Zai Lab Limited (ZLAB) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | -11.91M | -26.02M | -32.04M | -31.02M | -61.7M | -55.77M | -26.82M | -42.17M | -90.11M | -14.92M | -55.27M | -58.7M | -69.29M | -109.29M | -126.32M | -44.9M | -87.13M | -152.99M | -160.89M | -65.85M |
| Operating CF Margin % | -11.96% | -20.39% | -27.6% | -28.21% | -57.94% | -51.13% | -26.23% | -41.96% | -103.39% | -22.66% | -79.84% | -85.24% | -110.33% | -174.59% | -219.54% | -93.2% | -186.47% | -346.37% | -373.27% | -178.28% |
| Operating CF Growth % | 80.69% | 53.34% | -19.47% | 26.44% | 31.53% | -273.86% | 51.47% | 28.16% | -30.05% | 86.35% | 56.25% | -30.74% | 20.48% | 28.56% | 21.48% | 31.81% | 48.6% | -245.09% | - | -25.48% |
| Net Income | -51.02M | -50.41M | -35.96M | -40.73M | -48.44M | -81.68M | -41.67M | -80.28M | -53.47M | -95.43M | -69.15M | -120.89M | -49.14M | -61.77M | -161.19M | -137.93M | -82.39M | -211.82M | -96.41M | -163.32M |
| Depreciation & Amortization | 3.94M | 3.92M | 3.9M | 3.73M | 3.46M | 3.03M | 2.87M | 2.94M | 3.01M | 2.46M | 1.92M | 2M | 2.66M | 2.13M | 2.23M | 1.86M | 2.01M | 1.88M | 1.64M | 1.53M |
| Stock-Based Compensation | 13.52M | 15.9M | 16.92M | 16.97M | 15.8M | 17.24M | 16.8M | 18.64M | 17.98M | 20.47M | 21.99M | 20.51M | 16.66M | 15.56M | 19.11M | 14.22M | 12.41M | 12.61M | 10.56M | 10.23M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -14.23M | 2.24M | -5.14M | -670K | 2.42M | 24.78M | -12.36M | 16.14M | -447K | 33.19M | -2.78M | 785K | -7.03M | -43.99M | 32.24M | 41.7M | 6.31M | 7.42M | -59.31M | 2.06M |
| Working Capital Changes | 35.87M | 2.33M | -11.76M | -10.34M | -34.94M | -19.14M | 7.54M | 384K | -57.18M | 24.39M | -7.25M | 7.04M | -32.43M | -21.21M | -18.71M | 35.25M | -25.47M | 36.93M | -17.36M | 83.66M |
| Change in Receivables | 57.68M | -15.49M | -4.94M | -11.41M | 1.85M | -22.17M | 8.44M | -2.29M | -10.57M | -17.22M | 3.19M | -6.01M | -2.85M | -12.15M | -3.94M | 26.73M | 13.66M | -34.26M | -2.99M | -9.34M |
| Change in Inventory | -11.21M | -18.92M | -6.02M | -8.9M | -13.2M | -507K | 2.37M | -4.78M | 6.82M | -499K | -7.78M | 59K | -6.69M | -2.15M | -8.65M | -3.11M | -1.48M | -7.42M | -1.49M | 1.24M |
| Change in Payables | 4.26M | 20.35M | -6.9M | 3.75M | 2.72M | -8.75M | 12.66M | 7.25M | -13.37M | 0 | -12.53M | 3.36M | -327K | 0 | 0 | 10.28M | -28M | 74.76M | 0 | 84.21M |
| Cash from Investing | -22.29M | -11.3M | -4.05M | -2.92M | 326.13M | -347.75M | -29.89M | -846K | 3.29M | 14.46M | -13.98M | 42.7M | -53.95M | -4.37M | 568.26M | -113.72M | -30.14M | -281.49M | -206.38M | -4.18M |
| Capital Expenditures | -1.2M | -677K | -3M | -2.88M | -1.53M | -2.6M | -1.34M | -741K | -13.01M | -222K | -1.76M | -2.35M | -3.52M | -4.41M | -6.68M | -3.75M | -9.74M | -6.38M | -6.27M | -3.96M |
| CapEx % of Revenue | 1.2% | 0.53% | 2.59% | 2.62% | 1.44% | 2.38% | 1.31% | 0.74% | 14.93% | 0.34% | 2.54% | 3.41% | 5.6% | 7.05% | 11.62% | 7.77% | 20.85% | 14.43% | 14.55% | 10.73% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -21.09M | -10.62M | -1.04M | -1.24M | -2.33M | -15.15M | -28.54M | -105K | 0 | 14.68M | 3.88M | 10M | 112K | 40K | 574.94M | 20K | -127K | -114K | -200.11M | -213K |
| Cash from Financing | 5.57M | -430K | 20.79M | 8.85M | 43.14M | 237.81M | 42.21M | 22.32M | 47.55M | 393K | -1.45M | -1.49M | -3.89M | -199K | 709K | -2.5M | 258K | -276K | -471K | 821.22M |
| Debt Issued (Net) | 7.01M | -679K | 27.09M | 647.09K | 40.99M | 19.87M | 40.93M | 22.28M | 48.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 833K | 249K | 0 | 8.46M | 0 | 217.95M | 1.28M | 0 | 0 | -77K | 0 | -2.06M | -5.08M | -429K | -312K | 0 | 0 | 1K | -2.87M | 818.87M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -77K | 0 | -2.06M | -5.08M | -429K | -312K | 0 | 0 | 0 | -2.87M | 0 |
| Other Financing | -2.27M | 0 | -6.3M | -259.12K | 2.15M | 0 | 0 | 44K | -700K | 470K | -1.45M | 565K | 1.2M | 230K | 1.02M | -2.5M | 258K | -277K | 2.4M | 2.35M |
| Net Change in Cash | -28.26M | -37.58M | -15.11M | -24.99M | 307.6M | -166.42M | -13.96M | -20.73M | -39.37M | 666K | -70.35M | -19.9M | -128.43M | -111.01M | 438.66M | -166.14M | -117.14M | -434.34M | -368.07M | 753.15M |
| Free Cash Flow | -34.2M | -27.32M | -36.13M | -31.58M | -65.57M | -73.52M | -56.71M | -43.05M | -103.11M | -15.14M | -57.06M | -61.05M | -72.8M | -113.7M | -133.01M | -48.6M | -97.02M | -159.48M | -167.16M | -70.03M |
| FCF Margin % | -34.34% | -21.41% | -31.12% | -28.71% | -61.57% | -67.41% | -55.45% | -42.83% | -118.32% | -23% | -82.42% | -88.65% | -115.93% | -181.63% | -231.16% | -100.88% | -207.65% | -361.06% | -387.81% | -189.59% |
| FCF Growth % | 47.84% | 62.84% | 36.29% | 26.65% | 36.41% | -385.65% | 0.61% | 29.49% | -41.63% | 86.69% | 57.1% | -25.62% | 24.96% | 28.7% | 20.43% | 30.6% | 43.39% | -220.25% | - | -32.24% |
| FCF per Share | -0.31 | -0.25 | -0.33 | -0.29 | -0.61 | -0.72 | -5.81 | -4.41 | -10.60 | -1.56 | -5.89 | -6.33 | -7.57 | -11.84 | -13.87 | -5.07 | -10.15 | -16.71 | -17.59 | -7.53 |
| FCF Conversion (FCF/Net Income) | 0.23x | 0.52x | 0.89x | 0.76x | 1.27x | 0.68x | 0.64x | 0.53x | 1.69x | 0.16x | 0.80x | 0.49x | 1.41x | 1.77x | 0.78x | 0.33x | 1.06x | 0.72x | 1.67x | 0.40x |
| Interest Paid | 0 | -2.41M | 1.31M | 0 | 1.1M | 852K | 673K | 451K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |