, but since loss carryforwards can be paired
with the capital gains, one of the main obstacles to buying back REIT CDO debt is eliminated (i.e., where to come up
with the
cash to pay required REIT dividends on «phantom» taxable income that is suddenly higher than actual
operating cash flow?
In addition, REITs are dependent on specialized management skills and on their ability to generate
cash flow for
operating purposes and to make distributions to shareholders or unitholders REITs may have limited diversification and are subject to risks associated
with obtaining financing for real property, as well as to the risk of self - liquidation.
They produce predictable long - term revenues (from 20 year PPAs),
with minimal capex &
operating expense — after debt interest & amortisation (and the debt can be re-financed in due course), investors can enjoy increasing
cash flows & dividends for decades to come.
I generally consider
operating cash flow shortfalls to be unacceptable, even
with immature companies.
With those companies, I can do my due diligence to make sure that they have the
operating cash flows (not just dividends or buybacks) to justify their valuations.
Importantly, EPR's tenants are mostly high - quality businesses,
with even its cinema properties sporting tenant rental coverage ratios (
operating cash flow / rent) of 1.6.
A reconciliation of non-GAAP results, including adjusted net income,
operating earnings, Technology Brands
operating earnings and free
cash flow, to its closest GAAP measure is included
with this release (Schedule III and IV).
Regular conversations
with your accountant highlight
cash flow,
operating costs and, hopefully, profitability.
If this bill were to be passed however, it's almost certain HMRC would introduce a VAT deferment scheme
with a similar model to something that currently
operates in the Netherlands to help alleviate the
cash flow burden.
The consumer based industries that
operate on
cash had a large
flow of black money by that means and hence their source will cut off immediately
with the implementation of this scheme.
«We think Spotify can deliver meaningful
operating profits and
cash flow within the constraints of its current licensing structure,
with additional upside if the company is successful
with its endeavors in demand creation and / or non-music content,» Egbert wrote.