2017 Q4 Form 10-K Financial Statement

#000109980018000007 Filed on February 16, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $888.5M $821.5M $841.8M
YoY Change 15.74% 11.1% 10.87%
Cost Of Revenue $235.3M $213.3M $211.1M
YoY Change 10.37% 5.91% 4.25%
Gross Profit $653.2M $608.2M $630.7M
YoY Change 17.8% 13.05% 13.27%
Gross Profit Margin 73.52% 74.04% 74.92%
Selling, General & Admin $267.6M $244.6M $243.8M
YoY Change 14.55% 6.53% 6.56%
% of Gross Profit 40.97% 40.22% 38.66%
Research & Development $146.6M $142.9M $134.4M
YoY Change 27.59% 26.46% 19.47%
% of Gross Profit 22.44% 23.5% 21.31%
Depreciation & Amortization $21.20M $20.70M $18.90M
YoY Change 10.99% 13.74% 5.0%
% of Gross Profit 3.25% 3.4% 3.0%
Operating Expenses $414.8M $387.5M $378.2M
YoY Change 19.16% 13.11% 10.81%
Operating Profit $238.4M $214.0M $241.0M
YoY Change 15.5% 9.52% 11.83%
Interest Expense -$900.0K $100.0K $1.400M
YoY Change -25.0% -95.24% -41.67%
% of Operating Profit -0.38% 0.05% 0.58%
Other Income/Expense, Net -$1.600M -$2.800M
YoY Change 6.67% 2700.0%
Pretax Income $323.9M $211.8M $205.6M
YoY Change 61.63% 14.36% 21.66%
Income Tax $32.60M $41.70M $19.50M
% Of Pretax Income 10.06% 19.69% 9.48%
Net Earnings -$2.800M $170.1M $186.1M
YoY Change -101.77% 20.3% 47.0%
Net Earnings / Revenue -0.32% 20.71% 22.11%
Basic Earnings Per Share -$0.01 $0.81 $0.88
Diluted Earnings Per Share -$0.01 $0.79 $0.86
COMMON SHARES
Basic Shares Outstanding 211.6M shares 211.3M shares 210.5M shares
Diluted Shares Outstanding 216.2M shares 215.7M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.338B $1.403B $1.132B
YoY Change 5.22% 16.85% 6.69%
Cash & Equivalents $818.3M $630.3M $508.2M
Short-Term Investments $519.2M $772.5M $623.6M
Other Short-Term Assets $116.9M $97.40M $95.20M
YoY Change 4.56% 47.35% 16.81%
Inventory $554.9M $538.4M $491.6M
Prepaid Expenses $60.60M $52.80M $54.10M
Receivables $438.7M $475.0M $510.7M
Other Receivables $40.60M $0.00 $0.00
Total Short-Term Assets $2.549B $2.566B $2.283B
YoY Change 13.8% 18.19% 15.03%
LONG-TERM ASSETS
Property, Plant & Equipment $679.7M $649.6M $627.9M
YoY Change 17.19% 19.48% 21.64%
Goodwill $1.127B $980.5M $965.1M
YoY Change 79.92% 55.63% 53.34%
Intangibles $468.0M $414.9M $408.6M
YoY Change 128.52% 100.43% 95.78%
Long-Term Investments $4.100M $4.200M $4.400M
YoY Change -26.79% -40.85% -40.54%
Other Assets $108.9M $112.4M $116.8M
YoY Change -11.61% -9.94% -7.59%
Total Long-Term Assets $3.117B $2.922B $2.855B
YoY Change 37.32% 34.8% 38.17%
TOTAL ASSETS
Total Short-Term Assets $2.549B $2.566B $2.283B
Total Long-Term Assets $3.117B $2.922B $2.855B
Total Assets $5.666B $5.488B $5.139B
YoY Change 25.64% 26.49% 26.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $116.6M $113.4M $104.6M
YoY Change 20.08% 30.34% 25.42%
Accrued Expenses $516.1M $472.6M $368.8M
YoY Change 23.35% 14.82% 7.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $598.0M
YoY Change
Total Short-Term Liabilities $1.420B $735.2M $562.5M
YoY Change 166.67% 37.99% 17.63%
LONG-TERM LIABILITIES
Long-Term Debt $438.4M $1.034B $1.017B
YoY Change -46.69% 72.16% 68.76%
Other Long-Term Liabilities $147.1M $416.2M $420.9M
YoY Change 27.58% -19.0% -15.74%
Total Long-Term Liabilities $585.5M $1.450B $1.438B
YoY Change -37.55% 30.13% 30.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.420B $735.2M $562.5M
Total Long-Term Liabilities $585.5M $1.450B $1.438B
Total Liabilities $2.006B $2.185B $2.199B
YoY Change 36.42% 32.67% 39.15%
SHAREHOLDERS EQUITY
Retained Earnings $1.962B $1.965B $4.332B
YoY Change -49.77% -47.57% 20.12%
Common Stock $1.379B $1.341B $1.512B
YoY Change -2.23% 0.6% 19.86%
Preferred Stock
YoY Change
Treasury Stock (at cost) $252.1M $800.0K $2.746B
YoY Change -89.91% -99.96% 23.83%
Treasury Stock Shares 2.300M shares 10.00K shares 33.60M shares
Shareholders Equity $2.956B $3.163B $2.940B
YoY Change
Total Liabilities & Shareholders Equity $5.666B $5.488B $5.139B
YoY Change 25.64% 26.49% 26.83%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income -$2.800M $170.1M $186.1M
YoY Change -101.77% 20.3% 47.0%
Depreciation, Depletion And Amortization $21.20M $20.70M $18.90M
YoY Change 10.99% 13.74% 5.0%
Cash From Operating Activities $363.9M $310.8M $197.7M
YoY Change 80.95% 50.95% 3.89%
INVESTING ACTIVITIES
Capital Expenditures -$51.90M -$43.30M -$61.70M
YoY Change -17.88% -10.35% -21.1%
Acquisitions
YoY Change
Other Investing Activities $101.2M -$166.2M -$576.5M
YoY Change -29.43% -418.39% 117.63%
Cash From Investing Activities $49.30M -$209.5M -$638.2M
YoY Change -38.53% -5471.79% 86.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -229.0M 20.30M 126.8M
YoY Change -4590.2% -68.18% 300.0%
NET CHANGE
Cash From Operating Activities 363.9M 310.8M 197.7M
Cash From Investing Activities 49.30M -209.5M -638.2M
Cash From Financing Activities -229.0M 20.30M 126.8M
Net Change In Cash 184.2M 121.6M -313.7M
YoY Change -35.68% -55.56% 159.04%
FREE CASH FLOW
Cash From Operating Activities $363.9M $310.8M $197.7M
Capital Expenditures -$51.90M -$43.30M -$61.70M
Free Cash Flow $415.8M $354.1M $259.4M
YoY Change 57.32% 39.3% -3.39%

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0 USD
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3800000 USD
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3800000 USD
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384400000 USD
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0 USD
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CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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217800000 USD
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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258300000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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362200000 USD
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Charitable Contributions
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0 USD
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Charitable Contributions
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5000000 USD
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Charitable Contributions
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0 USD
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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2300000 USD
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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3600000 USD
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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3900000 USD
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CY2015 us-gaap Income Tax Reconciliation Prior Year Income Taxes
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3300000 USD
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4600000 USD
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3100000 USD
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9700000 USD
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15700000 USD
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21300000 USD
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25800000 USD
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56700000 USD
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3900000 USD
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105100000 USD
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65600000 USD
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124000000 USD
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0 USD
CY2016 us-gaap Increase Decrease In Notes Receivables
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200000 USD
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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4800000 shares
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468000000 USD
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19900000 USD
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33900000 USD
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14800000 USD
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CY2017Q4 us-gaap Long Term Debt Current
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0 USD
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CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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97500000 USD
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65700000 USD
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6200000 USD
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CY2017 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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CY2015 us-gaap Other Comprehensive Income Loss Tax
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CY2016 us-gaap Other Comprehensive Income Loss Tax
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400000 USD
CY2017 us-gaap Other Comprehensive Income Loss Tax
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500000 USD
CY2017 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2016Q4 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
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64200000 USD
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88400000 USD
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115300000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
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147100000 USD
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6200000 USD
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CY2016 us-gaap Other Nonrecurring Income Expense
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34500000 USD
CY2017 us-gaap Other Nonrecurring Income Expense
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59900000 USD
CY2016Q4 us-gaap Other Receivables
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49100000 USD
CY2017Q4 us-gaap Other Receivables
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40600000 USD
CY2015 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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0 USD
CY2016 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
CY2017 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
31000000 USD
CY2015 us-gaap Payments For Deposits On Real Estate Acquisitions
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DESCRIPTION OF BUSINESS</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Edwards Lifesciences Corporation ("Edwards Lifesciences" or the "Company") conducts operations worldwide and is managed in the following geographical regions: United States, Europe, Japan, and Rest of World. Edwards Lifesciences is focused on technologies that treat structural heart disease and critically ill patients. The products and technologies provided by Edwards Lifesciences are categorized into the following main areas: Transcatheter Heart Valve Therapy, Surgical Heart Valve Therapy, and Critical Care.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated financial statements of Edwards Lifesciences have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") which have been applied consistently in all material respects. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.</font></div></div>

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