Motorola 8167 User Manual - Page 27

Liquidity, Capital, Resources

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Liquidity and Capital Resources * Motorola, Inc. and Consolidated Subsidiaries Net cash provided by operations showed an 8% increase in 1990 totalling $1.31 billion, up from $1.21 billion in 1989. In 1988, operating cash flow was $725 million. Although receivable levels grew at a slower pace than sales, accounts receivable weeks outstanding remained constant at 8.0 weeks for 1990 and 1989. Inventory turns improved only slightly to 3.7 in 1990 from 3.6 in 1989. The temporary flattening in these asset employment indicators presents an opportunity to improve contributions to cash flow in 1991. Motorola's net debt to net debt plus equity ratio of 23.7% for 1990 is even with 1989 and maintains a strong balance sheet with a ratio within the Company's financial policy guidelines. As of December 31,1990, the Company has domestic and international credit facilities totalling $1.78 billion, of which $788 million remain unused. Cash generated from operations and available credit facilities provide support for near term funding requirements. Fixed asset expenditures required to support current and long-term growth increased to $1.26 billion from $1.12 billion in 1989. The Company's expenditure level in relation to sales continued at 12% in 1990, consistent with 1989 and up slightly from 11% in 1988. The Semiconductor Products segment continues to comprise the largest portion of fixed asset expenditures, with 43% of all such investments. Research & Development Expenditures (In millions) Net Cash Provided by Operations (In millions) ,662 Fixed Asset Expenditures (In millions) 1.308 1,211 1.124 658 25

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Motorola, Inc.
and
Consolidated Subsidiaries
Liquidity
Net cash provided by operations showed an 8% increase
and
in 1990 totalling
$1.31
billion, up from $1.21 billion in
Capital
1989. In
1988,
operating cash flow was $725 million.
Resources
Although receivable levels grew at a slower pace than
sales,
accounts receivable weeks outstanding remained
constant at 8.0 weeks for 1990 and 1989. Inventory turns
improved only slightly to 3.7 in 1990 from 3.6 in 1989.
The temporary flattening in these asset employment indi-
cators presents an opportunity to improve contributions
to cash flow in
1991.
Motorola's net debt to net debt plus equity ratio of
23.7%
for 1990 is even with 1989 and maintains a strong
balance sheet with a ratio within the Company's financial
policy guidelines.
As of December 31,1990, the Company has domestic
and international credit facilities totalling $1.78 billion, of
which $788 million remain unused. Cash generated from
operations and available credit facilities provide support
*
for near term funding requirements.
Fixed asset expenditures required to support current
and long-term growth increased to $1.26 billion from $1.12
billion in
1989.
The Company's expenditure level in
relation to sales continued at
12%
in
1990,
consistent
with 1989 and up slightly from
11%
in 1988.
The Semiconductor Products segment continues to
comprise the largest portion of fixed asset expenditures,
with
43%
of all such investments.
Research & Development Expenditures
(In millions)
Net Cash Provided by Operations
(In
millions)
1.308
1,211
,662
Fixed Asset Expenditures
(In millions)
1.124
658
25