UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 25, 2011
NUVASIVE, INC.
(Exact name of registrant as specified in its charter)
Delaware | 000-50744 | 33-0768598 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
7475 Lusk Boulevard, San Diego, California 92121
(Address of principal executive offices, with zip code)
(858) 909-1800
(Registrants telephone number, including area code)
n/a
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On July 25, 2011, NuVasive, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2011. A copy of this press release is furnished as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 | Press release issued by NuVasive, Inc. on July 25, 2011, announcing financial results for the quarter ended June 30, 2011. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NUVASIVE, INC. | ||||||
Date: July 25, 2011 | By: | /s/ ALEXIS V. LUKIANOV | ||||
Alexis V. Lukianov | ||||||
Chairman and Chief Executive Officer |
EXHIBIT INDEX
Exhibit |
Description of Document | |
99.1 | Press release issued by NuVasive, Inc. on July 25, 2011, announcing financial results for the quarter ended June 30, 2011. |
Exhibit 99.1
PRESS RELEASE
Contact: Michael J. Lambert EVP & Chief Financial Officer NuVasive, Inc. 858-909-3394 investorrelations@nuvasive.com |
Investors: Patrick F. Williams Vice President, Industry & Investor Relations NuVasive, Inc. 858-638-5511 investorrelations@nuvasive.com | |
Media: Nicholas S. Laudico The Ruth Group 646-536-7030 nlaudico@theruthgroup.com |
NUVASIVE REPORTS SECOND QUARTER 2011
FINANCIAL RESULTS
| Total revenue of $133.0 million, up 11.2% over second quarter 2010 |
| GAAP earnings of $5.4 million, or $0.13 per share |
| Non-GAAP earnings of $12.4 million, or $0.30 per share |
| Non-GAAP operating margin of 17.3% and GAAP operating margin of 8.6% |
SAN DIEGO, July 25, 2011 - NuVasive, Inc. (Nasdaq: NUVA) a medical device company focused on developing minimally disruptive surgical products and procedures for the spine, announced today financial results for the quarter ended June 30, 2011.
NuVasive reported second quarter 2011 revenue of $133.0 million, an 11.2% increase over the $119.6 million for the second quarter 2010 and a 6.8% increase compared to $124.5 million for the first quarter 2011.
Gross profit for the second quarter 2011 was $107.5 million and gross margin was 80.8%, compared to a gross profit of $98.6 million and a gross margin of 82.4% for the second quarter 2010. For the first quarter 2011, gross profit was $100.9 million and gross margin was 81.1%.
Total operating expenses for the second quarter 2011 were $96.0 million compared to $90.3 million in the second quarter 2010 and $96.3 million in the first quarter 2011. The higher operating expenses in the second quarter 2011 compared to the prior year resulted primarily from additional costs associated with higher revenue and infrastructure expansion.
On a GAAP basis, the Company reported net income of $5.4 million, or $0.13 per share, for the second quarter 2011.
On a Non-GAAP basis, the Company reported net income of $12.4 million, or $0.30 per share, for the second quarter 2011. The Non-GAAP earnings per share calculations for the second quarter exclude (i) non-cash stock-based compensation of $7.7 million; (ii) certain intellectual property litigation expenses of $1.1 million; (iii) amortization of intangible assets of $1.4 million; (iv) acquisition related items of $1.3 million; and (v) non-cash interest expense on convertible notes of $0.1 million.
Cash, cash equivalents and short and long-term marketable securities were $524.2 million at June 30, 2011.
Alex Lukianov, Chairman and Chief Executive Officer, said, Our financial performance in the second quarter of 2011 was excellent and suggests that we are executing well against our strategy to take market share. We generated industry leading revenue growth of over 11% and made progress against our profitability goals in spite of challenging spine market growth dynamics. We are exceptionally pleased with the outcome of our recent convertible notes offering, which bolsters our balance sheet and significantly enhances our financial flexibility. As our focus shifts toward the achievement of our next milestone, the evolution of NuVasive into a $1 billion revenue company, we are laser focused on maintaining the startup mentality that is the source of NuVasives success as a prolific new product innovator. With Speed of Innovation as our competitive edge, we expect to continue to sustain industry leading growth.
2011 Full Year Financial Guidance
| Revenue of $530 million to $540 million; unchanged from previous guidance |
| GAAP EPS of $0.33 to $0.36; down from previous guidance of $0.52 to $0.55 to reflect impact of new convertible notes placement |
| Non-GAAP EPS of $1.09 to $1.12; down from previous guidance of $1.20 to $1.23 to reflect impact of new convertible notes placement |
| Non-GAAP Operating Margin of ~17.5%, unchanged from previous guidance |
| GAAP effective tax rate of ~50%, up from previous guidance of ~45% to reflect impact of new convertible notes placement |
Reconciliation of Full Year EPS Guidance
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2010 Pre-Tax |
2011 Pre-Tax |
2011 Net of Tax* |
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Actual |
Low Range |
High Range |
Low Range |
High Range |
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GAAP earnings per share |
$ | 0.64 | $ | 0.64 | $ | 0.69 | $ | 0.33 | $ | 0.36 | ||||||||||||||||||||||||||||||||||||||||||||
Non-cash stock-based compensation |
0.70 | 0.79 | 0.79 | 0.47 | 0.47 | |||||||||||||||||||||||||||||||||||||||||||||||||
Certain intellectual property litigation expenses |
0.13 | 0.13 | 0.13 | 0.08 | 0.08 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets |
0.13 | 0.18 | 0.18 | 0.11 | 0.11 | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition related items |
0.07 | 0.04 | 0.04 | 0.02 | 0.02 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash interest expense on convertible notes |
- | 0.15 | 0.15 | 0.09 | 0.09 | |||||||||||||||||||||||||||||||||||||||||||||||||
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Non-GAAP earnings per share |
$ | 1.68 | $ | 1.92 | $ | 1.97 | $ | 1.09 | $ | 1.12 | ||||||||||||||||||||||||||||||||||||||||||||
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Weighted shares outstanding - Diluted** |
40,373 | 42,000 | 42,000 | 42,000 | 42,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
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* Effective Tax Rate of ~50% applied to GAAP earnings and ~40% applied to Non-GAAP adjustments
** Weighted average shares outstanding shown as pre if-converted method
Note: The new convertible notes will require mark-to-market accounting for the bond hedge and conversion feature derivatives. The income (expense) resulting from this accounting are expected to materially offset one another and any impact would be excluded from non-GAAP earnings per share calculations
2011 Full Year EPS Guidance Bridge for New Convertible Notes Impact
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Net of Tax* | ||||||||||||||||
Low Range | High Range | |||||||||||||||
Prior GAAP earnings per share guidance | $ | 0.52 | $ | 0.55 | ||||||||||||
Coupon interest expense of 2.75% on $402.5M | (0.07 | ) | (0.07 | ) | ||||||||||||
Amortization of issuance fees over 6 year life | (0.01 | ) | (0.01 | ) | ||||||||||||
Non-cash interest expense on convertible notes | (0.08 | ) | (0.08 | ) | ||||||||||||
Effective tax rate change | (0.03 | ) | (0.03 | ) | ||||||||||||
Revised GAAP earnings per share guidance | $ | 0.33 | $ | 0.36 | ||||||||||||
Prior non-GAAP earnings per share guidance | $ | 1.20 | $ | 1.23 | ||||||||||||
Coupon interest expense of 2.75% on $402.5M | (0.07 | ) | (0.07 | ) | ||||||||||||
Amortization of issuance fees over 6 year life | (0.01 | ) | (0.01 | ) | ||||||||||||
Effective tax rate change | (0.03 | ) | (0.03 | ) | ||||||||||||
Revised non-GAAP earnings per share guidance | $ | 1.09 | $ | 1.12 | ||||||||||||
* New Effective Tax Rate of ~50% up from ~45%
2011 Guidance Reconciliation of Non-GAAP Operating Margin %
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FY 10 | FY 11 Estimate |
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Actual | Prior | Revised | ||||||||||||
Gross Margin % [A] |
82.2% | ~ 81% | ~ 81% | |||||||||||
Non-GAAP Research and Development [B] |
8.0% | ~ 8% | ~ 7% | |||||||||||
Non-cash stock-based compensation | 0.7% | ~ 1% | ~ 1% | |||||||||||
Acquisition related items* | 0.4% | as incurred | as incurred | |||||||||||
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GAAP research and development | 9.1% | ~ 9% | ~ 8% | |||||||||||
Non-GAAP Sales, Marketing and Administrative [C] |
58.8% | ~ 55.5% | ~ 56.5% | |||||||||||
Non-cash stock-based compensation | 5.2% | ~ 5% | ~ 5% | |||||||||||
Certain intellectual property litigation expenses | 1.1% | ~ 1% | ~ 1% | |||||||||||
Acquisition related items* | 0.2% | ~ 0.5% & as incurred | ~ 0.5% & as incurred | |||||||||||
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GAAP sales, marketing and administrative | 65.3% | ~ 62% | ~ 63% | |||||||||||
Amortization of intangible assets | 1.1% | ~ 1.5% | ~ 1.5% | |||||||||||
Non-GAAP Operating Margin % [A-B-C] |
15.4% | ~ 17.5% | ~ 17.5% | |||||||||||
* Acquisition related items include ~0.5% of revenue for expenses associated with prior M&A activity and as incurred
Reconciliation of Non-GAAP Information
Management uses certain Non-GAAP financial measures such as Non-GAAP earnings per share, which exclude non-cash stock-based compensation, certain intellectual property litigation expenses, amortization of intangible assets, acquisition related items, and non-cash interest expense on convertible notes. Management does not consider these costs in evaluating the continuing operations of the Company. Therefore, management calculates the Non-GAAP financial measures provided in this earnings release excluding these costs and uses these Non-GAAP financial measures to enable it to analyze further, and more consistently, the period-to-period financial performance of its core business operations. Management believes that providing investors with these Non-GAAP measures gives them additional important information to enable them to assess, in the same way management assesses, the Companys current and future continuing operations. These Non-GAAP measures are not in accordance with, or an alternative for, GAAP, and may be different from Non-GAAP measures used by other companies. Set forth below are reconciliations of the Non-GAAP financial measures to the comparable GAAP financial measure.
Reconciliation of Second Quarter 2011 Results
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(in thousands, except per share data) | Pre-Tax Adjustments |
Net of Tax
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Earnings Per Share |
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GAAP net income |
$ | 5,380 | $ | 0.13 | ||||||||
Non-cash stock-based compensation |
$ | 7,725 | 4,635 | 0.11 | ||||||||
Certain intellectual property litigation expenses |
1,099 | 659 | 0.02 | |||||||||
Amortization of intangible assets |
1,395 | 837 | 0.02 | |||||||||
Acquisition related items |
1,325 | 795 | 0.02 | |||||||||
Non-cash interest expense on convertible notes |
96 | 58 | 0.00 | |||||||||
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Non-GAAP earnings |
$ | 12,364 | $ | 0.30 | ||||||||
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Weighted shares outstanding - Diluted |
40,868 | |||||||||||
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Reconciliation of Year To Date 2011 Results
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(in thousands, except per share data) | Pre-Tax Adjustments |
Net of Tax
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Earnings Per Share |
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GAAP net income |
$ | 7,739 | $ | 0.19 | ||||||||
Non-cash stock-based compensation |
$ | 15,671 | 9,403 | 0.23 | ||||||||
Certain intellectual property litigation expenses |
3,180 | 1,908 | 0.05 | |||||||||
Amortization of intangible assets |
2,737 | 1,642 | 0.04 | |||||||||
Acquisition related items |
1,896 | 1,138 | 0.03 | |||||||||
Non-cash interest expense on convertible notes |
96 | 58 | 0.00 | |||||||||
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Non-GAAP earnings |
$ | 21,888 | $ | 0.54 | ||||||||
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Weighted shares outstanding - Diluted |
40,691 | |||||||||||
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Conference Call
NuVasive will hold a conference call today at 5:30 p.m. ET / 2:30 p.m. PT to discuss the results. The dial-in numbers are 1-877-407-9039 for domestic callers and 1-201-689-8470 for international callers. A live webcast of the conference call will be available online from the investor relations page of the Companys corporate website at www.nuvasive.com.
After the live webcast, the call will remain available on NuVasives website, www.nuvasive.com, through August 24, 2011. In addition, a telephonic replay of the call will be available until August 8, 2011. The replay dial-in numbers are 1-877-870-5176 for domestic callers and 1-858-384-5517 for international callers. Please use pin number 375131.
About NuVasive
NuVasive is a medical device company focused on developing minimally disruptive surgical products and procedures for the spine. The Company is the 5th largest player in the $7.7 billion global spine market.
NuVasives principal product offering is based on its Maximum Access Surgery, or MAS® platform. The MAS platform combines four categories of products that collectively minimize soft tissue disruption during spine surgery with maximum visualization and safe, easy reproducibility for the surgeon: a proprietary software-driven nerve avoidance system; MaXcess®, a unique split-blade retractor system; a wide variety of specialized implants; and several biologic fusion enhancers. MAS significantly reduces surgery time and returns patients to activities of daily living much faster than conventional approaches. Having redefined spine surgery with the MAS platforms lateral approach, known as eXtreme Lateral Interbody Fusion, or XLIF®, NuVasive has built an entire spine franchise. With over 65 products today spanning lumbar, thoracic and cervical applications, the Company will continue to expand and evolve its offering predicated on its R&D focus and dedication to outstanding service levels supported by a culture of Absolute Responsiveness®.
NuVasive cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause NuVasives results to differ materially from historical results or those expressed or implied by such forward-looking statements. The potential risks and uncertainties that could cause actual growth and results to differ materially include, but are not limited to: the risk that NuVasives revenue or earnings projections may turn out to be inaccurate because of the preliminary nature of the forecasts and the risk of further adjustment, or unanticipated difficulty in selling products or generating expected profitability; the uncertain process of seeking regulatory approval or clearance for NuVasives products or devices, including risks that such process could be significantly delayed; the possibility that the FDA may require significant changes to NuVasives products or clinical studies; the risk that products may not perform as intended and may therefore not achieve commercial success; the risk that competitors may develop superior products or may have a greater market position enabling more successful commercialization; the risk that additional clinical data may call into question the benefits of NuVasives products to patients, hospitals and surgeons; and other risks and uncertainties more fully described in NuVasives press releases and periodic filings with the Securities and Exchange Commission. NuVasives public filings with the Securities and Exchange Commission are available at www.sec.gov. NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
###
NuVasive, Inc.
Unaudited Condensed Consolidated Statement of Income
(in thousands, except per share data)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenue |
$ | 132,966 | $ | 119,584 | $ | 257,432 | $ | 228,671 | ||||||||
Cost of goods sold (excluding amortization of purchased technology) |
25,508 | 21,014 | 49,034 | 40,457 | ||||||||||||
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Gross profit |
107,458 | 98,570 | 208,398 | 188,214 | ||||||||||||
Operating expenses: |
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Sales, marketing and administrative |
84,323 | 77,726 | 168,543 | 152,387 | ||||||||||||
Research and development |
10,258 | 11,205 | 21,027 | 21,904 | ||||||||||||
Amortization of intangible assets |
1,395 | 1,355 | 2,737 | 2,705 | ||||||||||||
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Total operating expenses |
95,976 | 90,286 | 192,307 | 176,996 | ||||||||||||
Interest and other expense, net: |
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Interest income |
151 | 178 | 334 | 367 | ||||||||||||
Interest expense |
(1,915) | (1,668) | (3,686) | (3,337) | ||||||||||||
Other income (expense), net |
80 | (30) | 577 | 87 | ||||||||||||
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Total interest and other expense, net |
(1,684) | (1,520) | (2,775) | (2,883) | ||||||||||||
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Income before income tax expense |
9,798 | 6,764 | 13,316 | 8,335 | ||||||||||||
Income tax expense |
4,776 | 574 | 6,316 | 1,439 | ||||||||||||
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Consolidated net income |
$ | 5,022 | $ | 6,190 | $ | 7,000 | $ | 6,896 | ||||||||
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Net loss attributable to noncontrolling interests |
$ | (358) | $ | (533) | $ | (739) | $ | (915) | ||||||||
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Net income attributable to NuVasive, Inc. |
$ | 5,380 | $ | 6,723 | $ | 7,739 | $ | 7,811 | ||||||||
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Net income per share attributable to NuVasive, Inc.: |
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Basic |
$ | 0.14 | $ | 0.17 | $ | 0.19 | $ | 0.20 | ||||||||
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Diluted |
$ | 0.13 | $ | 0.17 | $ | 0.19 | $ | 0.19 | ||||||||
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Weighted average shares outstanding: |
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Basic |
39,786 | 39,242 | 39,701 | 39,071 | ||||||||||||
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Diluted |
40,868 | 40,694 | 40,691 | 40,383 | ||||||||||||
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Stock-based compensation is included in operating expenses in the following categories: |
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Sales, marketing and administrative |
$ | 7,124 | $ | 6,672 | $ | 14,459 | $ | 12,352 | ||||||||
Research and development |
601 | 877 | 1,212 | 1,631 | ||||||||||||
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$ | 7,725 | $ | 7,549 | $ | 15,671 | $ | 13,983 | |||||||||
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NuVasive, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
June 30, 2011 | December 31, 2010 | |||||||
(Unaudited) | ||||||||
ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ | 505,084 | $ | 92,597 | ||||
Short-term marketable securities |
14,545 | 86,458 | ||||||
Accounts receivable, net |
80,532 | 76,632 | ||||||
Inventory |
117,952 | 107,577 | ||||||
Deferred tax assets |
4,425 | 4,425 | ||||||
Prepaid expenses and other current assets |
4,724 | 4,082 | ||||||
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Total current assets |
727,262 | 371,771 | ||||||
Property and equipment, net |
115,566 | 102,165 | ||||||
Long-term marketable securities |
4,603 | 50,635 | ||||||
Intangible assets, net |
101,435 | 107,121 | ||||||
Goodwill |
103,070 | 103,070 | ||||||
Deferred tax assets, non-current |
52,033 | 52,033 | ||||||
Restricted cash and investments |
68,613 | 5,529 | ||||||
Bond hedge derivative |
80,098 | - | ||||||
Other assets |
20,245 | 9,705 | ||||||
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Total assets |
$ | 1,272,925 | $ | 802,029 | ||||
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LIABILITIES AND STOCKHOLDERS EQUITY |
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Current liabilities: |
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Accounts payable and accrued liabilities |
$ | 52,447 | $ | 58,995 | ||||
Accrued payroll and related expenses |
15,356 | 17,266 | ||||||
Acquisition-related liabilities |
33,955 | 32,715 | ||||||
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Total current liabilities |
101,758 | 108,976 | ||||||
Senior Convertible Notes |
543,696 | 230,000 | ||||||
Embedded conversion derivative |
88,900 | - | ||||||
Long-term acquisition-related liabilities |
- | 326 | ||||||
Deferred tax liabilities |
3,685 | 3,685 | ||||||
Other long-term liabilities |
12,670 | 12,810 | ||||||
Commitments and contingencies |
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Noncontrolling interests |
11,138 | 11,877 | ||||||
Stockholders equity: |
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Common stock |
40 | 40 | ||||||
Additional paid-in capital |
613,016 | 545,114 | ||||||
Accumulated other comprehensive income |
1,698 | 616 | ||||||
Accumulated deficit |
(103,676) | (111,415) | ||||||
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Total stockholders equity |
511,078 | 434,355 | ||||||
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Total liabilities and stockholders equity |
$ | 1,272,925 | $ | 802,029 | ||||
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NuVasive, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
Six Months Ended June 30, | ||||||||
2011 | 2010 | |||||||
Operating activities: |
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Consolidated net income |
$ | 7,000 | $ | 6,896 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
15,888 | 17,065 | ||||||
Stock-based compensation |
15,671 | 13,983 | ||||||
Allowance for excess and obsolete inventory |
2,341 | 906 | ||||||
Allowance for doubtful accounts and sales return reserve, net of write-offs |
529 | (1,007) | ||||||
Accretion of contingent consideration |
914 | 182 | ||||||
Other non-cash adjustments |
2,893 | 2,591 | ||||||
Changes in operating assets and liabilities, net of effects from acquisitions: |
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Accounts receivable |
(5,351) | (8,514) | ||||||
Inventory |
(12,146) | (4,258) | ||||||
Prepaid expenses and other current assets |
(791) | (1,397) | ||||||
Accounts payable and accrued liabilities |
(2,300) | 4,128 | ||||||
Accrued payroll and related expenses |
(1,997) | (5,574) | ||||||
Income taxes payable |
5,043 | 460 | ||||||
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Net cash provided by operating activities |
27,694 | 25,461 | ||||||
Investing activities: |
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Purchases of property and equipment |
(27,944) | (22,059) | ||||||
Purchases of marketable securities |
(54,317) | (95,015) | ||||||
Sales of marketable securities |
113,559 | 88,028 | ||||||
Purchases of restricted investments |
(4,701) | - | ||||||
Payment for specific rights in connection with supply agreement, net of refund received |
(5,000) | - | ||||||
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Net cash provided by (used in) investing activities |
21,597 | (29,046) | ||||||
Financing activities: |
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Proceeds from the sale of warrants |
47,898 | - | ||||||
Proceeds from the issuance of convertible debt, net of issuance costs |
391,548 | - | ||||||
Purchase of convertible note hedges |
(80,097) | - | ||||||
Proceeds from the issuance of common stock |
4,334 | 11,963 | ||||||
Other assets |
(557) | 1,369 | ||||||
Tax benefits related to stock-based compensation awards |
- | (7,481) | ||||||
|
|
|
|
|||||
Net cash provided by financing activities |
363,126 | 5,851 | ||||||
Effect of exchange rate changes on cash |
70 | (166) | ||||||
|
|
|
|
|||||
Increase in cash and cash equivalents |
412,487 | 2,100 | ||||||
Cash and cash equivalents at beginning of period |
92,597 | 65,413 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period |
$ | 505,084 | $ | 67,513 | ||||
|
|
|
|
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