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GuruFocus has detected 3 Warning Signs with Zions Bancorp $ZION.
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Zions Bancorp (NAS:ZION)
Cash Flow from Operations
$753 Mil (TTM As of Mar. 2017)

Cash flow from operations refers to the cash brought in through a company’'s normal business operations. It is the cash flow before any investment or financing activities. It is the cash version of net income.

For the three months ended in Mar. 2017, Zions Bancorp's Net Income From Continuing Operations was $139 Mil. Its DDA was $37 Mil. Its Change In Working Capital was $175 Mil. Its cash flow from deferred tax was $13 Mil. Its Cash Flow from Discontinued Operations was $0 Mil. Its Stock Based Compensation was $12 Mil. And its Cash Flow from Others was $4 Mil. In all, Zions Bancorp's Cash Flow from Operations for the three months ended in Mar. 2017 was $380 Mil.


Definition

Cash flow from operations refers to the cash brought in through a company’'s normal business operations. It is the cash flow before any investment or financing activities. It is the cash version of net income.

Zions Bancorp's Cash Flow from Operations for the fiscal year that ended in Dec. 2016 is calculated as:

Zions Bancorp's Cash Flow from Operations for the quarter that ended in Mar. 2017 is

Zions Bancorp Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2017 was 11.804 (Jun. 2016 ) + 228.279 (Sep. 2016 ) + 133.222 (Dec. 2016 ) + 380 (Mar. 2017 ) = $753 Mil.

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.


Explanation

Cash flow from operations contains six items:

1. Net Income From Continuing Operations:
Net Income From Continuing Operations indicates the net income that a firm brings in from ongoing business activities. These activities are expected to continue into the next reporting period. It excludes extraordinary items, income from the cumulative effects of accounting changes, non-recurring items, income from tax loss carry forward, and preferred dividends.

Zions Bancorp's net income from continuing operations for the three months ended in Mar. 2017 was $139 Mil.

2. Depreciation, Depletion and Amortization:
Depreciation is a present expense that accounts for the past cost of an asset that is now providing benefits.
Depletion and amortization are synonyms for depreciation.
Generally:
• The term “depreciation” is used when discussing man made tangible assets
• The term “depletion” is used when discussing natural tangible assets
• The term “amortization” is used when discussing intangible assets

Zions Bancorp's depreciation, depletion and amortization for the three months ended in Mar. 2017 was $37 Mil.

3. Change In Working Capital:
Working Capital is a measure of a company's short term liquidity or its ability to cover short term liabilities. It is defined as the difference between a company's current assets and current liabilities. Changes in Working Capital is reported in the cash flow statement since it is one of the major ways in which net income can differ from operating cash flow.

Zions Bancorp's change in working capital for the three months ended in Mar. 2017 was $175 Mil. It means Zions Bancorp's working capital increased by $175 Mil from Dec. 2016 to Mar. 2017 .

4. Deferred Tax:
It is the cash flow generated from deferred tax.

Zions Bancorp's cash flow from deferred tax for the three months ended in Mar. 2017 was $13 Mil.

5. Cash Flow from Discontinued Operations:
Cash received by a company that comes from the sale of part of business.

Zions Bancorp's cash flow from discontinued operations for the three months ended in Mar. 2017 was $0 Mil.

6. Stock Based Compensation:
It is a way corporations use stock options to reward employees. It provides executives and employees the opportunity to share in the growth of the company and, if structured properly, can align their interests with the interests of the company's shareholders and investors, without burning the company's cash on hand.

Zions Bancorp's stock based compensation for the three months ended in Mar. 2017 was $12 Mil.

7. Cash Flow from Others:
These are cash differences caused by the change of inventory, accounts payable, accounts receivable etc. For instance, if a company pays its suppliers slower, its cash position will build up faster. If a company receives payments from its customers slower, its account receivables will rise, and its cash position will grow more slowly (or even shrink).

Zions Bancorp's cash flow from others for the three months ended in Mar. 2017 was $4 Mil.


Related Terms

Net Income From Continuing Operations, Depreciation, Depletion and Amortization, Change In Working Capital, Cash Flow from Discontinued Operations, Stock Based Compensation, Cash Flow from Others, Cash Flow from Investing


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

Zions Bancorp Annual Data

Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15Dec16
NetIncomeFromContinuingOperations 494-271-1,222-296323348263398309469
CF_DDA 1251402133732401851315886123
ChangeInWorkingCapital -3201-57041423280322-6-57-74
CF_DeferredTax -159-231-15-2911610-6026-30-8
Cash Flow from Disc. Op. 0000000000
Stock Based Compensation 032300000000
Cash Flow from Others 2761,3042,6221,010158113179-9615586
Cash Flow from Operations 7331,1741,0581,4721,069736835380464596

Zions Bancorp Quarterly Data

Dec14Mar15Jun15Sep15Dec15Mar16Jun16Sep16Dec16Mar17
NetIncomeFromContinuingOperations 82921410110291114127137139
CF_DDA -40343540-24254550-1337
ChangeInWorkingCapital -12-37-5677-4046-169472175
CF_DeferredTax 43-44-1021-5-62013
Cash Flow from Disc. Op. 0000000000
Stock Based Compensation 000001100012
Cash Flow from Others -5-41374183927274
Cash Flow from Operations 2889852137820712228133380
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