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.

Shockwave Medical Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	147,278)	215,996)	(9,136)	(65,699)	(51,109)
Depreciation and amortization	10,358)	4,856)	3,579)	1,863)	1,337)
Loss from equity method investment	1,869)	2,475)	6,286)	—)	—)
Stock-based compensation	73,234)	44,890)	27,257)	10,350)	3,646)
Non-cash lease expense	3,160)	3,042)	1,957)	1,483)	944)
Amortization of premium and discount on available-for-sale securities	(11,956)	(68)	1,093)	300)	(543)
Loss on write down of fixed assets	271)	81)	7)	187)	67)
Loss on extinguishment of debt	710)	562)	—)	—)	—)
Deferred income taxes	14,760)	(97,276)	—)	—)	—)
Change in fair value of warrant liability	—)	—)	—)	—)	609)
Amortization of debt issuance costs	1,507)	533)	511)	646)	436)
Foreign currency remeasurement	(1,278)	572)	—)	—)	—)
Accounts receivable	(41,535)	(33,313)	(25,746)	(4,312)	(4,527)
Inventory	(31,009)	(29,711)	(12,073)	(17,056)	(6,824)
Prepaid expenses and other current assets	(3,417)	(3,786)	(2,110)	(501)	(785)
Other assets	(4,486)	(3,243)	91)	(306)	41)
Accounts payable	112)	1,945)	1,870)	(1,392)	1,272)
Accrued and other current liabilities	32,923)	11,941)	21,637)	4,017)	8,339)
Lease liabilities	2,026)	(1,764)	(187)	(764)	(1,010)
Long-term income tax liability	1,526)	—)	—)	—)	—)
Changes in operating assets and liabilities	(43,860)	(57,931)	(16,518)	(20,314)	(3,494)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	48,775)	(98,264)	24,172)	(5,485)	3,002)
Net cash provided by (used in) operating activities	196,053)	117,732)	15,036)	(71,184)	(48,107)
Purchase of available-for-sale securities	(747,471)	(137,797)	(117,245)	(167,953)	(119,476)
Proceeds from maturities of available-for-sale securities	246,750)	100,773)	156,100)	72,000)	63,750)
Purchase of property and equipment	(30,595)	(25,126)	(12,439)	(11,520)	(3,817)
Business combination, net of cash acquired	(94,411)	—)	—)	—)	—)
Net cash (used in) provided by investing activities	(625,727)	(62,150)	26,416)	(107,473)	(59,543)
Proceeds from issuance of common stock upon initial public offering, net of issuance costs paid	—)	—)	—)	—)	100,547)
Proceeds from issuance of common stock in private placement	—)	—)	—)	—)	10,000)
Proceeds from issuance of common stock in public offering, net of issuance costs paid	—)	—)	—)	83,368)	96,856)
Payments of taxes withheld on net settled vesting of restricted stock units	(43)	(23)	(8,337)	(1,420)	—)
Proceeds from debt financing	80,000)	24,169)	—)	3,265)	—)
Proceeds from convertible debt, net	730,455)	—)	—)	—)	—)
Purchase of capped calls related to convertible debt	(96,375)	—)	—)	—)	—)
Payment of assumed warrant liability	(16,240)	—)	—)	—)	—)
Payment of deferred offering costs	—)	—)	—)	(179)	—)
Proceeds from stock option exercises	1,374)	2,562)	3,049)	4,317)	2,206)
Proceeds from issuance of common stock under employee stock purchase plan	6,230)	4,487)	2,837)	1,795)	—)
Proceeds from warrant exercises	—)	—)	—)	—)	110)
Principal payment of debt	(105,000)	(18,196)	—)	(1,111)	(1,667)
Net cash provided by (used in) financing activities	600,401)	12,999)	(2,451)	90,035)	208,052)
Effect of exchange rate changes on cash and cash equivalents	797)	(1,153)	—)	—)	—)
Net increase (decrease) in cash, cash equivalents and restricted cash	171,524)	67,428)	39,001)	(88,622)	100,402)
Cash, cash equivalents and restricted cash at beginning of period	158,302)	90,874)	51,873)	140,495)	40,093)
Cash, cash equivalents and restricted cash equivalents at end of period	329,826)	158,302)	90,874)	51,873)	140,495)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Cash flow statement item	Description	The company
Net cash provided by (used in) 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.	Shockwave Medical Inc. net cash provided by (used in) operating activities increased from 2021 to 2022 and from 2022 to 2023.
Net cash (used in) provided by 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.	Shockwave Medical Inc. net cash (used in) provided by investing activities decreased from 2021 to 2022 and from 2022 to 2023.
Net cash provided by (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.	Shockwave Medical Inc. net cash provided by (used in) financing activities increased from 2021 to 2022 and from 2022 to 2023.

Shockwave Medical Inc. (NASDAQ:SWAV)

Cash Flow Statement