CASH & INVESTMENT Media Questions/Requests media …Dec 06, 2015 · S&P 500 (ex-Financials) companies generated $335.4 billion in operating cash flow (OCF) in Q2, which represented

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CASH & INVESTMENT

Key Metrics: + Aggregate Cash Balance Grows in Q2: The S&P 500 (ex-Financials) cash and short-term investments

balance was $1.43 trillion at the end of the second quarter (July), which represented a 5.5% increase year-over-year. The quarter-over-quarter growth rate for the aggregate cash balance was 3.9%.

+ Energy Sector Leads Decline in CapEx Growth: Fixed capital expenditures (“CapEx”) amounted to $153 billion in Q2, which represented a 5.6% decrease from the year ago quarter. The Energy sector led the decline in CapEx with a 23.8% year-over-year decrease.

+ Free Cash Flow Boosted by Cuts to CapEx: Cash flow from operations increased 1.7% year-over-year to a total of $335.4 billion at the end of the second quarter. Free cash flow grew at a faster rate (8.3%) with some help from cuts in capital expenditures in the Energy and Industrials sectors.

+ Research and Development Spending Hits Record High: Companies in the S&P 500 (ex-Financials) spent $55.4 billion on research and development (“R&D”) expenses in the second quarter. This marked the largest aggregate amount spent on R&D in the past ten years.

+ Cash Flows from Net Debt Issuance Continue to Rise: The aggregate cash flows from net debt issuance amounted to $118.3 billion in Q2, which was the second highest quarter-end amount in at least ten years.

Quarterly Cash & Short-Term Investments – S&P 500 (Ex-Financials)

Cash & Investments Quarterly is one part of three reports (Buyback Quarterly and Dividend Quarterly) analyzing cash and discretionary spending within US large-cap companies. The other reports can be found at http://www.factset.com/insight or within the FactSet Market News application of your FactSet workstation. All data published in this report is available on FactSet. Please contact [email protected] or 1-877-FACTSET for more information.

Andrew Birstingl, Research Analyst [email protected]

Media Questions/Requests [email protected]

S&P 500 Ex-Financials September 24, 2015 September 18, 2015

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CASH & INVESTMENT September 24, 2015


Cash Balance Grows 5.5% in Second Quarter Telecom and Utilities Drive Growth in Cash & ST Investments

The S&P 500 (ex-Financials) cash and short-term investments balance in the second quarter amounted to $1.43 trillion, which was the second highest level in ten years. This amount reflected 5.5% growth on a year-over-year basis and 3.9% growth quarter-over-quarter. Seven out of nine sectors posted positive year-over-year growth, with the Consumer Discretionary (-0.8%) and Industrials (-0.9%) sectors being the only decliners.

The Information Technology sector had the largest cash balance ($546.3 billion) at the end of Q2, which has been the norm over the past ten years. Five of the top ten companies ranked by quarterly cash balance were in this sector: Microsoft ($96.5 billion), Google ($69.8 billion), Cisco Systems ($60.4 billion), Oracle ($54.4 billion) and Apple ($34.7 billion). In the second quarter, the Telecom and Utilities sectors led all groups in terms of year-over-year growth. The Telecom sector, which had the smallest average cash balance over ten years, ended Q2 with $28.2 billion in cash. This represented a 28.4% increase from the year ago quarter. The Utilities sector, which had the smallest cash balance at the end of Q2, ended the quarter with $27.2 billion in cash, which represented a 15.3% increase YoY.

Growth in the Telecom sector was primarily driven by two companies: AT&T and Frontier Communications. In Q2, AT&T sold $17.4 billion worth of bonds to help finance its $65 billion acquisition of DIRECTV, which closed on July 24, 2015. This was the third largest corporate debt issue on record and helped to boost the company’s cash balance by $6.9 billion from the year ago period. Frontier Communications issued $2.6 billion in stock to help fund its $10.5 billion acquisition of Verizon’s wireline operations in select states, which was announced on February 5, 2015. This contributed to Frontier’s year-over-year cash balance growth of $2.3 billion. The cash balance in the Utilities sector was also buoyed by a large debt issuance. Exelon, the largest U.S. nuclear operator, raised $4.2 billion worth of debt in a bond sale that helped finance its purchase of Pepco Holdings.

CapEx Cuts in the Energy Sector Lead Decline for the Index

77% of Companies in the Energy Sector Posted YoY Declines in CapEx

Capital expenditures totaled $153 billion in the second quarter, which represented a 5.6% decrease from the year ago period. This marked the largest YoY decline in CapEx since July 2010. In the past twenty quarters, Q2 2015 was only the second quarter in which the S&P 500 (ex-Financials) posted a YoY decline in CapEx.

At the sector level, the Energy, Industrials, Materials, and Telecom groups experienced negative CapEx growth in Q2 on a year-over-year basis. The Energy sector led the way with a 23.8% decrease, while the Industrials sector followed with a 13.5% decrease. Historically, companies in the Energy sector have spent the most on CapEx compared to any other group. By the end of the second quarter, the sector made up 26% of CapEx for the S&P 500 (ex-Financials). As a result, the Energy sector was the catalyst for the decline in CapEx for the index. Apache Corporation (-$1.9 billion), ConocoPhillips (-$1.8 billion), Exxon Mobil (-$1.4 billion), Chevron (-$1.3 billion), Occidental Petroleum (-$1.3 billion), and Anadarko Petroleum (-1.1 billion) were the main contributors to the decline, as each company cut CapEx by more than $1 billion from the year ago quarter. In fact, 77% of the companies in the Energy sector saw year-over-year decreases in capital expenditures in Q2.

Cuts to capital expenditures in the Energy sector occurred toward the end of 2014 and into the first quarter of 2015, as oil prices fell to levels not seen since 2009. As a result, some of the biggest energy names, like Chevron and Exxon, announced cuts to their capital spending and were forced to reassess the costs and benefits of their current and upcoming projects. In Q2, WTI crude oil and Brent crude oil made back some of their losses, but as of yesterday’s close, the commodities were down 51.2% and 49.1% since the start of Q4 2014, respectively.



On the other end of the spectrum, the Consumer Discretionary sector led all groups in CapEx growth in Q2, with an 18.1% increase from the year ago quarter. General Motors, which reported the third highest amount in CapEx, was one of the primary drivers of this sector’s growth. In the beginning of 2015, GM announced a plan that would raise its CapEx to $9 billion for the year. Much of this budget was to be spent on boosting the Cadillac brand and boosting sales in China.

Less Severe Cuts to Capital Spending Predicted for the Next Twelve Months

In the next twelve months (NTM), analysts are still predicting year-over-year declines in CapEx for both the Energy sector and the S&P 500 (ex-Financials) as a whole. However, these declines are not as severe as those seen in the second quarter. Aggregate CapEx for the index (ex-Financials) is projected to drop 1.3% in the NTM compared to the year ago period, while the Energy sector looks to be headed for a 9.5% decline. The Energy, Materials, and Telecom sectors are the only three sectors estimated to report reductions in capital expenditures on a year-over-year basis. The Information Technology sector is forecasted to have the highest growth rate (+5.2%).

The chart on page 9 of this report provides a visual of how CapEx estimates for the rolling next twelve months have changed historically. Since the second quarter of 2014, analysts’ outlook on CapEx spending has been bearish, especially for the Energy sector, as shown in the steep decline over the past year. Looking at estimates for 2015, analysts predicted YoY declines of 1.5% and 7.5% for the S&P 500 (ex-Financials) and the Energy sector, as of the end of 2014. Those declines have since steepened, as projected cuts to CapEx spending as of yesterday’s close stood at 2.9% and 21.9%, respectively. However, these forecasted cuts are still not as severe the YoY reductions in CapEx seen in Q2.

Operating Cash Flow Grows 1.7%, While Free Cash Flow Grows 8.3%

S&P 500 (ex-Financials) companies generated $335.4 billion in operating cash flow (OCF) in Q2, which represented year-over-year growth of 1.7%. This marked the seventh highest quarterly OCF total in the past ten years. After subtracting fixed capital expenditures, aggregate free cash flow amounted to $182.4 billion, which reflected an 8.3% growth rate year-over-year.

At the sector level, six of the nine sectors showed YoY increases in operating cash flow, with the Utilities, Telecom, Industrials, and Consumer Discretionary sectors each posting double-digit growth. The Utilities and Telecom sectors led the way with increases of 27% and 13.6%, respectively. On the other hand, the Energy, Materials, and Information Technology sectors experienced declines, with the Energy sector (-21%) leading the fall. A major contributing factor to this decline was the large decrease in sales at many of these energy companies in Q2 compared to the year ago quarter. In dollar amounts, the bottom five companies in the S&P 500 (ex-Financials) ranked by YoY decrease in sales were all in the Energy sector. Facing an environment with lower oil prices, Phillips 66, Valero, and Marathon Petroleum each reported sales declines in excess of $6 billion, while Exxon and Chevron posted declines of $32.9 billion and $18.7 billion, respectively.

The Energy sector, however, posted double-digit growth in free cash flow, mostly due to deep capital expenditures cuts made by energy companies recently. The Industrials sector, which faced the second largest CapEx cut year-over-year, also posted double-digit growth in free cash flow. The Materials and Information Technology sectors were the only groups to post year-over-year declines in FCF in Q2.

Research and Development Spending Hits a 10-Year High

As mentioned earlier in this report, companies in the S&P 500 (ex-Financials) decreased their spending on fixed assets in Q2. However, it looks like many of them may have invested their capital elsewhere. Aggregate spending on research and development reached at least a 10-year high in Q2, amounting to $55.4 billion for the quarter, and $255.2 billion over the trailing-twelve months. The Information Technology, Consumer Discretionary, and Health Care sectors were the dominant groups in terms of R&D spending, with the top 10 companies by TTM R&D expenses coming from these sectors. Microsoft ($12.1 billion) and Intel ($11.8 billion) topped the list for aggregate R&D spending on a TTM basis, while



Amazon (+$3 billion) and Google (+$2.5 billion) led growth in YoY spending. Although the top R&D spenders seem to be consolidated in these three sectors, it is important to note that 8 out of the 9 sectors saw increases in TTM R&D expenses on a year-over-basis. The Materials sector was the only group that experienced a decline.

The aggregate trailing twelve-month R&D expenses to Sales ratio for the S&P 500 (Ex-Financials) stood at 7.1% at the end of Q2, which reflected the second highest ratio in ten years. The second quarter marked the 15th consecutive quarter that the ratio exceeded its 10-year average of 6.3% on a TTM basis.

Financing Activities: Distributions Decline Sequentially; Net Debt Issuance Continues

Apple Spends $13 billion on Shareholder Distributions

Shareholder distributions in the form of dividends and the repurchase of stock amounted to $175.6 billion in Q2, which represented a 5.1% increase year-over-year. However, on a sequential basis, Q2 marked the 3rd consecutive quarter in which aggregate shareholder distributions for the S&P 500 (ex-Financials) decreased. This in part is due to the 6.9% quarter-over-quarter decline in the dollar value of share buybacks in the second quarter. On the other hand, the aggregate amount of dividends paid in Q2 climbed to a new 10-year high, totaling $87.3 billion. At the company level, Apple led the S&P 500 in terms of shareholder distributions, with over $13 billion being spent in dividend payouts and stock purchases. This amount was almost double the total of the next highest company (Microsoft). Apple bought back $10 billion worth of shares in Q2, more than any other company in the index, and paid out $3.05 billion in dividends, just below the quarterly dividend amount of Exxon. The full top 10 list of companies by shareholder distributions is shown on page 11 of this report.

Cash Flows from Net Debt Issuance Continue to Rise

On the debt financing side, cash inflows from net debt issuance were positive for the 20th consecutive quarter. They have not been negative since July 2010. The aggregate cash flows from net debt issuance amounted to $118.3 billion in Q2, which was the second highest quarter-end amount in at least ten years. The highest aggregate amount was in Q1 2015, when levels hit $148.8 billion.

AbbVie and AT&T topped the list of companies in terms of net debt issued, while General Electric and Merck led companies in net debt reduction. AbbVie, a research-based biopharmaceutical company issued $16.7 billion in new bonds in mid-May to finance its acquisition of Pharmacyclics, which was worth $18.6 billion. This issue was the main driver of the firm’s net debt issuance of approximately $16 billion. As mentioned earlier in this report, AT&T sold $17.4 billion worth of bonds in Q2 to finance its $65 billion acquisition of DIRECTV. This heavily contributed to the company’s $15.1 billion in net debt issuance. In terms of debt reduction, General Electric and Merck repaid debt amounts in the second quarter totaling $12.4 billion and $3.7 billion, respectively.

Other Investing Activities

Unlike the equity and debt issues mentioned above, other investing activities were a drain on cash balances in the second quarter. Cash flows from the sale of assets decreased by 29.2% from the year ago period, and only amounted to 83.3% of the ten-year quarterly average. Chevron went against this trend as it divested $3.9 billion worth of business assets in Q2.

Companies in the S&P 500 purchased more investment securities than they sold for the 6th consecutive quarter and for 27 out of the past 30 quarters. Cash outflows from the net purchase of investment securities increased 52.8% year-over-year. Reynolds American led the purchases of investment securities with $17.2 billion in cash outflows in Q2, as the cigarette manufacturer closed on its acquisition of Lorillard. Additional cash outflows came from assets acquired from acquisitions, which saw Q2 cash outflows increase 55.6% year-over-year. These outflows were led by AbbVie, which acquired $11.5 billion in assets from the acquisition of Pharmacyclics.

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Cash & Short-Term Investments: Within this report, cash, cash & equivalents, and cash & short-term investments are used interchangeably. Also, companies in the Financials sector have been excluded throughout this report.

All aforementioned and forthcoming values are in millions, unless otherwise designated. Data is generally organized by adjusted calendar quarters with Q2 ending in July.

Cash & Short-term Investments- Most Recent Quarter

Top 10 Companies by Cash and Short-Term Investments

*Total return provided for the S&P 500 is for the entire 500 index (does not exclude the Financials sector).

Microsoft Corporation Information Technology $96,526 12.6% 273.5% (3.3%)

General Electric Company Industrials $91,666 5.8% 29.0% 0.1%

Google Inc. Class A Information Technology $69,780 14.0% 1333.5% 10.5%

Cisco Systems, Inc. Information Technology $60,416 16.0% 238.3% 5.4%

Oracle Corporation Information Technology $54,368 40.1% 129.6% (6.1%)

Apple Inc. Information Technology $34,703 (8.2%) 63.8% 13.3%

Johnson & Johnson Health Care $33,954 7.4% 175.9% (11.0%)

Ford Motor Company Consumer Discretionary $31,302 (12.2%) 25.3% (12.1%)

Pfizer Inc. Health Care $30,256 (11.2%) 86.1% 12.2%

Amgen Inc. Health Care $29,993 14.5% 93.9% 5.5%

S&P 500 (Ex-Financials)* - $1,433,833 5.5% 36.8% (0.7%)

1 Yr Total

Return Company Sector Cash (Qtr) 1 Year Growth Cash to Debt



Operating Cash Flow and Free Cash Flow Operating Cash Flow – Most Recent Quarter

Quarterly Operating and Free Cash Flow – Year-over-Year % Growth



Investing Cash Flows: Quarterly Fixed Capital Expenditures Fixed capital expenditures represent funds used to acquire fixed assets other than those associated with acquisitions. This includes, but is not restricted to, additions and investments in property, plant, machinery and equipment.

Cash Outflows from Fixed Capital Expenditures – Most Recent Quarter

Top 10 Companies by Fixed Capital Expenditures – Most Recent Quarter

*Total return provided for the S&P 500 is for the entire 500 index (does not exclude the Financials sector).

Chevron Corporation Energy $7,643 (14.4%) 21.4% (35.5%)

Exxon Mobil Corporation Energy $7,109 (16.8%) 10.2% (22.2%)

General Motors Company Consumer Discretionary $6,057 112.7% 10.9% (7.0%)

AT&T Inc. Telecom Services $4,819 (19.6%) 13.8% (3.5%)

Verizon Communications Inc. Telecom Services $4,488 3.3% 13.1% (7.8%)

Wal-Mart Stores, Inc. Consumer Staples $2,841 (3.9%) 2.5% (13.6%)

Google Inc. Class A Information Technology $2,515 (5.0%) 16.5% 10.5%

ConocoPhill ips Energy $2,407 (43.3%) 37.5% (36.5%)

Apple Inc. Information Technology $2,043 14.1% 5.1% 13.3%

Comcast Corporation Class A Consumer Discretionary $2,012 11.9% 11.2% 6.1%

S&P 500 (Ex-Financials)* - ($152,815) (5.6%) 7.1% (0.7%)

1 Yr Total

Return Company Sector

CapEx (Most

Recent Qtr)

CapEx to Sales

(TTM basis)

YoY% Growth

in Qtr Capex



Investing Cash Flows: Fixed Capital Expenditures to Sales Fixed Capital Expenditures to Sales – S&P 500 and ex-Energy (Ten Years, Trailing Twelve-Month Basis)

Fixed Capital Expenditures to Sales – Trailing Twelve-Month Basis



Capital Expenditures: Next Twelve Months Estimate For this chart only, the S&P 500 Next Twelve Months Capex estimates include all GICS sectors.

Capital Expenditures– NTM Estimates

Investing Cash Flows: Sales and Acquisitions Disposal of fixed assets represents the amount a company received from the sale or disposal of assets, businesses, property, plant, and equipment. Purchase and sale of investments is a net figure representing proceeds from changes in portfolio investments, short-term investments, marketable securities, or proceeds from maturities of securities. Net assets from acquisitions represent assets acquired through pooling of interests or mergers, excluding capital expenditures of acquired companies.

Cash Flows from Investing Activities



Research and Development Spending R&D Expenses and R&D to Sales Ratio – Trailing Twelve-Months

Top 10 Companies by Research and Development Expenses (TTM)

Microsoft Corporation Information Technology $12,046 $665 13.0% (3.3%)

Intel Corporation Information Technology $11,827 $514 21.4% (14.0%)

Google Inc. Class A Information Technology $11,010 $2,512 15.9% 10.5%

Amazon.com, Inc. Consumer Discretionary $10,832 $3,019 11.3% 65.6%

Johnson & Johnson Health Care $8,685 $395 12.1% (11.0%)

Pfizer Inc. Health Care $8,604 $1,864 17.9% 12.2%

Apple Inc. Information Technology $7,533 $2,010 3.4% 13.3%

General Motors Company Consumer Discretionary $7,400 $200 4.8% (7.0%)

Ford Motor Company Consumer Discretionary $6,900 $500 4.9% (12.1%)

Merck & Co., Inc. Health Care $6,646 $94 16.7% (12.6%)

S&P 500 (Ex-Financials)* - $255,163 8.6% 7.1% (0.7%)

R&D Expenses:

YoY $ Change Company Sector

R&D Expenses

(TTM)

R&D as a % of

Sales (TTM)

1 Yr Total

Return



Financing Cash Flows: Shareholder Distributions Dividends paid represent the total common and preferred dividends paid to shareholders. Net proceeds from the purchase of stock is the proceeds from sale/issuance of stock (sale of treasury shares, proceeds from stock options, etc.) minus funds used to decrease the outstanding share of common or preferred stock (purchase of treasury shares, repurchase or retirement of stock, etc.) Additional analysis on gross buybacks and dividends can be found within the “Buyback Quarterly” and “Dividend Quarterly” reports.

Cash Flows from Stock and Dividends – Most Recent Quarter

Top 10 Companies by Shareholder Distributions – Most Recent Quarter

*Combined yield is the sum of dividend yield and share yield. Share yield is the trailing twelve month percent reduction in shares and operates under the assumption that the price to earnings multiple remains constant (i.e. the percent reduction in shares translates to an equivalent percent increase in EPS, which is assumed to translate to a percent increase in price).

Apple Inc. Information Technology $13,038 $3,053 $9,985 6.5%

Microsoft Corporation Information Technology $6,624 $2,496 $4,128 5.4%

QUALCOMM Incorporated Information Technology $6,008 $757 $5,251 9.1%

AbbVie, Inc. Health Care $5,766 $818 $4,948 (0.9%)

Express Scripts Holding Company Health Care $5,419 $0 $5,419 9.4%

Exxon Mobil Corporation Energy $4,069 $3,066 $1,003 6.0%

Johnson & Johnson Health Care $2,781 $2,079 $702 5.0%

Home Depot, Inc. Consumer Discretionary $2,637 $764 $1,873 6.4%

Boeing Company Industrials $2,581 $625 $1,956 8.2%

Wal-Mart Stores, Inc. Consumer Staples $2,581 $1,578 $1,003 3.4%

S&P 500 (Ex-Financials)** - $175,550 $87,317 $88,233 2.7%

Divs & Net

Stock Redemp

Net Stock

Redemp.

(MRQ)

Combined

Yield* Company Sector

Divs Paid

(MRQ)

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Financing Cash Flows: Net Debt Issuance/Reduction Net debt issued is the measure of aggregate, net funds from issuance (reduction) of debt and increases (decreases) in capitalized lease obligations. Also included are the increase in debt from acquisitions and the decrease in debt from the conversion of debentures into common stock.

Net Debt Issuance/Reduction

Net Debt Issuance/Reduction – Most Recent Quarter

Top Five Companies by Net Debt Issuance and Reduction – Most Recent Quarter

AbbVie, Inc Health Care $15,966 $31,123 51.3% 2.9%

AT&T Inc. Telecom Services $15,063 $113,670 13.3% (3.5%)

Apple Inc. Information Technology $10,680 $54,418 19.6% 13.3%

Oracle Corporation Information Technology $9,897 $41,958 23.6% (6.1%)

QUALCOMM Incorporated Information Technology $9,841 $10,913 90.2% (27.4%)

General Electric Company Industrials (6,701) $315,963 (2.1%) 0.1%

Merck & Co., Inc. Health Care (3,710) $26,552 (14.0%) (12.6%)

Duke Energy Corporation Utilities (2,402) $41,331 (5.8%) (2.3%)

Procter & Gamble Company Consumer Staples (2,317) $30,350 (7.6%) (14.2%)

Chevron Corporation Energy (2,048) $31,910 (6.4%) (35.5%)

1 Yr Total

Return Company Sector

Net Debt

Issuance/Reduction Total Debt

Net Debt

Issued / Total

Debt



Debt by Type & Liquidity Available FactSet’s Debt Capital Structure database uses financials and credit agreements as primary sources to capture revolving credit (balances and availability), term loans, notes/bonds, and other borrowings for each company as of a specific fiscal reporting date. Data is available on 100 debt items for over 20,000 companies worldwide.

Liquidity available measures cash on balance sheet plus the available funds (borrowing base less amount outstanding) from long-term and short-term credit facilities, including commercial paper, short-term and long-term revolvers (both secured and unsecured), and asset-backed facilities.

Liquidity Available – Current vs. Year-Ago Quarter



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CASH & INVESTMENT Media Questions/Requests media …Dec 06, 2015 · S&P 500 (ex-Financials) companies generated $335.4 billion in operating cash flow (OCF) in Q2, which represented