Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-K (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30).
- Net income (loss)
- The net income fluctuates considerably across quarters, with significant increases noted around mid-2018 and early 2019, reaching highs above $90 million. However, there are fluctuations with some quarters showing reduced profitability or losses, notably in the first quarter of 2021 and in late 2019. The trend from late 2020 through 2022 shows recovery and growth, culminating in a peak of $106 million in September 2022.
- Depreciation and amortization
- This expense generally escalates over time, beginning at around $1.4 million and steadily rising to approximately $6.7 million by late 2022, suggesting increased investments in fixed assets or capitalized intangible assets.
- Stock-based compensation
- Stock-based compensation expenses show variability but generally trend upward, with intermittent spikes. A notably low value appeared in the first quarter of 2020; however, the overall pattern suggests increasing costs related to equity incentives, reaching around $16 million in late 2022.
- Write-down of inventory and other
- This item shows irregular but rising values, with a significant peak in the third quarter of 2022 surpassing $9 million. Earlier quarters show moderate to high inventory write-downs, indicating periodic adjustments and potential challenges in inventory management or valuation.
- Bad debt expense (recoveries)
- Bad debt expense is relatively minimal throughout, with small positive and negative fluctuations, indicating occasional recoveries or minor expenses related to receivables.
- Deferred tax provision
- This item is highly volatile, with substantial fluctuations between positive and negative values. Notable positive spikes occur intermittently, whereas large negative spikes may reflect tax planning or adjustments affecting tax liabilities.
- Change in fair value of other investments
- From 2018 onwards, significant fluctuations are observed with extreme negative and positive values alternating, indicating marked volatility in investment valuation that impacts the financial results significantly.
- Acquisition-related items
- There are large one-time acquisitions reflected in late 2020 and early 2021, with significant cash outflows for acquisitions such as preCARDIA and Breethe. These acquisitions correspond with large contingent consideration changes and fair value adjustments affecting the financial statements.
- Operating assets and liabilities
- Changes in accounts receivable, inventories, and other working capital components exhibit significant volatility, with episodes of both increases and decreases suggesting fluctuations in collection cycles, inventory management, and prepaid expenses. Particularly, accounts receivable and inventories show large negative movements in some quarters, indicating potential pressure on working capital.
- Net cash provided by operating activities
- Operating cash flow remains generally strong, with consistent positive cash generation in most quarters. Peaks occur in late 2019 and mid-2021, though some quarters demonstrate lower inflows, possibly due to working capital fluctuations or net income variability.
- Investing activities
- Investing cash flow is predominantly negative, indicative of ongoing investments in marketable securities, property, and equipment, as well as acquisitions. Occasional positive cash inflows from sales or maturities of marketable securities partially offset these outflows. Some quarters experience extremely large outflows, especially during acquisition periods.
- Financing activities
- Financing cash flows are inconsistent, with both inflows from stock option exercises and employee stock purchase plans, and significant outflows related to repurchases of common stock, payment of contingent considerations, and taxes related to stock settlements. Large repurchase programs are evident in late 2018 and continuing sporadically through 2022. The overall pattern reflects active capital management and shareholder return strategies.
- Cash and cash equivalents changes
- Quarterly net changes in cash demonstrate variability, with some quarters showing substantial increases while others experience sizeable reductions. The fluctuations correspond closely with the interplay of operating cash generation, investing outflows for acquisitions and capital expenditures, and financing activities, including stock repurchases and issuance.