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.

Express Scripts Holding Co., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013	Sep 30, 2013	Jun 30, 2013	Mar 31, 2013
Net income	1,073,800)	879,400)	625,900)	2,330,900)	845,000)	805,500)	550,300)	1,439,800)	728,500)	727,100)	532,200)	778,900)	667,400)	606,100)	447,100)	588,700)	589,100)	522,700)	334,500)	506,000)	438,100)	550,500)	378,100)
Net loss from discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	12,300)	15,500)	23,900)	1,900)
Net income from continuing operations	1,073,800)	879,400)	625,900)	2,330,900)	845,000)	805,500)	550,300)	1,439,800)	728,500)	727,100)	532,200)	778,900)	667,400)	606,100)	447,100)	588,700)	589,100)	522,700)	334,500)	518,300)	453,600)	574,400)	380,000)
Depreciation and amortization	497,700)	503,700)	498,800)	457,800)	449,400)	449,200)	445,600)	543,400)	537,700)	548,200)	525,300)	631,400)	582,800)	588,200)	556,700)	584,700)	547,000)	558,100)	553,100)	623,000)	614,300)	609,400)	600,300)
Deferred income taxes	(80,200)	(61,500)	(65,600)	(1,431,400)	(71,900)	(122,300)	(53,300)	(163,400)	(121,700)	(99,500)	(112,800)	(191,600)	(76,500)	(79,800)	(114,200)	(157,600)	(60,700)	(176,500)	(35,700)	(197,500)	(113,600)	(123,900)	(138,700)
Employee stock-based compensation expense	29,000)	28,400)	32,300)	21,600)	25,900)	25,000)	27,100)	25,100)	27,200)	26,800)	27,900)	30,300)	32,400)	27,500)	26,900)	28,700)	27,900)	26,400)	28,000)	33,500)	44,200)	34,700)	52,300)
Other, net	13,900)	6,700)	100)	19,100)	3,800)	1,800)	18,600)	(17,100)	(14,600)	(800)	(3,700)	(1,000)	(5,300)	(7,800)	(32,200)	8,800)	18,000)	5,000)	(40,100)	3,400)	74,900)	(47,100)	(2,000)
Receivables	(494,400)	(553,900)	255,800)	(105,300)	187,400)	(129,100)	102,900)	(103,300)	399,900)	(625,200)	(45,400)	698,400)	(923,800)	(674,700)	129,800)	377,900)	(1,257,300)	(1,287,600)	124,600)	1,059,500)	(673,200)	(306,000)	1,173,700)
Inventories	124,200)	(265,300)	97,000)	(72,900)	(134,100)	(163,300)	203,600)	(281,600)	38,300)	17,700)	289,700)	(292,600)	(80,400)	235,900)	227,200)	(323,400)	(22,800)	(39,700)	143,800)	(227,500)	20,600)	(16,600)	4,600)
Other current and noncurrent assets	(61,900)	(254,300)	129,100)	(83,700)	(65,200)	(53,000)	29,400)	(94,000)	31,000)	(66,400)	(8,100)	218,000)	(15,900)	(247,600)	123,800)	(23,700)	(101,500)	(42,200)	(2,600)	56,900)	21,800)	5,800)	9,700)
Claims and rebates payable	298,700)	(77,800)	(221,300)	472,300)	402,400)	290,800)	(50,600)	119,900)	81,100)	(320,400)	(441,400)	659,100)	525,000)	285,300)	(559,900)	673,200)	246,000)	1,220,100)	(418,900)	308,100)	636,300)	(822,300)	(794,300)
Accounts payable	(378,900)	843,700)	215,300)	(602,200)	—)	755,400)	(280,000)	88,400)	(403,100)	522,100)	229,000)	146,100)	(35,700)	280,200)	(72,300)	178,600)	27,900)	123,200)	(58,000)	336,400)	(55,400)	67,000)	(332,100)
Accrued expenses	(284,600)	(326,100)	(140,200)	417,600)	158,700)	(807,500)	(10,500)	731,600)	125,200)	(220,400)	(232,200)	282,300)	175,500)	(133,300)	(467,200)	908,800)	398,300)	(176,800)	(181,400)	—)	—)	—)	—)
Other current and noncurrent liabilities	22,100)	(5,700)	84,400)	(54,000)	98,500)	28,700)	17,300)	(39,900)	50,900)	(70,300)	(9,300)	(85,300)	(52,500)	19,900)	15,700)	79,700)	23,200)	2,800)	6,700)	411,700)	11,700)	(131,500)	10,500)
Changes in operating assets and liabilities	(774,800)	(639,400)	420,100)	(28,200)	647,700)	(78,000)	12,100)	421,100)	323,300)	(762,900)	(217,700)	1,626,000)	(407,800)	(234,300)	(602,900)	1,871,100)	(686,200)	(200,200)	(385,800)	1,945,100)	(38,200)	(1,203,600)	72,100)
Adjustments to reconcile net income to net cash provided by operating activities	(314,400)	(162,100)	885,700)	(961,100)	1,054,900)	275,700)	450,100)	809,100)	751,900)	(288,200)	219,000)	2,095,100)	125,600)	293,800)	(165,700)	2,335,700)	(154,000)	212,800)	119,500)	2,407,500)	581,600)	(730,500)	584,000)
Net cash flows provided by operating activities	759,400)	717,300)	1,511,600)	1,369,800)	1,899,900)	1,081,200)	1,000,400)	2,248,900)	1,480,400)	438,900)	751,200)	2,874,000)	793,000)	899,900)	281,400)	2,924,400)	435,100)	735,500)	454,000)	2,925,800)	1,035,200)	(156,100)	964,000)
Capital expenditures for property and equipment and computer software	(65,500)	(75,400)	(100,400)	(90,100)	(72,000)	(59,500)	(45,800)	(92,800)	(79,100)	(75,900)	(82,600)	(118,800)	(70,000)	(58,800)	(48,300)	(109,600)	(118,200)	(91,700)	(117,100)	(148,400)	(79,700)	(86,100)	(108,800)
Acquisitions, net of cash acquired	—)	(3,300)	(23,100)	(3,378,400)	—)	(122,700)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from sale of business	—)	—)	—)	85,300)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	43,900)	235,100)	77,900)	—)
Other, net	(3,600)	(18,700)	(6,000)	3,900)	(3,800)	(5,200)	(2,300)	(13,900)	(4,200)	(6,200)	2,800)	8,200)	17,000)	21,900)	(19,700)	17,000)	1,000)	4,700)	2,000)	22,400)	(27,600)	5,700)	(4,400)
Net cash (used in) provided by investing activities	(69,100)	(97,400)	(129,500)	(3,379,300)	(75,800)	(187,400)	(48,100)	(106,700)	(83,300)	(82,100)	(79,800)	(110,600)	(53,000)	(36,900)	(68,000)	(92,600)	(117,200)	(87,000)	(115,100)	(82,100)	127,800)	(2,500)	(113,200)
Proceeds from long-term debt, net of discounts	—)	—)	—)	1,398,900)	—)	—)	—)	—)	3,995,800)	—)	1,991,000)	—)	—)	5,500,000)	—)	—)	—)	2,490,100)	—)	—)	—)	—)	—)
Repayment of long-term debt	—)	—)	(831,400)	(475,000)	(75,000)	(537,500)	(37,500)	(537,500)	(3,820,000)	(602,800)	(972,200)	(37,500)	(1,037,500)	(1,105,300)	(1,210,500)	(1,110,600)	(1,407,900)	(157,800)	(158,000)	(157,900)	(157,900)	(157,900)	(1,457,900)
Treasury stock acquired	—)	—)	(420,700)	(202,300)	(715,700)	(1,182,600)	(837,400)	(854,200)	(572,500)	(211,000)	(3,109,200)	—)	—)	(5,500,000)	—)	(819,500)	(1,013,600)	(2,041,700)	(618,200)	(2,502,700)	(751,500)	(501,000)	(300,000)
Net proceeds from employee stock plans	92,700)	23,900)	82,300)	29,700)	13,800)	23,000)	14,500)	31,200)	20,100)	24,800)	11,100)	28,100)	25,500)	80,700)	48,800)	91,100)	107,300)	61,800)	250,300)	82,400)	112,600)	165,100)	105,900)
Commercial paper borrowings (repayments), net	—)	—)	(195,000)	194,800)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Excess tax benefit relating to employee stock-based compensation	—)	—)	—)	—)	—)	—)	—)	1,900)	1,400)	1,500)	8,200)	5,200)	4,700)	14,500)	33,800)	18,600)	9,500)	13,000)	52,900)	19,500)	8,400)	12,600)	2,200)
Other, net	(23,600)	(12,600)	(7,200)	(22,400)	(6,200)	(10,200)	(6,100)	(9,700)	(40,300)	(16,100)	(19,300)	(8,700)	(11,100)	(39,100)	(8,600)	(10,800)	(10,400)	(31,400)	(4,400)	(14,100)	4,500)	(4,800)	(2,300)
Net cash used in financing activities	69,100)	11,300)	(1,372,000)	923,700)	(783,100)	(1,707,300)	(866,500)	(1,368,300)	(415,500)	(803,600)	(2,090,400)	(12,900)	(1,018,400)	(1,049,200)	(1,136,500)	(1,831,200)	(2,315,100)	334,000)	(477,400)	(2,572,800)	(783,900)	(486,000)	(1,652,100)
Net cash used in operating activities, discontinued operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	9,300)	4,700)	(24,800)	(600)
Net cash used in investing activities, discontinued operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,400)	(700)
Net cash used in discontinued operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	9,300)	4,700)	(26,200)	(1,300)
Effect of foreign currency translation adjustment	4,000)	(6,500)	(2,100)	(500)	2,400)	2,200)	800)	(1,400)	(1,300)	100)	3,800)	(2,400)	(4,400)	1,400)	(3,700)	(2,800)	(3,200)	2,300)	(2,500)	(1,200)	700)	(3,700)	(1,500)
Cash (increase) decrease attributable to discontinued operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(9,900)	(4,100)	26,900)	500)
Net increase (decrease) in cash and cash equivalents	763,400)	624,700)	8,000)	(1,086,300)	1,043,400)	(811,300)	86,600)	772,500)	980,300)	(446,700)	(1,415,200)	2,748,100)	(282,800)	(184,800)	(926,800)	997,800)	(2,000,400)	984,800)	(141,000)	269,100)	380,400)	(647,600)	(803,600)

Net Income and Profitability Trends: Net income exhibits considerable volatility across the observed quarters, with values ranging widely from approximately 334 million to over 2.3 billion US dollars. A significant surge in net income is observed in the fourth quarter of 2016 and again in the first quarter of 2018, indicating periods of exceptional profitability. The net income from continuing operations mirrors this pattern closely, confirming that discontinued operations had minimal impact on overall earnings in the latter periods.
Depreciation and Amortization: Depreciation and amortization expenses remain relatively stable, mostly fluctuating around the 500 to 600 million US dollars mark. A slight downward trend is noticeable starting from the third quarter of 2015 through 2017, suggesting possible changes in asset base or capital expenditure patterns.
Deferred Income Taxes: Deferred income taxes show negative values consistently, with notable spikes in the fourth quarter of 2017, reaching -1.43 billion US dollars. This sharp increase could indicate substantial changes in tax liabilities or adjustments related to tax planning strategies during that period.
Employee Compensation and Stock-Based Expenses: Employee stock-based compensation expenses are relatively stable, typically ranging between 21,600 and 52,300 thousand US dollars. There is no evident trend of significant increase or decrease, suggesting steady compensation policies concerning stock incentives.
Working Capital Components: Receivables display highly volatile and sometimes negative figures, which may indicate aggressive collection efforts or fluctuations in sales cycles. Inventories and other current/noncurrent assets also present irregular patterns with occasional large positive and negative values, reflecting possible inventory management and asset adjustment activities. Accounts payable and accrued expenses fluctuate substantially, with certain quarters evidencing large increases or decreases, demonstrating variable operating cycle performance and expense recognition practices.
Cash Flows from Operating Activities: Net cash provided by operating activities experiences significant variation with some quarters showing strong positive cash flows exceeding 2.9 billion US dollars, particularly in late 2013 and 2015, while certain quarters exhibit weaker performance. These fluctuations suggest cyclicality or episodic influences affecting the company's operating cash generation capacity.
Investing Activities: Net cash used in investing activities generally remains negative, reflecting consistent capital expenditures and acquisitions. A particularly large investing outflow is noted in the fourth quarter of 2017, associated with acquisitions, suggesting strategic expansion moves during this period. Capital expenditures show moderate variability but stay within a range of approximately -45 to -148 million US dollars per quarter.
Financing Activities: Net cash used in financing activities shows marked volatility, with sizable fluctuations between inflows and outflows. Periods of heavy debt repayments and treasury stock acquisitions are evident, occasionally offset by proceeds from long-term debt issuances. The first quarters of 2013 and 2014 and the fourth quarter of 2016 register particularly significant outflows, indicating active capital structure management.
Overall Cash Position Changes: Net increase (decrease) in cash and cash equivalents fluctuates widely, with both substantial decreases (up to -926.8 million US dollars) and increases (up to 2.7 billion US dollars) over the quarters. This variability underscores the impact of the combined operational, investing, and financing activities on the liquidity position over time.
Discontinued Operations: Discontinued operations have minor effects on income and cash flows, mainly observed in early 2013, and are negligible in later periods, implying the company’s focus transitioned toward continuing operations with minimal legacy discontinued business impacts.
Foreign Currency Translation Effects: Foreign currency translation adjustments fluctuate within a relatively narrow band, generally under ±6 million US dollars, suggesting limited exposure or impact from foreign exchange movements on the financial statements.

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Express Scripts Holding Co. (NASDAQ:ESRX)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data