Cash Flow Statement

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.

Express Scripts Holding Co., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Net income	4,531,700)	3,427,600)	2,499,500)	2,035,000)	1,872,700)
Net loss from discontinued operations, net of tax	—)	—)	—)	—)	53,600)
Net income from continuing operations	4,531,700)	3,427,600)	2,499,500)	2,035,000)	1,926,300)
Depreciation and amortization	1,802,000)	2,154,600)	2,359,100)	2,242,900)	2,447,000)
Deferred income taxes	(1,678,900)	(497,400)	(462,100)	(430,500)	(573,700)
Employee stock-based compensation expense	99,600)	107,000)	117,100)	111,000)	164,700)
Other, net	43,300)	(36,200)	(46,300)	(8,300)	29,200)
Receivables	55,900)	(374,000)	(770,300)	(2,042,400)	1,254,000)
Inventories	(166,700)	64,100)	90,100)	(242,100)	(218,900)
Other current and noncurrent assets	(172,500)	(137,500)	78,300)	(170,000)	94,200)
Claims and rebates payable	1,114,900)	(560,800)	909,500)	1,720,400)	(672,200)
Accounts payable	(126,800)	436,400)	318,300)	271,700)	15,900)
Accrued expenses	(241,700)	404,200)	(142,700)	948,900)	450,800)
Other current and noncurrent liabilities	90,500)	(68,600)	(102,200)	112,400)	(148,400)
Changes in operating assets and liabilities	553,600)	(236,200)	381,000)	598,900)	775,400)
Adjustments to reconcile net income to net cash provided by operating activities	819,600)	1,491,800)	2,348,800)	2,514,000)	2,842,600)
Net cash flows provided by operating activities	5,351,300)	4,919,400)	4,848,300)	4,549,000)	4,768,900)
Acquisitions, net of cash acquired	(3,501,100)	—)	—)	—)	—)
Capital expenditures for property and equipment and computer software	(267,400)	(330,400)	(295,900)	(436,600)	(423,000)
Net cash proceeds from the sale of business	85,300)	—)	—)	—)	356,900)
Other, net	(7,400)	(21,500)	27,400)	24,700)	(3,900)
Net cash used in investing activities	(3,690,600)	(351,900)	(268,500)	(411,900)	(70,000)
Treasury stock acquired	(2,938,000)	(4,746,900)	(5,500,000)	(4,493,000)	(4,055,200)
Proceeds from long-term debt, net of discounts	1,398,900)	5,986,800)	5,500,000)	2,490,100)	—)
Repayment of long-term debt	(1,125,000)	(5,932,500)	(3,390,800)	(2,834,300)	(1,931,600)
Commercial paper borrowings, net	194,800)	—)	—)	—)	—)
Net proceeds from employee stock plans	81,000)	87,200)	183,100)	510,500)	466,000)
Excess tax benefit relating to employee stock-based compensation	—)	13,000)	58,200)	94,000)	42,700)
Other, net	(44,900)	(85,400)	(67,500)	(57,000)	(16,700)
Net cash used in financing activities	(2,433,200)	(4,677,800)	(3,217,000)	(4,289,700)	(5,494,800)
Net cash used in operating activities, discontinued operations	—)	—)	—)	—)	(11,400)
Net cash used in investing activities, discontinued operations	—)	—)	—)	—)	(2,100)
Net cash used in discontinued operations	—)	—)	—)	—)	(13,500)
Effect of foreign currency translation adjustment	4,900)	1,200)	(9,100)	(6,200)	(5,700)
Cash (increase) decrease attributable to discontinued operations	—)	—)	—)	—)	13,400)
Net increase (decrease) in cash and cash equivalents	(767,600)	(109,100)	1,353,700)	(158,800)	(801,700)
Cash and cash equivalents at beginning of year	3,077,200)	3,186,300)	1,832,600)	1,991,400)	2,793,100)
Cash and cash equivalents at end of year	2,309,600)	3,077,200)	3,186,300)	1,832,600)	1,991,400)

Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).

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Cash flow statement item	Description	The company
Net cash flows provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Express Scripts Holding Co. net cash flows provided by operating activities increased from 2015 to 2016 and from 2016 to 2017.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Express Scripts Holding Co. net cash used in investing activities decreased from 2015 to 2016 and from 2016 to 2017.
Net cash used in financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Express Scripts Holding Co. net cash used in financing activities decreased from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.

Express Scripts Holding Co. (NASDAQ:ESRX)

Cash Flow Statement