Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net loss $ (31,428) $ (174,638) $ (117,346)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 42,248 14,927 15,216
Non-cash interest on 2033 Senior Notes 2,612 5,662 5,980
Amortization of deferred financing costs 1,212 2,007 1,170
Losses from investments in investees 7,105 3,587 11,456
Equity-based compensation – employees and non-employees 26,074 14,779 10,983
Provision for bad debts 24,548 646 979
Provision for inventory obsolescence 926 1,082 2,015
Revenue from receipt of equity (140) (240) (12,740)
Realized gain (loss) on equity securities 7,091 167 (29,881)
Gain on conversion of 3.00% convertible senior notes (943) (2,668) (972)
Loss on sale of property, plant and equipment 0 0 60
Change in fair value of derivative instruments 39,083 10,632 45,942
In-process research and development 0 12,055 0
Change in fair value of contingent consideration 5,050 24,446 6,947
Gain on deconsolidation of SciVac (15,940) 0 0
Deferred income tax (benefit) provision (123,536) 1,017 599
Changes in assets and liabilities, net of the effects of acquisitions:      
Accounts receivable (29,393) (3,919) 754
Inventory (5,879) (1,752) 1,892
Prepaid expenses and other current assets (4,391) 3,182 (1,131)
Other assets (305) (3,378) (544)
Accounts payable (18,122) (3,852) 1,829
Foreign currency measurement (979) (945) 2,386
Deferred revenue 227,671 0 0
Accrued expenses and other liabilities 9,502 4,934 3,525
Net cash provided by (used in) operating activities 164,024 (90,379) (55,653)
Cash flows from investing activities:      
Investments in investees (4,375) (589) (17,441)
Proceeds from sale of equity securities 0 1,331 30,556
Acquisition of businesses, net of cash acquired (79,000) (1,683) 20,528
Acquisition of intangible assets (5,000) 0 0
Purchase of marketable securities 0 0 (50,027)
Maturities of short-term marketable securities 0 0 50,027
Proceeds from the sale of property, plant and equipment 0 0 636
Capital expenditures (10,846) (4,734) (3,962)
Net cash provided by (used in) investing activities (99,221) (5,675) 30,317
Cash flows from financing activities:      
Issuance of 2033 Senior Notes, net, including related parties 0 0 170,184
Payment of Series D dividends, including related parties 0 0 (3,015)
Proceeds from the exercise of Common Stock options and warrants 25,921 12,928 23,425
Cash from non-controlling interest 100 2,696 0
Contingent consideration payments 0 (6,435) (2,539)
Borrowings on lines of credit 261,339 26,443 34,577
Repayments of lines of credit (254,355) (28,369) (38,997)
Net cash provided by financing activities 33,005 7,263 183,635
Effect of exchange rate on cash and cash equivalents (1,117) (100) 138
Net increase (decrease) in cash and cash equivalents 96,691 (88,891) 158,437
Cash and cash equivalents at beginning of period 96,907 [1] 185,798 27,361
Cash and cash equivalents at end of period 193,598 [1] 96,907 [1] 185,798
SUPPLEMENTAL INFORMATION:      
Interest paid 4,572 6,276 3,407
Income taxes paid, net 4,879 954 1,321
RXi common stock received 0 0 12,500
Pharmsynthez common stock received 0 6,264 0
Non-cash financing:      
Shares issued upon the conversion of Common Stock options and warrants, surrendered in net exercise 14,369 3,494 815
Bio-Reference Laboratories, Inc.      
Issuance of capital stock to acquire or contingent consideration settlement:      
Capital stock issued 950,148 0 0
EirGen Pharma Limited      
Issuance of capital stock to acquire or contingent consideration settlement:      
Capital stock issued 33,569 0 0
OPKO Biologics      
Issuance of capital stock to acquire or contingent consideration settlement:      
Capital stock issued 0 0 586,643
OPKO Renal      
Issuance of capital stock to acquire or contingent consideration settlement:      
Capital stock issued 20,113 21,155 146,902
OPKO Brazil      
Issuance of capital stock to acquire or contingent consideration settlement:      
Capital stock issued 0 0 436
OPKO Health Europe      
Issuance of capital stock to acquire or contingent consideration settlement:      
Capital stock issued 1,813 0 4,404
OPKO Uruguay Ltda.      
Issuance of capital stock to acquire or contingent consideration settlement:      
Capital stock issued 0 159 0
Inspiro      
Issuance of capital stock to acquire or contingent consideration settlement:      
Capital stock issued 0 8,566 0
Series D Preferred Stock      
Non-cash financing:      
Shares issued, amount 0 0 24,386
2033 Senior Notes      
Non-cash financing:      
Shares issued, amount $ 120,299 $ 95,665 $ 20,839
[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 4. SciVac’s consolidated assets were owned by SciVac and SciVac’s consolidated liabilities had no recourse against us.