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SEC Filings

10-Q
HEARTWARE INTERNATIONAL, INC. filed this Form 10-Q on 11/02/2015
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Table of Contents

HEARTWARE INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(In thousands)

 

     Nine Months Ended September 30,  
     2015     2014  

CASH FLOWS FROM OPERATING ACTIVITIES

    

Net loss

   $ (71,855   $ (18,450

Adjustments to reconcile net loss to net cash used in operating activities:

    

Depreciation of property, plant and equipment

     5,034        4,929   

Amortization of intangible assets

     1,545        1,222   

Impairment of fixed assets

     1,118        607   

Share-based compensation expense

     18,799        17,291   

Amortization of premium on investments

     834        516   

Amortization of discount on convertible senior notes

     6,418        5,671   

Amortization of deferred financing costs

     399        304   

Change in fair value of contingent consideration

     6,700        (14,180

Loss on extinguishment of long-term debt

     16,588        —      

Other

     (10     1,321   

Change in operating assets and liabilities:

    

Accounts receivable

     1,912        (10,426

Inventories

     4,545        (13,083

Prepaid expenses and other current assets

     (887     2,416   

Accounts payable

     (575     (2,262

Accrued interest on convertible senior notes

     1,581        1,262   

Other accrued liabilities

     8,884        7,106   

Other long-term liabilities

     (143     710   
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     887        (15,046

CASH FLOWS FROM INVESTING ACTIVITIES

    

Purchases of investments

     (17,695     (44,290

Maturities of investments

     29,215        14,625   

Additions to property, plant and equipment, net

     (2,094     (5,990

Additions to patents

     (1,673     (1,205

Investment in unconsolidated affiliate

     (5,000     —      

Cash received from security deposits

     294        —      
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     3,047        (36,860

CASH FLOWS FROM FINANCING ACTIVITIES

    

Proceeds from issuance of convertible debt

     79,901        —      

Payment of convertible debt issuance costs

     (4,429     —      

Repayment of convertible debt

     (12     —      

Proceeds from exercise of stock options

     80        837   
  

 

 

   

 

 

 

Net cash provided by financing activities

     75,540        837   

Effect of exchange rate changes on cash and cash equivalents

     2,462        1,837   
  

 

 

   

 

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

     81,936        (49,232

CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD

     102,946        162,880   
  

 

 

   

 

 

 

CASH AND CASH EQUIVALENTS — END OF PERIOD

   $ 184,882      $ 113,648   
  

 

 

   

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

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