It simply hasn't occurred to him that the ability of governments to run up debt might now be more compromised
by capital flows in a globalised economy.
International payments are dominated
by capital flows for direct investment, bonds and stocks, bank loans and speculation.
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.
Available cash
flow is defined as U.S. GAAP net cash provided
by operating activities less
capital expenditures.
These bitter realities don't show up in the footnotes of those glowing, sanitized profit statements or in the rosy accounts spewed
by apparatchik economists about the «benefits of global
capital flows.»
Last, the terms of the benefaction mandate that half the cash
flow goes into a fund to be spent
by the dean to upgrade the school, in areas that are identified
by students and faculty — anything from professional recruitment and faculty travel to minor
capital upgrades and fund raising.
Then «tapering» talk
by the Federal Reserve caused U.S. bond yields to shoot up and draw back the
capital that had earlier
flowed into the emerging markets, putting more downward pressure on financial markets and currencies.
«The most significant drag is primarily felt
by emerging market economies, who tend to be more sensitive to shifts in global risk sentiment, which can also have large adverse effects on
capital flows and currency valuations,» the note said.
FCF is computed
by subtracting
capital expenditures from operating cash
flow, each as determined in accordance with GAAP.
The strength of the company's cash
flow is better demonstrated
by its long - standing track record of reported free cash
flow, even through periods of elevated
capital spending.
Its
capital expenditures have outpaced cash
flow, but the company has the ability to grow production
by 80 % over the next few years, he says.
[T] he dramatic increase in leveraged bond positions
by both US hedge funds and mundane money managers set in motion self - reinforcing liquidations once uncertainty over emerging markets including Turkey, Venezuela, Mexico, and Malaysia - all of which experienced sharp
capital flow volatility - put pressure on speculative positions.
Net cash
flow provided
by operating activities for Q1 2018 was RUB 5.2 billion ($ 90.6 million) and
capital expenditures were RUB 1.2 billion ($ 20.2 million).
Benefits — Each family / real estate investor keeps average $ 600 / mo for 2 yrs, real estate in all major metropolitans will have a traded price, increase buying power of low income high credit citizens, stimulate real estate investment
by making it easier for investors to cash
flow a rental property, reduce home inventory, the increase home values and liquidity provides incentive to put the $ X trillion in
capital currently on the sidelines back to work and mortgage prepayments will increase
capital availability.
The research summaries are «Revisiting
Capital Controls» (
by Marcos Chamon) and «
Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses» (
by D. Filiz Unsal).
That some of the forces governing
capital flows and asset values are driven not
by market - determined expected return but
by policy measures directed at, for example, an exchange rate objective means that at least some of what we observe in global
capital markets may be attributed to these distortions.
Cash
Flow Return on Invested
Capital (CFROIC) is defined as consolidated cash flow from operating activities minus capital expenditures, the difference of which is divided by the difference between total assets and non-interest bearing current liabi
Capital (CFROIC) is defined as consolidated cash
flow from operating activities minus
capital expenditures, the difference of which is divided by the difference between total assets and non-interest bearing current liabi
capital expenditures, the difference of which is divided
by the difference between total assets and non-interest bearing current liabilities.
The fact that official purchases of financial assets are determined
by different factors than those influencing private investors suggests that we would probably see a somewhat different combination of
capital flows, exchange rates and interest rates in the absence of official intervention.
For much of the nineteenth century, the United States also ran trade deficits and
capital account surpluses, but while there were already
capital flows driven
by investors making independent decisions about where to park their money, roughly 90 percent of the international business done
by London banks consisted of trade finance.
Global
capital flows are now huge and driven mainly
by the independent decisions of millions of investors in the U.S. and abroad.
By conducting research on the
flow of
capital into off - grid energy systems in Canada, they will use these findings to propose strategies for diverting funds towards long - term economic and clean power in these regions.
To make this an even bigger challenge, popular media would have us believe that
capital is the answer to every problem business owners face; and many business owners who aren't, or lack, a «profit expert» make decisions that seemingly make a lot of sense, but in reality makes it more difficult to be profitable
by further burdening their business» cash
flow with debt they can't support.
The 1 % free cash
flow (FCF) yield of JETS's holdings is slightly below the 2 % offered
by XLI and the average Industrials stock due to the airline industry's above average
capital expenditures.
That demand found its focal point in the U.S., which
by 2005 - 06 was absorbing a remarkable 60 % of global
capital flows, from Europe and Asia as well as the recycling of petro - dollars from the Middle East.
The relatively fixed exchange rate remained a weak point in the monetary control process, as attempts
by the Reserve Bank to change monetary conditions were significantly offset
by private
capital flows.
And they are to relinquish public spending to private contractors, and not to interfere with the international
flow of investment funds, not even to impede
capital flight
by domestic elites or speculation against their national currencies.
There's a clear uptrend in the amount of money that's
flowing into muni bond funds on a weekly basis, fueled
by not just the appetite for tax - free income but also a need to preserve
capital.
3) Beijing and other Chinese entities could buy fewer U.S. assets and replace them with an equivalently larger amount of assets from other developed countries, so that net
capital flows from China to the United States would be reduced, and net
capital flows from China to other developed countries would increase
by the same amount.
Thesis: Management can boost the market value of American Express in the amounts below [1]
by aligning the firm's strategy and performance compensation with real cash
flows or what we call return on invested
capital (ROIC).
5) Beijing and other Chinese entities could buy fewer U.S. assets and not replace them
by purchasing an equivalently larger amount of assets from other countries, so that net
capital flows from China to the United States and to the world would be reduced.
A s a result, one country's trade imbalances with another can easily be the consequence of
capital flows created
by distortions originating elsewhere.
By construction, current accounts and net
capital flows reveal little about financing.
It may be helpful to illustrate the relationship between the
capital and trade accounts
by working through the current conditions of
capital and trade
flows between China and the United States.
Ben Bernanke's global savings glut thesis is another example of the primacy of
capital flows, and indeed the decision
by East Asian countries to accumulate savings in the form of soaring foreign exchange reserves, which set off the savings glut, was itself the likely response to the 1997 Asian crisis, which occurred as a consequence of a sharp reversal of
capital flows to the afflicted Asian countries.
Attempts to export its excess savings can only lead to one of three outcomes: A) global growth rises because Europe's savings are all directed at developing countries with significant infrastructure investment needs and insufficient
capital, B) global growth drops sharply, global unemployment rises, and China's adjustment becomes all but impossible, C) international trade and
capital flows collapse in a repeat of the 1930s, so that Europe is forced to resolve its savings imbalance either
by a massive increase in unemployment or a wave of sovereign defaults.
We can see how this works
by considering what drives shifts in
capital flows and how these have affected trade.
A country's trade balance consisted of the sum of all its various bilateral trade imbalances, and net
flows of
capital were primarily driven
by trade finance.
We have increased our dividends
by 100 % over the last 3 years, which speaks to the consistent cash
flow we generate and our intent to return more
capital to shareholders through dividends.
In the March 2009 version of their paper entitled «Higher Risk, Lower Returns: What Hedge Fund Investors Really Earn», Ilia Dichev and Gwen Yu measure actual hedge fund investor returns
by integrating the returns of the funds they hold with the timing and magnitude of their
capital flows into and out of these funds.
«It is a first principle at Whitebox to be «security agnostic»: to penetrate the labels like «bond» and «stock» and «hybrid» and assess the real status of a security
by the risks and rewards that
flow from the combination of economic circumstances and the details of
capital structure.»
We look for management teams that seek to maximize a company's long - term business value
by running efficient operations that emphasize free cash
flow generation and wise
capital allocation.
Greece has not
by itself engendered the sort of fear that would generate massive
capital flows into gold.
By leveraging those unpaid customer invoices, they could get almost immediate cash
flow from their Liquid
Capital partner.
Capital Flows between Canada and the United States, Canadian - American Committee 24,
by Irving Brecher.
So, if we assume that the room for
capital appreciation is low, then it looks like I made a very inefficient investment
by choosing
capital appreciation vs cash
flow.
Capital Flows and International Policy Harmonization, edited
by H. Edward English, comprising two studies in the Canada in the Atlantic Economy series: No. 9, Fiscal Harmonization under Freer Trade: Principles and Their Applications to a Canada-U.S. Free Trade Area,
by Hirofumi Shibata (1969); and No. 10, Canadian Economic Policy and the Impact of International
Capital Flows,
by Richard E. Caves and Grant L. Reuber (1969).
Nearly 8 billion kronur ($ 1.13 billion as of June 28, 2012) is held within Iceland
by foreign investors, unable to leave the country, and is
flowing (along with domestic
capital) straight into Iceland's property markets.
These are big numbers, and this is further evidenced
by venture
capital flowing into the space.
By deducting the drug's operating costs, taxes, net investment and working capital requirements from its sales revenues, you arrive at the amount of free cash flow generated by the drug if it becomes commercia
By deducting the drug's operating costs, taxes, net investment and working
capital requirements from its sales revenues, you arrive at the amount of free cash
flow generated
by the drug if it becomes commercia
by the drug if it becomes commercial.
Adding insult to injury, the puny effective tax saving to those tax - filers from the
capital gains partial inclusion (worth $ 7.50 in federal taxes at the 15 % marginal rate) was only half the effective savings pocketed
by the top 1 % tax - filers (realized at a 29 % rate) on EACH $ 100 of their
capital gains partial inclusion (which was then applied against a
capital gains
flow that was 600 times larger).