Emergent biosolutions inc. (EBS)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows provided by operating activities:
Net Loss

-12,500

46,900

43,200

-9,600

-26,000

-3,500

21,000

50,100

-4,900

33,948

33,551

4,616

10,485

37,416

21,340

-10,947

3,991

33,347

36,942

14,101

-21,520

30,116

21,832

5,029

-20,236

15,217

13,491

10,356

-8,805

15,002

5,620

5,543

-8,022

26,900

-137

12,523

-23,173

Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation expense

6,600

5,700

6,100

8,100

6,800

6,500

5,000

4,400

7,300

3,395

3,787

3,734

4,284

3,973

4,582

4,748

5,197

4,046

4,012

3,992

3,798

3,375

3,439

3,365

2,650

2,779

2,741

2,742

2,976

2,698

2,992

2,713

2,712

2,828

2,761

2,709

2,441

Depreciation and amortization

28,200

27,900

27,700

28,500

26,600

25,100

12,400

12,400

12,300

12,701

9,802

9,931

10,166

10,045

10,385

8,930

8,840

9,476

8,561

8,766

8,532

8,167

8,992

8,459

6,835

5,411

5,175

4,209

4,163

3,518

2,770

2,536

2,373

2,429

2,412

2,279

2,235

Amortization of deferred financing costs

700

800

700

800

700

900

0

-100

100

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-4,200

4,600

-4,400

10,100

-11,400

-4,200

4,300

13,000

-4,500

-15,318

13,667

652

4,299

386

4,267

-2,417

2,964

-12,440

15,274

7,891

-7,261

14,676

7,016

2,853

-8,052

9,191

4,802

4,381

-4,516

-5,296

4,599

-2,864

6,944

8,251

8,808

250

2,879

Change in fair value of contingent consideration, net

600

12,400

6,900

3,800

1,700

1,200

200

700

1,000

6,450

917

233

200

-9,547

-2,188

88

847

299

-11,649

-808

1,559

-83

1,586

1,218

412

-

-

0

0

0

0

0

-3,005

-1,104

-83

827

581

Non-cash development expenses from joint venture

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1

-1

-537

190

507

-469

2,420

1,212

1,027

915

798

2,550

Write off of debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,831

0

0

0

0

-

-

-

-

-

-

-

-

Impairment of intangible assets (including IPR&D)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

9,600

0

0

0

0

Impairment and abandonment of long-lived assets

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-225

383

16,228

-5,786

19,283

-15,243

1,827

5,414

421

387

609

4,570

1,150

192

149

1,608

106

175

189

1,118

3,106

-284

1,747

39

Other

0

900

2,200

-3,000

100

1,300

-300

-1,100

-100

-497

-239

-377

-87

1,467

-1,692

-846

71

-468

350

-136

-17

-743

-42

-46

-453

-70

9

16

-6

1

-16

36

19

-332

-17

-30

-13

Changes in operating assets and liabilities:
Accounts receivable

-108,200

-10,400

63,200

97,000

-141,600

160,700

-112,700

68,000

-21,800

14,211

26,749

-25,599

-10,561

67,435

8,898

-105,140

51,207

62,602

-39,135

35,659

5,225

14,701

-33,832

15,316

-17,590

30,494

-24,276

-8,595

-33,079

78,896

-29,668

3,163

-30,501

25,168

1,768

35,287

-27,350

Inventories

25,600

-7,700

-1,700

20,900

5,200

19,000

-13,700

-15,800

12,400

-987

-1,640

-203

-3,270

-7,183

-3,555

31,002

-11,264

25,658

-33,430

2,574

16,460

500

-3,497

-5,238

4,006

-1,682

-2,257

-3,566

6,987

-3,084

2,237

-1,311

2,658

-3,318

717

-4,901

9,441

Income taxes

-

-

-

-

-

-

-

-

-

-25,615

5,515

0

0

-

-

-

-

28,199

-39,447

4,580

12,160

264

-737

1,431

3,753

252

-1,072

81

7,918

-9,652

-566

-8,991

11,154

-17,182

7,352

-6,830

15,238

Prepaid expenses and other assets

15,300

-9,100

-8,400

28,300

16,600

-8,200

6,800

1,600

7,700

1,543

2,433

2,062

-2,338

-1,046

1,433

7,268

-5,555

-3,329

3,475

-2,714

249

-2,373

10,278

1,123

-556

2,694

1,798

1,488

246

-506

2,432

-445

-443

-528

1,269

-478

-923

Accounts payable

-15,600

14,000

-40,100

38,400

4,200

-1,300

-1,300

-8,000

3,600

13,135

-1,280

4,164

81

-13,495

-12,592

10,902

385

2,847

-160

960

1,102

1,897

-819

356

-10,713

1,071

4,577

-2,003

-4,196

3,769

3,573

-5,080

-1,988

2,788

865

-407

-736

Accrued expenses

1,100

-20,300

-1,700

5,200

1,700

-14,100

-3,100

3,400

2,200

3,934

2,052

-2,424

-1,962

2,299

1,834

-1,488

-2,045

2,105

-2,217

1,798

-1,641

1,659

1,670

-2,190

1,546

247

379

-640

21

-132

-187

499

-11

99

-197

36

-33

Accrued compensation

-14,900

6,600

11,100

7,800

-21,300

4,500

12,500

4,800

-13,400

5,202

8,292

1,009

-11,203

2,352

4,814

3,311

-8,277

4,368

3,785

5,410

-10,883

4,747

3,694

4,818

-8,720

6,256

2,966

3,852

-10,982

6,439

2,110

3,995

-10,895

6,047

810

365

-10,525

The provision charged to earnings in the period related to chargebacks obligations.

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-171

552

-278

288

-43

-171

-82

607

-592

125

159

0

0

0

0

-

-

-

-

-

-

-

-

Contract liabilities

500

-3,100

2,700

14,300

2,100

-3,000

3,100

6,600

-6,500

994

-3,029

7,970

9,065

5,948

-2,355

-867

1,874

-189

1,295

2,354

14

-570

4,662

-19

-1,227

-252

40

41

197

237

70

1,217

-1,075

-5,720

-1,170

-1,463

-2,510

Net cash provided by operating activities:

57,800

122,100

-3,100

-35,800

104,800

-165,800

174,000

34,600

-1,000

77,486

34,941

54,002

41,671

-12,651

27,076

-1,996

42,171

1,128

104,759

2,503

-65,873

51,821

78,923

10,819

-29,245

8,641

60,125

32,828

-4,626

-39,019

46,484

18,338

13,840

36,931

4,662

-6,685

-22,723

Cash flows used in investing activities:
Purchases of property, plant and equipment and other

24,200

36,100

15,300

14,100

21,400

20,800

26,100

13,600

11,600

12,419

12,776

9,301

20,304

19,957

16,997

21,032

18,214

11,181

13,950

10,599

9,082

16,052

5,221

4,810

4,590

7,601

20,297

6,444

7,679

12,902

10,022

8,592

22,329

19,873

17,358

8,363

8,432

Proceeds from maturity of investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,966

500

1,500

2,250

0

Purchase of investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,033

-49

960

4,309

Business acquisitions, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,212

0

0

178,167

25,873

0

0

0

-

-

-

-

-

-

-

-

Proceeds from sale of assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11,765

0

0

0

0

Net cash used in investing activities:

-24,200

-36,100

-15,300

-24,100

-21,400

-848,500

-26,100

-11,000

-11,600

-207,519

-12,776

-9,301

-20,304

-19,957

-16,997

-21,032

-18,214

-11,831

-13,950

-10,599

-9,082

-17,264

-5,221

-4,810

-182,757

-9,354

-44,417

-6,444

-7,679

-12,902

-10,022

-8,592

-8,598

-18,340

-15,809

-7,073

-12,741

Cash flows used in financing activities:
Proceeds from revolving credit facility

0

0

0

100,000

30,000

348,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on revolving credit facility

20,000

-

15,000

0

80,000

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on term loan facility

2,800

2,900

2,800

2,800

2,800

2,800

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from convertible debenture, net of bank fees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-66

0

0

241,654

0

0

0

0

-

-

-

-

-

-

-

-

Proceeds from long-term debt obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,000

62,000

0

0

0

601

1,533

1,792

9,621

-

-

-

0

Proceeds from issuance of common stock upon exercise of stock options

9,100

2,500

1,100

3,700

900

4,500

2,900

3,800

4,700

8,501

6,194

1,648

2,957

2,119

457

10,929

3,595

10,059

2,740

6,818

6,344

3,422

687

1,832

8,137

4,343

1,572

429

504

266

94

159

242

1,190

141

4,497

4,198

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-225

383

4,656

5,786

3,279

761

1,827

5,414

421

387

609

4,570

1,150

192

149

1,608

106

175

189

1,118

3,106

-284

1,747

39

Taxes paid on behalf of employees for equity activity

5,600

800

300

300

6,000

300

300

100

5,900

116

125

44

4,015

-3,490

98

115

4,377

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on long-term indebtedness

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

62,000

59,422

1,117

1,118

1,117

841

716

467

8,203

563

6,808

7,281

842

Payment of notes payable to Aptevo

-

-

-

-

-

-

-

-

-

0

0

0

20,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contingent consideration payments

700

46,700

2,700

500

500

1,200

900

500

800

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

The cash outflow for contingent value rights.

-

-

-

-

-

-

-

-

-

-

339

837

1,568

174

255

219

752

266

425

4,240

762

-112

672

532

487

348

0

0

0

0

0

0

1,748

-

-

-

-

Receipts and payments of restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

220

-3

0

0

0

Purchase of treasury stock

-

-

-

-

-

0

0

0

100

33,017

0

2

81

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contingent value right payment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Net cash used in financing activities:

-20,000

-57,900

-19,700

100,100

-58,400

785,900

1,700

3,200

-2,100

-32,719

3,261

765

-22,707

5,210

-44,513

15,251

4,252

14,914

3,076

6,405

10,996

3,689

402

1,909

192,874

7,510

647

-540

995

-4,317

-371

1,673

1,250

-46

14,347

-1,037

3,395

Effect of exchange rate changes on cash, cash equivalents and restricted cash

100

500

-100

0

0

-

-

-

-

74

-62

-9

-3

-39

-29

157

11

-134

-8

17

-25

4

15

-3

5

-20

-37

161

-118

3

-33

-1

32

10

52

-36

-25

Net increase in cash, cash equivalents and restricted cash

13,700

28,600

-38,200

40,200

25,000

-228,000

149,100

26,700

-14,700

-162,678

25,364

45,457

-1,343

-27,437

-34,463

-7,620

28,220

4,077

93,877

-1,674

-63,984

38,250

74,119

7,915

-19,123

6,777

16,318

26,005

-11,428

-56,235

36,058

11,418

6,524

18,555

3,252

-14,831

-32,094

Supplemental disclosure of cash flow information:
Cash paid during the period for interest

7,400

-

-

-

8,900

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash paid during the period for income taxes

3,600

-

-

-

5,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental information on non-cash investing and financing activities:
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end

7,300

-

-

-

7,100

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-