| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows provided by operating activities: | ||||||||||
Net Loss | ||||||||||
54,500 | 62,700 | 82,600 | 51,800 | 62,870 | 36,741 | 30,259 | 18,143 | 16,113 | 47,184 | 26,545 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||
Share-based compensation expense | ||||||||||
26,700 | 23,200 | 15,200 | 18,500 | 15,848 | 12,829 | 11,238 | 11,115 | 10,739 | 7,063 | 5,007 |
Impairment of IPR&D intangible asset | ||||||||||
12,000 | 0 | 0 | - | - | - | - | - | - | - | - |
Depreciation and amortization | ||||||||||
110,700 | 62,200 | 42,600 | 38,200 | 35,335 | 32,453 | 18,958 | 11,197 | 9,355 | 5,990 | 4,999 |
Amortization of deferred financing costs | ||||||||||
3,000 | 900 | 1,700 | - | - | - | - | - | - | - | - |
Deferred income taxes | ||||||||||
-1,100 | 8,600 | 3,300 | 5,200 | 3,464 | 16,493 | 13,858 | 3,383 | 20,188 | 9,229 | 5,752 |
Change in fair value of contingent consideration, net | ||||||||||
24,800 | 3,100 | 7,800 | -10,800 | -10,599 | 3,133 | 735 | -3,005 | 221 | 0 | 0 |
Non-cash development expenses from joint venture | ||||||||||
- | - | - | - | - | - | -347 | 3,670 | 5,290 | 5,995 | 7,215 |
Write off of debt issuance costs | ||||||||||
- | - | - | - | - | 1,831 | 0 | 0 | - | - | - |
Impairment of intangible assets (including IPR&D) | ||||||||||
- | - | - | - | 9,827 | 0 | 0 | 9,600 | 0 | 0 | - |
Impairment and abandonment of long-lived assets | ||||||||||
- | - | - | 5,600 | 1,147 | 0 | 1,172 | 0 | 976 | 1,218 | 7,328 |
Bad debt expense | ||||||||||
- | - | - | - | 3,481 | 0 | 0 | - | - | - | - |
Provision for impairment of accrued interest on note receivable | ||||||||||
- | - | - | - | - | - | - | - | - | 1,032 | 0 |
Excess tax benefits from stock-based compensation | ||||||||||
- | - | - | 10,600 | 11,281 | 5,987 | 3,099 | 1,588 | 4,608 | 2,609 | 1,852 |
Other | ||||||||||
200 | -200 | -1,200 | -1,000 | -271 | -1,284 | -51 | 40 | -392 | 38 | -61 |
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | ||||||||||
8,200 | 94,200 | 4,800 | 22,400 | 64,351 | -21,405 | -35,456 | 21,890 | 34,873 | -19,094 | 30,017 |
Inventories | ||||||||||
16,700 | 1,900 | -6,100 | 9,000 | 11,262 | -4,229 | -518 | 500 | 1,939 | -799 | -6,207 |
Income taxes | ||||||||||
11,700 | 5,100 | -20,100 | 3,400 | 5,492 | 4,711 | 7,179 | -8,055 | -1,422 | 4,454 | 1,673 |
Prepaid expenses and other assets | ||||||||||
27,400 | 7,900 | 3,700 | 2,100 | -2,319 | 8,472 | 6,226 | 1,038 | -660 | 764 | 1,435 |
Accounts payable | ||||||||||
16,500 | -7,000 | 16,100 | -14,800 | 4,749 | -9,279 | -551 | 274 | 2,510 | 3,392 | -1,547 |
Accrued expenses | ||||||||||
-15,100 | -11,600 | 1,600 | 600 | 45 | 2,685 | 7 | 169 | -95 | -447 | -109 |
Accrued compensation | ||||||||||
4,200 | 8,400 | 3,300 | 2,200 | 2,680 | 4,539 | 2,092 | 1,649 | -3,303 | 6,175 | 3,395 |
The provision charged to earnings in the period related to chargebacks obligations. | ||||||||||
- | - | - | - | -8 | 299 | 0 | 0 | - | - | - |
Contract liabilities | ||||||||||
16,000 | 200 | 15,000 | 4,600 | 3,474 | 2,846 | 26 | 449 | -10,863 | -838 | -6 |
Net cash provided by operating activities: | ||||||||||
188,000 | 41,800 | 208,100 | 54,600 | 42,517 | 112,318 | 96,968 | 39,643 | 12,185 | 98,021 | 29,870 |
Cash flows used in investing activities: | ||||||||||
Purchases of property, plant and equipment and other | ||||||||||
86,900 | 72,100 | 54,800 | 76,200 | 44,812 | 30,673 | 42,021 | 53,845 | 54,026 | 22,101 | 33,287 |
Milestone payment from asset acquisition | ||||||||||
10,000 | 0 | 0 | - | - | - | - | - | - | - | - |
Asset acquisitions | ||||||||||
0 | 0 | 77,600 | 0 | - | - | - | - | - | - | - |
Proceeds from maturity of investments | ||||||||||
- | - | - | - | - | - | - | 1,966 | 4,250 | 6,518 | 0 |
Purchase of investments | ||||||||||
- | - | - | - | - | - | - | - | 4,187 | 0 | 0 |
Business acquisitions, net of cash acquired | ||||||||||
0 | 827,700 | 117,500 | 0 | 650 | 179,379 | 25,873 | 0 | 0 | 17,873 | 0 |
Proceeds from sale of assets | ||||||||||
0 | 2,600 | 0 | 0 | - | - | - | 11,765 | 0 | 0 | - |
Repayment of note receivable | ||||||||||
- | - | - | - | - | - | - | - | - | 10,000 | 0 |
Net cash used in investing activities: | ||||||||||
-96,900 | -897,200 | -249,900 | -76,200 | -45,462 | -210,052 | -67,894 | -40,114 | -53,963 | -23,456 | -33,287 |
Cash flows used in financing activities: | ||||||||||
Proceeds from term loan facility | ||||||||||
0 | 450,000 | 0 | - | - | - | - | - | - | - | - |
Principal payments on revolving credit facility | ||||||||||
105,000 | 0 | 0 | - | - | - | - | - | - | - | - |
Proceeds from revolving credit facility | ||||||||||
130,000 | 348,000 | 0 | - | - | - | - | - | - | - | - |
Principal payments on term loan facility | ||||||||||
11,300 | 2,800 | 0 | - | - | - | - | - | - | - | - |
Proceeds from convertible debenture, net of bank fees | ||||||||||
- | - | - | - | - | 241,588 | 0 | 0 | - | - | - |
Proceeds from long-term debt obligations | ||||||||||
- | - | - | 0 | 2,000 | 1,000 | 62,000 | 13,547 | 27,522 | 15,000 | 57,183 |
Proceeds from issuance of common stock upon exercise of stock options | ||||||||||
8,200 | 15,900 | 19,300 | 17,100 | 25,961 | 14,078 | 6,848 | 761 | 10,026 | 7,235 | 4,464 |
Excess tax benefits from stock-based compensation | ||||||||||
- | - | - | 10,600 | 11,281 | 5,987 | 3,099 | 1,588 | 4,608 | 2,609 | 1,852 |
Debt issuance costs | ||||||||||
0 | 13,400 | 1,400 | 0 | 0 | - | - | - | - | - | - |
Taxes paid on behalf of employees for equity activity | ||||||||||
7,400 | 6,600 | 4,300 | 1,100 | -1,942 | - | - | - | - | - | - |
Principal payments on long-term indebtedness | ||||||||||
- | - | - | 0 | - | 62,000 | 62,774 | 10,227 | 15,494 | 33,291 | 48,648 |
Payment of notes payable to Aptevo | ||||||||||
0 | 0 | 20,000 | 0 | 0 | - | - | - | - | - | - |
Contingent consideration payments | ||||||||||
50,400 | 3,400 | 10,900 | - | - | - | - | - | - | - | - |
Amount of cash outflow associated with the distribution of Aptevo common stock. | ||||||||||
- | - | - | 45,000 | 0 | 0 | - | - | - | - | - |
The cash outflow for contingent value rights. | ||||||||||
- | - | - | 1,400 | 5,693 | 1,579 | 348 | 1,748 | 10,000 | 0 | - |
Receipts and payments of restricted cash | ||||||||||
0 | 1,100 | -1,000 | 0 | 0 | - | - | 220 | -3 | -2 | -7 |
Purchase of treasury stock | ||||||||||
0 | 100 | 33,100 | 0 | 100 | 200 | 213 | 5,906 | 0 | 0 | - |
Contingent value right payment | ||||||||||
- | - | - | - | - | - | - | - | - | - | 0 |
Net cash used in financing activities: | ||||||||||
-35,900 | 788,700 | -51,400 | -19,800 | 35,391 | 198,874 | 8,612 | -1,765 | 16,659 | -8,449 | 14,844 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||||||||||
400 | -200 | 0 | 100 | -150 | 21 | -14 | 1 | 1 | -21 | 24 |
Net increase in cash, cash equivalents and restricted cash | ||||||||||
55,600 | -66,900 | -93,200 | -41,300 | 32,296 | 101,161 | 37,672 | -2,235 | -25,118 | 66,095 | 11,451 |
Supplemental disclosure of cash flow information: | ||||||||||
Cash paid during the period for interest | ||||||||||
34,500 | 10,200 | 8,400 | 8,200 | 7,751 | 3,761 | 2,055 | 2,137 | 1,740 | 2,176 | 1,627 |
Cash paid during the period for income taxes | ||||||||||
30,800 | 14,000 | 12,000 | 10,100 | 28,271 | 4,711 | 6,331 | 6,537 | 4,280 | 22,440 | 15,155 |
Supplemental information on non-cash investing and financing activities: | ||||||||||
Supplemental information on non-cash investing and financing activities: | ||||||||||
Issuance of common stock to acquire Adapt Pharma | ||||||||||
0 | 37,700 | 0 | 0 | - | - | - | - | - | 61,203 | 0 |
Purchases of property, plant and equipment unpaid at period end | ||||||||||
12,300 | 14,700 | 4,600 | 13,500 | 4,379 | 5,394 | 2,755 | 5,612 | 13,509 | 3,519 | 2,749 |