WEST PHARMACEUTICAL SERVICES, INC. WST Cash Flow

West pharmaceutical services, inc. (WST)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities:
Net income
74,300	63,900	56,300	66,100	55,400	52,000	55,200	56,100	43,600	0	51,000	38,800	60,900	39,100	37,600	44,800	22,100	33,400	1,500	27,800	32,900	31,400	31,000	37,600	27,100	23,600	26,800	30,200	31,700	21,100	14,800	15,600	29,200	18,800	17,000	20,100	19,600	6,000	17,700	21,800	19,800
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
24,900	25,400	24,400	25,300	24,900	25,600	25,500	24,900	25,700	24,400	24,500	22,800	22,600	22,200	22,200	22,100	21,600	22,500	21,500	21,100	21,000	20,900	21,300	22,000	20,600	21,100	20,800	19,700	19,400	19,200	18,400	17,700	17,500	17,200	17,400	18,200	18,300	18,400	17,200	16,600	16,600
Amortization
1,100	900	900	1,000	600	700	700	600	700	500	500	700	700	600	700	600	700	800	900	1,100	1,000	1,100	1,800	1,100	1,200	1,000	1,100	1,000	1,100	1,000	900	1,100	1,100	1,200	1,100	1,100	1,200	1,100	1,100	1,100	1,100
Loss on debt extinguishment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-200	0	0	-11,600	0	-	-	-	-	-	-	-	-
Stock-based compensation
5,400	5,600	5,400	7,200	6,200	400	5,300	6,000	3,400	2,500	4,600	5,500	3,500	5,400	4,600	4,900	4,600	5,200	3,600	15,500	5,300	6,100	3,600	4,600	4,300	5,600	5,200	5,000	5,400	-	-	-	-	-	-	-	-	-	-	-	-
Pension settlement charge
1,400	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash restructuring charges
0	700	1,200	100	300	1,400	400	300	100	700	0	0	0	1,600	900	0	15,000	0	0	0	0	-	-	-	-	-	-	-	-	0	2,400	3,600	200	-	-	-	-	-	-	-	-
Contingent consideration payments in excess of acquisition-date liability
100	200	0	100	200	100	0	300	200	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets/liabilities, net of acquisitions:
Other non-cash items, net
4,300	-10,200	-700	500	800	-32,300	600	700	2,700	7,800	-400	400	3,200	14,200	7,000	-4,300	1,000	-55,200	6,600	-12,600	61,100	-43,300	-7,400	400	43,200	-27,200	-700	-25,200	37,800	-43,800	-12,200	0	36,300	-19,500	-5,400	1,000	31,700	-	-	-	-27,400
Changes in assets and liabilities
45,600	-	-16,500	-6,000	38,800	-	-1,900	4,900	25,600	-	5,200	-6,800	63,800	-	-9,400	500	60,000	-	1,100	600	1,000	-	1,200	700	1,200	-	1,300	1,600	1,100	-	8,900	-2,600	-2,100	-	-3,900	600	2,100	-	-400	-2,400	1,400
Net cash provided by operating activities
57,100	106,400	108,100	105,100	47,600	73,200	88,400	82,000	45,000	81,500	75,800	85,300	20,700	71,800	68,400	76,200	3,000	68,000	68,800	77,500	-1,900	46,000	63,900	64,200	8,800	68,800	53,300	79,500	18,900	69,800	51,600	52,200	13,800	41,800	39,700	39,700	9,500	47,200	48,000	31,600	11,500
Cash flows from investing activities:
Capital expenditures
32,100	37,600	31,700	28,300	28,800	30,000	26,500	20,200	28,000	29,500	34,300	29,500	37,500	47,500	48,700	35,000	39,000	44,800	29,700	26,700	30,400	27,100	28,600	24,500	31,700	38,800	29,300	22,100	61,700	32,900	29,000	37,000	32,400	33,400	24,200	18,400	19,400	21,300	17,200	14,900	17,700
Acquisition of patents and other long-term assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,400	-400	0	400	-	-	0	0
Sales and maturities of short-term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	8,500	3,300	5,000	800	4,600	4,100	9,600	13,500	4,800	22,500	4,800	-	-	-	-	-	-	-	-
Purchases of short-term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	100	9,200	900	4,500	3,400	5,400	3,900	1,300	21,400	4,600	-	-	-	-	-	-	-	-
Acquisition of businesses, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	2,400	0	1,300
Sales of investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,200	5,000	9,600	6,100	0	3,500	-700
Other, net
-200	-2,100	-100	-100	-100	-1,400	0	-3,200	700	-100	-300	0	-2,800	-800	-800	-800	-400	-2,400	-200	-1,200	200	-1,500	600	100	-300	-3,900	-100	2,800	200	-1,300	0	0	-300	-1,300	0	-300	-300	-900	-800	-100	0
Net cash used in investing activities
-31,900	-120,600	-31,600	-47,100	-28,700	-28,600	-26,500	-17,000	-28,700	-29,400	-34,000	-35,500	-34,700	-46,700	-47,900	-42,600	-38,600	-43,900	-29,500	-25,500	-30,600	-26,300	-20,700	-21,400	-35,600	-38,900	-29,100	-24,200	-57,700	-22,700	-25,500	-35,900	-31,900	-36,300	-32,000	-23,100	-29,100	-18,600	-18,800	-16,900	-19,700
Cash flows from financing activities:
Borrowings under revolving credit agreements
0	80,500	0	0	28,000	0	0	0	0	-	-	-	-	-	-	-	0	14,000	13,800	37,300	6,300	41,000	39,500	57,600	125,300	42,900	71,500	59,300	119,000	93,500	276,200	169,300	29,300	176,900	10,500	0	6,000	-	-	-	-2,200
Repayments under revolving credit agreements
0	-	0	0	28,000	-	0	0	0	-	-	-	-	-	-	-	0	14,000	13,800	42,600	1,000	41,000	49,500	99,600	93,300	69,700	69,700	95,900	75,700	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of long-term debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-100	0	0	43,300	100	168,000	0	0	-	-	-	-	-	-	-	-
Repayments of Long-term Debt
600	-	-	-	0	-	-	-	-	33,100	600	600	600	600	600	600	68,000	700	25,500	600	600	600	600	500	600	600	600	400	28,900	0	50,200	165,600	100	-	-	-	-	-	-	-	-
Issuance of long-term debt
0	300	0	100	800	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in other debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-100	-200	-300	-1,200	600	-200	-300
Dividend payments
11,800	11,800	11,100	11,100	11,100	11,100	10,300	10,300	10,400	10,400	9,600	9,600	9,500	9,600	8,700	8,800	8,700	8,700	7,900	7,900	7,900	7,900	7,100	7,000	7,100	7,000	6,600	6,600	6,500	6,600	6,100	6,100	6,100	6,100	5,700	6,000	5,400	5,700	5,300	5,400	5,300
Contingent consideration payments up to amount of acquisition-date liability
-	-	-	-	-	-	-	-	-	-200	-300	-100	-100	-200	-100	0	0	0	0	0	-100	-100	-100	-200	100	-100	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from stock-based compensation awards
6,300	-400	9,300	12,900	3,300	1,700	19,200	6,200	300	-300	6,500	11,400	18,100	4,100	2,100	7,100	12,600	3,000	1,500	1,600	6,600	3,800	5,300	2,800	2,400	6,600	4,400	5,200	5,500	3,700	2,100	2,100	800	-1,300	1,300	3,200	700	800	500	500	1,900
Employee stock purchase plan contributions
1,300	-	1,400	1,400	1,200	-	1,200	1,300	1,100	-	1,000	1,200	1,000	-	1,100	900	800	-	800	800	700	-	700	700	800	-	800	500	600	-	500	500	600	-	-	-	-	-	-	-	-
Excess tax benefit from employee stock plans
-	-	-	-	-	-	-	-	-	-	-	-	-	4,300	800	2,100	11,000	4,900	700	600	2,900	2,400	1,800	1,000	2,700	3,900	3,300	0	1,100	2,600	200	1,800	300	300	100	1,900	1,200	100	0	0	2,000
Shares purchased under share repurchase programs
115,500	0	0	0	83,100	0	0	22,900	47,900	47,500	0	0	26,900	25,400	9,600	8,100	9,100	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,400	2,100	100	-100	100	2,000
Shares repurchased for employee tax withholdings
-	-	-	-	-	-	-	-	-	-	0	0	3,800	0	0	0	3,700	0	0	-100	5,700	0	0	0	4,100	0	0	2,300	2,900	2,500	0	1,600	600	-	-	-	-	-	-	-	-
Net cash used in financing activities
-120,300	51,000	-400	3,100	-90,500	-8,200	10,100	-25,700	-56,900	-86,500	-3,000	2,300	-21,800	-26,400	-15,000	-7,400	-65,100	-1,600	-30,400	-10,700	1,200	-1,800	-10,000	-45,200	26,200	-23,500	3,100	-40,200	55,500	-29,500	7,700	-5,800	24,200	-28,100	6,100	-2,800	100	-14,600	-4,200	-9,300	-5,900
Effect of exchange rates on cash
-8,700	6,300	-6,800	100	-300	3,700	-200	-13,600	4,500	1,000	3,900	5,100	2,200	-1,600	-2,300	-1,600	4,200	-4,700	-4,100	3,600	-16,900	-9,400	-13,100	-900	600	1,900	3,800	500	-3,600	1,100	2,400	-3,700	2,300	-4,800	-5,000	2,000	3,900	-900	4,600	-3,800	-3,100
Net decrease in cash and cash equivalents
-103,800	43,100	69,300	61,200	-71,900	40,100	71,800	25,700	-36,100	-33,400	42,700	57,200	-33,600	-2,900	3,200	24,600	-96,500	17,800	4,800	44,900	-48,200	8,500	20,100	-3,300	0	8,300	31,100	15,600	13,100	18,700	36,200	6,800	8,400	-27,400	8,800	15,800	-15,600	13,100	29,600	1,600	-17,200