Nuvasive inc (NUVA)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
Operating activities:
Consolidated net income

65,234

12,479

79,855

35,471

65,290

-17,496

6,985

2,442

-71,021

76,533

4,437

-27,528

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

135,593

129,765

121,176

102,713

65,915

65,837

63,106

51,909

36,242

36,737

29,841

23,105

Amortization of non-cash interest

21,288

20,123

20,538

22,721

17,851

16,490

15,336

14,569

-

-

-

-

Loss on repurchases of convertible notes

-

-

-

-19,085

-

-

-

-

-

-

-

-

Stock-based compensation

30,297

25,673

22,391

26,924

26,203

33,687

33,240

26,312

32,070

28,225

23,793

20,947

Impairment of intangible assets and goodwill

-

-

-

-

-

-

-

9,700

18,167

0

-

-

Reserves on current assets

18,382

14,834

5,622

11,452

9,454

1,856

7,468

5,578

-

-

-

-

Net loss on strategic investments

-4,767

-4,421

-

-

-

-

-

-

-

-

-

-

Loss on repurchase of Senior Convertible Notes, net

-

-

-

-

-

-

-

-

-332

0

-

-

Gain recognized on change in fair value of derivatives

-

-

-

-

-

-

-

-

2,387

0

-

-

Lease abandonment (reversal)

-

-

-

-

-

-

-

-

-

-

1,997

-4,403

Allowance for doubtful accounts and sales return reserves

-

-

-

-

-

-

-

-

1,345

-995

2,211

1,026

Allowance for excess and obsolete inventory, net of write-offs

-

-

-

-

-

-

-

-

6,028

1,607

2,297

-836

Accretion of contingent consideration

-

-

-

-

-

-

-

-

-

962

-

-

Other non-cash adjustments

-5,650

-22,186

-15,266

-16,928

-17,581

-13,191

-7,116

-7,283

-6,227

-3,844

3,359

179

Amortization of debt discount

-

-

-

-

-

-

-

-

6,108

0

-

-

Amortization of debt issuance costs

-

-

-

-

-

-

-

-

1,816

1,493

-

-

Purchase of in-process research and development

-

8,900

-

-

-

-

-

-

-

-

-

20,876

Deferred income taxes

5,844

-11,396

-12,838

26,292

34,757

-23,231

-11,341

4,525

-30,967

-53,664

-

-

Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable

16,407

-4,562

26,610

33,421

9,463

18,465

17,384

2,005

9,929

17,865

8,582

25,152

Inventory

54,872

38,646

35,867

22,624

25,984

21,343

21,002

11,022

17,170

18,664

23,133

32,451

Prepaid expenses and other current assets

4,622

1,280

12,681

3,875

-1,239

5,183

3,608

-12,725

14,396

2,105

-760

-274

Accounts payable and accrued liabilities

-3,253

22,035

-4,263

12,376

7,742

5,855

4,665

2,938

-3,385

11,596

5,932

5,098

Contingent consideration liabilities

-626

-300

-11,200

-

-

-

-

-

-

-

-

-

Accrued royalties

-

-

-

-

-46,092

12,410

19,106

-

-

-

-

-

Accrued payroll and related expenses

24,256

2,595

3,975

8,841

-192

7,179

3,220

5,128

2,685

-1,877

7,501

5,057

Litigation liability

-45

1,165

8,150

-88,450

-36,270

30,000

7,500

-

-101,200

0

-

-

Income taxes

3,804

2,054

3,455

23,652

39,304

-4,053

-1,968

-

-

-

-

-

Impairment of intangible assets

-

-

-

-

-

10,708

-

-

-

-

-

-

Proceeds from sales of property and equipment

-

-

-

-

40

241

-

-

-

-

-

-

Net cash provided by operating activities

235,290

219,183

176,969

158,085

88,727

115,548

97,439

130,082

62,965

65,827

46,419

-5,002

Acquisitions and investments

4,100

55,266

62,370

-

-

-

-

-

-

-

-

-

Acquisition of Ellipse Technologies, net of cash acquired

-

-

-

380,080

-

-

2,987

11,088

-

-

46,055

41,256

Other acquisitions and investments

-

-

-

108,591

1,357

500

-

-

-

-

-

-

Proceeds from other investments

-

3,584

-

-

-

-

-

-

-

-

-

-

Purchases of intangible assets

7,501

7,682

2,270

5,918

32,020

-

11,831

-

5,000

0

-

-

Cash paid for business and asset acquisitions

-

-

-

-

-

-

-

-

37,574

973

-

-

Purchases of property and equipment

122,883

101,921

110,221

88,372

75,772

58,424

47,597

41,189

53,370

45,846

32,878

39,795

Purchases of marketable securities

-

-

-

128,956

427,945

217,158

218,454

235,919

253,210

203,415

157,278

159,186

Proceeds from sales of marketable securities

-

-

-

407,032

411,471

174,816

216,299

246,504

151,966

204,439

108,308

95,926

Proceeds from sales of restricted investments

-

-

-

-

180,694

-

-

7,079

0

0

-

-

Purchases of restricted investments

-

-

-

-

62,625

3,800

-

113,281

4,536

0

-

-

Other assets

-

-

-

-

-

-

-

-

-

-

-

304

Net cash used in investing activities

-134,484

-161,285

-174,861

-304,885

-7,514

-104,825

-64,570

-147,894

-201,724

-45,795

-127,903

-144,615

Financing activities:
Purchases of treasury stock

14,478

2,928

11,860

24,734

56,929

3,782

-

-

-

-

-

-

Purchase of convertible note hedges

-

-

-

-

-

-

-

-

80,097

0

-

45,758

Principal payment of 2013 Senior Convertible Notes

-

-

-

-

-

-

74,311

-

0

-

-

-

Repurchase of 2013 Senior Convertible Notes

-

-

-

-

-

-

-

-

-154,164

0

-

-

Incremental tax benefits related to stock-based compensation awards

-

-

-

-

15,185

11,896

13,569

3,003

463

186

1,902

-

Proceeds from the issuance of common stock

6,415

8,127

9,991

9,492

12,106

23,354

8,422

4,884

6,852

14,831

12,556

11,850

Payment of contingent consideration

809

19,450

19,400

422

514

498

-

29,722

-1,800

0

-

-

Payments of other long term liabilities

-

-

-

-

-

-

-

-

-

-

-

300

Proceeds from issuance of convertible debt, net of issuance costs

-

-

-

634,140

-

-

-

-

391,445

0

-

222,442

Proceeds from sale of warrants

-

-

-

44,850

-

-

-

-

47,898

0

-

31,786

Purchase of convertible note hedge

-

-

-

111,150

-

-

-

-

-

-

-

-

Purchase of convertible note hedge

-

-

63,317

439,519

-

-

-

-

-

-

-

-

Proceeds from revolving line of credit

-

100,000

60,000

50,000

-

-

-

-

-

-

-

-

Repayments on revolving line of credit

-

100,000

60,000

50,000

-

-

-

-

-

-

-

-

Other financing activities

2,228

-327

-2,442

-1,834

-192

-693

-162

-721

-718

-7,935

-

-

Net cash provided by (used in) financing activities

-6,644

-14,578

-87,028

110,823

-30,344

30,277

-52,482

-22,556

209,879

7,082

14,458

220,020

Effect of exchange rate changes on cash

131

-1,283

2,070

-929

-917

-1,438

-861

175

-225

70

121

-

Increase (decrease) in cash, cash equivalents and restricted cash

94,293

42,037

-82,850

-36,906

49,952

39,562

-20,474

-40,193

70,895

27,184

-66,905

70,403

Supplemental disclosure of non-cash transactions:
Intangible asset purchase

-

-

-

-

-

27,389

-

-

-

-

-

-

Issuance of common stock in connection with royalty milestone achievement

-

4,719

5,131

5,761

-

3,161

-

7,560

39,248

0

-

-

Acquisition of property and equipment under capital leases

-

-

-

-

-

-

-

-

1,386

0

-

-

Landlord paid tenant improvements

-

-

-

-

-

-

-

-

-

-

-

7,309

Issuance of common stock in connection with acquisitions

-

-

-

-

-

-

-

-

-

-

64,216

-

Supplemental cash flow information:
Interest paid

16,145

17,182

15,897

13,249

11,069

11,069

12,035

12,741

9,466

5,175

5,175

2,703

Income taxes paid

5,828

5,510

1,459

-20,499

36,303

13,640

3,196

2,934

2,082

1,133

798

227