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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES:    
Net income (loss) $ 46,316 $ (18,499)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Loss from discontinued operations, net of tax 0 10,370
Depreciation and amortization 54,353 40,596
Deferred income tax (2,919) 32,578
Amortization of debt issuance costs 1,623 1,645
Non-cash interest expense 6,300 5,874
Loss on disposal of property and equipment 1,046 124
Change in fair value of contingent consideration 81 359
Share-based compensation 12,773 11,788
Payment of accreted interest 0 (384)
Changes in assets and liabilities, net of business acquisitions:    
Accounts receivable (8,100) (9,206)
Inventories (9,061) (8,005)
Prepaid expenses and other current assets 1,051 7,423
Other non-current assets (552) 1,224
Accounts payable, accrued expenses and other current liabilities 5,831 15,793
Deferred revenue 1,381 (185)
Other non-current liabilities (247) (72)
Net cash provided by operating activities of continuing operations 109,876 91,423
Net cash used in operating activities of discontinued operations 0 (12,209)
Net cash provided by operating activities 109,876 79,214
INVESTING ACTIVITIES:    
Purchases of property and equipment (26,136) (20,314)
Sale of property and equipment 266 1,438
Cash used in business acquisition, net of cash acquired 0 (308,256)
Cash received from business acquisition purchase price adjustment 225 0
Change in restricted cash 4,165 0
Net cash used in investing activities of continuing operations (21,480) (327,132)
Net cash used in investing activities of discontinued operations 0 (7,060)
Net cash used in investing activities (21,480) (334,192)
FINANCING ACTIVITIES:    
Borrowings under senior credit facility 15,000 545,000
Repayments under senior credit facility (48,750) (448,750)
Repayment of 2016 convertible notes 0 (2,519)
Distribution to SeaSpine 0 (47,013)
Payment of debt issuance costs 0 (1,050)
Proceeds from the issuance of common stock, net of issuance costs 0 219,888
Principal payments under capital lease obligations (487) (553)
Proceeds from exercised stock options 9,925 7,345
Cash taxes paid in net equity settlement (4,567) (6,446)
Net cash (used in) provided by financing activities (28,879) 265,902
Effect of exchange rate changes on cash and cash equivalents (51) (3,347)
Net increase in cash and cash equivalents 59,466 7,577
Cash and cash equivalents at beginning of period 48,132 71,734
Cash and cash equivalents at end of period $ 107,598 $ 79,311