Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.3.0.814
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net loss $ (33,031) $ (121,176)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 20,073 11,269
Non-cash interest on 2033 Senior Notes 2,176 4,596
Amortization of deferred financing costs 1,175 1,907
Losses from investments in investees 6,067 2,486
Equity-based compensation – employees and non-employees 17,765 10,088
(Recovery of) provision for bad debts 8,308 (20)
Provision for inventory obsolescence 683 773
Revenue from receipt of equity (140) (180)
Realized gain on sale of equity securities (216) (1,273)
(Gain) loss on conversion of 3.00% convertible senior notes (943) (2,668)
Change in fair value of derivative instruments 34,100 (3,758)
In-process research and development 0 10,055
Change in fair value of contingent consideration 6,471 24,078
Gain on deconsolidation of SciVac (17,340) 0
Deferred income tax (benefit) expense (96,713) 0
Changes in assets and liabilities, net of the effects of acquisitions:    
Accounts receivable (14,012) (4,140)
Inventory (6,407) (1,099)
Prepaid expenses and other current assets (4,225) 3,487
Other assets 1,262 4,465
Accounts payable (35,504) (3,850)
Foreign currency measurement 776 1,008
Deferred revenue 246,262 0
Accrued expenses and other liabilities 36,788 (1,666)
Net cash provided by (used in) operating activities 173,375 (65,618)
Cash flows from investing activities:    
Investments in investees (3,000) (589)
Proceeds from sale of equity securities 0 1,331
Acquisition of businesses, net of cash (78,862) (1,683)
Acquisition of intangible assets (5,000) 0
Capital expenditures (4,422) (3,935)
Net cash used in investing activities (91,284) (4,876)
Cash flows from financing activities:    
Issuance of 2033 Senior Notes, net, including related parties 81 0
Proceeds from the exercise of Common Stock options and warrants 25,180 12,066
Cash from non-controlling interest 100 0
Contingent consideration payments 0 (6,435)
Borrowings on lines of credit 111,359 19,326
Repayments of lines of credit (103,544) (21,823)
Net cash provided by financing activities 33,176 3,134
Effect of exchange rate on cash and cash equivalents (30) (180)
Net increase (decrease) in cash and cash equivalents 115,237 (67,540)
Cash and cash equivalents at beginning of period 96,907 [1] 185,798
Cash and cash equivalents at end of period 212,144 118,258
SUPPLEMENTAL INFORMATION:    
Interest paid 2,917 5,222
Income taxes paid, net 1,383 566
Pharmsynthez common stock received 0 6,264
Non-cash financing:    
Common Stock options and warrants, surrendered in net exercise 14,241 3,494
Bio-Reference    
Issuance of Common Stock to acquire:    
Capital stock to acquire 950,010 0
EirGen    
Issuance of Common Stock to acquire:    
Capital stock to acquire 33,569 0
Inspiro    
Issuance of Common Stock to acquire:    
Capital stock to acquire 0 8,566
OPKO Health Europe    
Issuance of Common Stock to acquire:    
Capital stock to acquire 1,813 0
OPKO Renal    
Issuance of Common Stock to acquire:    
Capital stock to acquire 20,113 21,155
OPKO Uruguay Ltda.    
Issuance of Common Stock to acquire:    
Capital stock to acquire 0 159
Conversion of Senior Notes    
Non-cash financing:    
2033 Senior Notes $ 120,299 $ 95,665
[1] As of December 31, 2014, total assets include $7.6 million and total liabilities include $12.1 million related to SciVac Ltd (“SciVac”). SciVac was a consolidated variable interest entity which we deconsolidated in July 2015. Refer to Note 5. SciVac’s consolidated assets were owned by SciVac and SciVac’s consolidated liabilities had no recourse against us.