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.

Edwards Lifesciences Corp., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Net income (loss)	335,300)	340,100)	489,500)	338,200)	309,500)	325,200)	(121,900)	310,600)	280,200)	274,700)	242,300)	249,700)	7,000)	225,900)	282,700)	206,600)	(2,800)	170,100)	186,100)	230,200)
Depreciation and amortization	33,000)	33,600)	35,800)	32,400)	32,600)	25,600)	24,500)	24,500)	23,900)	23,100)	21,700)	20,600)	19,900)	19,200)	19,200)	19,100)	21,200)	20,700)	18,900)	21,100)
Non-cash operating lease cost	7,100)	7,100)	7,000)	7,300)	7,500)	7,400)	6,600)	6,700)	6,600)	6,900)	6,100)	5,700)	—)	—)	—)	—)	—)	—)	—)	—)
Stock-based compensation	24,200)	26,600)	30,300)	28,200)	20,900)	23,000)	24,800)	23,900)	18,400)	19,800)	22,300)	20,800)	16,000)	17,400)	19,200)	18,400)	15,300)	15,800)	15,300)	15,200)
Inventory write off	—)	—)	—)	—)	—)	—)	—)	—)	—)	26,900)	46,200)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Impairment charges	—)	—)	—)	—)	—)	—)	—)	—)	40,600)	—)	—)	—)	118,800)	—)	—)	—)	—)	—)	31,000)	—)
Change in fair value of contingent consideration liabilities	(18,100)	1,100)	(102,600)	(4,500)	5,200)	(9,000)	19,600)	(2,200)	(18,500)	(2,300)	8,000)	6,700)	(14,000)	(6,400)	10,900)	3,800)	2,600)	(16,700)	3,100)	1,100)
Deferred income taxes	(61,500)	3,900)	5,400)	10,800)	(11,600)	1,400)	(42,800)	3,600)	2,600)	(3,400)	7,100)	5,800)	(57,100)	10,900)	(12,200)	31,100)	(26,300)	400)	7,100)	36,600)
Purchase of intellectual property	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	24,000)	—)	—)	—)	—)	—)	1,000)	100)	5,600)
Other	(7,100)	(3,100)	(10,500)	(2,700)	(4,100)	(4,200)	(9,900)	14,700)	2,000)	2,900)	(700)	(7,000)	10,000)	1,000)	1,000)	1,000)	(4,000)	(1,200)	(400)	(600)
Accounts and other receivables, net	6,800)	38,000)	(46,400)	(89,500)	51,100)	(30,700)	25,700)	(4,200)	(17,700)	18,900)	(43,400)	(45,800)	(28,400)	(2,900)	(27,300)	29,900)	10,500)	56,100)	11,000)	(81,500)
Inventories	(6,600)	8,100)	15,000)	2,500)	(2,400)	(19,000)	(64,000)	(35,200)	(21,500)	(22,000)	(32,500)	(29,400)	(22,200)	(23,000)	(17,200)	(3,300)	(14,200)	(37,600)	(47,900)	(24,300)
Accounts payable and accrued liabilities	31,100)	79,300)	94,100)	(9,300)	(30,600)	81,400)	9,100)	(144,400)	45,700)	81,400)	231,600)	(242,200)	188,500)	93,200)	28,800)	(118,000)	36,600)	112,400)	30,400)	(94,200)
Income taxes	33,000)	5,800)	9,100)	14,100)	12,700)	(74,700)	(23,100)	32,200)	26,200)	20,500)	12,800)	(16,300)	50,800)	(19,700)	(182,200)	(6,700)	333,400)	(9,000)	(65,000)	19,000)
Prepaid expenses and other current assets	6,400)	1,100)	5,800)	(5,400)	(6,400)	(21,800)	5,400)	(5,700)	(4,300)	(6,400)	1,100)	2,800)	4,800)	22,400)	14,900)	(26,400)	(10,000)	(1,200)	4,900)	(3,600)
Litigation settlement accrual	(10,100)	(22,800)	2,100)	1,600)	1,300)	(98,700)	367,900)	—)	—)	—)	(180,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other	100)	13,100)	(8,500)	(23,200)	14,300)	10,200)	9,300)	(17,500)	15,200)	(3,700)	(1,400)	6,100)	(1,100)	4,300)	2,400)	(4,200)	1,600)	—)	3,100)	3,700)
Changes in operating assets and liabilities	60,700)	122,600)	71,200)	(109,200)	40,000)	(153,300)	330,300)	(174,800)	43,600)	88,700)	(11,800)	(324,800)	192,400)	74,300)	(180,600)	(128,700)	357,900)	120,700)	(63,500)	(180,900)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	38,300)	191,800)	36,600)	(37,700)	90,500)	(109,100)	353,100)	(103,600)	119,200)	162,600)	98,900)	(248,200)	286,000)	116,400)	(142,500)	(55,300)	366,700)	140,700)	11,600)	(101,900)
Net cash provided by operating activities	373,600)	531,900)	526,100)	300,500)	400,000)	216,100)	231,200)	207,000)	399,400)	437,300)	341,200)	1,500)	293,000)	342,300)	140,200)	151,300)	363,900)	310,800)	197,700)	128,300)
Capital expenditures	(89,800)	(60,700)	(69,300)	(106,000)	(113,200)	(103,300)	(108,300)	(82,200)	(71,500)	(76,100)	(64,600)	(42,200)	(57,600)	(85,100)	(52,800)	(43,200)	(51,900)	(42,300)	(58,000)	(15,900)
Deposit of cash in escrow	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(25,000)	—)	—)	—)
Purchases of held-to-maturity investments	(147,000)	(68,000)	(35,000)	—)	(50,000)	—)	—)	(112,000)	(100,200)	—)	—)	(30,000)	(20,000)	(190,000)	—)	—)	(88,000)	(211,300)	(505,600)	—)
Proceeds from held-to-maturity investments	68,000)	20,000)	—)	50,000)	—)	—)	112,000)	100,200)	—)	—)	30,000)	20,000)	190,000)	48,600)	101,000)	238,500)	321,700)	101,000)	2,500)	229,500)
Purchases of available-for-sale investments	(907,300)	(345,500)	(299,100)	(77,400)	(295,400)	(118,600)	(124,800)	(150,900)	(342,900)	(19,600)	(75,400)	—)	(134,000)	(115,300)	—)	—)	(52,000)	(145,500)	(164,900)	(167,400)
Proceeds from available-for-sale investments	129,100)	93,600)	81,700)	86,800)	206,500)	103,300)	127,200)	127,800)	81,600)	87,500)	134,700)	56,100)	30,100)	92,000)	58,800)	42,300)	67,700)	91,600)	96,100)	193,300)
Investments in intangible assets	(4,000)	—)	—)	—)	(300)	—)	—)	—)	—)	—)	(7,200)	(16,800)	—)	—)	—)	(3,000)	—)	(1,000)	(3,700)	(2,700)
Acquisitions	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(100,200)	—)	—)	—)	—)	—)	(108,000)	(100)	(2,800)	(82,000)
Payment for acquisition option	(7,400)	—)	(5,700)	—)	—)	—)	(10,000)	—)	—)	—)	—)	(35,000)	—)	—)	—)	—)	—)	—)	—)	—)
Issuances of notes receivable	(1,500)	—)	—)	(3,600)	(500)	(4,600)	(5,300)	(16,600)	(4,500)	(3,000)	(4,700)	(700)	—)	—)	—)	—)	—)	—)	—)	—)
Collections of notes receivable	10,000)	—)	10,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other	(16,000)	(16,800)	(12,100)	500)	(7,000)	(3,100)	(1,000)	(1,000)	(7,800)	(1,500)	(900)	(900)	(2,800)	(4,400)	(2,100)	(14,300)	(15,200)	(1,900)	(1,800)	(3,600)
Net cash (used in) provided by investing activities	(965,900)	(377,400)	(329,500)	(49,700)	(259,900)	(126,300)	(10,200)	(134,700)	(445,300)	(12,700)	(88,300)	(49,500)	5,700)	(254,200)	104,900)	220,300)	49,300)	(209,500)	(638,200)	151,200)
Proceeds from issuance of debt	—)	(8,800)	9,500)	4,500)	3,900)	1,700)	2,700)	7,900)	6,900)	2,300)	6,000)	3,700)	1,600)	600)	680,700)	5,100)	5,400)	3,900)	608,000)	377,400)
Payments on debt and finance lease obligations	(100)	8,700)	(10,700)	(4,900)	(3,000)	(2,200)	(3,600)	(8,200)	(5,200)	(3,500)	(16,200)	(4,000)	(601,200)	(1,900)	(517,100)	(5,100)	(5,600)	(4,600)	(454,800)	(353,400)
Purchases of treasury stock	(96,500)	(1,800)	(111,900)	(302,600)	(200)	(1,400)	(9,000)	(614,800)	—)	(1,300)	(256,300)	(5,700)	(272,000)	(173,100)	(348,200)	(2,200)	(251,300)	(800)	(73,800)	(437,400)
Equity forward contract related to accelerated share repurchase agreement	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	80,000)	(80,000)	—)	—)	—)	—)	—)
Proceeds from stock plans	33,900)	38,900)	54,200)	31,600)	37,000)	36,100)	38,300)	29,100)	35,000)	39,000)	41,500)	45,000)	27,700)	35,000)	39,600)	44,700)	22,500)	22,600)	45,600)	23,100)
Payment of contingent consideration	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(15,100)	—)	—)	—)	—)	—)
Other	700)	2,000)	(100)	(2,900)	3,700)	(200)	(4,300)	(400)	300)	(2,100)	(6,400)	5,400)	(800)	2,700)	(600)	(1,600)	—)	(800)	1,800)	(1,000)
Net cash provided by (used in) financing activities	(62,000)	39,000)	(59,000)	(274,300)	41,400)	34,000)	24,100)	(586,400)	37,000)	34,400)	(231,400)	44,400)	(844,700)	(56,700)	(240,700)	40,900)	(229,000)	20,300)	126,800)	(391,300)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	1,800)	500)	(2,600)	14,200)	(10,600)	(3,300)	(4,500)	(2,100)	1,400)	800)	(3,900)	(1,300)	(1,200)	3,500)	(5,000)	(3,800)	3,800)	500)	2,600)	1,000)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(652,500)	194,000)	135,000)	(9,300)	170,900)	120,500)	240,600)	(516,200)	(7,500)	459,800)	17,600)	(4,900)	(547,200)	34,900)	(600)	408,700)	188,000)	122,100)	(311,100)	(110,800)

Net Income (Loss): The net income exhibits significant volatility over the analyzed quarters. After a moderate decline in 2017, it experienced a sharp loss of USD 2.8 million in Q4 2017. Thereafter, a recovery trend is observed with fluctuations: net income rose to a peak of USD 489.5 million in Q4 2021, despite some setbacks in mid-2020, including a substantial loss of USD 121.9 million in Q2 2020.
Depreciation and Amortization: The depreciation and amortization expense generally trended upwards from 2017 through 2021, increasing from USD 21.1 million in Q1 2017 to a peak of USD 35.8 million in Q3 2021. This suggests growing investment in capital assets or intangible asset amortization over the period.
Non-Cash Operating Lease Cost: Data available from 2019 onward show a steady increase in non-cash operating lease costs, from USD 5.7 million in Q1 2019 to approximately USD 7.1 million in Q4 2021, reflecting possibly rising lease obligations or changes attributable to accounting standards on leases.
Stock-Based Compensation: Stock-based compensation expenses increased over the period, rising from approximately USD 15.2 million in early 2017 to a peak around USD 30.3 million in Q2 2021, with some volatility. This indicates an increased reliance on equity incentives for employees or executives.
Inventory Write-Off and Impairment Charges: Inventory write-offs appeared notably in Q3 2019 with USD 46.2 million, suggesting one-off adjustments or obsolescence events. Impairment charges were significant in Q2 2017 (USD 31 million) and Q3 2018 (USD 118.8 million), possibly indicating asset value reassessments or restructuring.
Changes in Fair Value of Contingent Consideration Liabilities: These changes varied widely with no clear trend, reflecting the complex nature of contingent liabilities. Large negative variations occurred in Q4 2018 (USD -14 million) and Q4 2021 (USD -18.1 million), contrasted with positive spikes in prior quarters, implying volatility in expected acquisition-related payments.
Deferred Income Taxes: Deferred tax trends show substantial fluctuations, with large negative movements in some quarters such as Q4 2017 (USD -26.3 million) and Q4 2021 (USD -61.5 million), indicating changing temporary differences or tax planning outcomes.
Accounts and Other Receivables, Net: The receivables showed irregular movements, with significant negative changes such as USD -81.5 million in Q1 2017 and USD -89.5 million in Q2 2021, interspersed with positive movements like USD 56.1 million in Q3 2017. This inconsistency may reflect changes in sales volume, collectability, or credit terms.
Inventories: Inventories showed a declining trend in early periods, with pronounced reductions, for example, USD -47.9 million in Q2 2017, but later quarters from 2021 show positive inventory changes, suggesting some inventory build-up in recent quarters.
Accounts Payable and Accrued Liabilities: Accounts payable and accrued liabilities exhibited highly volatile patterns, with drastic swings such as USD -242.2 million in Q1 2019 being offset by USD 231.6 million in Q2 2019. This volatility could be linked to timing of payments, procurement cycles, or accrual adjustments.
Income Taxes: Income tax paid or refunded showed large fluctuations, including a positive USD 333.4 million inflow in Q4 2017 and large outflows such as USD -182.2 million in Q2 2018. This inconsistency likely reflects changes in taxable income, tax planning, or settlement of past obligations.
Net Cash Provided by Operating Activities: Operating cash flows were generally strong with notable peaks in Q3 2019 (USD 437.3 million) and Q4 2021 (USD 373.6 million). However, Q1 2019 presented a drastic drop to USD 1.5 million, signaling operational challenges or working capital fluctuations during that quarter.
Capital Expenditures: Capital expenditure levels are consistently high and upward trending through the period though showing some variability. The highest quarterly outlays were recorded in Q4 2020 (USD 113.2 million), indicating ongoing investment in fixed or intangible assets.
Investing Activities: Net cash flows from investing activities were highly erratic with large negative values mostly driven by acquisitions and investment purchases. For instance, a substantial outflow of USD -638.2 million occurred in Q2 2017, and USD -965.9 million in Q4 2021 reflects continuing investing activity and possible portfolio adjustments.
Financing Activities: Financing cash flows exhibit significant fluctuations, including large outflows in early quarters such as Q1 2017 (USD -391.3 million) attributable largely to treasury stock purchases, followed by variable inflows and outflows in subsequent quarters. Equity repurchases and debt management appear as key drivers of financing cash flow variability.
Net Increase (Decrease) in Cash and Cash Equivalents: Cash flow changes were highly variable, with large decreases such as USD -652.5 million in Q4 2021 and notable increases like USD 408.7 million in Q2 2018. This volatility likely results from the interplay among operating, investing, and financing activities over the periods.

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Edwards Lifesciences Corp. (NYSE:EW)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data