Edwards Lifesciences Corporation

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	1,362.5	4,169.7	1,399.4	1,521.9	1,503.1	823.4	1,046.9	722.2	583.6	569.5	494.9
Net Income
Depreciation & Amortization	156.5	155.2	144.9	139.6	134.8	107.2	89.3	77.4	81.9	71.2	65.8
Depreciation and Amortization
Stock Based Compensation	150.6	162.3	139.4	126.8	109.3	92.6	81.3	71	61.6	56.9	49.9
Stock-Based Compensation
Other Adjustments	-118.2	-3,685.6	-261.6	-148.7	-160.4	-11.1	166.2	98.8	39.4	-58.2	-125.1
Non-Cash Operating Lease Cost
Excess Tax Benefit from Stock Plans
Inventory Write Off
Gain on Sale of Business
Gain (Loss) on Investments, Net
Deferred Income Taxes
Purchased in-Process Research and Development
Gain on Remeasurement of Previously Held Interest Upon Acquisition
Impairment Charges
Gain (Loss) on Trading Securities
Change in Fair Value of Contingent Consideration Liabilities
Other
Changes in Trade Receivables	50.5	121.2	-141.2	-84.1	-91.1	41.9	-88	-28.7	-27.8	-60.4	-38.3
Accounts and Other Receivables, Net
Accounts Receivable Securitization
Changes in Inventories	-11.5	-256.1	-289	-213.4	19	-120.6	-105.4	-65.7	-124	-65.6	-67.7
Inventories
Changes in Accounts Payable	223.3	89.5	146	-21.4	195.2	-84.5	116.5	12.5	93.8	77.7	29.4
Accounts Payable and Accrued Liabilities
Changes in Accrued Expenses	-74.2	-36.8	-33	-45	-29.2	270.5	-180	180	—	—	—
Litigation Settlement Accrual
Intellectual Property Agreement Accrual
Changes in Income Taxes Payable	-687.9	-186.7	-5.8	-5.6	62	-52.9	43.2	-157.8	293.7	105.1	134.5
Income Taxes
Changes in Other Operating Activities	-71.3	9.6	-203.3	-51.9	-10.6	-12.2	12.9	17	-1.5	8.2	6.3
Long-Term Prepaid Royalties
Other
Prepaid Expenses and Other Current Assets
Other
Cash from Operating Activities	1,016.8	542.3	895.8	1,218.2	1,732.1	1,054.3	1,182.9	926.7	1,000.7	704.4	549.7
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-212.6	-252.4	-253	-244.6	-325.8	-407	-254.4	-238.7	-168.1	-176.1	-102.7
Capital Expenditures
Purchases of Intangible Assets	—	-30	-13.3	-20.2	-4	-0.3	-24	-3	-7.4	-41.3	-3.8
Investments in Intangible Assets
Purchases of Investments	-2,699.1	-945.8	-75.5	-669.3	-1,879.3	-851.7	-568.1	-459.3	-1,334.7	-1,082.5	-1,323.1
Purchases of Short-Term Investments
Investments in Unconsolidated Affiliates
Purchases of Held-to-Maturity Investments
Purchases of Available-for-Sale Investments
Investments in Trading Securities, Net
Proceeds from Sale of Investments	2,431.7	857.6	715.8	1,359.1	529.2	777	409.9	801.3	1,103.4	1,087	1,442.7
Proceeds from Short-Term Investments
Proceeds from Trading Securities, Net
Proceeds from Unconsolidated Affiliates
Proceeds from Held-to-Maturity Investments
Proceeds from Available-for-Sale Investments
Proceeds from Investments
Payments for Business Acquisitions	—	-1,061.8	-95.2	—	—	—	-100.2	—	-192.9	—	-331.6
Business Combinations, Net of Cash
Proceeds from Business Divestments	—	3,927.4	—	—	—	—	—	—	—	—	—
Proceeds from Sale of Business
Other Investing Activities	-255.3	-182.1	-105	-172.7	-42.6	-49.1	-59	-23.6	-47.5	1.2	2.4
Deposit of Cash in Escrow
Transfer to Short-Term Investments
Payment for Acquisition Options
Issuances of Notes Receivable
Collections of Notes Receivable
Other
Cash from Investing Activities	-1,091.3	2,312.9	173.8	252.3	-1,722.5	-531.1	-595.8	76.7	-647.2	-211.7	-316.1
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	—	—	—	—	5.2	16.2	18.9	688	994.7	253.5	31.4
Proceeds from Issuance of Debt
Repayments of Long-Term Debt	—	—	—	—	-7	-17	-28.9	-1,125.3	-818.4	-31.4	-29.5
Payments on Debt and Finance Lease Obligations
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	—	-1.8	-0.8	-10	-437.3	176.3	222.1	1.9
Issuance of Common Shares	170.4	179.5	169.9	146.4	158.6	140.5	160.5	147	113.8	103.3	87.2
Proceeds from Stock Plans
Repurchases of Common Shares	-877.9	-1,159.4	-879.6	-1,727.1	-512.8	-625.4	-263.3	-795.5	-763.3	-662.3	-280.1
Purchases of Treasury Stock
Equity Forward Contract Related to Accelerated Share Repurchase Agreement
Net Issuance / (Repurchases) of Common Shares	-707.5	-979.9	-709.7	-1,580.7	-354.2	-484.9	-102.8	-648.5	-649.5	-559	-192.9
Other Financing Activities	-0.6	-3.1	-1.3	-3.8	-0.3	-1.2	-2.8	-15.4	—	68.4	32.4
Payment of Contingent Consideration
Excess Tax Benefit from Stock Plans
Other
Cash from Financing Activities	-916.8	-983	-711	-1,584.5	-356.3	-486.9	-115.6	-1,101.2	-473.2	-268.5	-158.6
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	804.2	289.9	642.8	973.6	1,406.3	647.3	928.5	688	832.6	528.3	447
NOPAT	1,211.9	1,243.2	1,163.6	1,305.6	1,492.8	806.2	1,029.2	709.7	614.3	579.8	505.5
Levered Free Cash Flow	690.2	3,696.9	909.2	1,079.6	1,546.7	523.1	759	109.6	935.7	812.1	562.4
Unlevered Free Cash Flow	534.2	765.5	670.4	863.3	1,538.2	506.7	751.3	534.4	790.1	600.3	571.1
Net Change in Cash	-991.3	1,872.2	358.6	-114	-346.7	36.3	471.5	-97.8	-119.7	224.2	75