Company Quick10K Filing
Lannett
Price11.09 EPS0
Shares39 P/E140
MCap427 P/FCF5
Net Debt657 EBIT96
TEV1,084 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
10-Q 2019-12-31 Filed 2020-02-06
10-Q 2019-09-30 Filed 2019-11-07
10-K 2019-06-30 Filed 2019-08-28
10-Q 2019-03-31 Filed 2019-05-07
10-Q 2018-12-31 Filed 2019-02-07
10-Q 2018-09-30 Filed 2018-11-08
10-K 2018-06-30 Filed 2018-08-28
10-Q 2018-03-31 Filed 2018-05-08
10-Q 2017-12-31 Filed 2018-02-08
10-Q 2017-09-30 Filed 2017-11-08
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10-Q 2017-03-31 Filed 2017-05-05
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10-Q 2015-12-31 Filed 2016-02-09
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10-K 2015-06-30 Filed 2015-08-27
10-Q 2015-03-31 Filed 2015-05-08
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10-Q 2013-12-31 Filed 2014-02-07
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10-Q 2013-03-31 Filed 2013-05-09
10-Q 2012-12-31 Filed 2013-02-08
10-Q 2012-09-30 Filed 2012-11-09
10-K 2012-06-30 Filed 2012-09-12
10-Q 2012-03-31 Filed 2012-05-09
10-Q 2011-12-31 Filed 2012-02-08
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10-K 2011-06-30 Filed 2011-09-09
10-Q 2011-03-31 Filed 2011-05-13
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10-K 2010-06-30 Filed 2010-09-24
10-Q 2010-03-31 Filed 2010-05-13
10-Q 2009-12-31 Filed 2010-02-11
8-K 2020-06-05
8-K 2020-05-06
8-K 2020-02-05
8-K 2020-01-22
8-K 2019-11-21
8-K 2019-11-06
8-K 2019-10-30
8-K 2019-09-27
8-K 2019-09-25
8-K 2019-09-24
8-K 2019-09-23
8-K 2019-08-27
8-K 2019-08-21
8-K 2019-07-31
8-K 2019-07-03
8-K 2019-06-11
8-K 2019-05-22
8-K 2019-05-20
8-K 2019-05-20
8-K 2019-05-06
8-K 2019-03-21
8-K 2019-02-06
8-K 2019-01-23
8-K 2019-01-23
8-K 2018-12-13
8-K 2018-12-10
8-K 2018-11-09
8-K 2018-11-07
8-K 2018-10-22
8-K 2018-08-28
8-K 2018-08-17
8-K 2018-07-30
8-K 2018-06-29
8-K 2018-06-20
8-K 2018-05-14
8-K 2018-05-07
8-K 2018-04-26
8-K 2018-04-17
8-K 2018-03-28
8-K 2018-02-07
8-K 2018-01-19
8-K 2018-01-17
8-K 2018-01-17

LCI 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Interim Financial Information
Note 2. The Business and Nature of Operations
Note 3. Summary of Significant Accounting Policies
Note 4. Restructuring Charges
Note 5. Accounts Receivable, Net
Note 6. Inventories
Note 7. Property, Plant and Equipment, Net
Note 8. Fair Value Measurements
Note 9. Goodwill and Intangible Assets
Note 10. Long - Term Debt
Note 11. Legal, Regulatory Matters and Contingencies
Note 12. Commitments
Note 13. Accumulated Other Comprehensive Loss
Note 14. Earnings (Loss) per Common Share
Note 15. Share - Based Compensation
Note 16. Employee Benefit Plan
Note 17. Income Taxes
Note 18. Related Party Transactions
Note 19. Assets Held for Sale
Note 20. Subsequent Event
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 6. Exhibits
EX-31.1 lci-20200331ex311cc4d26.htm
EX-31.2 lci-20200331ex312b58d05.htm
EX-32 lci-20200331xex32.htm

Lannett Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1.81.41.10.70.40.02012201420172020
Assets, Equity
0.20.10.0-0.1-0.2-0.32012201420172020
Rev, G Profit, Net Income
0.1-0.1-0.3-0.6-0.8-1.02012201420172020
Ops, Inv, Fin

10-Q 1 lci-20200331x10q.htm 10-Q lci_Current_Folio_10Q

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM              TO           

Commission File No. 001-31298

LANNETT COMPANY, INC.

(Exact Name of Registrant as Specified in its Charter)

State of Delaware

    

23-0787699

(State of Incorporation)

 

(I.R.S. Employer I.D. No.)

 

9000 State Road

Philadelphia, PA 19136

(215) 333-9000

(Address of principal executive offices and telephone number)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

Common Stock, $0.001 par value

 

LCI

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).  Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer” and “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-12 of the Exchange Act).  Yes  No 

Indicate the number of shares outstanding of each class of the registrant’s common stock, as of the latest practical date.

 

 

 

Class

    

Outstanding as of April 30, 2020

Common stock, par value $0.001 per share

 

40,350,852

 

 

 

 

Table of Contents

 

 

 

 

 

 

Page No.

PART I. FINANCIAL INFORMATION 

 

 

 

 

 

ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

 

 

 

 

 

 

 

Consolidated Balance Sheets as of March 31, 2020 and June 30, 2019

3

 

 

 

 

 

 

Consolidated Statements of Operations for the three and nine months ended March 31, 2020 and 2019

4

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income/Loss for the three and nine months ended March 31, 2020 and 2019

5

 

 

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended March 31, 2020 and 2019 

6

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended March 31, 2020 and 2019

7

 

 

 

 

 

 

Notes to Consolidated Financial Statements

8

 

 

 

 

 

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

40

 

 

 

 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

56

 

 

 

 

 

ITEM 4.

CONTROLS AND PROCEDURES

56

 

 

PART II. OTHER INFORMATION 

 

 

 

 

 

ITEM 1.

LEGAL PROCEEDINGS

56

 

 

 

 

 

ITEM 1A.

RISK FACTORS

56

 

 

 

 

 

ITEM 6.

EXHIBITS

58

 

 

2

PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

LANNETT COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

    

March 31, 2020

    

June 30, 2019

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

101,455

 

$

140,249

Accounts receivable, net

 

 

180,356

 

 

164,752

Inventories

 

 

135,955

 

 

143,971

Prepaid income taxes

 

 

8,414

 

 

 —

Assets held for sale

 

 

2,678

 

 

9,671

Other current assets

 

 

14,450

 

 

13,606

Total current assets

 

 

443,308

 

 

472,249

Property, plant and equipment, net

 

 

181,408

 

 

186,670

Intangible assets, net

 

 

401,044

 

 

411,229

Operating lease right-of-use assets

 

 

9,774

 

 

 —

Deferred tax assets

 

 

111,793

 

 

109,305

Other assets

 

 

11,824

 

 

7,960

TOTAL ASSETS

 

$

1,159,151

 

$

1,187,413

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

33,834

 

$

13,493

Accrued expenses

 

 

14,115

 

 

5,805

Accrued payroll and payroll-related expenses

 

 

13,121

 

 

19,924

Rebates payable

 

 

43,304

 

 

46,175

Royalties payable

 

 

21,362

 

 

16,215

Restructuring liability

 

 

61

 

 

2,315

Income taxes payable

 

 

 —

 

 

2,198

Current operating lease liabilities

 

 

1,045

 

 

 —

Short-term borrowings and current portion of long-term debt

 

 

95,064

 

 

66,845

Other current liabilities

 

 

2,850

 

 

3,652

Total current liabilities

 

 

224,756

 

 

176,622

Long-term debt, net

 

 

599,553

 

 

662,203

Long-term operating lease liabilities

 

 

10,189

 

 

 —

Other liabilities

 

 

14,115

 

 

14,547

TOTAL LIABILITIES

 

 

848,613

 

 

853,372

Commitments (Note 12)

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Common stock ($0.001 par value, 100,000,000 shares authorized; 39,898,838 and 38,969,518 shares issued; 38,741,712 and 38,010,714 shares outstanding at March 31, 2020 and June 30, 2019, respectively)

 

 

40

 

 

39

Additional paid-in capital 

 

 

319,064

 

 

317,023

Retained earnings 

 

 

8,410

 

 

32,075

Accumulated other comprehensive loss 

 

 

(641)

 

 

(615)

Treasury stock (1,157,126 and 958,804 shares at March 31, 2020 and June 30, 2019, respectively)

 

 

(16,335)

 

 

(14,481)

Total stockholders’ equity

 

 

310,538

 

 

334,041

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

1,159,151

 

$

1,187,413

 

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

3

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

March 31, 

 

March 31, 

 

 

    

2020

    

2019

    

2020

    

2019

 

Net sales

 

$

144,372

 

$

172,794

 

$

407,824

 

$

521,566

 

Cost of sales

 

 

94,380

 

 

99,571

 

 

258,699

 

 

303,012

 

Amortization of intangibles

 

 

8,316

 

 

7,906

 

 

23,497

 

 

24,286

 

Gross profit

 

 

41,676

 

 

65,317

 

 

125,628

 

 

194,268

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

7,441

 

 

9,838

 

 

23,287

 

 

29,371

 

Selling, general and administrative expenses

 

 

22,147

 

 

21,649

 

 

60,876

 

 

65,434

 

Restructuring expenses

 

 

191

 

 

452

 

 

1,771

 

 

1,687

 

Asset impairment charges

 

 

13,989

 

 

 —

 

 

15,607

 

 

369,499

 

Total operating expenses

 

 

43,768

 

 

31,939

 

 

101,541

 

 

465,991

 

Operating income (loss)

 

 

(2,092)

 

 

33,378

 

 

24,087

 

 

(271,723)

 

Other income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 —

 

 

(413)

 

 

(2,145)

 

 

(413)

 

Investment income

 

 

393

 

 

925

 

 

1,552

 

 

1,860

 

Interest expense

 

 

(16,177)

 

 

(21,485)

 

 

(52,163)

 

 

(64,430)

 

Other

 

 

(380)

 

 

(401)

 

 

(181)

 

 

(1,409)

 

Total other loss

 

 

(16,164)

 

 

(21,374)

 

 

(52,937)

 

 

(64,392)

 

Income (loss) before income tax

 

 

(18,256)

 

 

12,004

 

 

(28,850)

 

 

(336,115)

 

Income tax expense (benefit)

 

 

(1,664)

 

 

1,359

 

 

(5,185)

 

 

(71,594)

 

Net income (loss)

 

$

(16,592)

 

$

10,645

 

$

(23,665)

 

$

(264,521)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.43)

 

$

0.28

 

$

(0.61)

 

$

(7.01)

 

Diluted (1)

 

$

(0.43)

 

$

0.27

 

$

(0.61)

 

$

(7.01)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

38,707,049

 

 

37,842,224

 

 

38,539,850

 

 

37,729,099

 

Diluted (1)

 

 

38,707,049

 

 

39,330,847

 

 

38,539,850

 

 

37,729,099

 


(1)

See Note 14 “Earnings (Loss) Per Common Share” for details on calculation.

 

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

4

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

March 31, 

 

March 31, 

 

 

    

2020

    

2019

 

2020

    

2019

 

Net income (loss)

 

$

(16,592)

 

$

10,645

 

$

(23,665)

 

$

(264,521)

 

Other comprehensive income (loss), before tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

(63)

 

 

(69)

 

 

(26)

 

 

(56)

 

Total other comprehensive income (loss), before tax

 

 

(63)

 

 

(69)

 

 

(26)

 

 

(56)

 

Income tax related to items of other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Total other comprehensive income (loss), net of tax

 

 

(63)

 

 

(69)

 

 

(26)

 

 

(56)

 

Comprehensive income (loss)

 

$

(16,655)

 

$

10,576

 

$

(23,691)

 

$

(264,577)

 

 

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

5

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three months ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Common Stock

 

Additional

 

 

 

 

Other

 

 

 

 

Total

 

 

Shares

 

 

 

 

Paid-In

 

Retained

 

Comprehensive

 

Treasury

 

Stockholders’

 

    

Issued

    

Amount

    

Capital

    

Earnings

    

Loss

    

Stock

    

Equity

Balance, December 31, 2019

 

39,852

 

$

40

 

$

317,012

 

$

25,002

 

$

(578)

 

$

(16,304)

 

$

325,172

Shares issued in connection with share-based compensation plans

 

47

 

 

 —

 

 

182

 

 

 —

 

 

 —

 

 

 —

 

 

182

Share-based compensation

 

 —

 

 

 —

 

 

1,870

 

 

 —

 

 

 —

 

 

 —

 

 

1,870

Purchase of treasury stock

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(31)

 

 

(31)

Other comprehensive income, net of tax

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(63)

 

 

 —

 

 

(63)

Net loss

 

 —

 

 

 —

 

 

 —

 

 

(16,592)

 

 

 —

 

 

 —

 

 

(16,592)

Balance, March 31, 2020

 

39,899

 

$

40

 

$

319,064

 

$

8,410

 

$

(641)

 

$

(16,335)

 

$

310,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three months ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Common Stock

 

Additional

 

 

 

 

Other

 

 

 

 

Total

 

 

Shares

 

 

 

 

Paid-In

 

Retained

 

Comprehensive

 

Treasury

 

Stockholders’

 

    

Issued

    

Amount

    

Capital

    

Earnings

    

Loss

    

Stock

    

Equity

Balance, December 31, 2018

 

38,767

 

$

39

 

$

312,322

 

$

29,016

 

$

(502)

 

$

(14,364)

 

$

326,511

Shares issued in connection with share-based compensation plans

 

91

 

 

 —

 

 

280

 

 

 —

 

 

 —

 

 

 —

 

 

280

Share-based compensation

 

 —

 

 

 —

 

 

1,989

 

 

 —

 

 

 —

 

 

 —

 

 

1,989

Purchase of treasury stock

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(56)

 

 

(56)

Other comprehensive income net of tax

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(69)

 

 

 —

 

 

(69)

Net income

 

 —

 

 

 —

 

 

 —

 

 

10,645

 

 

 —

 

 

 —

 

 

10,645

Balance, March 31, 2019

 

38,858

 

$

39

 

$

314,591

 

$

39,661

 

$

(571)

 

$

(14,420)

 

$

339,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Nine months ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Common Stock

 

Additional

 

 

 

 

Other

 

 

 

 

Total

 

 

Shares

 

 

 

 

Paid-In

 

Retained

 

Comprehensive

 

Treasury

 

Stockholders’

 

    

Issued

    

Amount

    

Capital

    

Earnings

    

Loss

    

Stock

    

Equity

Balance, June 30, 2019

 

38,970

 

$

39

 

$

317,023

 

$

32,075

 

$

(615)

 

$

(14,481)

 

$

334,041

Shares issued in connection with share-based compensation plans

 

929

 

 

 1

 

 

777

 

 

 —

 

 

 —

 

 

 —

 

 

778

Share-based compensation

 

 —

 

 

 —

 

 

8,336

 

 

 —

 

 

 —

 

 

 —

 

 

8,336

Purchase of treasury stock

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(1,854)

 

 

(1,854)

Other comprehensive income, net of tax

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(26)

 

 

 —

 

 

(26)

Purchase of capped call

 

 —

 

 

 —

 

 

(7,072)

 

 

 —

 

 

 —

 

 

 —

 

 

(7,072)

Net loss

 

 —

 

 

 —

 

 

 —

 

 

(23,665)

 

 

 —

 

 

 —

 

 

(23,665)

Balance, March 31, 2020

 

39,899

 

$

40

 

$

319,064

 

$

8,410

 

$

(641)

 

$

(16,335)

 

$

310,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Nine months ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Common Stock

 

Additional

 

 

 

 

Other

 

 

 

 

Total

 

 

Shares

 

 

 

 

Paid-In

 

Retained

 

Comprehensive

 

Treasury

 

Stockholders’

 

    

Issued

    

Amount

    

Capital

    

Earnings

    

Loss

    

Stock

    

Equity

Balance, June 30, 2018

 

38,257

 

$

38

 

$

306,817

 

$

306,464

 

$

(515)

 

$

(13,889)

 

$

598,915

Shares issued in connection with share-based compensation plans

 

601

 

 

 1

 

 

800

 

 

 —

 

 

 —

 

 

 —

 

 

801

Share-based compensation

 

 —

 

 

 —

 

 

6,974

 

 

 —

 

 

 —

 

 

 —

 

 

6,974

Purchase of treasury stock

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(531)

 

 

(531)

Other comprehensive income net of tax

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(56)

 

 

 —

 

 

(56)

ASC 606 adjustment, net of tax

 

 —

 

 

 —

 

 

 —

 

 

(2,282)

 

 

 —

 

 

 —

 

 

(2,282)

Net loss

 

 —

 

 

 —

 

 

 —

 

 

(264,521)

 

 

 —

 

 

 —

 

 

(264,521)

Balance, March 31, 2019

 

38,858

 

$

39

 

$

314,591

 

$

39,661

 

$

(571)

 

$

(14,420)

 

$

339,300

 

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

 

6

LANNETT COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

March 31, 

 

    

2020

    

2019

OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(23,665)

 

$

(264,521)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

41,386

 

 

42,030

Deferred income tax expense (benefit)

 

 

(2,488)

 

 

(80,478)

Share-based compensation

 

 

8,336

 

 

6,974

Asset impairment charges

 

 

15,607

 

 

369,499

Loss (gain) on sale/disposal of assets

 

 

(821)

 

 

933

Loss on extinguishment of debt

 

 

2,145

 

 

413

Amortization of debt discount and other debt issuance costs

 

 

11,001

 

 

13,440

Other noncash (income) expenses

 

 

1,387

 

 

(510)

Changes in assets and liabilities which provided (used) cash:

 

 

 

 

 

 

Accounts receivable, net

 

 

(15,604)

 

 

97,673

Inventories

 

 

8,016

 

 

1,766

Prepaid income taxes/income taxes payable

 

 

(10,472)

 

 

15,868

Other assets

 

 

3,006

 

 

636

Rebates payable

 

 

(2,871)

 

 

(7,527)

Royalties payable

 

 

5,147

 

 

4,468

Restructuring liability

 

 

(2,254)

 

 

(6,436)

Operating lease liability

 

 

(1,005)

 

 

 —

Accounts payable

 

 

20,341

 

 

(24,965)

Accrued expenses

 

 

1,366

 

 

1,127

Accrued payroll and payroll-related expenses

 

 

(6,803)

 

 

11,337

Other liabilities

 

 

(1,374)

 

 

 —

Net cash provided by operating activities

 

 

50,381

 

 

181,727

INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(13,105)