Vertex pharmaceuticals inc / ma (VRTX)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09Sep'09Jun'09Mar'09
Cash flows from operating activities:
Net income

602,753

583,234

57,518

267,427

268,631

1,525,096

128,456

206,250

227,301

102,185

-291,267

31,169

249,548

27,759

-39,537

-36,151

-36,102

-74,669

-93,816

-220,992

-198,704

-180,846

-170,060

-159,382

-232,457

-184,549

-128,662

-61,712

-312,627

-78,076

-26,467

-34,468

87,876

188,141

228,452

-199,318

-176,096

-180,392

-208,957

-200,006

-165,271

-158,644

-149,565

-171,297

-162,672

Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense

115,706

91,591

85,420

89,687

93,791

78,943

85,532

82,436

78,136

76,246

74,456

73,095

69,439

62,000

61,209

61,942

55,472

44,646

65,734

63,261

57,384

42,382

46,136

42,444

46,580

23,370

31,308

41,350

31,275

27,636

27,582

31,379

27,688

29,054

29,414

31,879

27,879

23,574

23,768

24,449

19,333

17,726

20,134

26,585

22,277

Depreciation expense

26,821

26,256

25,847

27,698

27,140

18,826

19,192

18,059

16,343

16,432

15,225

14,890

14,850

15,451

14,569

14,963

16,415

15,747

16,168

14,065

16,363

16,336

16,961

14,172

15,788

17,631

9,489

10,554

10,691

12,373

8,593

8,665

8,560

9,724

7,750

8,709

8,858

8,205

6,758

7,912

7,584

8,383

6,815

7,745

7,164

Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability

1,600

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Write-downs of inventories to net realizable value

-

-

-

-

-

-

6,161

3,309

3,619

-

1,659

5,692

3,787

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Secured notes (due 2012) discount amortization expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,553

2,669

2,582

6,605

3,568

3,451

3,339

3,231

-

-

-

-

Change in fair value of free-standing derivatives related to the sale of milestone payments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-868

-8,115

-2,220

-5,598

-6,595

-5,911

-27,234

-1,489

-

-

-

-

Deferred income taxes

36,705

73,212

6,817

43,933

43,425

-1,515,920

79

-71

3,587

-6,544

-118,595

3,414

1,212

-6,583

686

20,798

2,060

-4,510

1,447

6,346

0

-

-

-

-

-154,889

497

-1,958

-128,703

901

16,449

21,591

-2,281

-

-

-

-

-

-

-

-

-

-

-

-

Losses (gains) on equity securities

-44,870

128,735

-31,216

56,527

43,551

-85,659

-61,159

53,918

95,458

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment of property and equipment

-

-

-

-

-

-

-

-

-

-

-

0

1,946

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Intangible asset impairment charges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

250,600

0

0

412,900

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit from share-based payment arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,068

117

-1,441

227

-

-

-

-

-

-

-

-

-

-

-

-

Other non-cash based compensation expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4

-1

3,425

2,432

2,191

2,601

3,177

2,292

2,129

1,988

2,723

1,685

1,638

1,417

2,085

1,412

1,459

1,274

2,141

1,170

Loss on disposal of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-17

0

0

-22

22

-157

-20

-2,056

Other non-cash items, net

-9,668

-29,616

11,638

-1,395

2,431

-21,801

-687

-4,187

-5,827

-17,280

-1,993

-318

5,152

-7,044

4,340

-7,271

3,835

-12,408

8,921

-5,416

-629

7

15

-195

173

-1,435

2,148

-8,430

975

-482

434

-112

-18

-305

-237

19

204

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable, net

223,672

184,143

-14,426

25,734

30,136

32,985

-12,999

74,693

13,473

11,594

10,398

41,969

7,798

29,335

-3,194

10,442

2,512

21,363

67,538

15,334

5,863

-14,743

9,833

22,719

-25,237

-32,626

-39,199

-30,372

48,834

3,626

-46,021

-46,610

49,093

-262,526

349,418

90,636

-6,922

7,564

1,404

-4,331

-1,714

-572

-4,584

-1,959

-6,785

Inventories

27,450

18,767

20,106

12,035

13,139

7,504

15,095

1,158

8,208

17,258

7,228

15,104

7,894

7,832

3,757

3,008

4,771

7,019

6,701

6,791

2,635

11,568

6,095

1,294

-2,488

-1,930

1,408

2,611

-9,231

62,344

1,869

-51,203

16,915

44,564

14,738

34,424

17,662

-

-

-

-

-

-

-

-

Prepaid expenses and other assets

-2,790

-59,149

6,129

25,521

-7,941

15,113

1,611

-7,926

-25,482

26,767

44,765

-4,967

44,498

-6,348

1,008

646

7,325

-19,728

8,340

164

15,233

-3,339

1,572

-399

17,937

-4,416

-1,675

-6,834

24,986

921

-17,355

19,512

20,541

-20,411

1,361

-4,287

12,979

-5,355

-3,445

-4,267

13,667

-2,072

-103

-3,149

3,254

Accounts payable

14,285

-10,575

15,864

-3,929

-24,145

13,531

10,794

10,075

2,154

1,828

-7,122

13,330

717

9,787

2,289

-23,478

-343

-7,992

9,316

20,523

-23,556

30,592

-13,215

6,693

978

-3,229

7,369

-12,803

-40,571

16,251

-16,672

16,713

-1,400

25,365

-18,044

31,213

-1,066

11,133

-21,951

17,600

-7,964

17,047

-7,539

5,010

-29,575

Accrued expenses

153,814

-82,818

141,731

141,247

-27,279

135,108

66,573

132,543

-31,469

107,702

66,090

91,851

-10,465

-31,686

40,683

15,360

-29,922

57,583

37,065

29,019

-20,921

-75,393

21,669

4,077

-13,536

8,457

21,556

-18,620

23,236

17,205

2,717

25,079

-15,769

22,118

93,709

23,673

-22,678

7,153

20,944

10,878

-27,762

10,664

16,030

533

-18,303

Other liabilities

57,808

15,138

-10,744

9,066

24,537

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Early access sales accrual

-

-

-

-

-

-

-

-

38,816

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued restructuring expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,259

-1,433

-1,459

-2,441

-2,039

-1,645

-24,367

-9,747

36,618

-4,883

-4,486

2,215

4,086

-407

-869

-827

-675

-643

-840

-271

-1,621

-609

-781

-3,643

-686

591

-684

659

-692

-761

747

Accrued interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-3,462

3,350

-

112

0

-431

972

-1,710

-4,327

3,642

Deferred revenues

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-3,073

-4,316

-2,815

-5,491

-4,448

-3,970

-5,333

-10,446

-9,219

-7,622

1,756

-37,564

-8,605

-8,864

2,022

-7,121

-6,439

-9,312

-16,452

-18,784

-17,138

-19,555

-16,059

-42,271

3,443

-11,567

-15,468

-19,005

88,774

-8,400

-8,312

Net cash provided by operating activities

815,698

446,008

334,789

463,749

324,784

314,578

381,348

321,703

252,657

227,511

170,086

181,653

265,692

144,724

65,656

40,860

-15,137

29,143

-62,073

-110,266

-222,236

-181,783

-87,647

-127,920

-175,762

19,759

-13,720

-927

-65,778

40,559

105,961

118,405

2,916

503,663

42,895

-216,195

-186,628

-166,103

-163,990

-108,887

-196,462

-102,327

-21,635

-118,065

-185,559

Cash flows from investing activities:
Payments to acquire businesses, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

87,422

Purchases of available-for-sale debt securities

75,265

155,457

118,103

135,421

128,215

102,551

127,365

163,349

38,653

100,928

53,986

129,394

248,273

0

146,548

245,453

224,624

340,906

166,480

0

125,655

357,400

362,795

323,028

380,949

562,403

951,309

439,735

458,971

396,785

531,440

374,425

403,179

470,456

115,980

10,113

124,996

460,189

453,278

279,230

42,022

-

-

-

-

Maturities of available-for-sale debt securities

60,145

100,779

146,438

121,589

107,118

123,170

137,378

76,663

94,365

122,065

78,267

70,489

98,393

222,183

203,063

201,143

131,173

262,855

62,863

370,302

371,423

354,538

402,194

424,662

376,544

505,934

1,011,455

400,371

430,535

426,613

439,126

318,201

183,987

92,917

135,094

251,667

536,362

305,015

461,650

333,867

184,274

271,023

171,783

171,451

174,006

Sale of equity securities

72,036

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Expenditures for property and equipment

19,450

16,761

24,291

16,358

18,041

15,721

20,912

29,612

29,279

42,984

27,960

17,378

11,099

14,788

13,883

15,918

11,974

12,527

8,797

13,420

10,558

14,676

9,298

11,701

15,526

14,471

18,514

1,801

16,607

28,046

21,396

15,543

6,155

9,329

9,985

10,431

4,850

14,428

10,830

9,686

3,110

7,578

4,753

4,586

6,579

Investment in equity securities

5,800

-

7,219

20,000

0

-

38,990

0

21,500

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Decrease) increase in restricted cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5

4

21,971

-

-

-

-

-

-

-

-

-

-

-

-

-29

5

3

21

-

-

-

-

-

-

-

-

Decrease in restricted cash due to deconsolidation of VIE

-

-

-

-

-

-

-

-

-

-

-

-

-

20,490

-12,093

-5,760

-2,637

3,145

-12,553

-2,277

0

-1,638

0

0

0

-8,960

-7,229

-4,720

-6,975

-4,970

18,929

-1,993

6,139

-

-

-

-

-

-

-

-

-

-

-

-

Other investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-32

-66

239

-80

20,947

1,069

712

-799

152

-436

52

476

-

-

-

-

-

-

-

216

-362

195

-193

543

93

-44

526

380

-712

398

-193

-172

Decrease (increase) in deposits

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-680

58

-472

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

31,666

-896,991

-248,999

-50,190

-39,138

-40,904

-49,889

-116,298

4,933

-20,786

-225,281

-76,283

-160,979

176,937

34,791

-57,782

-102,708

-122,690

-100,935

278,443

214,038

-18,011

30,545

89,882

-20,407

-119,810

49,536

-4,691

-37,596

7,156

-131,228

-70,043

-231,702

-387,776

21,446

172,790

405,952

-169,695

-2,414

40,648

138,762

-547,777

42,525

-83,657

80,177

Cash flows from financing activities:
Cash flows from financing activities:
Issuances of common stock under benefit plans

79,597

198,614

30,538

50,472

63,620

43,539

100,917

56,434

88,403

46,635

150,318

136,638

11,249

17,065

17,463

24,856

8,846

45,903

51,839

46,234

41,616

73,341

83,327

57,813

60,134

23,518

34,488

186,202

21,670

16,771

16,947

136,705

21,298

16,120

20,069

55,030

33,643

9,447

6,850

9,473

7,664

22,890

8,376

11,166

5,418

Repurchases of common stock

300,026

36,062

104

61,842

94,007

143,005

92,005

105,033

10,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments in connection with common stock withheld for employee tax obligations

136,167

-

-

-

5,832

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on finance leases

10,287

10,306

9,953

9,541

9,385

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds related to finance leases

5,833

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Advance from collaborator

2,500

2,500

2,500

2,500

5,000

0

2,500

2,500

2,500

2,500

2,500

2,500

5,000

75,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds related to capital lease and construction financing lease obligations

-

-

-

-

-

7,857

3,417

0

9,566

29,966

4,700

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from capital lease financing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,276

0

0

13,386

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on capital lease obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,497

4,041

-

2,074

9,944

4,497

-

5,331

9,262

2,622

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on capital lease obligations

-

-

-

-

-

-

-

-

-

-

3,551

5,934

4,703

4,267

13,121

106

103

19,673

97

93

91

-23,995

15,146

15,146

15,146

1,456

2,355

2,150

10,096

207

2,408

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of advanced funding

880

1,550

1,493

1,438

1,385

1,313

1,302

1,230

1,182

1,134

1,088

1,050

994

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on revolving credit facility

-

-

-

-

-

-

-

-

-

0

0

0

300,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on capital lease and construction financing lease obligations

-

-

-

-

-

-

10,597

4,730

9,331

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit from share-based payment arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

874

-117

987

227

-

-

-

-

-

-

-

-

-

-

-

-

Issuances of common stock from stock offerings, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

488,135

0

0

313,250

Payments to redeem secured notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

105,000

0

0

50,000

-

-

-

-

-

-

-

-

Debt conversion costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

22

-

-

-

-

Other financing activities

-

-

-

-

-

606

-851

851

-1,000

0

238

-121

-117

-

-

-

-

-

-

-

-

-

0

0

8,050

-

-19,127

-26,406

-17,709

-12,601

-6,272

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in financing activities

-359,430

161,421

20,356

-13,015

-41,989

-101,046

2,079

-51,208

78,956

73,231

152,705

132,033

-289,565

93,762

13,554

21,253

4,702

52,640

49,668

36,197

50,414

108,185

357,233

33,405

50,416

84,052

13,006

157,488

-6,135

4,837

8,150

137,692

21,525

-182,980

20,069

55,030

-16,357

9,447

398,495

9,473

7,642

538,664

130,593

11,081

318,668

Effect of changes in exchange rates on cash

-6,651

5,652

-3,201

-430

-378

-1,426

-555

-5,857

1,656

801

1,501

2,112

1,388

-4,401

-175

-2,710

2,620

-575

-953

1,290

-2,596

-1,695

-2,126

1,146

499

2,117

3,112

278

-799

-31

-58

84

-136

-132

-60

34

372

-353

202

-173

-53

-1,035

-1,299

-2,609

-202

Net increase in cash and cash equivalents

481,283

-283,910

102,945

400,114

243,279

171,202

332,983

148,340

338,202

280,757

99,011

239,515

-183,464

411,022

113,826

1,621

-110,523

-41,482

-114,293

205,664

39,620

-93,304

298,005

-3,487

-145,254

-13,882

51,934

152,148

-110,308

52,521

-17,175

186,138

-207,397

-67,225

84,350

11,659

203,339

-326,704

232,293

-58,939

-50,111

-112,475

150,184

-193,250

213,084

Supplemental disclosure of cash flow information:
Cash paid for interest

13,771

13,850

14,595

13,961

13,148

16,441

16,573

16,619

16,825

16,706

16,987

17,476

17,527

18,994

23,337

20,722

20,603

21,382

21,346

21,347

21,538

66,146

-29,116

15,963

15,970

5,821

495

6,899

243

-

-

-

-

-

-

-

-

0

0

0

761

0

3,420

0

6,828

Cash paid for income taxes

5,845

1,892

11,936

9,067

1,835

2,086

3,247

5,172

1,897

2,260

1,936

1,054

1,164

-4,196

380

656

581

3,067

-2,283

962

60

412

0

658

140

2,840

0

-1,541

1,541

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Accrued interest offset to additional paid-in capital on conversion of convertible senior subordinated notes (due 2013)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

140

-

-

-

-

Unamortized deferred debt issuance costs exchanged

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

624

-

-

-

-

Capitalization of costs related to construction financing lease obligation

-

-

-

-

-

0

-1,787

1,460

3,716

7,028

-5,103

26,381

12,549

13,414

824

0

0

-

-

-

-

0

0

0

25,564

38,529

46,262

64,170

66,052

67,598

63,655

66,112

38,229

-

-

-

-

-

-

-

-

-

-

-

-

Assets acquired under capital lease obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

203

0

5,366

3,619

12,452

16,944

21,576

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Issuances of common stock from employee benefit plans receivable

817

2,807

-526

29

510

-5,423

-8,125

11,510

2,124

-24

680

-19,659

19,847

49

-142

-432

593

597

-402

-798

964

-22,398

23,035

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued share repurchase liability

0

-

12,001

-4,000

4,000

-

-1

4,001

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Fair value of common stock issued to acquire ViroChem

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

290,557