Filing Flows

Filing Flows › Companies › Western Midstream Operating, LP › Cash flow

Western Midstream Operating, LP cash flow, quarter by quarter

Latest: Q4 2018 · from the cash-flow statements filed with the SEC

Free cash flow−$399M in Q4 2018

Operating cash flow$600M
Capital spending−$1.0B
Free cash flow−$399M

Analysis

In Q4 2018, Western Midstream Operating, LP generated $600M of operating cash flow and spent $1.0B on capital projects, leaving free cash flow of −$399M.

Operating cash flow was $600M against net income of $293M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$151M, deferred taxes +$136M, impairments +$77.9M.

Its cash conversion cycle was -307 days (receivables 24 + inventory 0 − payables 330): suppliers fund its working capital.

Free cash flow

Western Midstream Operating, LP: free cash flow by quarterWestern Midstream Operating, LP: free cash flow by quarter−$60.7MQ1 2018−$74.5MQ2 2018−$62.1MQ3 2018−$399MQ4 2018
Operating cash flow less capital spending.
Western Midstream Operating, LP: operating cash flow against capital spendingWestern Midstream Operating, LP: operating cash flow against capital spendingOperating cash flowCapital spending$242M$302MQ1 2018$273M$348MQ2 2018$237M$299MQ3 2018$600M$1.0BQ4 2018
Latest (Q4 2018): Operating cash flow $600M, Capital spending $1.0B.

Capital allocation, year by year

Western Midstream Operating, LP: where the cash came from (up) and went (down), by fiscal yearWestern Midstream Operating, LP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsDividendsFY2014: Operating cash flow $694MFY2014: Net borrowing $997MFY2014: Capital spending −$805MFY2014: Acquisitions −$64.3MFY2014: Dividends −$409M$1.7BFY2014FY2015: Operating cash flow $786MFY2015: Net borrowing $280MFY2015: Capital spending −$638MFY2015: Acquisitions −$11.4MFY2015: Dividends −$545M$1.1BFY2015FY2016: Operating cash flow $1.1BFY2016: Net borrowing $397MFY2016: Capital spending −$554MFY2016: Acquisitions −$27KFY2016: Dividends −$672M$1.5BFY2016FY2017: Operating cash flow $1.0BFY2017: Net borrowing $469MFY2017: Capital spending −$1.0BFY2017: Acquisitions −$2.9MFY2017: Dividends −$801M$1.5BFY2017FY2018: Operating cash flow $1.4BFY2018: Net borrowing $1.6BFY2018: Capital spending −$1.9BFY2018: Acquisitions −$134MFY2018: Dividends −$894M$3.0BFY2018
Over these 5 years operating cash flow totalled $4.9B; the largest uses were capital spending ($5.0B) and dividends ($3.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$90.4M
Debt$4.8B
Net debt$4.7B

Western Midstream Operating, LP funds itself: free cash flow was — over the last twelve months, and $90.4M of cash and investments stands against $4.8B of debt.

Where the cash came from and went

Western Midstream Operating, LP: sources (+) and uses (−) of cash, Q4 2018Western Midstream Operating, LP: sources (+) and uses (−) of cash, Q4 2018Capital spending−$1.0BOperating cash flow$600MNet borrowing (+) / repaid (−)$536MDividends−$230MOther financing$108MAcquisitions−$66.2MCash drawn (+) / kept (−)$40.2MOther investing$15.6MPartners−$4.1M

From profit to cash

Western Midstream Operating, LP: net income to operating cash flow, Q4 2018Western Midstream Operating, LP: net income to operating cash flow, Q4 2018Net income$293MDepreciation & amortization$151MStock-based pay$1.5MDeferred taxes$136MImpairments$77.9MReceivables$4.1MPayables−$10.9MOther operating capital−$61.9MOperating cash flow$600M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 201824—330-307
Q3 201836—300-265
Q2 201837—462-425

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q4 2018$600M−$1.0B−$66.2M−$230M$536M$40.2M−$399M
Q3 2018$237M−$299M−$40.0M−$226M$388M−$77.4M−$62.1M
Q2 2018$273M−$348M—−$221M$14K$468M−$74.5M
Q1 2018$242M−$302M—−$217M$708M−$443M−$60.7M

Western Midstream Operating, LP: income statement and cash flow

Western Midstream Operating, LP, Q2 2026: revenue $1.2B (+30% year over year), operating margin 43.0%. The chart follows the revenue to costs, profit and cash.

Western Midstream Operating, LP: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.