WEST PHARMACEUTICAL SERVICES, INC. WST Cash Flow

West pharmaceutical services, inc. (WST)
CashFlow / TTM

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
260,600	241,700	229,800	228,700	218,700	206,900	154,900	150,700	133,400	150,700	189,800	176,400	182,400	143,600	137,900	101,800	84,800	95,600	93,600	123,100	132,900	127,100	119,300	115,100	107,700	112,300	109,800	97,800	83,200	80,700	78,400	80,600	85,100	75,500	62,700	63,400	65,100	65,300	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
100,000	100,000	100,200	101,300	100,900	101,700	100,500	99,500	97,400	94,300	92,100	89,800	89,100	88,100	88,400	87,700	86,700	86,100	84,500	84,300	85,200	84,800	85,000	84,500	82,200	81,000	79,100	76,700	74,700	72,800	70,800	69,800	70,300	71,100	72,300	72,100	70,500	68,800	0	0	0
Amortization
3,900	3,400	3,200	3,000	2,600	2,700	2,500	2,300	2,400	2,400	2,500	2,700	2,600	2,600	2,800	3,000	3,500	3,800	4,100	5,000	5,000	5,200	5,100	4,400	4,300	4,200	4,200	4,000	4,100	4,100	4,300	4,500	4,500	4,600	4,500	4,500	4,500	4,400	0	0	0
Loss on debt extinguishment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-200	-200	-200	-11,800	-11,600	0	0	0	-	-	-	-	-	-	-	-
Stock-based compensation
23,600	24,400	19,200	19,100	17,900	15,100	17,200	16,500	16,000	16,100	19,000	19,000	18,400	19,500	19,300	18,300	28,900	29,600	30,500	30,500	19,600	18,600	18,100	19,700	20,100	21,200	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Pension settlement charge
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash restructuring charges
2,000	2,300	3,000	2,200	2,400	2,200	1,500	1,100	800	700	1,600	2,500	2,500	17,500	15,900	15,000	15,000	0	0	0	0	-	-	-	-	-	-	-	-	6,200	0	0	0	-	-	-	-	-	-	-	-
Contingent consideration payments in excess of acquisition-date liability
400	500	400	400	600	600	500	500	200	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets/liabilities, net of acquisitions:
Other non-cash items, net
-6,100	-9,600	-31,700	-30,400	-30,200	-28,300	11,800	10,800	10,500	11,000	17,400	24,800	20,100	17,900	-51,500	-51,900	-60,200	-100	11,800	-2,200	10,800	-7,100	9,000	15,700	-9,900	-15,300	-31,900	-43,400	-18,200	-19,700	4,600	11,400	12,400	7,800	0	0	0	-	-	-	0
Changes in assets and liabilities
0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0
Net cash provided by operating activities
376,700	367,200	334,000	314,300	291,200	288,600	296,900	284,300	287,600	263,300	253,600	246,200	237,100	219,400	215,600	216,000	217,300	212,400	190,400	185,500	172,200	182,900	205,700	195,100	210,400	220,500	221,500	219,800	192,500	187,400	159,400	147,500	135,000	130,700	136,100	144,400	136,300	138,300	0	0	0
Cash flows from investing activities:
Capital expenditures
129,700	126,400	118,800	113,600	105,500	104,700	104,200	112,000	121,300	130,800	148,800	163,200	168,700	170,200	167,500	148,500	140,200	131,600	113,900	112,800	110,600	111,900	123,600	124,300	121,900	151,900	146,000	145,700	160,600	131,300	131,800	127,000	108,400	95,400	83,300	76,300	72,800	71,100	0	0	0
Acquisition of patents and other long-term assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,000	1,400	0	0	0	-	-	0	0
Sales and maturities of short-term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16,800	17,600	13,700	14,500	19,100	31,800	32,000	50,400	45,600	0	0	0	-	-	-	-	-	-	-	-
Purchases of short-term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9,300	10,200	14,700	18,000	14,200	17,200	14,000	32,000	31,200	0	0	0	-	-	-	-	-	-	-	-
Acquisition of businesses, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,700	0	0	0
Sales of investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	28,900	20,700	19,200	8,900	0	0	0
Other, net
-2,500	-2,400	-1,700	-1,600	-4,700	-3,900	-2,600	-2,900	300	-3,200	-3,900	-4,400	-5,200	-2,800	-4,400	-3,800	-4,200	-3,600	-2,700	-1,900	-600	-1,100	-3,500	-4,200	-1,500	-1,000	1,600	1,700	-1,100	-1,600	-1,600	-1,600	-1,900	-1,900	-1,500	-2,300	-2,100	-1,800	0	0	0
Net cash used in investing activities
-231,200	-228,000	-136,000	-130,900	-100,800	-100,800	-101,600	-109,100	-127,600	-133,600	-150,900	-164,800	-171,900	-175,800	-173,000	-154,600	-137,500	-129,500	-111,900	-103,100	-99,000	-104,000	-116,600	-125,000	-127,800	-149,900	-133,700	-130,100	-141,800	-116,000	-129,600	-136,100	-123,300	-120,500	-102,800	-89,600	-83,400	-74,000	0	0	0
Cash flows from financing activities:
Borrowings under revolving credit agreements
80,500	108,500	28,000	28,000	28,000	0	0	0	0	-	-	-	-	-	-	-	65,100	71,400	98,400	124,100	144,400	263,400	265,300	297,300	299,000	292,700	343,300	548,000	658,000	568,300	651,700	386,000	216,700	193,400	0	0	0	-	-	-	0
Repayments under revolving credit agreements
0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	70,400	71,400	98,400	134,100	191,100	283,400	312,100	332,300	328,600	311,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of long-term debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	43,200	43,400	211,400	211,400	168,100	0	0	0	-	-	-	-	-	-	-	-
Repayments of Long-term Debt
0	-	-	-	0	-	-	-	-	34,900	2,400	2,400	2,400	69,800	69,900	94,800	94,800	27,400	27,300	2,400	2,300	2,300	2,300	2,300	2,200	30,500	29,900	79,500	244,700	215,900	0	0	0	-	-	-	-	-	-	-	-
Issuance of long-term debt
400	1,200	900	900	800	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in other debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,800	-1,100	-1,100	-1,100	0	0	0
Dividend payments
45,800	45,100	44,400	43,600	42,800	42,100	41,400	40,700	40,000	39,100	38,300	37,400	36,600	35,800	34,900	34,100	33,200	32,400	31,600	30,800	29,900	29,100	28,200	27,700	27,300	26,700	26,300	25,800	25,300	24,900	24,400	24,000	23,900	23,200	22,800	22,400	21,800	21,700	0	0	0
Contingent consideration payments up to amount of acquisition-date liability
-	-	-	-	-	-	-	-	-	-700	-700	-500	-400	-300	-100	0	0	-100	-200	-300	-500	-300	-300	-200	0	-100	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from stock-based compensation awards
28,100	25,100	27,200	37,100	30,400	27,400	25,400	12,700	17,900	35,700	40,100	35,700	31,400	25,900	24,800	24,200	18,700	12,700	13,500	17,300	18,500	14,300	17,100	16,200	18,600	21,700	18,800	16,500	13,400	8,700	3,700	2,900	4,000	3,900	6,000	5,200	2,500	3,700	0	0	0
Employee stock purchase plan contributions
0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-
Excess tax benefit from employee stock plans
-	-	-	-	-	-	-	-	-	-	-	-	-	18,200	18,800	18,700	17,200	9,100	6,600	7,700	8,100	7,900	9,400	10,900	9,900	8,300	7,000	3,900	5,700	4,900	2,600	2,500	2,600	3,500	3,300	3,200	1,300	2,100	0	0	0
Shares purchased under share repurchase programs
115,500	83,100	83,100	83,100	106,000	70,800	118,300	118,300	95,400	74,400	52,300	61,900	70,000	52,200	26,800	17,200	9,100	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	3,600	3,500	2,200	2,100	0	0	0
Shares repurchased for employee tax withholdings
-	-	-	-	-	-	-	-	-	-	3,800	3,800	3,800	3,700	3,700	3,700	3,600	5,600	5,600	5,600	5,700	4,100	4,100	4,100	6,400	5,200	7,700	7,700	7,000	4,700	0	0	0	-	-	-	-	-	-	-	-
Net cash used in financing activities
-66,600	-36,800	-96,000	-85,500	-114,300	-80,700	-159,000	-172,100	-144,100	-109,000	-48,900	-60,900	-70,600	-113,900	-89,100	-104,500	-107,800	-41,500	-41,700	-21,300	-55,800	-30,800	-52,500	-39,400	-34,400	-5,100	-11,100	-6,500	27,900	-3,400	-2,000	-3,600	-600	-24,700	-11,200	-21,500	-28,000	-34,000	0	0	0
Effect of exchange rates on cash
-9,100	-700	-3,300	3,300	-10,400	-5,600	-8,300	-4,200	14,500	12,200	9,600	3,400	-3,300	-1,300	-4,400	-6,200	-1,000	-22,100	-26,800	-35,800	-40,300	-22,800	-11,500	5,400	6,800	2,600	1,800	400	-3,800	2,100	-3,800	-11,200	-5,500	-3,900	0	9,600	3,800	-3,200	0	0	0
Net decrease in cash and cash equivalents
69,800	101,700	98,700	101,200	65,700	101,500	28,000	-1,100	30,400	32,900	63,400	23,900	-8,700	-71,600	-50,900	-49,300	-29,000	19,300	10,000	25,300	-22,900	25,300	25,100	36,100	55,000	68,100	78,500	83,600	74,800	70,100	24,000	-3,400	5,600	-18,400	22,100	42,900	28,700	27,100	0	0	0