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 Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Current Ratio since 2019
- Debt to Equity since 2019
- Price to Operating Profit (P/OP) since 2019
- Price to Sales (P/S) since 2019
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Shockwave Medical Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Net income (loss)
- The net income exhibited an overall improving trend from 2019 through early 2022, transitioning from consistent losses ranging between approximately -$12.8 million and -$18.8 million to positive net income beginning in mid-2021. There was significant growth in net income, peaking notably at $140.9 million in December 2022, though fluctuations continued with strong positive results maintained through Q1 2024.
- Depreciation and amortization
- Depreciation and amortization expenses increased steadily over time, rising from around $255 thousand in Q1 2019 to over $3.1 million by Q1 2024, reflecting ongoing capital investment and asset utilization.
- Stock-based compensation
- Stock-based compensation consistently rose throughout the periods, from under $0.5 million in early 2019 to approximately $22.9 million by Q1 2024, indicating an increasing reliance on equity incentives to compensate employees and management.
- Non-cash lease expense
- This expense was relatively stable, fluctuating modestly between approximately $0.2 million and $0.9 million, with no clear trend noted.
- Amortization of premium and discount on available-for-sale securities
- This item showed notable variability and a downward trend starting 2021, turning significantly negative by 2023 and early 2024, indicating increased amortization expenses related to investment securities.
- Loss on write down of fixed assets
- Incidences of write-down losses appeared sporadic with no consistent trend but with occasional higher amounts particularly in late 2022 and early 2023.
- Deferred income taxes
- Large fluctuations were reported in deferred income taxes starting in late 2022, including a significant negative amount near $-97 million, suggesting adjustments in tax position or recognition of deferred tax assets/liabilities in those periods.
- Accounts receivable
- Accounts receivable generally increased negatively indicating growing collections issues or increased sales volume with periodic recovery in some quarters but overall trending higher in absolute terms, peaking negatively in late 2023 and early 2024.
- Inventory
- Inventory levels fluctuated considerably but showed an overall increase in magnitude of negative values, reaching notable peaks in certain quarters such as in 2022 and 2023, which may indicate issues with stock management or production scaling.
- Prepaid expenses and other current assets
- This item showed volatility, with significant swings both positively and negatively over the periods without a clear sustained trend.
- Accounts payable
- Accounts payable exhibited volatility across quarters with periods of both positive and negative balances; however, later quarters of 2022 and early 2023 showed larger positive fluctuations, implying possible changes in payment timing or vendor management.
- Accrued and other current liabilities
- Accrued liabilities displayed great variability, with certain quarters reflecting large negative outflows and others large positive inflows, notably in 2022 and 2023, illustrating irregular timing of expense recognition or settlement of liabilities.
- Lease liabilities
- Lease liabilities showed negative values mostly with few exceptions, and a striking peak of $4.7 million in Q4 2023, potentially indicating lease-related adjustments or new lease obligations in that period.
- Changes in operating assets and liabilities
- Operational asset and liability changes were generally negative, indicating cash usage, particularly worsening in late 2022 and fluctuating significantly through 2023 and into 2024, reflecting variability in working capital management.
- Net cash provided by (used in) operating activities
- There was a notable negative cash flow from operations through 2019 and much of 2020, indicating cash burn, but a reversal occurred starting mid-2021, transitioning to strong positive cash flow by late 2021 and continuing with increasing amounts into 2024, consistent with improved profitability and operational performance.
- Investing activities
- Investing cash flows were highly variable, including large purchases and sales of available-for-sale securities, with major investments in property and equipment noted especially in 2022-2024. Some large negative investing cash flows correspond with acquisitions, such as the $94.4 million business combination in late 2023.
- Financing activities
- Financing cash flows reflected initial public offerings and subsequent stock issuances, with a substantial $730.8 million convertible debt issuance in mid-2023. Periodic repayments of debt and issuance of common stock were observed, indicating active capital raising and debt management efforts throughout the periods.
- Effect of exchange rate changes
- Foreign exchange effects on cash were small but oscillated in sign and magnitude between negative and positive impacts, showing exposure to currency fluctuations without a clear directional trend.
- Overall cash position changes
- Cash levels exhibited significant volatility, including large decreases in certain quarters, particularly associated with investing outflows and debt financing activity, but generally showed recovery and growth in cash balances from mid-2021 onward, consistent with improved operational cash flows and financing inflows.