Woodward, inc. (WWD)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09
Cash flows from operating activities:
Net earnings

91,318

53,373

-

-

77,579

49,120

-

-

-

-

62,228

53,626

38,105

46,548

63,147

51,047

40,824

25,820

50,060

43,753

43,855

43,784

51,662

46,001

44,798

23,383

52,465

23,663

42,446

27,368

46,119

28,302

38,752

28,416

41,690

36,056

32,090

22,399

32,675

31,865

24,176

22,446

Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization

33,025

32,451

-

-

36,856

38,642

-

-

-

-

21,330

20,580

20,094

18,913

19,115

17,300

15,559

17,062

19,481

18,505

18,676

18,573

19,673

18,845

19,719

19,116

18,013

18,328

19,951

17,941

14,747

17,636

17,807

18,427

18,094

19,890

18,512

18,897

19,161

18,461

19,058

18,936

Impairment of assets held for sale

0

37,902

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net (gain) loss on sales of assets

10

13,547

-

-

-121

-79

-

-

-

-

6

-64

-37

3,699

243

2,587

-1

1,602

-140

48

658

60

-50

20

-165

29

22

-152

229

1

-100

12

80

-8

-215

-428

11

-12

32

156

97

-154

Stock-based compensation

2,493

10,982

-

-

2,315

10,851

-

-

-

-

1,702

1,817

12,502

1,261

1,855

1,845

2,971

8,451

3,169

3,196

3,081

4,809

2,502

2,409

2,436

3,894

2,059

1,976

1,941

3,438

1,948

1,389

1,644

3,647

1,220

1,257

1,809

2,304

1,500

1,303

1,343

2,540

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

522

-

475

1,883

280

399

358

2,309

2,088

212

98

1,989

1,691

977

345

6

2,230

3,527

1,047

253

288

Deferred income taxes

182

-47

-

-

-3,090

-4,181

-

-

-

-

24,357

-6,174

-188

4,777

34,594

-5,842

-91,264

9,768

13,881

-2,005

-48

3,676

-955

-3,443

-1,893

-413

8,384

3,376

-1,354

-2,058

-3,821

1,782

-2,608

917

-9,310

-4,701

557

3,133

11,223

-2,393

-1,486

9,014

(Gain) loss on derivatives reclassified from accumulated comprehensive earnings into earnings

-

-

-

-

-

-

-

-

-

-

-

18

18

18

18

18

-28

-29

-25

-25

-24

-25

-26

-24

-24

-25

-43

-42

-43

-43

-43

-43

-43

-45

-57

-57

-56

-59

-

-

-

-

Changes in operating assets and liabilities:
Reclassification of unrecognized losses to earnings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-70

-71

Trade accounts receivable

38,173

-37,652

-

-

85,609

-52,851

-

-

-

-

79,203

35,272

26,291

-87,615

49,202

13,654

21,051

-74,717

50,500

-38,928

17,474

-43,891

26,271

2,257

13,818

-73,226

34,358

1,125

45,714

-71,423

51,058

-3,249

54,991

-43,739

37,471

4,210

31,968

-24,256

48,030

3,175

20,303

-30,820

Unbilled receivables (contract assets)

17,474

33,150

-

-

16,607

4,705

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Costs to fulfill a contract

8,663

6,401

-

-

7,963

7,293

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inventories

11,917

17,065

-

-

11,124

32,393

-

-

-

-

-37,218

53

10,390

37,632

-38,529

10,269

20,827

25,091

-35,806

8,545

13,975

22,110

-11,072

11,162

7,053

20,645

-18,679

-4,462

9,083

15,543

-28,216

11,697

5,785

29,436

-746

17,506

28,369

31,514

451

1,983

-2,134

-6,196

Accounts payable and accrued liabilities

657

-79,535

-

-

72,437

-38,145

-

-

-

-

62,314

26,179

30,729

-54,563

24,009

4,186

46,082

-56,816

44,897

-48,099

62,479

-56,248

32,238

17,450

29,390

-53,274

32,382

389

47,047

-63,756

30,972

13,412

25,143

-57,839

43,805

-8,847

27,460

-34,739

23,839

-5,346

35,199

-19,266

Contract liabilities

13,817

-144

-

-

14,450

10,050

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income taxes

-31,332

1,001

-

-

-19,411

8,581

-

-

-

-

-4,743

4,727

9,070

-5,731

-59,018

-33,616

102,317

-10,517

3,410

-1,724

-10,515

1,342

-6,752

972

10,197

4,961

-6,477

-8,357

-341

6,155

11,762

-1,966

-4,411

2,209

8,630

4,645

-1,387

7,176

-

-

-

-

Current income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,011

Retirement benefit obligations

-662

-1,490

-

-

-1,222

-926

-

-

-

-

-611

-606

-818

-897

-513

-934

-1,095

-874

-1,172

-875

-890

-1,600

-112

-190

-962

-1,524

-12,684

-501

-604

-2,185

1,511

398

2

-1,166

-5,092

-1,250

100

-2,080

-13,395

-225

1,685

-1,737

Other

8,527

-5,463

-

-

2,490

-2,181

-

-

-

-

-391

11,066

-4,811

4,223

-596

6,659

-777

3,587

-5,303

-5,103

-343

-2,296

-8,310

8,908

909

4,007

-11,453

2,017

-1,219

763

-77

1,011

3,629

4,948

-6,216

-1,150

5,844

496

-5,776

6,564

-148

6,606

Net cash provided by operating activities

24,734

27,445

171,406

78,248

56,242

84,712

137,209

105,365

59,251

-2,533

123,739

53,804

77,643

52,351

72,898

799

324,322

37,360

124,500

48,214

85,420

37,856

89,680

59,246

80,211

44,433

89,575

40,030

53,013

39,974

80,460

51,427

9,898

2,328

67,823

26,624

12,999

7,177

22,963

35,628

64,712

61,269

Cash flows from investing activities:
Payments for purchase of property, plant, and equipment

12,129

17,232

21,161

23,564

22,995

31,346

37,543

31,119

30,028

28,450

27,261

22,022

21,995

21,058

47,064

29,312

66,185

33,131

95,747

81,463

62,781

46,621

102,576

35,970

31,411

37,149

63,085

31,331

17,290

29,894

20,676

13,701

13,269

17,254

15,615

12,516

9,911

10,213

9,270

4,698

5,156

8,980

Proceeds from sale of assets

22

18,809

201

538

22

249

710

15

1,066

132

46

15

0

3,682

917

3,635

260

1,852

43

141

2,255

90

1,019

104

114

40

64

34

309

11

52

16

155

60

29

10

18

2

44

22

180

66

Proceeds from sales of short-term investments

-

-

11,993

0

10,232

27

-

-

-

-

311

8

4,236

758

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments for purchases of short-term investments

21

2

13,734

12,019

23

947

8,499

16

17

791

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Business acquisitions, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

198,860

0

0

0

0

-

-

-

-

0

0

0

25,000

Net cash used in investing activities

556

1,575

-22,701

-35,045

-12,764

-32,017

-45,260

-802,189

-20,009

-29,109

-28,146

-29,343

-17,759

-16,618

-51,065

-25,677

-65,925

-31,279

-95,704

-81,322

-60,526

-46,531

-101,557

-35,866

-31,297

-37,109

-63,021

-31,297

-16,981

-228,743

-20,624

-13,685

-13,114

-17,194

-15,586

-51,450

-9,893

-10,211

-9,226

-4,676

-4,316

-33,914

Cash flows from financing activities:
Cash dividends paid

17,461

10,064

10,081

10,071

10,106

8,808

8,797

8,784

8,766

7,656

7,669

7,661

7,636

6,779

6,765

6,755

6,765

6,321

6,361

6,533

6,502

5,250

5,242

5,267

5,306

5,448

5,445

5,455

5,492

5,474

5,496

5,512

5,520

4,823

4,817

4,816

4,812

4,136

4,114

4,764

4,105

4,102

Proceeds from sales of treasury stock

5,168

7,558

2,329

9,565

20,766

3,384

2,030

3,542

2,171

1,389

1,641

1,331

6,380

4,843

3,360

7,244

4,036

1,252

464

5,476

1,069

1,391

1,392

2,233

2,025

4,122

931

906

5,657

876

532

636

2,907

2,211

404

770

213

1,095

-710

1,054

846

809

Payments for repurchases of common stock

-

-

-

-

-

-

-

-

-

-

9,969

0

37,778

24,004

-1

7,722

87,108

30,712

1,644

125,000

0

32,118

1,736

41,833

56,039

43,616

0

28,610

17,144

0

12,229

17,569

9,649

4,663

0

0

0

6,837

-

-

-

-

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

522

-

475

1,883

280

399

358

2,309

2,088

212

98

1,989

1,691

977

345

6

2,230

3,527

1,047

253

288

Borrowings on revolving lines of credit and short-term borrowings

326,673

461,633

397,284

420,641

322,770

542,847

161,156

959,425

350,730

458,950

400,000

421,800

367,550

316,650

135,000

260,000

80,000

220,000

130,001

614,970

150,000

105,000

75,000

100,000

90,977

165,094

82,000

57,000

25,072

15,000

2,736

43,754

66,554

74,821

38,459

97,891

1,514

26,693

34,366

38,938

2,105

30,610

Payments on revolving lines of credit and short-term borrowings

366,369

441,500

495,990

349,783

343,044

501,218

269,310

622,274

375,100

425,250

484,300

439,200

393,800

312,800

370,300

135,000

249,998

135,598

155,000

449,610

137,000

115,000

30,000

40,000

79,975

71,094

117,155

27,000

20,000

15,329

7,402

71,254

44,077

64,858

79,570

56,880

3

46,275

12,327

38,938

2,105

30,610

Proceeds from issuance of long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

250,000

0

0

0

200,000

-

-

-

-

-

-

-

-

-

-

-

-

Payments of long-term debt and finance lease obligations

315

439

133

43,137

133

100,132

106

105

104

106

105

103

102

102

99

57,113

75

50,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of debt financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,297

1,651

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Payments of long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

300,000

0

0

40,000

1,875

16,925

1,925

1,926

12,589

1,930

1,931

1,980

12,589

9,928

9,923

60,980

47,589

Net cash used in financing activities

-65,650

17,188

-106,591

-46,285

-48,796

-63,927

-115,196

724,936

-31,069

27,327

-100,402

-23,833

-65,386

-22,192

-60,358

60,654

-259,910

-1,379

-32,540

36,944

7,045

-45,455

36,776

15,608

-46,435

-1,959

-40,414

-2,801

-49,598

195,286

-38,572

-51,772

8,093

-8,210

-46,477

35,379

-5,062

-39,819

8,684

-23,089

-63,986

-50,594

Effect of exchange rate changes on cash and cash equivalents

-4,799

2,727

-6,343

1,081

-1,013

-728

-7,558

-13,860

6,195

2,542

3,359

9,421

3,570

-13,746

1,496

-2,402

1,836

-2,482

-1,438

2,787

-9,640

-2,695

-5,454

189

-404

669

1,444

382

-1,232

1,110

662

-2,396

1,072

-1,083

-3,819

1,226

1,467

-1,418

4,450

-1,715

-470

-1,004

Net change in cash and cash equivalents

-45,159

48,935

35,771

-2,001

-6,331

-11,960

-30,805

14,252

14,368

-1,773

-1,450

10,049

-1,932

-205

-37,029

33,374

323

2,220

-5,182

6,623

22,299

-56,825

19,445

39,177

2,075

6,034

-12,416

6,314

-14,798

7,627

21,926

-16,426

5,949

-24,159

1,941

11,779

-489

-44,271

26,871

6,148

-4,060

-24,243