QuidelOrtho Corp
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
QDEL$11.52-4.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Fiscal Year Ended | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| OPERATING ACTIVITIES: | |||
| Net (loss) income | $(10.1) | $548.7 | $704.2 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Depreciation and amortization | 457.2 | 283.6 | 52.7 |
| Stock-based compensation expense | 51.6 | 48.4 | 25.4 |
| Net change in operating lease right-of-use assets and liabilities | — | 18.4 | 3.0 |
| Payment of accreted interest on contingent and deferred consideration | (9.7) | (10.4) | (8.2) |
| Loss on extinguishment of debt | — | 24.0 | — |
| Unwind inventory fair value adjustment | — | 60.6 | — |
| Other non-cash, net | (13.9) | (34.8) | 31.6 |
| Changes in assets and liabilities: | |||
| Accounts receivable | 160.0 | 150.2 | 118.9 |
| Inventories | (211.6) | (116.9) | (85.0) |
| Prepaid expenses and other current and non-current assets | (26.9) | (26.2) | (13.3) |
| Accounts payable | 3.0 | 23.5 | 10.4 |
| Accrued payroll and related expenses | (53.9) | 18.2 | 5.0 |
| Income taxes payable | (59.6) | (26.8) | (66.7) |
| Other current and non-current liabilities | (5.9) | (75.2) | 27.9 |
| Net cash provided by operating activities | 280.2 | 885.3 | 805.9 |
| INVESTING ACTIVITIES | |||
| Acquisitions of property, equipment, investments and intangibles | (209.3) | (140.9) | (292.8) |
| Acquisition of businesses, net of cash and restricted cash acquired | — | (1,511.4) | — |
| Proceeds from government assistance allocated to fixed assets | 13.5 | 18.4 | 36.9 |
| Purchases of marketable securities | (60.1) | (63.7) | (67.4) |
| Proceeds from sale of marketable securities | 78.3 | 53.4 | 3.8 |
| Other payments | (10.0) | — | — |
| Net cash used for investing activities | (187.6) | (1,644.2) | (319.5) |
| FINANCING ACTIVITIES | |||
| Proceeds from issuance of common stock | 11.6 | 26.4 | 7.6 |
| Short-term borrowings, net | 1.6 | — | — |
| Proceeds from long-term borrowings, net of debt issuance costs | — | 2,734.5 | — |
| Payments on long-term borrowings and extinguishment costs | (228.0) | (2,388.3) | (0.3) |
| Payments of tax withholdings related to vesting of stock-based awards | (13.5) | (8.6) | (37.1) |
| Repurchases of common stock | (7.2) | (74.3) | (103.5) |
| Principal payments of acquisition contingent consideration | — | (4.2) | (4.7) |
| Principal payments of deferred consideration | (30.3) | (33.5) | (35.1) |
| Net cash (used for) provided by financing activities | (265.8) | 252.0 | (173.1) |
| Effect of exchange rates on cash | (1.2) | (2.0) | (0.4) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (174.4) | (508.9) | 312.9 |
| Cash, cash equivalents and restricted cash at beginning of period | 293.9 | 802.8 | 489.9 |
| Cash, cash equivalents and restricted cash at end of period | $119.5 | $293.9 | $802.8 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
| Cash paid during the period for interest | $150.0 | $95.1 | $— |
| Cash paid during the period for income taxes | $86.6 | $264.8 | $235.6 |
| Purchase of property, equipment and intangibles by incurring current liabilities | $40.6 | $40.4 | $10.5 |
| Transfer of instrument inventories to fixed assets | $154.6 | $73.7 | $— |
| Reduction of other current liabilities upon issuance of restricted share units | $1.9 | $4.6 | $2.0 |
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