Company Quick10K Filing
Idexx Laboratories
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 88 $23,646
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-08-01 Quarter: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-K 2019-02-15 Annual: 2018-12-31
10-Q 2018-11-01 Quarter: 2018-09-30
10-Q 2018-08-01 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-02-16 Annual: 2017-12-31
10-Q 2017-10-31 Quarter: 2017-09-30
10-Q 2017-08-01 Quarter: 2017-06-30
10-Q 2017-04-28 Quarter: 2017-03-31
10-K 2017-02-17 Annual: 2016-12-31
10-Q 2016-11-01 Quarter: 2016-09-30
10-Q 2016-08-02 Quarter: 2016-06-30
10-Q 2016-04-29 Quarter: 2016-03-31
10-K 2016-02-17 Annual: 2015-12-31
10-Q 2015-10-28 Quarter: 2015-09-30
10-Q 2015-07-30 Quarter: 2015-06-30
10-Q 2015-04-28 Quarter: 2015-03-31
10-K 2015-02-17 Annual: 2014-12-31
10-Q 2014-10-24 Quarter: 2014-09-30
10-Q 2014-07-25 Quarter: 2014-06-30
10-Q 2014-04-25 Quarter: 2014-03-31
10-K 2014-02-18 Annual: 2013-12-31
10-Q 2013-10-22 Quarter: 2013-09-30
10-Q 2013-07-23 Quarter: 2013-06-30
10-Q 2013-04-23 Quarter: 2013-03-31
10-K 2013-02-19 Annual: 2012-12-31
10-Q 2012-10-19 Quarter: 2012-09-30
10-Q 2012-07-20 Quarter: 2012-06-30
10-Q 2012-04-20 Quarter: 2012-03-31
10-K 2012-02-17 Annual: 2011-12-31
10-Q 2011-10-21 Quarter: 2011-09-30
10-Q 2011-07-22 Quarter: 2011-06-30
10-Q 2011-04-21 Quarter: 2011-03-31
10-K 2011-02-22 Annual: 2010-12-31
10-Q 2010-10-22 Quarter: 2010-09-30
10-Q 2010-07-23 Quarter: 2010-06-30
10-Q 2010-04-23 Quarter: 2010-03-31
10-K 2010-02-19 Annual: 2009-12-31
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-10-23 Officers, Regulation FD, Exhibits
8-K 2019-08-05 Officers
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-07-24 Regulation FD, Exhibits
8-K 2019-07-16 Officers, Exhibits
8-K 2019-06-28 Officers, Exhibits
8-K 2019-05-08 Shareholder Vote
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-03-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-01 Earnings, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-06-13 Officers
8-K 2018-05-09 Officers, Shareholder Vote
8-K 2018-05-04 Earnings, Exhibits
8-K 2018-02-14 Officers
8-K 2018-02-01 Earnings, Exhibits
8-K 2018-01-05 Earnings, Regulation FD, Exhibits
IDXX 2019-09-30
Part I- Financial Information
Item 1. Financial Statements.
Note 1. Basis of Presentation and Principles of Consolidation
Note 2. Accounting Policies
Note 3. Revenue Recognition
Note 4. Acquisitions
Note 5. Share-Based Compensation
Note 6. Inventories
Note 7. Property and Equipment, Net
Note 8. Leases
Note 9. Other Current and Long-Term Assets
Note 10. Accrued Liabilities
Note 11. Debt
Note 12. Repurchases of Common Stock
Note 13. Income Taxes
Note 14. Accumulated Other Comprehensive Income
Note 15. Earnings per Share
Note 16. Commitments, Contingencies and Guarantees
Note 17. Segment Reporting
Note 18. Fair Value Measurements
Note 19. Hedging Instruments
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 idxx2019q310-qexhibit311.htm
EX-31.2 idxx2019q310-qexhibit312.htm
EX-32.1 idxx2019q310-qexhibit321.htm
EX-32.2 idxx2019q310-qexhibit322.htm

Idexx Laboratories Earnings 2019-09-30

IDXX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
IDXX 23,646 1,724 1,553 2,291 1,295 417 624 23,536 57% 37.7 24%
NEOG 4,151 721 61 416 193 60 91 4,095 46% 44.9 8%
QDEL 2,482 846 336 506 302 69 108 2,453 60% 22.8 8%
IMMU 2,456 478 363 0 0 -344 -301 2,026 0% -6.7 -72%
MYGN 2,016 1,563 474 851 0 5 102 2,157 0% 21.1 0%
LNTH 1,112 390 298 347 177 13 49 1,255 51% 25.8 3%
NTLA 727 352 76 37 37 -89 -84 678 100% -8.1 -25%
QTNT 626 193 215 29 12 -104 -89 -89,908 40% 1,004.8 -54%
VIVO 490 322 134 203 121 26 43 511 60% 11.8 8%
OXFD 370 242 24 66 48 137 96 183 72% 1.9 56%

Document
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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, D.C. 20549 
FORM 10-Q 
 
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended September 30, 2019
OR 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the transition period from _______________ to _______________. 
  
COMMISSION FILE NUMBER: 000-19271 

idxx-20180331x10qg001a05.jpg
  
IDEXX LABORATORIES, INC. 
(Exact name of registrant as specified in its charter) 

Delaware
 
 
01-0393723
(State or other jurisdiction of incorporation 
or organization)
 
 
(IRS Employer Identification No.)
 
 
 
 
One IDEXX Drive
Westbrook
Maine
04092
(Address of principal executive offices)
 
 
(ZIP Code)
207-556-0300
(Registrant’s telephone number, including area code)
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.10 par value per share
 
IDXX
 
NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨





Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The number of shares outstanding of the registrant’s Common Stock, $0.10 par value per share, was 85,782,572 on October 28, 2019.




GLOSSARY OF TERMS AND SELECTED ABBREVIATIONS

In order to aid the reader, we have included certain terms and abbreviations used throughout this Quarterly Report on Form 10-Q below:

Term/ Abbreviation
 
Definition

 
AOCI
Accumulated other comprehensive income or loss
ASU 2016-02
ASU 2016-02, Leases (Topic 842); also referred to as the “New Leasing Standard”
CAG
Companion Animal Group, a reporting segment that provides veterinarians diagnostic products and services and information management solutions that enhance the health and well-being of pets
Credit Facility
Our $850 million five-year unsecured revolving credit facility under an amended and restated credit agreement that was executed in December 2015, also referred to as line of credit
FASB
U.S. Financial Accounting Standards Board
LPD
Livestock, Poultry and Dairy, a reporting segment that provides diagnostic products and services for livestock and poultry health and to ensure the quality and safety of milk and improve dairy efficiency
OPTI Medical
OPTI Medical Systems, Inc., a wholly-owned subsidiary of IDEXX Laboratories Inc., located in Roswell, Georgia. This business manufactures and supplies blood gas analyzers and consumables worldwide for the human point-of-care medical diagnostics market. The Roswell facility also manufactures electrolytes slides (instrument consumables) to run Catalyst One®, Catalyst Dx®, and blood gas analyzers and consumables for the veterinary market; also referred to as OPTI.
Organic revenue growth
A non-GAAP financial measure and represents the percentage change in revenue, as compared to the same period for the prior year, net of the effect of changes in foreign currency exchange rates, certain business acquisitions and divestitures. Organic revenue growth should be considered in addition to, and not as a replacement for or as a superior measure to, revenues reported in accordance with U.S. GAAP, and may not be comparable to similarly titled measures reported by other companies.
R&D
Research and Development
Reported revenue growth
Represents the percentage change in revenue reported in accordance with U.S. GAAP, as compared to the same period in the prior year
SaaS
Software-as-a-service
SEC
U.S. Securities and Exchange Commission
Senior Note Agreements
Note purchase agreements for the private placement of senior notes having an aggregate principal amount of approximately $700 million, referred to as senior notes or long-term debt
U.S. GAAP
Accounting principles generally accepted in the United States of America
Water
Water, a reporting segment that provides water microbiology testing products





IDEXX LABORATORIES, INC. 
Quarterly Report on Form 10-Q 
Table of Contents 


 
 
Item No.
 
Page

 
 

PART I—FINANCIAL INFORMATION
 
 



 



PART II—OTHER INFORMATION
 
 
໿





PART I— FINANCIAL INFORMATION 
Item 1.  Financial Statements. 
 
IDEXX LABORATORIES, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED BALANCE SHEETS 
(in thousands, except per share amounts) 
(Unaudited)

September 30, 2019
 
December 31, 2018
 
 
 
 
ASSETS
 

 
 

Current Assets:
 

 
 

Cash and cash equivalents
$
103,996

 
$
123,794

Accounts receivable, net of reserves of $3,831 in 2019 and $4,702 in 2018
268,319

 
248,855

Inventories
204,893

 
173,303

Other current assets
126,174

 
108,220

Total current assets
703,382

 
654,172

Long-Term Assets:
 
 
 
Property and equipment, net
496,584

 
437,270

Operating lease right-of-use assets (Notes 2 and 8)
78,977

 

Goodwill
212,171

 
214,489

Intangible assets, net
35,662

 
41,825

Other long-term assets
224,705

 
189,593

Total long-term assets
1,048,099

 
883,177

TOTAL ASSETS
$
1,751,481

 
$
1,537,349

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
 
 
 
Current Liabilities:
 
 
 
Accounts payable
$
75,515

 
$
69,534

Accrued liabilities
278,626

 
260,683

Line of credit
229,500

 
398,937

Current portion of deferred revenue
42,986

 
41,290

Total current liabilities
626,627

 
770,444

Long-Term Liabilities:
 
 
 
Deferred income tax liabilities
33,734

 
29,267

Long-term debt
696,634

 
601,348

Long-term deferred revenue, net of current portion
48,345

 
60,697

Long-term operating lease liabilities (Notes 2 and 8)
66,341

 

Other long-term liabilities
77,078

 
84,826

Total long-term liabilities
922,132

 
776,138

Total liabilities
1,548,759

 
1,546,582

 
 
 
 
Commitments and Contingencies (Note 16)


 


 
 
 
 
Stockholders’ Equity (Deficit):
 
 
 
Common stock, $0.10 par value: Authorized: 120,000 shares; Issued: 105,594 shares in 2019 and 105,087 shares in 2018; Outstanding: 85,888 shares in 2019 and 86,100 shares in 2018
10,559

 
10,509

Additional paid-in capital
1,189,554

 
1,138,216

Deferred stock units: Outstanding: 143 units in 2019 and 162 units in 2018
4,416

 
4,524

Retained earnings
1,505,152

 
1,167,928

Accumulated other comprehensive loss
(45,565
)
 
(41,791
)
Treasury stock, at cost: 19,707 shares in 2019 and 18,988 shares in 2018
(2,461,698
)
 
(2,288,899
)
Total IDEXX Laboratories, Inc. stockholders’ equity (deficit)
202,418

 
(9,513
)
Noncontrolling interest
304

 
280

Total stockholders’ equity (deficit)
202,722

 
(9,233
)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
$
1,751,481

 
$
1,537,349

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

3



IDEXX LABORATORIES, INC. AND SUBSIDIARIES 
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
(in thousands, except per share amounts) 
(Unaudited)  

For the Three Months Ended
September 30,
 
For the Nine Months Ended
September 30,

2019
 
2018
 
2019
 
2018

 

 
 

 
 
 
 
Revenue:
 

 
 

 
 
 
 
Product revenue
$
360,000

 
$
324,303

 
$
1,059,696

 
$
990,364

Service revenue
245,303

 
221,145

 
741,766

 
673,492

Total revenue
605,303

 
545,448

 
1,801,462

 
1,663,856

Cost of Revenue:
 
 
 
 
 
 
 
Cost of product revenue
125,112

 
120,294

 
370,388

 
365,810

Cost of service revenue
135,241

 
119,511

 
396,674

 
356,865

Total cost of revenue
260,353

 
239,805

 
767,062

 
722,675

Gross profit
344,950

 
305,643

 
1,034,400

 
941,181

Expenses:
 
 
 
 
 
 
 
Sales and marketing
104,551

 
95,146

 
312,499

 
291,502

General and administrative
66,337

 
63,955

 
186,653

 
185,966

Research and development
34,260

 
29,192

 
98,033

 
87,725

Income from operations
139,802

 
117,350

 
437,215

 
375,988

Interest expense
(7,090
)
 
(8,453
)
 
(23,662
)
 
(26,184
)
Interest income
86

 
142

 
159

 
893

Income before provision for income taxes
132,798

 
109,039

 
413,712

 
350,697

Provision for income taxes
23,960

 
15,825

 
76,464

 
59,327

Net income
108,838

 
93,214

 
337,248

 
291,370

Less: Net income (loss) attributable to noncontrolling interest
1

 
(37
)
 
24

 
(23
)
Net income attributable to IDEXX Laboratories, Inc. stockholders
$
108,837

 
$
93,251

 
$
337,224

 
$
291,393


 
 
 
 
 
 
 
Earnings per Share:
 
 
 
 
 
 
 
Basic
$
1.26

 
$
1.07

 
$
3.91

 
$
3.35

Diluted
$
1.24

 
$
1.05

 
$
3.85

 
$
3.29

Weighted Average Shares Outstanding:
 
 
 
 
 
 
 
Basic
86,198

 
86,756

 
86,206

 
87,029

Diluted
87,667

 
88,453

 
87,633

 
88,687


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


4



IDEXX LABORATORIES, INC. AND SUBSIDIARIES 
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
(in thousands) 
(Unaudited) 

For the Three Months Ended
September 30,
 
For the Nine Months Ended
September 30,

2019
 
2018
 
2019
 
2018

 

 
 

 
 
 
 
Net income
$
108,838

 
$
93,214

 
$
337,248

 
$
291,370

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments
(13,912
)
 
(1,845
)
 
(12,231
)
 
(18,172
)
Unrealized gain on net investment hedge, net of tax expense of $947 and $1,105 in 2019 and $175 and $888 in 2018
3,007

 
555

 
3,507

 
2,818

Unrealized (loss) gain on investments, net of tax (benefit) expense of $(21) and $93 in 2019 and $12 and $61 in 2018
(67
)
 
37

 
295

 
187

Unrealized gain (loss) on derivative instruments:
 
 
 
 
 
 
 
Unrealized gain, net of tax expense of $1,973 and $2,335 in 2019 and $62 and $1,846 in 2018
8,473

 
1,728

 
10,451

 
7,514

Reclassification adjustment for (gain) loss included in net income, net of tax (expense) benefit of $(688) and $(1,295) in 2019 and $(153) and $476 in 2018
(2,483
)
 
(103
)
 
(5,796
)
 
1,936

Unrealized gain on derivative instruments
5,990

 
1,625

 
4,655

 
9,450

Other comprehensive (loss) gain, net of tax
(4,982
)
 
372

 
(3,774
)
 
(5,717
)
Comprehensive income
103,856

 
93,586

 
333,474

 
285,653

Less: Comprehensive income (loss) attributable to noncontrolling interest
1

 
(37
)
 
24

 
(23
)
Comprehensive income attributable to IDEXX Laboratories, Inc.
$
103,855

 
$
93,623

 
$
333,450

 
$
285,676


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


5



IDEXX LABORATORIES, INC.  AND SUBSIDIARIES 
 
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(in thousands, except per share amounts) 
(Unaudited) 


Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Number of Shares
 
$0.10 Par Value
 
Additional Paid-in Capital
 
Deferred Stock Units
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Treasury Stock
 
Noncontrolling Interest
 
Total Stockholders’ Equity (Deficit)
Balance December 31, 2018
105,087

 
$
10,509

 
$
1,138,216

 
$
4,524

 
$
1,167,928

 
$
(41,791
)
 
$
(2,288,899
)
 
$
280

 
$
(9,233
)
Net income

 

 

 

 
102,681

 

 

 
28

 
102,709

Other comprehensive income, net

 

 

 

 

 
1,776

 

 

 
1,776

Repurchases of common stock, net

 

 

 

 

 

 
(61,135
)
 

 
(61,135
)
Common stock issued under stock plans
258

 
26

 
11,393

 

 

 

 

 

 
11,419

Share-based compensation cost

 

 
6,266

 
68

 

 

 

 

 
6,334

Balance March 31, 2019
105,345

 
$
10,535

 
$
1,155,875

 
$
4,592

 
$
1,270,609

 
$
(40,015
)
 
$
(2,350,034
)
 
$
308

 
$
51,870

Net income (loss)

 

 

 

 
125,706

 

 

 
(5
)
 
125,701

Other comprehensive loss, net

 

 

 

 

 
(568
)
 

 

 
(568
)
Repurchases of common stock, net

 

 

 

 

 

 
(20,343
)
 

 
(20,343
)
Common stock issued under stock plans
133

 
13

 
8,556

 
(578
)
 

 

 

 

 
7,991

Deferred stock units activity

 

 
(324
)
 
324

 

 

 

 

 

Share-based compensation cost

 

 
6,855

 
43

 

 

 

 

 
6,898

Balance June 30, 2019
105,478

 
$
10,548

 
$
1,170,962

 
$
4,381

 
$
1,396,315

 
$
(40,583
)
 
$
(2,370,377
)
 
$
303

 
$
171,549

Net income

 

 

 

 
108,837

 

 

 
1

 
108,838

Other comprehensive loss, net

 

 

 

 

 
(4,982
)
 

 

 
(4,982
)
Repurchases of common stock, net

 

 

 

 

 

 
(91,321
)
 

 
(91,321
)
Common stock issued under stock plans
116

 
11

 
9,247

 
(11
)
 

 

 

 

 
9,247

Share-based compensation cost

 

 
9,345

 
46

 

 

 

 

 
9,391

Balance September 30, 2019
105,594

 
$
10,559

 
$
1,189,554

 
$
4,416

 
$
1,505,152

 
$
(45,565
)
 
$
(2,461,698
)
 
$
304

 
$
202,722

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




















6



IDEXX LABORATORIES, INC.  AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (Cont.)
(in thousands, except per share amounts) 
(Unaudited) 


Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Number of Shares
 
$0.10 Par Value
 
Additional Paid-in Capital
 
Deferred Stock Units
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Treasury Stock
 
Noncontrolling Interest
 
Total Stockholders’ Equity (Deficit)
Balance December 31, 2017
104,275

 
$
10,428

 
$
1,073,931

 
$
5,988

 
$
803,545

 
$
(36,470
)
 
$
(1,911,528
)
 
$
264

 
$
(53,842
)
Cumulative effect of accounting changes

 

 

 

 
(12,648
)
 

 

 

 
(12,648
)
Balance January 1, 2018
104,275

 
$
10,428

 
$
1,073,931

 
$
5,988

 
$
790,897

 
$
(36,470
)
 
$
(1,911,528
)
 
$
264

 
$
(66,490
)
Net income

 

 

 

 
89,451

 

 

 
25

 
89,476

Other comprehensive income, net

 

 

 

 

 
2,264

 

 

 
2,264

Repurchases of common stock, net

 

 

 

 

 

 
(94,285
)
 

 
(94,285
)
Common stock issued under stock plans
401

 
40

 
14,311

 
(259
)
 

 

 

 

 
14,092

Share-based compensation cost

 

 
5,917

 
43

 

 

 

 

 
5,960

Balance March 31, 2018
104,676

 
$
10,468

 
$
1,094,159

 
$
5,772

 
$
880,348

 
$
(34,206
)
 
$
(2,005,813
)
 
$
289

 
$
(48,983
)
Net income (loss)

 

 

 

 
108,691

 

 

 
(11
)
 
108,680

Other comprehensive loss, net

 

 

 

 

 
(8,353
)
 

 

 
(8,353
)
Repurchases of common stock, net

 

 

 

 

 

 
(105,834
)
 

 
(105,834
)
Common stock issued under stock plans
171

 
17

 
9,053

 
(1,821
)
 

 

 

 

 
7,249

Deferred stock units activity

 

 
(385
)
 
385

 

 

 

 

 

Share-based compensation cost

 

 
6,330

 
62

 

 

 

 

 
6,392

Balance June 30, 2018
104,847

 
$
10,485

 
$
1,109,157

 
$
4,398

 
$
989,039

 
$
(42,559
)
 
$
(2,111,647
)
 
$
278

 
$
(40,849
)
Net income (loss)

 

 

 

 
93,251

 

 

 
(37
)
 
93,214

Other comprehensive income, net

 

 

 

 

 
372

 

 

 
372

Repurchases of common stock, net

 

 

 

 

 

 
(73,505
)
 

 
(73,505
)
Common stock issued under stock plans
195

 
19

 
12,800

 
(12
)
 

 

 

 

 
12,807

Share-based compensation cost

 

 
6,527

 
69

 

 

 

 

 
6,596

Balance September 30, 2018
105,042

 
$
10,504

 
$
1,128,484

 
$
4,455

 
$
1,082,290

 
$
(42,187
)
 
$
(2,185,152
)
 
$
241

 
$
(1,365
)

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


7



IDEXX LABORATORIES, INC.  AND SUBSIDIARIES 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) 
(Unaudited) 

For the Nine Months Ended
September 30,

2019
 
2018

 

 
 

Cash Flows from Operating Activities:
 

 
 

Net income
$
337,248

 
$
291,370

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
65,422

 
62,574

Impairment charge

 
2,629

Benefit of deferred income taxes
2,403

 
12,850

Share-based compensation expense
22,623

 
18,948

Other
1,497

 
2,385

Changes in assets and liabilities:
 
 
 
Accounts receivable
(24,451
)
 
(33,041
)
Inventories
(36,582
)
 
(27,415
)
Other assets and liabilities
(54,770
)
 
(58,214
)
Accounts payable
1,181

 
(1,336
)
Deferred revenue
(10,826
)
 
(6,314
)
Net cash provided by operating activities