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.

Edwards Lifesciences Corp., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income	1,503,100)	823,400)	1,046,900)	722,200)	583,600)
Depreciation and amortization	134,800)	107,200)	89,300)	77,400)	81,900)
Non-cash operating lease cost	28,500)	28,200)	25,300)	—)	—)
Stock-based compensation	109,300)	92,600)	81,300)	71,000)	61,600)
Inventory write off	—)	—)	73,100)	—)	—)
Impairment charges	—)	—)	40,600)	118,800)	31,000)
Change in fair value of contingent consideration liabilities, net	(124,100)	13,600)	(6,100)	(5,700)	(9,900)
Deferred income taxes	(41,400)	(49,400)	12,100)	(27,300)	17,800)
Purchased in-process research and development	—)	—)	24,000)	—)	6,700)
Other	(23,400)	(3,500)	(2,800)	13,000)	(6,200)
Accounts and other receivables, net	(91,100)	41,900)	(88,000)	(28,700)	(3,900)
Inventories	19,000)	(120,600)	(105,400)	(65,700)	(124,000)
Prepaid expenses and other current assets	7,900)	(28,500)	(6,800)	15,700)	(9,900)
Accounts payable and accrued liabilities	195,200)	(84,500)	116,500)	12,500)	85,200)
Litigation settlement accrual	(29,200)	270,500)	(180,000)	180,000)	—)
Income taxes	62,000)	(52,900)	43,200)	(157,800)	278,400)
Other	(18,500)	16,300)	16,200)	1,400)	8,400)
Changes in operating assets and liabilities	145,300)	42,200)	(204,300)	(42,600)	234,200)
Adjustments to reconcile net income to cash provided by operating activities	229,000)	230,900)	132,500)	204,600)	417,100)
Net cash provided by operating activities	1,732,100)	1,054,300)	1,179,400)	926,800)	1,000,700)
Capital expenditures	(325,800)	(407,000)	(254,400)	(238,700)	(168,100)
Deposit of cash in escrow	—)	—)	—)	—)	(25,000)
Purchases of held-to-maturity investments	(250,000)	(162,000)	(130,200)	(210,000)	(804,900)
Proceeds from sales and maturities of held-to-maturity investments	138,000)	212,200)	50,000)	578,100)	654,700)
Purchases of available-for-sale investments	(1,629,300)	(689,700)	(437,900)	(249,300)	(529,800)
Proceeds from sales and maturities of available-for-sale investments	391,200)	564,800)	359,900)	223,200)	448,700)
Acquisitions	—)	—)	(100,200)	—)	(192,900)
Payment for acquisition option	(13,100)	(10,000)	(35,000)	—)	—)
Issuances of notes receivable	(5,100)	(27,000)	(12,900)	(600)	—)
Collections of notes receivable	20,000)	—)	—)	—)	—)
Investments in intangible assets and in-process research and development	(4,000)	(300)	(24,000)	(3,000)	(7,400)
Other	(44,400)	(12,100)	(11,100)	(23,000)	(22,500)
Net cash (used in) provided by investing activities	(1,722,500)	(531,100)	(595,800)	76,700)	(647,200)
Proceeds from issuance of debt	5,200)	16,200)	18,900)	688,000)	994,700)
Payments on debt and finance lease obligations	(7,000)	(17,000)	(28,900)	(1,125,300)	(818,400)
Purchases of treasury stock	(512,800)	(625,400)	(263,300)	(795,500)	(763,300)
Proceeds from stock plans	158,600)	140,500)	160,500)	147,000)	113,800)
Payment of contingent consideration	—)	—)	—)	(15,100)	—)
Other	(300)	(1,200)	(2,800)	(300)	—)
Net cash used in financing activities	(356,300)	(486,900)	(115,600)	(1,101,200)	(473,200)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	13,900)	(20,500)	(3,000)	(6,500)	7,900)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(332,800)	15,800)	465,000)	(104,200)	(111,800)
Cash, cash equivalents, and restricted cash at beginning of year	1,200,200)	1,184,400)	714,100)	818,300)	930,100)
Cash, cash equivalents, and restricted cash at end of year	867,400)	1,200,200)	1,179,100)	714,100)	818,300)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Cash flow statement item	Description	The company
Net cash 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.	Edwards Lifesciences Corp. net cash provided by operating activities decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
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.	Edwards Lifesciences Corp. net cash (used in) provided by investing activities increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.
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.	Edwards Lifesciences Corp. net cash used in financing activities decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.

Edwards Lifesciences Corp. (NYSE:EW)

Cash Flow Statement