2023 Q1 Form 10-K Financial Statement

#000109980023000005 Filed on February 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $1.460B $1.348B $5.382B
YoY Change 8.83% 1.4% 2.86%
Cost Of Revenue $329.5M $257.9M $1.080B
YoY Change 10.09% -16.67% -13.49%
Gross Profit $1.130B $1.090B $4.302B
YoY Change 8.47% 6.88% 7.99%
Gross Profit Margin 77.43% 80.87% 79.93%
Selling, General & Admin $436.3M $411.0M $1.568B
YoY Change 17.82% -3.07% 4.95%
% of Gross Profit 38.61% 37.69% 36.44%
Research & Development $261.2M $232.2M $945.2M
YoY Change 14.26% -0.26% 4.66%
% of Gross Profit 23.11% 21.29% 21.97%
Depreciation & Amortization $35.20M $35.40M $139.6M
YoY Change 1.44% 7.27% 3.56%
% of Gross Profit 3.11% 3.25% 3.25%
Operating Expenses $697.5M $643.7M $2.477B
YoY Change 16.46% 0.78% 3.35%
Operating Profit $388.4M $446.7M $1.825B
YoY Change -11.49% 17.09% 7.97%
Interest Expense $8.600M $7.900M $16.30M
YoY Change -315.0% 393.75% -11.41%
% of Operating Profit 2.21% 1.77% 0.89%
Other Income/Expense, Net $1.600M $3.600M $2.600M
YoY Change -148.48% 1100.0% -79.53%
Pretax Income $398.6M $459.3M $1.767B
YoY Change -8.6% 22.06% 3.84%
Income Tax $58.10M $60.90M $245.5M
% Of Pretax Income 14.58% 13.26% 13.89%
Net Earnings $340.5M $398.4M $1.522B
YoY Change -8.86% 18.82% 1.25%
Net Earnings / Revenue 23.33% 29.55% 28.28%
Basic Earnings Per Share $0.56 $2.46
Diluted Earnings Per Share $0.56 $646.5K $2.438M
COMMON SHARES
Basic Shares Outstanding 608.3M shares 618.3M shares 619.0M shares
Diluted Shares Outstanding 610.9M shares 624.2M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.254B $1.215B $1.215B
YoY Change -16.16% -17.15% -17.15%
Cash & Equivalents $872.5M $769.0M $769.0M
Short-Term Investments $381.7M $446.3M $446.3M
Other Short-Term Assets $190.3M $305.9M $305.9M
YoY Change -18.85% 29.02% -5.09%
Inventory $914.3M $875.5M $875.5M
Prepaid Expenses $119.1M $110.0M
Receivables $717.7M $643.0M $643.0M
Other Receivables $61.60M $56.10M $56.10M
Total Short-Term Assets $3.257B $3.096B $3.096B
YoY Change 0.49% -2.67% -2.67%
LONG-TERM ASSETS
Property, Plant & Equipment $1.646B $1.725B $1.725B
YoY Change 6.04% 11.54% 5.27%
Goodwill $1.308B $1.164B
YoY Change 12.18% -0.31%
Intangibles $446.8M $285.2M
YoY Change 38.76% -11.87%
Long-Term Investments $24.20M $1.239B $1.239B
YoY Change 214.29% 14650.0% -32.45%
Other Assets $293.6M $783.1M $783.1M
YoY Change 126.89% 606.77% 119.05%
Total Long-Term Assets $5.394B $5.197B $5.197B
YoY Change 4.16% -2.35% -2.35%
TOTAL ASSETS
Total Short-Term Assets $3.257B $3.096B $3.096B
Total Long-Term Assets $5.394B $5.197B $5.197B
Total Assets $8.651B $8.293B $8.293B
YoY Change 2.75% -2.47% -2.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $180.8M $996.9M $996.9M
YoY Change 13.85% 387.48% 387.48%
Accrued Expenses $727.9M $25.50M $25.50M
YoY Change 18.18% -96.43% -96.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.082B $1.022B $1.022B
YoY Change 13.91% -0.96% -0.96%
LONG-TERM LIABILITIES
Long-Term Debt $596.5M $596.3M $596.3M
YoY Change 0.1% 0.1% 0.1%
Other Long-Term Liabilities $260.1M $599.6M $599.6M
YoY Change 0.15% 124.32% -23.1%
Total Long-Term Liabilities $856.6M $1.196B $1.196B
YoY Change 0.12% 38.57% -13.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.082B $1.022B $1.022B
Total Long-Term Liabilities $856.6M $1.196B $1.196B
Total Liabilities $2.589B $2.486B $2.486B
YoY Change 0.55% -6.78% -6.78%
SHAREHOLDERS EQUITY
Retained Earnings $7.931B $7.590B
YoY Change 23.11% 25.08%
Common Stock $2.696B $2.616B
YoY Change 11.78% 11.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.978B $5.807B $5.807B
YoY Change
Total Liabilities & Shareholders Equity $8.651B $8.293B $8.293B
YoY Change 2.75% -2.47% -2.47%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $340.5M $398.4M $1.522B
YoY Change -8.86% 18.82% 1.25%
Depreciation, Depletion And Amortization $35.20M $35.40M $139.6M
YoY Change 1.44% 7.27% 3.56%
Cash From Operating Activities $314.1M $282.8M $1.218B
YoY Change 7.09% -24.3% -29.67%
INVESTING ACTIVITIES
Capital Expenditures $61.50M $89.10M $244.6M
YoY Change -15.41% -194.99% -24.92%
Acquisitions
YoY Change
Other Investing Activities $15.00M $183.8M $28.80M
YoY Change 188.46% -121.08% -35.14%
Cash From Investing Activities $500.0K $94.70M $252.3M
YoY Change -99.78% -109.8% -114.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$206.6M -838.4M -$1.585B
YoY Change -43.87% 1252.26% 344.71%
NET CHANGE
Cash From Operating Activities $314.1M 282.8M $1.218B
Cash From Investing Activities $500.0K 94.70M $252.3M
Cash From Financing Activities -$206.6M -838.4M -$1.585B
Net Change In Cash $103.8M -460.9M -$94.80M
YoY Change -38.18% -29.56% -71.51%
FREE CASH FLOW
Cash From Operating Activities $314.1M $282.8M $1.218B
Capital Expenditures $61.50M $89.10M $244.6M
Free Cash Flow $252.6M $193.7M $973.6M
YoY Change 14.51% -58.56% -30.77%

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DESCRIPTION OF BUSINESSEdwards 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 Aortic Valve Replacement, Transcatheter Mitral and Tricuspid Therapies, Surgical Structural Heart, and Critical Care.
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Use of EstimatesThe 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.
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CY2021Q4 us-gaap Inventory Net
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29700000 usd
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1111400000 usd
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60000000.0 usd
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1632500000 usd
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11900000 usd
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2021Q4 us-gaap Equity Securities Fv Ni
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CY2021Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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8800000 usd
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CY2021Q4 us-gaap Goodwill
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CY2022 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2022Q4 us-gaap Goodwill
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CY2022 ew Effective Income Tax Rate Reconciliation Contingent Consideration Liability
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7500000 usd
CY2021 ew Effective Income Tax Rate Reconciliation Contingent Consideration Liability
EffectiveIncomeTaxRateReconciliationContingentConsiderationLiability
26100000 usd
CY2020 ew Effective Income Tax Rate Reconciliation Contingent Consideration Liability
EffectiveIncomeTaxRateReconciliationContingentConsiderationLiability
-2900000 usd
CY2022 ew Effective Income Tax Rate Reconciliation Deduction Sharebased Compensation Cost Amount
EffectiveIncomeTaxRateReconciliationDeductionSharebasedCompensationCostAmount
31600000 usd
CY2021 ew Effective Income Tax Rate Reconciliation Deduction Sharebased Compensation Cost Amount
EffectiveIncomeTaxRateReconciliationDeductionSharebasedCompensationCostAmount
47800000 usd
CY2020 ew Effective Income Tax Rate Reconciliation Deduction Sharebased Compensation Cost Amount
EffectiveIncomeTaxRateReconciliationDeductionSharebasedCompensationCostAmount
48300000 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
5800000 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
5300000 usd
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
4200000 usd
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
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2500000 usd
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
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10000000.0 usd
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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475300000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
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358400000 usd
CY2022Q4 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
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182100000 usd
CY2021Q4 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
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135100000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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293200000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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223300000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
358400000 usd
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
281800000 usd
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
203100000 usd
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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120600000 usd
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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82100000 usd
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
86400000 usd
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
3800000 usd
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
2300000 usd
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
6000000.0 usd
CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
600000 usd
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
4800000 usd
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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10000000.0 usd
CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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400000 usd
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
300000 usd
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
3700000 usd
CY2022 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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6500000 usd
CY2021 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
2700000 usd
CY2020 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
475300000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
358400000 usd
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
281800000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
29100000 usd
CY2022Q4 ew Unrecognized Tax Benefits Accrued Interest Tax Benefit
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15400000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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19500000 usd
CY2021Q4 ew Unrecognized Tax Benefits Accrued Interest Tax Benefit
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8100000 usd
CY2022 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
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9600000 usd
CY2021 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
5200000 usd
CY2020 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
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5000000 usd
CY2021 us-gaap Income Tax Examination Estimate Of Possible Loss
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210000000 usd
CY2022 ew Loss Contingency Claims That If Settled Could Have A Material Adverse Impact Number
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1 lawsuit
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1000000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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5382400000 usd
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5232500000 usd
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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4386300000 usd
CY2020 us-gaap Other Nonrecurring Income Expense
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CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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13600000 usd
CY2022 us-gaap Operating Income Loss
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1748500000 usd
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1690300000 usd
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897600000 usd
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1767400000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1702000000 usd
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916700000 usd
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5382400000 usd
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5232500000 usd
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4386300000 usd
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5382400000 usd
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5232500000 usd
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4386300000 usd
CY2022Q4 us-gaap Noncurrent Assets
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1725100000 usd
CY2021Q4 us-gaap Noncurrent Assets
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1748900000 usd
CY2020Q4 us-gaap Noncurrent Assets
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1608400000 usd

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