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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
- Aggregate Accruals
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Vertex Pharmaceuticals Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
- Net income (loss)
- Net income exhibits significant volatility over the periods analyzed. It peaked notably in several quarters, such as June 30, 2020, and September 30, 2023, reflecting strong profitability. However, a major loss occurred in June 30, 2024, indicating a substantial negative impact during that period. Despite these fluctuations, net income generally maintains a positive trajectory outside of this loss, suggesting overall solid operational performance.
- Stock-based compensation expense
- This expense shows relatively consistent levels with some upward trends, especially in the latter periods starting December 31, 2022, where it rises sharply, peaking in December 31, 2023, indicating increased share-based remuneration costs which could affect net profit margins.
- Depreciation and amortization expense
- Depreciation and amortization gradually increase throughout the periods, with a significant rise noted starting December 31, 2023. This suggests either acquisitions of fixed/intangible assets or accelerated amortization, impacting earnings.
- Intangible asset impairment charge
- A one-time impairment charge appears at March 31, 2025, amounting to $379 million, indicating a substantial write-down of intangible assets and potentially reflecting issues such as changes in asset value forecasts or strategic shifts.
- Deferred income taxes
- Deferred income taxes fluctuate widely, moving between positive and negative values without a clear trend. These swings demonstrate changing tax positions, possibly reflecting timing differences in income recognition, tax credits, or provisions.
- (Gains) losses on equity securities
- There are alternating gains and losses with no persistent pattern; some quarters, including December 31, 2020, and March 31, 2022, show substantial gains, while others exhibit notable losses, highlighting the impact of market fluctuations or equity investment performance on earnings.
- Increase (decrease) in fair value of contingent consideration
- This item remains relatively minor and inconsistent in impact across periods, indicating occasional adjustments related to acquisition liabilities without material influence on overall financials.
- Other non-cash items, net
- Other non-cash items vary markedly between negative and positive values, suggesting sporadic adjustments or provisions that affect net cash flow reconciliation but without a clear direction or size pattern.
- Accounts receivable
- Accounts receivable changes are highly volatile, with large positive and negative swings indicating fluctuations in sales collections, customer payment behaviors, or revenue timing. Significant negative values suggest periods of increased receivables or collection challenges.
- Inventories
- Inventory levels fluctuate with notable decreases in some quarters and increases in others. The considerable build-up during some periods could indicate stockpiling or production adjustments, affecting working capital and cash flow.
- Prepaid expenses and other assets
- This item displays erratic movement with no steady trend, including significant negative shifts in some quarters, possibly reflecting prepayments, asset reclassifications, or impairment of certain assets.
- Accounts payable
- Accounts payable values oscillate between positive and negative, indicating variability in payment timing to suppliers or changes in operating cycle management. Some quarters show substantial payables increases, implying delayed payments or increased procurement.
- Accrued expenses
- Accrued expenses fluctuate extensively, with some quarters showing large negative adjustments and others positive build-ups. This variability points to inconsistent timing of expense recognition or settlement practices impacting short-term liabilities.
- Other liabilities
- Other liabilities reveal considerable fluctuations, including large positive spikes in certain quarters, possibly reflecting new obligations, deferred payments, or restructuring of liabilities.
- Changes in operating assets and liabilities
- The changes demonstrate pronounced volatility, alternating between large positive and negative figures. This pattern reflects dynamic operating working capital management and timing differences in cash flows from operating activities.
- Adjustments to reconcile net income (loss) to net cash provided by operating activities
- Adjustments remain mostly positive, indicative of recurring non-cash expenses such as depreciation and stock-based compensation. However, some periods show negative adjustments, highlighting instances of reversals or non-cash gains affecting cash flow reconciliation.
- Net cash provided by (used in) operating activities
- Operating cash flow is generally strong and positive, often exceeding net income, which suggests effective cash conversion and potentially conservative revenue recognition. The exception includes significant negative cash flow during June 30, 2021, and June 30, 2024, indicating operational cash challenges in these quarters.
- Purchases of available-for-sale debt securities
- Purchases increase substantially, with notable spikes towards later periods, especially from March 31, 2023, onward, reflecting aggressive investment activity or cash deployment in debt securities.
- Sales and maturities of available-for-sale debt securities
- Sales and maturities track purchases with an upward trend over time, particularly accelerating in recent quarters, indicating active management of investment securities and liquidity balancing.
- Purchases of property and equipment
- Capital expenditures fluctuate, with substantial peaks and troughs. Higher spending occurred in several quarters indicating ongoing investments in fixed assets supporting operational capacity or infrastructure.
- Net payments related to finite-lived intangible assets
- Occasional significant outflows related to intangible asset purchases appear starting December 31, 2023, consistent with strategic investments or acquisitions increasing intangible asset base.
- Sale of equity securities
- Sales occur sporadically with notable amounts in earlier periods, declining or ceasing in later quarters, perhaps reflecting changes in equity investment strategies or portfolio composition.
- Payments to acquire business, net of cash acquired
- A large acquisition payment is recorded around December 31, 2021, indicating a major business combination impacting cash flow and asset base.
- Other investing activities
- These items show irregular activity with primarily negative values, suggesting miscellaneous investing outflows such as smaller asset purchases or investment-related costs.
- Net cash (used in) provided by investing activities
- Investing cash flows are predominantly negative, reflecting ongoing investments and acquisitions with exceptions of occasional positive inflows related to asset sales or maturities. The magnitude of outflows increases substantially in recent periods, demonstrating heightened capital deployment.
- Issuances of common stock under benefit plans
- This activity shows consistent issuance of stock primarily to fulfill employee compensation plans, with variable but steady cash inflows.
- Repurchases of common stock
- Share repurchases are significant and recurrent, with substantial transactions in various quarters implying active capital return policies impacting cash and shareholder equity.
- Payments related to common stock withheld for employee tax obligations
- These payments fluctuate widely, generally reflecting employee tax settlements related to stock-based compensation with some large outflows reducing cash.
- Payments on finance leases
- Finance lease payments show consistent, modest outflows, gradually increasing over time, suggesting stable lease obligations.
- Proceeds from finance leases
- Proceeds are recorded intermittently, indicating occasional new lease arrangements or financing activities.
- Other financing activities
- These transactions are minor and relatively stable, representing miscellaneous financing inflows and outflows with no substantial impact on total financing cash flow.
- Net cash used in financing activities
- Financing cash flows vary greatly, with periods of net cash outflows driven by aggressive share repurchases and tax-related stock payments balanced partially by cash inflows from stock issuance under benefit plans. The overall pattern shows active capital structure management with a tendency towards cash outflows.
- Effect of changes in exchange rates on cash
- Exchange rate effects are variable with both positive and negative impacts, reflecting foreign currency fluctuations influencing cash balances throughout the periods without a systematic direction.
- Net increase (decrease) in cash, cash equivalents and restricted cash
- Cash levels show substantial variation, including strong increases in many quarters reflecting positive operating and investing cash flows. Notably, there are marked decreases particularly in mid-2023 to mid-2024 periods, consistent with increased investing activities and occasional losses in operations, resulting in significant cash drawdowns.