West Pharmaceutical Services, Inc.

NYSE-WST

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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	491.7	492.7	593.4	585.9	661.8	346.2	241.7	206.9	150.7	143.6	95.6
Net Income
Depreciation & Amortization	165.1	155.4	137.3	120.6	122.3	109.1	103.4	104.4	96.7	90.7	89.9
Depreciation
Amortization
Share-Based Compensation Expense	21.4	18.7	23.3	23.7	37.5	34	24.4	15.1	16.1	19.5	29.6
Stock-Based Compensation
Other Adjustments	10.4	-16.3	42.9	8.8	-39.5	-6.5	12.1	-9.5	41.2	24.3	8.1
Gain from Discontinued Operations, Net of Tax
Loss on Debt Extinguishment
Non-Cash Restructuring Charges
Pension Curtailment Gain
Pension Settlement Charge
Venezuela Deconsolidation
Contingent Consideration Payments in Excess of Acquisition-Date Liability
Pension Settlement Charges
Fixed Asset Impairments and Sale of Equipment, Net
Asset Impairments
Deferred Income Taxes
Pension and Other Retirement Plans, Net
Equity in Undistributed Earnings of Affiliates, Net of Dividends
Other Non-Cash Items, Net
Changes in Trade Receivables	—	-58.8	4	-35.6	-123.5	-46.6	-33.3	-43.8	-39.7	-23.3	-14.1
Change in Accounts Receivable
Changes in Inventories	—	42	-13.5	-49.8	-86.5	-73.7	-18.6	-7	-3.6	-21.2	-11.4
Change in Inventories
Changes in Accounts Payable	—	2.9	4.4	-2.8	16.8	36.6	25.3	0.4	12.6	6.1	17.2
Change in Accounts Payable
Changes in Other Operating Activities	18.7	16.8	-15.3	73.2	-4.9	73.4	12.2	22.1	-10.7	-20.3	-2.5
Change in Other Current Assets
Changes in Other Assets and Liabilities
Net Cash Provided by Operating Activities
Changes in Assets and Liabilities
Cash from Operating Activities	693.8	653.4	776.5	724	584	472.5	367.2	288.6	263.3	219.4	212.4
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	-314.7	-377	-362	-284.6	-253.4	-174.4	-126.4	-104.7	-130.8	-170.2	-131.6
Capital Expenditures
Purchases of Intangible Assets	—	—	—	—	—	—	—	—	—	—	—
Purchase of Intangibles
Purchases of Investments	—	—	—	—	—	—	-85.1	—	—	-8.4	-1.5
Purchases of Short-Term Investments
Purchase of Investment in Affiliated Companies
Proceeds from Sale of Investments	—	—	—	—	—	—	—	—	—	—	—
Sales and Maturities of Short-Term Investments
Proceeds from Sale of Investment
Payments for Business Acquisitions	—	—	—	—	-2.2	—	-18.9	—	—	—	—
Acquisition of Business
Other Investing Activities	—	-1.7	-6.7	-3.6	2.5	-5.1	2.4	3.9	-2.8	2.8	3.6
Redemptions of Investments, Net
Cash Related to Deconsolidated Venezuelan Subsidiary
Other, Net
Net Cash Provided by Investing Activities
Cash from Investing Activities	-314.6	-378.7	-368.7	-288.2	-253.1	-179.5	-228	-100.8	-133.6	-175.8	-129.5
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 Short-Term Debt	—	—	—	—	—	—	108.5	—	—	—	71.4
Borrowings Under Revolving Credit Agreements
Repayments of Short-Term Debt	—	—	—	—	—	—	-136.3	—	—	—	-71.4
Repayments Under Revolving Credit Agreements
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—	-27.8	—	—	—	—
Issuance of Long-Term Debt	—	164.7	—	—	—	—	90	—	—	—	—
Borrowings of Long-Term Debt
Repayments of Long-Term Debt	-0.9	-192.3	-2.4	-44.3	-2.2	-2.3	-0.1	-0.1	-34.9	-69.8	-27.4
Repayments of Long-Term Debt
Principal Repayments on Finance Leases
Net Issuance / (Repayments) of Long-Term Debt	-0.9	-27.6	-2.4	-44.3	-2.2	-2.3	89.9	-0.1	-34.9	-69.8	-27.4
Issuance of Common Shares	16.7	32.7	51	28.2	37.1	34.7	32.7	32.3	40.1	47.9	25
Proceeds from Exercise of Stock Options and Stock Appreciation Rights
Proceeds from Stock-Based Compensation Awards
Employee Stock Purchase Plan Contributions
Excess Tax Benefits from Employee Stock Plans
Repurchases of Common Shares	-4.1	-566.6	-451.2	-222.2	-151.9	-121.4	-85.3	-70.8	-74.4	-55.9	-5.6
Shares Purchased Under Share Repurchase Programs
Shares Repurchased for Employee Tax Withholdings
Net Issuance / (Repurchases) of Common Shares	12.7	-533.9	-400.2	-194	-114.8	-86.7	-52.6	-38.5	-34.3	-8	19.4
Common Share Dividends Paid	-60.7	-59.1	-57	-54.1	-51.1	-48.1	-45.1	-42.1	-39.1	-35.8	-32.4
Dividend Payments
Other Financing Activities	—	-2	—	-1.2	—	—	-1.2	—	-0.7	-0.3	-1.1
Repayments Under Revolving Credit Agreements, Net
Payment of Fees Under Revolving Credit Agreements
Changes in Other Debt, Including Overdrafts
Acquisition of Noncontrolling Interest
Debt Issuance Costs
Excise Tax Payments
Contingent Consideration Payments Up to Amount of Acquisition-Date Liability
Cash from Financing Activities	-242.3	-622.6	-459.6	-293.6	-168.1	-137.1	-36.8	-80.7	-109	-113.9	-41.5
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	379.1	276.4	414.5	439.4	330.6	298.1	240.8	183.9	132.5	49.2	80.8
NOPAT	466.2	465.3	557.6	610.2	644.6	333.4	236.6	199	143.7	139.3	98.6
Levered Free Cash Flow	359.8	305.2	341.9	398.2	453.9	314.9	299.7	222	80	-41.1	15
Unlevered Free Cash Flow	335.3	305.4	308.5	466.8	438.9	304.4	232.5	214.2	107.9	24.4	60.2
Net Change in Cash	136.9	-347.9	-51.8	142.2	162.8	155.9	102.4	107.1	20.7	-70.3	41.4