Nuvasive inc (NUVA)
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'11Dec'10Sep'10Jun'10Mar'10
Operating activities:
Consolidated net income

5,298

29,876

11,010

14,962

9,386

12,157

15,923

11,531

-27,132

23,041

33,096

11,735

11,983

6,011

3,495

29,790

-3,825

11,103

12,750

10,040

31,397

7,293

-1,987

-4,269

-18,533

5,837

7,280

-6,728

596

-2,776

2,139

2,610

469

-10,346

-67,675

5,022

1,978

61,533

8,104

6,190

706

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

34,972

34,348

33,631

33,560

34,054

33,356

32,258

32,061

32,090

32,254

30,234

29,178

29,510

28,948

27,436

25,105

21,224

16,909

16,376

16,579

16,051

19,316

15,478

15,680

15,363

16,817

15,948

15,760

14,581

13,672

12,924

13,226

12,087

11,395

8,959

8,107

7,781

-

-

-

8,104

Amortization of non-cash interest

7,143

5,435

5,359

5,284

5,210

5,137

5,066

4,995

4,925

4,862

4,794

5,513

5,369

5,815

5,963

5,831

5,112

4,596

4,506

4,418

4,331

4,246

4,163

4,081

4,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment of strategic investment

-

-

-

-

-

-

-

-3

9,003

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on repurchases of convertible notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,641

0

0

-17,444

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation

-2,858

9,850

7,829

6,901

5,717

3,611

11,068

6,860

4,134

7,407

-427

8,394

7,017

7,279

7,288

7,865

4,492

5,633

7,077

5,882

7,611

8,908

8,230

8,785

7,764

9,238

8,454

8,761

6,787

5,912

5,434

8,345

6,621

8,281

8,118

7,725

7,946

6,921

7,321

7,549

6,434

Reserves on current assets

5,232

6,843

3,272

4,482

3,785

3,718

1,672

5,364

4,080

3,877

1,681

2,062

-1,998

2,425

2,276

2,589

4,162

2,222

3,149

3,450

633

-2,206

1,679

1,017

1,366

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net loss on strategic investments

-1,411

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Valuation Allowances and Reserves, Period Increase (Decrease)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-866

-1,755

-28

-

-

-

-

-

-

-

-

-

-

-

-

Allowance for doubtful accounts and sales return reserves

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-806

959

663

84

732

523

6

44

-32

-350

-657

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

725

75

1,200

1,386

2,301

2,125

216

-75

776

170

736

Accretion of contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

397

-

-

-

-

-

-

-

-

Other non-cash adjustments

-5,403

3,083

-4,404

-1,157

-3,172

-5,626

-4,427

-7,677

-4,456

-4,237

-3,649

-4,367

-3,013

-5,559

-2,982

-4,896

-3,491

-4,454

-2,458

-4,497

-6,172

-1,874

-7,203

-2,453

-1,661

-3,235

294

-2,765

-1,410

-2,281

-1,461

-2,095

-1,446

-9,772

5,583

-616

-1,422

-6,448

5,195

-4,045

1,454

Amortization of Financing Costs and Discounts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,844

3,769

3,800

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt discount

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,202

3,145

3,088

-

-

-

-

-

-

-

-

Amortization of debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

474

461

451

-772

1,832

383

373

-

-

-

-

Deferred income taxes

9,105

-3,966

4,089

4,174

1,547

-1,458

-3,345

6,078

-12,671

-8,561

-1,200

-4,517

1,440

1,482

10,119

17,321

-2,630

-2,290

17,051

8,981

11,015

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-22,409

7,762

-2,957

13,222

-1,620

4,060

-7,770

16,081

-16,933

14,162

-3,375

17,542

-1,719

30,383

-5,577

15,554

-6,939

11,626

-1,526

5,294

-5,931

12,946

-3,084

7,409

1,194

9,131

-190

6,824

1,619

10,426

-7,750

1,522

-2,193

13,081

-8,503

6,293

-942

6,400

2,951

5,414

3,100

Inventory

21,135

9,301

13,715

12,564

19,292

5,155

13,876

7,489

12,126

-794

7,244

15,617

13,800

201

10,404

2,570

9,449

6,216

34,949

-3,814

-11,367

-5,847

6,260

9,187

11,743

4,253

3,069

9,582

4,098

-3,200

3,255

7,465

3,502

37,103

-32,079

5,488

6,658

8,621

5,785

3,021

1,237

Prepaid expenses and other current assets

2,042

2,123

-312

1,412

1,399

233

-1,094

404

1,737

12,850

-2,712

-71

2,614

418

4,185

575

-1,303

1,273

-1,330

-738

-444

3,346

-1,002

32

2,807

770

1,116

793

929

857

-1,397

-1,226

-10,959

15,457

-1,852

40

751

-1,773

2,481

-173

1,570

Accounts payable and accrued liabilities

-5,271

-10,631

-1,923

11,550

-2,249

635

12,469

7,352

1,579

1,711

-10,842

4,318

550

6,522

-8,530

4,363

10,021

-1,086

1,987

-10,587

17,428

-5,630

-1,514

-4,952

17,951

-13,250

9,085

-1,543

10,373

-6,542

578

1,068

7,834

-3,889

2,804

-6,259

3,959

5,280

2,188

-652

4,780

Accrued royalties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

907

113

347

-47,459

-40

5,258

3,901

3,291

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued payroll and related expenses

-45,927

20,148

7,807

11,116

-14,815

12,161

-3,208

12,135

-18,493

3,730

2,304

10,662

-12,721

10,511

2,686

4,863

-9,219

4,888

3,290

1,793

-10,163

7,028

4,624

2,595

-7,068

5,044

4,061

938

-6,823

5,397

1,704

2,193

-4,166

2,101

2,581

673

-2,670

4,096

-399

938

-6,512

Litigation liability

-

-

-

-

-

999

-1,984

-27,890

30,040

-

-

-

-

-

-

-

-

-937

-40,128

-2,935

7,730

60,000

0

0

-30,000

0

7,500

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Income taxes

-8,515

6,392

-1,460

1,133

-2,261

1,946

161

-1,347

1,294

4,650

-11,367

11,470

-1,298

30,430

3,756

-2,207

-8,327

-13,435

14,073

24,935

13,731

3,845

7,213

1,640

-16,751

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities

5,225

74,705

67,154

68,956

24,475

68,694

73,271

40,843

36,375

58,140

51,765

38,894

28,170

62,065

-4,193

42,821

57,392

40,719

12,825

9,160

26,023

19,064

48,173

25,011

23,300

27,306

37,749

8,278

24,106

30,596

33,727

26,019

39,740

9,549

25,722

13,150

14,544

21,905

18,461

16,323

9,138

Acquisitions and investments

-

-

-

-

-

2,711

474

287

51,794

-1

47,954

11,917

2,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition of Ellipse Technologies, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-594

380,674

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other acquisitions and investments

-

-

-

-

-

-

-

-

-

-

-

-

-

441

100,071

0

8,079

0

0

0

1,357

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of intangible assets

2,490

0

674

0

6,827

0

0

5,025

2,657

0

575

446

1,249

0

0

4,891

1,027

3,431

0

1,200

27,389

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-3,000

8,000

-

-

-

-

Cash paid for business and asset acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

300

2,688

5,031

-

1,921

4,250

3,667

-

-

-

-

-

-

-

-

Purchases of property and equipment

28,116

28,453

29,045

31,456

33,929

23,516

25,017

24,279

29,109

13,191

28,340

34,145

34,545

14,490

21,316

34,287

18,279

15,867

11,929

17,282

30,694

12,732

13,132

19,170

13,390

9,579

11,809

17,009

9,200

5,483

11,776

9,363

14,567

13,935

11,491

17,944

10,000

9,224

14,563

13,657

8,402

Purchases of marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

92,860

36,096

107,768

190,628

58,420

71,129

39,308

48,770

82,954

46,126

54,116

27,350

88,072

48,916

43,160

81,844

110,915

0

9,001

189,892

28,299

26,018

53,370

55,030

49,490

45,525

Proceeds from sales of marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

0

67,712

85,885

253,435

138,805

108,519

58,353

105,794

32,765

38,401

67,393

36,257

32,543

38,742

76,393

68,621

53,469

48,608

59,596

84,831

27,761

10,646

42,374

71,185

62,126

54,285

34,012

54,016

Purchases of restricted investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

30,009

32,616

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-30,606

-28,453

-29,719

-35,556

-40,756

-22,643

-25,491

-29,591

-83,560

-13,190

-76,869

-46,508

-38,294

-14,931

-53,675

-45,559

-190,720

11,739

52,887

-14,749

-57,391

-23,275

-23,501

-34,790

-23,259

-37,951

-717

-31,376

5,474

10,705

-47,138

-178,058

66,597

-31,650

-191,671

-5,570

27,167

-782

-15,967

-29,135

89

Financing activities:
Purchases of treasury stock

78,818

1,135

1,641

3,525

8,177

111

595

67

2,155

151

865

488

10,356

293

1,892

9,950

12,599

4,397

8,595

12,993

30,944

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payment of 2013 Senior Convertible Notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

74,311

-

0

0

0

-

-

-

-

-

-

-

-

Incremental tax benefits related to stock-based compensation awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

5,257

1,836

8,092

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-932

8,599

-8,363

882

Proceeds from the issuance of common stock

-

-

-

-

-

2,564

251

4,976

336

4,474

148

4,959

410

2,824

518

5,706

444

3,066

680

6,957

1,403

8,013

1,148

5,444

8,749

4,930

369

3,087

36

1,701

89

2,780

314

2,391

127

3,909

425

2,063

805

5,335

6,628

Payment of contingent consideration

346

0

0

-626

1,435

750

9,800

0

8,900

-

-

-

-

-

-

-

-

0

0

0

514

0

0

0

498

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of convertible debt, net of issuance costs

437,686

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

634,140

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of warrants

47,070

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

44,850

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of convertible note hedge

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

111,150

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of convertible note hedge

78,300

-

-

-

-

-

-

-

-

-

-

-

-

95,684

0

0

343,835

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from revolving line of credit

-

-

-

-

-

0

0

35,000

65,000

-

-

-

-

0

0

0

50,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments on revolving line of credit

-

-

-

-

-

5,000

32,000

53,000

10,000

-

-

-

-

0

0

0

50,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other financing activities

-1,233

-55

514

213

1,556

-91

-90

-5

-141

-126

-111

-2,024

-181

-133

-156

-103

-1,442

-61

-44

-42

-45

-25

-24

-48

-596

-90

-98

-74

100

-853

-110

166

76

-369

208

152

-709

-213

-9,091

5,777

-4,408

Net cash provided by (used in) financing activities

326,059

1,337

-1,127

1,202

-8,056

-3,388

-42,234

-13,096

44,140

-36,403

-44,145

3,647

-10,127

-93,708

-1,530

-4,347

210,408

-1,392

-2,702

-4,242

-22,008

16,766

504

5,352

7,655

13,162

4,257

4,274

-74,175

-25,871

-21

2,946

390

-35,304

-117,943

363,410

-284

918

313

2,749

3,102

Effect of exchange rate changes on cash

-1,736

1,145

-1,285

383

-112

66

-512

-1,819

982

103

518

691

758

-1,811

134

62

686

-55

-319

-26

-517

-825

-980

111

256

-308

447

-768

-232

138

7

69

-39

-46

-249

-7

77

-34

270

-88

-78

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

298,942

48,734

35,023

34,985

-24,449

42,729

5,034

-3,663

-2,063

8,650

-68,731

-3,276

-19,493

-48,385

-59,264

-7,023

77,766

51,011

62,691

-9,857

-53,893

11,730

24,196

-4,316

7,952

2,209

41,736

-19,592

-44,827

15,568

-13,425

-149,024

106,688

-57,451

-284,141

370,983

41,504

22,007

3,077

-10,151

12,251

Supplemental disclosure of non-cash transactions:
Issuance of common stock in connection with royalty milestone achievement

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

7,560

-

-

-

-

-

-

-

-