Ireland (State or Other Jurisdiction of Incorporation) | 000-28508 (Commission File Number) | 98-1341933 (I.R.S. Employer Identification No.) | ||||
Block 10-1 Blanchardstown Corporate Park, Ballycoolin Dublin 15, Ireland (Address of Principal Executive Offices) | Not Applicable (Zip Code) |
99.1 | Press release dated August 8, 2017, issued by Avadel Pharmaceuticals plc * | |
99.1 | Press release dated August 8, 2017, issued by Avadel Pharmaceuticals plc* | |
• | Total revenues for the second quarter 2017 were $46.3 million, compared to $38.9 million in the second quarter 2016. |
• | GAAP net income for the second quarter of 2017 was $28.9 million, or $0.68 per diluted share, compared to GAAP net loss of $20.0 million, or $0.48 per diluted share, in the second quarter of 2016. |
• | Adjusted net income for the second quarter of 2017 was $8.2 million, or $0.19 per diluted share, compared to an adjusted net loss of $1.0 million, or $0.02 per diluted share, in the second quarter of 2016. (1) |
• | Cash and marketable securities at June 30, 2017 were $173.8 million, up from $154.2 million at December 31, 2016. |
• | Cash used for share repurchases totaled $13.1 million for the six months ended June 30, 2017. |
Contacts: | Michael F. Kanan |
Chief Financial Officer | |
Phone: (636) 449-1844 | |
Email: mkanan@avadel.com | |
Lauren Stival | |
Sr. Director, Investor Relations & Corporate Communications | |
Phone: (636) 449-5866 | |
Email: lstival@avadel.com |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues: | ||||||||||||||||
Product sales and services | $ | 47,105 | $ | 38,165 | $ | 98,862 | $ | 73,518 | ||||||||
License and research revenue | (794 | ) | 693 | (44 | ) | 1,556 | ||||||||||
Total | 46,311 | 38,858 | 98,818 | 75,074 | ||||||||||||
Operating expenses: | ||||||||||||||||
Cost of products and services sold | 4,561 | 3,907 | 8,463 | 7,813 | ||||||||||||
Research and development expenses | 6,792 | 7,604 | 13,998 | 12,992 | ||||||||||||
Selling, general and administrative expenses | 12,429 | 11,290 | 24,241 | 20,751 | ||||||||||||
Intangible asset amortization | 564 | 3,702 | 1,128 | 7,216 | ||||||||||||
Changes in fair value of related party contingent consideration | (13,230 | ) | 23,898 | (20,201 | ) | 32,141 | ||||||||||
Restructuring costs | 1,069 | — | 3,722 | — | ||||||||||||
Total operating expenses | 12,185 | 50,401 | 31,351 | 80,913 | ||||||||||||
Operating income (loss) | 34,126 | (11,543 | ) | 67,467 | (5,839 | ) | ||||||||||
Investment income, net | 527 | 390 | 1,579 | 590 | ||||||||||||
Interest expense, net | (263 | ) | (263 | ) | (526 | ) | (438 | ) | ||||||||
Other income (expense) - changes in fair value of related party payable | 1,670 | (2,773 | ) | 2,220 | (4,307 | ) | ||||||||||
Foreign exchange gain (loss) | 237 | 1,680 | 6 | (1,261 | ) | |||||||||||
Income (loss) before income taxes | 36,297 | (12,509 | ) | 70,746 | (11,255 | ) | ||||||||||
Income tax provision | 7,370 | 7,449 | 15,909 | 14,761 | ||||||||||||
Net income (loss) | $ | 28,927 | $ | (19,958 | ) | $ | 54,837 | $ | (26,016 | ) | ||||||
Net income (loss) per share - basic | $ | 0.70 | $ | (0.48 | ) | $ | 1.33 | $ | (0.63 | ) | ||||||
Net income (loss) per share - diluted | 0.68 | (0.48 | ) | 1.29 | (0.63 | ) | ||||||||||
Weighted average number of shares outstanding - basic | 41,091 | 41,241 | 41,233 | 41,241 | ||||||||||||
Weighted average number of shares outstanding - diluted | 42,487 | 41,241 | 42,625 | 41,241 |
June 30, 2017 | December 31, 2016 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 43,507 | $ | 39,215 | ||||
Marketable securities | 130,290 | 114,980 | ||||||
Accounts receivable | 19,285 | 17,839 | ||||||
Inventories | 5,747 | 3,258 | ||||||
Prepaid expenses and other current assets | 5,522 | 5,894 | ||||||
Total current assets | 204,351 | 181,186 | ||||||
Property and equipment, net | 3,328 | 3,320 | ||||||
Goodwill | 18,491 | 18,491 | ||||||
Intangible assets, net | 21,709 | 22,837 | ||||||
Research and development tax credit receivable | 3,039 | 1,775 | ||||||
Income tax deferred charge | — | 10,342 | ||||||
Other | 8,242 | 7,531 | ||||||
Total assets | $ | 259,160 | $ | 245,482 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Current portion of long-term debt | $ | 291 | $ | 268 | ||||
Current portion of long-term related party payable | 40,615 | 34,177 | ||||||
Accounts payable | 12,321 | 7,105 | ||||||
Deferred revenue | 2,455 | 2,223 | ||||||
Accrued expenses | 30,339 | 17,222 | ||||||
Income taxes | 1,455 | 1,200 | ||||||
Other | 1,233 | 226 | ||||||
Total current liabilities | 88,709 | 62,421 | ||||||
Long-term debt, less current portion | 594 | 547 | ||||||
Long-term related party payable, less current portion | 86,844 | 135,170 | ||||||
Other | 6,285 | 5,275 | ||||||
Total liabilities | 182,432 | 203,413 | ||||||
Shareholders' equity: | ||||||||
Preferred shares, $0.01 nominal value; 50,000 shares authorized; none issued or outstanding at June 30, 2017 and December 31, 2016, respectively | — | — | ||||||
Ordinary shares, nominal value of $0.01; 500,000 shares authorized; 41,435 and 41,371 issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 414 | 414 | ||||||
Treasury shares, at cost, 1,351 and 0 shares held at June 30, 2017 and December 31, 2016, respectively | (14,338 | ) | — | |||||
Additional paid-in capital | 389,451 | 385,020 | ||||||
Accumulated deficit | (276,119 | ) | (319,800 | ) | ||||
Accumulated other comprehensive loss | (22,680 | ) | (23,565 | ) | ||||
Total shareholders' equity | 76,728 | 42,069 | ||||||
Total liabilities and shareholders' equity | $ | 259,160 | $ | 245,482 |
Six Months Ended June 30, | ||||||||
2017 | 2016 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | 54,837 | (26,016 | ) | |||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,611 | 7,681 | ||||||
Loss on disposal of property and equipment | — | 110 | ||||||
Loss (gain) on sale of marketable securities | (81 | ) | 455 | |||||
Foreign exchange loss | 1,304 | 1,261 | ||||||
Grants recognized in research and development expenses | — | (70 | ) | |||||
Remeasurement of related party acquisition-related contingent consideration | (20,201 | ) | 32,141 | |||||
Remeasurement of related party financing-related contingent consideration | (2,220 | ) | 4,307 | |||||
Change in deferred tax and income tax deferred charge | 322 | (5,028 | ) | |||||
Stock-based compensation expense | 4,055 | 4,913 | ||||||
Increase (decrease) in cash from: | ||||||||
Accounts receivable | (1,446 | ) | (1,689 | ) | ||||
Inventories | (2,489 | ) | 2,345 | |||||
Prepaid expenses and other current assets | (264 | ) | 546 | |||||
Research and development tax credit receivable | (1,175 | ) | (1,630 | ) | ||||
Accounts payable & other current liabilities | 4,931 | (348 | ) | |||||
Deferred revenue | 232 | (1,461 | ) | |||||
Accrued expenses | 12,747 | 777 | ||||||
Accrued income taxes | 255 | 6,285 | ||||||
Earn-out payments for related party contingent consideration in excess of acquisition-date fair value | (16,515 | ) | (7,769 | ) | ||||
Royalty payments for related party payable in excess of original fair value | (2,287 | ) | (1,159 | ) | ||||
Other long-term assets and liabilities | (80 | ) | 270 | |||||
Net cash provided by operating activities | 33,536 | 15,921 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (321 | ) | (760 | ) | ||||
Acquisitions of businesses | — | 161 | ||||||
Proceeds from sales of marketable securities | 51,820 | 26,013 | ||||||
Purchases of marketable securities | (67,743 | ) | (75,528 | ) | ||||
Net cash used in investing activities | (16,244 | ) | (50,114 | ) | ||||
Cash flows from financing activities: | ||||||||
Earn-out payments for related party contingent consideration | (665 | ) | (6,572 | ) | ||||
Royalty payments for related party payable | — | (816 | ) | |||||
Reimbursement of loans | 12 | — | ||||||
Cash proceeds from issuance of ordinary shares and warrants | 376 | — | ||||||
Share repurchases | (13,081 | ) | — | |||||
Net cash used in financing activities | (13,358 | ) | (7,388 | ) | ||||
Effect of foreign currency exchange rate changes on cash and cash equivalents | 358 | 416 | ||||||
Net increase (decrease) in cash and cash equivalents | 4,292 | (41,165 | ) | |||||
Cash and cash equivalents at January 1, | 39,215 | 65,064 | ||||||
Cash and cash equivalents at June 30, | $ | 43,507 | $ | 23,899 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
Revenues by Product: | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Bloxiverz | $ | 13,719 | $ | 25,620 | $ | 27,621 | $ | 50,367 | ||||||||
Vazculep | 10,154 | 10,421 | 20,334 | 19,827 | ||||||||||||
Akovaz | 20,912 | — | 46,549 | — | ||||||||||||
Other | 2,320 | 2,124 | 4,358 | 3,324 | ||||||||||||
Total product sales and services | 47,105 | 38,165 | 98,862 | 73,518 | ||||||||||||
License and research revenue | (794 | ) | 693 | (44 | ) | 1,556 | ||||||||||
Total revenues | $ | 46,311 | $ | 38,858 | $ | 98,818 | $ | 75,074 |
GAAP to Non-GAAP adjustments for the three-months ended June 30, 2017 | ||||||||||||||||||||||||||||||||||||
Exclude | Include | |||||||||||||||||||||||||||||||||||
GAAP | Intangible asset amortization | Foreign exchange (gain)/loss | Restructuring impacts | License revenue adj. | Contingent related party payable fair value adjustment | Contingent related party payable paid/accrued | Total adjustments | Adjusted GAAP | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||
Product sales and services | $ | 47,105 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 47,105 | ||||||||||||||||||
License and research revenue | (794 | ) | — | — | — | 1,100 | — | — | 1,100 | 306 | ||||||||||||||||||||||||||
Total | 46,311 | — | — | — | 1,100 | — | — | 1,100 | 47,411 | |||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||
Cost of products and services sold | 4,561 | — | — | — | — | — | — | — | 4,561 | |||||||||||||||||||||||||||
Research and development | 6,792 | — | — | — | — | — | — | — | 6,792 | |||||||||||||||||||||||||||
Selling, general and administrative | 12,429 | — | — | — | — | — | — | — | 12,429 | |||||||||||||||||||||||||||
Intangible asset amortization | 564 | (564 | ) | — | — | — | — | — | (564 | ) | — | |||||||||||||||||||||||||
Changes in fair value of related party contingent consideration | (13,230 | ) | — | — | — | — | 13,230 | 8,516 | 21,746 | 8,516 | ||||||||||||||||||||||||||
Restructuring costs | 1,069 | — | — | (1,069 | ) | — | — | — | (1,069 | ) | — | |||||||||||||||||||||||||
Total | 12,185 | (564 | ) | — | (1,069 | ) | — | 13,230 | 8,516 | 20,113 | 32,298 | |||||||||||||||||||||||||
Operating income (loss) | 34,126 | 564 | — | 1,069 | 1,100 | (13,230 | ) | (8,516 | ) | (19,013 | ) | 15,113 | ||||||||||||||||||||||||
Investment and other income | 527 | — | — | — | — | — | — | — | 527 | |||||||||||||||||||||||||||
Interest expense | (263 | ) | — | — | — | — | — | — | — | (263 | ) | |||||||||||||||||||||||||
Other expense - changes in fair value of related party payable | 1,670 | — | — | — | — | (1,670 | ) | (1,166 | ) | (2,836 | ) | (1,166 | ) | |||||||||||||||||||||||
Foreign exchange gain | 237 | — | (237 | ) | — | — | — | — | (237 | ) | — | |||||||||||||||||||||||||
Income (loss) before income taxes | 36,297 | 564 | (237 | ) | 1,069 | 1,100 | (14,900 | ) | (9,682 | ) | (22,086 | ) | 14,211 | |||||||||||||||||||||||
Income tax provision (benefit) | 7,370 | 201 | — | — | — | (909 | ) | (616 | ) | (1,324 | ) | 6,046 | ||||||||||||||||||||||||
Net income (loss) | $ | 28,927 | $ | 363 | $ | (237 | ) | $ | 1,069 | $ | 1,100 | $ | (13,991 | ) | $ | (9,066 | ) | $ | (20,762 | ) | $ | 8,165 | ||||||||||||||
Net income (loss) per share - diluted(1) | 0.68 | $ | 0.01 | $ | (0.01 | ) | $ | 0.03 | $ | 0.03 | $ | (0.33 | ) | $ | (0.21 | ) | $ | (0.49 | ) | $ | 0.19 | |||||||||||||||
Weighted average number of shares outstanding - diluted | 42,487 | 42,487 | 42,487 | 42,487 | 42,487 | 42,487 | 42,487 | 42,487 | 42,487 |
GAAP to Non-GAAP adjustments for the three-months ended June 30, 2016 | ||||||||||||||||||||||||||||||||
Exclude | Include | |||||||||||||||||||||||||||||||
GAAP | Intangible asset amortization | Foreign exchange (gain)/loss | Purchase accounting adjustments - FSC | Contingent related party payable fair value adjustment | Contingent related party payable paid/accrued | Total adjustments | Adjusted GAAP | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Product sales and services | $ | 38,165 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 38,165 | ||||||||||||||||
License and research revenue | 693 | — | — | — | — | — | — | 693 | ||||||||||||||||||||||||
Total | 38,858 | — | — | — | — | — | — | 38,858 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Cost of products and services sold | 3,907 | — | — | (762 | ) | — | — | (762 | ) | 3,145 | ||||||||||||||||||||||
Research and development | 7,604 | — | — | — | — | — | — | 7,604 | ||||||||||||||||||||||||
Selling, general and administrative | 11,290 | — | — | — | — | — | — | 11,290 | ||||||||||||||||||||||||
Intangible asset amortization | 3,702 | (3,702 | ) | — | — | — | — | (3,702 | ) | — | ||||||||||||||||||||||
Changes in fair value of related party contingent consideration | 23,898 | — | — | — | (23,898 | ) | 6,992 | (16,906 | ) | 6,992 | ||||||||||||||||||||||
Total | 50,401 | (3,702 | ) | — | (762 | ) | (23,898 | ) | 6,992 | (21,370 | ) | 29,031 | ||||||||||||||||||||
Operating income (loss) | (11,543 | ) | 3,702 | — | 762 | 23,898 | (6,992 | ) | 21,370 | 9,827 | ||||||||||||||||||||||
Investment and other income | 390 | — | — | — | — | — | — | 390 | ||||||||||||||||||||||||
Interest expense | (263 | ) | — | — | — | — | — | — | (263 | ) | ||||||||||||||||||||||
Other expense - changes in fair value of related party payable | (2,773 | ) | — | — | — | 2,773 | (941 | ) | 1,832 | (941 | ) | |||||||||||||||||||||
Foreign exchange gain | 1,680 | — | (1,680 | ) | — | — | — | (1,680 | ) | — | ||||||||||||||||||||||
Income (loss) before income taxes | (12,509 | ) | 3,702 | (1,680 | ) | 762 | 26,671 | (7,933 | ) | 21,522 | 9,013 | |||||||||||||||||||||
Income tax provision (benefit) | 7,449 | 1,329 | — | 274 | 1,413 | (461 | ) | 2,555 | 10,004 | |||||||||||||||||||||||
Net income (loss) | $ | (19,958 | ) | $ | 2,373 | $ | (1,680 | ) | $ | 488 | $ | 25,258 | $ | (7,472 | ) | $ | 18,967 | $ | (991 | ) | ||||||||||||
Net income (loss) per share - diluted(1) | (0.48 | ) | $ | 0.06 | $ | (0.04 | ) | $ | 0.01 | $ | 0.61 | $ | (0.18 | ) | $ | 0.46 | $ | (0.02 | ) | |||||||||||||
Weighted average number of shares outstanding - diluted | 41,241 | 41,241 | 41,241 | 41,241 | 41,241 | 41,241 | 41,241 | 41,241 |
GAAP to Non-GAAP adjustments for the six-months ended June 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
Exclude | Include | |||||||||||||||||||||||||||||||||||||||
GAAP | Intangible asset amortization | Foreign exchange (gain)/loss | Restructuring impacts | Purchase accounting adjustments - FSC | License revenue adj. | Contingent related party payable fair value adjustment | Contingent related party payable paid/accrued | Total adjustments | Adjusted GAAP | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Product sales and services | $ | 98,862 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 98,862 | ||||||||||||||||||||
License and research revenue | (44 | ) | — | — | — | — | 1,100 | — | — | 1,100 | 1,056 | |||||||||||||||||||||||||||||
Total | 98,818 | — | — | — | — | 1,100 | — | — | 1,100 | 99,918 | ||||||||||||||||||||||||||||||
Operating expenses: | — | |||||||||||||||||||||||||||||||||||||||
Cost of products and services sold | 8,463 | — | — | — | (46 | ) | — | — | — | (46 | ) | 8,417 | ||||||||||||||||||||||||||||
Research and development | 13,998 | — | — | — | — | — | — | — | — | 13,998 | ||||||||||||||||||||||||||||||
Selling, general and administrative | 24,241 | — | — | — | — | — | — | — | — | 24,241 | ||||||||||||||||||||||||||||||
Intangible asset amortization | 1,128 | (1,128 | ) | — | — | — | — | — | — | (1,128 | ) | — | ||||||||||||||||||||||||||||
Changes in fair value of related party contingent consideration | (20,201 | ) | — | — | — | — | — | 20,201 | 18,132 | 38,333 | 18,132 | |||||||||||||||||||||||||||||
Restructuring charges | 3,722 | — | — | (3,722 | ) | — | — | — | — | (3,722 | ) | — | ||||||||||||||||||||||||||||
Total | 31,351 | (1,128 | ) | — | (3,722 | ) | (46 | ) | — | 20,201 | 18,132 | 33,437 | 64,788 | |||||||||||||||||||||||||||
Operating income (loss) | 67,467 | 1,128 | — | 3,722 | 46 | 1,100 | (20,201 | ) | (18,132 | ) | (32,337 | ) | 35,130 | |||||||||||||||||||||||||||
Investment and other income | 1,579 | — | — | — | — | — | — | — | — | 1,579 | ||||||||||||||||||||||||||||||
Interest expense | (526 | ) | — | — | — | — | — | — | — | — | (526 | ) | ||||||||||||||||||||||||||||
Other expense - changes in fair value of related party payable | 2,220 | — | — | — | — | — | (2,220 | ) | (2,465 | ) | (4,685 | ) | (2,465 | ) | ||||||||||||||||||||||||||
Foreign exchange gain | 6 | — | (6 | ) | — | — | — | — | — | (6 | ) | — | ||||||||||||||||||||||||||||
Income (loss) before income taxes | 70,746 | 1,128 | (6 | ) | 3,722 | 46 | 1,100 | (22,421 | ) | (20,597 | ) | (37,028 | ) | 33,718 | ||||||||||||||||||||||||||
Income tax provision (benefit) | 15,909 | 402 | — | — | 17 | — | (1,269 | ) | (1,307 | ) | (2,157 | ) | 13,752 | |||||||||||||||||||||||||||
Net income (loss) | $ | 54,837 | $ | 726 | $ | (6 | ) | $ | 3,722 | $ | 29 | $ | 1,100 | $ | (21,152 | ) | $ | (19,290 | ) | $ | (34,871 | ) | $ | 19,966 | ||||||||||||||||
Net income (loss) per share - diluted(1) | 1.29 | $ | 0.02 | $ | — | $ | 0.09 | $ | — | $ | 0.03 | $ | (0.50 | ) | $ | (0.45 | ) | $ | (0.82 | ) | $ | 0.47 | ||||||||||||||||||
Weighted average number of shares outstanding - diluted | 42,625 | 42,625 | 42,625 | 42,625 | 42,625 | 42,625 | 42,625 | 42,625 | 42,625 | 42,625 |
GAAP to Non-GAAP adjustments for the six-months ended June 30, 2016 | ||||||||||||||||||||||||||||||||
Exclude | Include | |||||||||||||||||||||||||||||||
GAAP | Intangible asset amortization | Foreign exchange (gain)/loss | Purchase accounting adjustments - FSC | Contingent related party payable fair value adjustment | Contingent related party payable paid/accrued | Total adjustments | Adjusted GAAP | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Product sales and services | $ | 73,518 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 73,518 | ||||||||||||||||
License and research revenue | 1,556 | — | — | — | — | — | — | 1,556 | ||||||||||||||||||||||||
Total | 75,074 | — | — | — | — | — | — | 75,074 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Cost of products and services sold | 7,813 | — | — | (1,525 | ) | — | — | (1,525 | ) | 6,288 | ||||||||||||||||||||||
Research and development | 12,992 | — | — | — | — | — | — | 12,992 | ||||||||||||||||||||||||
Selling, general and administrative | 20,751 | — | — | — | — | — | — | 20,751 | ||||||||||||||||||||||||
Intangible asset amortization | 7,216 | (7,216 | ) | — | — | — | — | (7,216 | ) | — | ||||||||||||||||||||||
Changes in fair value of related party contingent consideration | 32,141 | — | — | — | (32,141 | ) | 13,437 | (18,704 | ) | 13,437 | ||||||||||||||||||||||
Total | 80,913 | (7,216 | ) | — | (1,525 | ) | (32,141 | ) | 13,437 | (27,445 | ) | 53,468 | ||||||||||||||||||||
Operating income (loss) | (5,839 | ) | 7,216 | — | 1,525 | 32,141 | (13,437 | ) | 27,445 | 21,606 | ||||||||||||||||||||||
Investment and other income | 590 | — | — | — | — | — | — | 590 | ||||||||||||||||||||||||
Interest expense | (438 | ) | — | — | — | — | — | — | (438 | ) | ||||||||||||||||||||||
Other expense - changes in fair value of related party payable | (4,307 | ) | — | — | — | 4,307 | (1,833 | ) | 2,474 | (1,833 | ) | |||||||||||||||||||||
Foreign exchange gain | (1,261 | ) | — | 1,261 | — | — | — | 1,261 | — | |||||||||||||||||||||||
Income (loss) before income taxes | (11,255 | ) | 7,216 | 1,261 | 1,525 | 36,448 | (15,270 | ) | 31,180 | 19,925 | ||||||||||||||||||||||
Income tax provision (benefit) | 14,761 | 2,591 | — | 548 | 1,964 | (782 | ) | 4,321 | 19,082 | |||||||||||||||||||||||
Net income (loss) | $ | (26,016 | ) | $ | 4,625 | $ | 1,261 | $ | 977 | $ | 34,484 | $ | (14,488 | ) | $ | 26,859 | $ | 843 | ||||||||||||||
Net income (loss) per share - diluted(1) | (0.63 | ) | $ | 0.11 | $ | 0.03 | $ | 0.02 | $ | 0.84 | $ | (0.35 | ) | $ | 0.65 | $ | 0.02 | |||||||||||||||
Weighted average number of shares outstanding - diluted | 41,241 | 41,241 | 41,241 | 41,241 | 41,241 | 41,241 | 41,241 | 41,241 |