$EXEL
EXELIXIS, INC.

2013 Q4 Form 10-Q Financial Statement

#000093976713000036 Filed on October 30, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $4.347M $5.466M $13.31M
YoY Change -44.37% -58.94% -89.62%
Cost Of Revenue $300.0K $290.0K $0.00
YoY Change
Gross Profit $4.084M $5.176M $13.31M
YoY Change -61.12%
Gross Profit Margin 93.95% 94.69% 100.0%
Selling, General & Admin $13.60M $13.60M $7.343M
YoY Change 38.78% 85.18% -10.45%
% of Gross Profit 333.01% 262.71% 55.16%
Research & Development $49.60M $47.35M $30.68M
YoY Change 52.62% 54.35% -18.11%
% of Gross Profit 1214.5% 914.88% 230.45%
Depreciation & Amortization $700.0K $800.0K $1.500M
YoY Change -50.0% -46.67% 36.36%
% of Gross Profit 17.14% 15.46% 11.27%
Operating Expenses $63.30M $61.38M $38.76M
YoY Change 49.65% 58.37% -20.21%
Operating Profit -$59.22M -$55.91M -$25.44M
YoY Change 119.76% -131.92%
Interest Expense -$11.30M $11.43M $7.679M
YoY Change 11.88% 48.85% 85.39%
% of Operating Profit
Other Income/Expense, Net -$11.21M -$7.361M
YoY Change 52.3% 301.36%
Pretax Income -$70.80M -$67.12M -$32.80M
YoY Change 35.89% 104.62% -142.13%
Income Tax -$100.0K $0.00 $10.00K
% Of Pretax Income
Net Earnings -$70.75M -$67.12M -$32.81M
YoY Change 35.55% 104.56% -142.14%
Net Earnings / Revenue -1627.47% -1228.03% -246.48%
Basic Earnings Per Share -$0.20
Diluted Earnings Per Share -$383.4K -$364.5K -$0.20
COMMON SHARES
Basic Shares Outstanding 184.2M shares 184.1M shares 166.4M shares
Diluted Shares Outstanding 166.4M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $242.5M $279.2M $472.3M
YoY Change -41.05% -40.89% 111.6%
Cash & Equivalents $104.0M $92.02M $308.8M
Short-Term Investments $138.5M $187.2M $163.5M
Other Short-Term Assets $17.30M $20.00M $18.30M
YoY Change -5.46% 9.29% 7.02%
Inventory $2.890M $1.764M
Prepaid Expenses
Receivables $3.900M $5.200M $2.700M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $266.6M $306.2M $493.4M
YoY Change -38.36% -37.95% 101.47%
LONG-TERM ASSETS
Property, Plant & Equipment $4.910M $5.520M $6.292M
YoY Change -18.96% -12.27% -38.31%
Goodwill $63.68M $63.68M $63.68M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $144.3M $157.4M $162.2M
YoY Change -20.84% -2.96% 89.04%
Other Assets $6.888M $7.300M $9.123M
YoY Change -19.33% -19.98% 28.49%
Total Long-Term Assets $236.7M $249.8M $269.2M
YoY Change -17.98% -7.21% 61.5%
TOTAL ASSETS
Total Short-Term Assets $266.6M $306.2M $493.4M
Total Long-Term Assets $236.7M $249.8M $269.2M
Total Assets $503.3M $556.0M $762.6M
YoY Change -30.21% -27.1% 85.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.345M $3.559M $3.246M
YoY Change 112.48% 9.64% -4.53%
Accrued Expenses $34.96M $35.04M $23.70M
YoY Change 70.03% 47.85% -51.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.76M $12.13M $13.20M
YoY Change -10.69% -8.13% -62.18%
Total Short-Term Liabilities $87.85M $77.88M $85.42M
YoY Change 7.53% -8.82% -48.73%
LONG-TERM LIABILITIES
Long-Term Debt $335.5M $329.5M $322.1M
YoY Change 4.0% 2.29% 83.95%
Other Long-Term Liabilities $4.674M $5.726M $7.768M
YoY Change -25.29% -26.29% -88.39%
Total Long-Term Liabilities $340.1M $335.2M $7.768M
YoY Change 3.44% 4215.01% -96.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $87.85M $77.88M $85.42M
Total Long-Term Liabilities $340.1M $335.2M $7.768M
Total Liabilities $483.5M $423.2M $421.8M
YoY Change 1.56% 0.34% 3.22%
SHAREHOLDERS EQUITY
Retained Earnings -$1.490B -$1.428B -$1.202B
YoY Change 19.03% 18.82%
Common Stock $184.0K $184.0K $183.0K
YoY Change 0.55% 0.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.20M $132.8M $340.8M
YoY Change
Total Liabilities & Shareholders Equity $503.3M $556.0M $762.6M
YoY Change -30.21% -27.1% 85.28%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$70.75M -$67.12M -$32.81M
YoY Change 35.55% 104.56% -142.14%
Depreciation, Depletion And Amortization $700.0K $800.0K $1.500M
YoY Change -50.0% -46.67% 36.36%
Cash From Operating Activities -$47.40M -$57.00M -$34.00M
YoY Change 22.48% 67.65% -21.48%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$700.0K -$1.000M
YoY Change -91.67% -30.0% 900.0%
Acquisitions
YoY Change
Other Investing Activities $59.60M $18.70M -$140.2M
YoY Change -160.51% -113.34% -528.75%
Cash From Investing Activities $59.60M $18.00M -$141.2M
YoY Change -159.78% -112.75% -533.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $138.4M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K -800.0K 415.9M
YoY Change -50.0% -100.19% 24364.71%
NET CHANGE
Cash From Operating Activities -47.40M -57.00M -34.00M
Cash From Investing Activities 59.60M 18.00M -141.2M
Cash From Financing Activities -200.0K -800.0K 415.9M
Net Change In Cash 12.00M -39.80M 240.7M
YoY Change -108.65% -116.54% -2774.44%
FREE CASH FLOW
Cash From Operating Activities -$47.40M -$57.00M -$34.00M
Capital Expenditures -$100.0K -$700.0K -$1.000M
Free Cash Flow -$47.30M -$56.30M -$33.00M
YoY Change 26.13% 70.61% -23.61%

Facts In Submission

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PaymentsToAcquireRestrictedInvestments
3785000 USD
us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
40188000 USD
CY2013Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7799000 USD
CY2012Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6104000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
203479000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
277673000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-12374000 USD
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-4082000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
251470000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
236323000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
877000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
40000 USD
CY2012 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
938000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
894000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
828000 USD
CY2013Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5520000 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6059000 USD
CY2012Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
2751000 USD
CY2013Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
5171000 USD
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
47354000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
96386000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
129166000 USD
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
30680000 USD
CY2012Q4 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
12246000 USD
CY2013Q3 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
12211000 USD
CY2012Q4 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
27964000 USD
CY2013Q3 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
15889000 USD
us-gaap Restructuring And Related Cost Expected Cost
RestructuringAndRelatedCostExpectedCost
1800000 USD
CY2013Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Inception To Date
RestructuringAndRelatedCostNumberOfPositionsEliminatedInceptionToDate
429 employee
CY2012Q3 us-gaap Restructuring Charges
RestructuringCharges
733000 USD
us-gaap Restructuring Charges
RestructuringCharges
865000 USD
us-gaap Restructuring Charges
RestructuringCharges
1704000 USD
CY2013Q3 us-gaap Restructuring Charges
RestructuringCharges
137000 USD
us-gaap Restructuring Costs
RestructuringCosts
-3489000 USD
us-gaap Restructuring Costs
RestructuringCosts
-5320000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
0 USD
CY2011Q4 us-gaap Restructuring Reserve
RestructuringReserve
13978000 USD
CY2013Q3 us-gaap Restructuring Reserve
RestructuringReserve
13902000 USD
CY2012Q4 us-gaap Restructuring Reserve
RestructuringReserve
19222000 USD
CY2013Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
3776000 USD
us-gaap Restructuring Charges
RestructuringCharges
52900000 USD
CY2012 us-gaap Restructuring Charges
RestructuringCharges
9171000 USD
CY2012Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
5085000 USD
CY2012Q4 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
14137000 USD
CY2013Q3 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
10126000 USD
us-gaap Restructuring Reserve Settled Without Cash1
RestructuringReserveSettledWithoutCash1
153000 USD
CY2012 us-gaap Restructuring Reserve Settled Without Cash1
RestructuringReserveSettledWithoutCash1
-1402000 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1254002000 USD
CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1428016000 USD
us-gaap Revenues
Revenues
26991000 USD
CY2012Q3 us-gaap Revenues
Revenues
13313000 USD
us-gaap Revenues
Revenues
39636000 USD
CY2013Q3 us-gaap Revenues
Revenues
5466000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
0 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
10670000 USD
CY2012Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
0 USD
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4771000 USD
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7343000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22008000 USD
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13598000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
37323000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
8503000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6222000 USD
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
13803103 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.23
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
712885 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
5778323 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
5709000 USD
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
23509515 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18448550 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.50
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.85
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.42
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.42
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.38
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2376000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y6M4D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y8M16D
CY2012Q4 us-gaap Short Term Investments
ShortTermInvestments
241371000 USD
CY2013Q3 us-gaap Short Term Investments
ShortTermInvestments
187203000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
4473 shares
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
296434000 USD
CY2013Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
132763000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">The preparation of the consolidated financial statements is in conformity with accounting principles generally accepted in the United States which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. On an ongoing basis, management evaluates its estimates including, but not limited to, those related to inventory, revenue recognition, cost of goods sold, valuation of long-lived assets, certain accrued liabilities including clinical trial accruals and restructuring liability, share-based compensation and the valuation of the debt and equity components of our convertible debt at issuance. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.</font><font style="font-family:inherit;font-size:10pt;"> Actual results could differ materially from those estimates.</font></div></div>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
183957000 shares
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
184149000 shares
CY2012Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
166354000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
152316000 shares
CY2012 exel Annual Operating Cycle
AnnualOperatingCycle
P52W
exel Annual Operating Cycle
AnnualOperatingCycle
P52W
CY2012Q4 exel Available For Sale Securities Gross Unrealized Gain Accumulated In Investments
AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments
99000 USD
CY2013Q3 exel Available For Sale Securities Gross Unrealized Gain Accumulated In Investments
AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments
302000 USD
CY2012Q4 exel Available For Sale Securities Gross Unrealized Loss Accumulated In Investments
AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments
191000 USD
CY2013Q3 exel Available For Sale Securities Gross Unrealized Loss Accumulated In Investments
AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments
122000 USD
exel Available For Sale Securities Unrealized Loss Position Term
AvailableForSaleSecuritiesUnrealizedLossPositionTerm
P1Y
exel License And Contracts Revenue
LicenseAndContractsRevenue
39636000 USD
exel License And Contracts Revenue
LicenseAndContractsRevenue
16321000 USD
CY2012Q3 exel License And Contracts Revenue
LicenseAndContractsRevenue
13313000 USD
CY2013Q3 exel License And Contracts Revenue
LicenseAndContractsRevenue
695000 USD
CY2013Q3 exel Number Of Phases In Process
NumberOfPhasesInProcess
2 phase
exel Proceeds From Exercise Of Stock Options And Warrants Net Of Repurchases
ProceedsFromExerciseOfStockOptionsAndWarrantsNetOfRepurchases
901000 USD
exel Proceeds From Exercise Of Stock Options And Warrants Net Of Repurchases
ProceedsFromExerciseOfStockOptionsAndWarrantsNetOfRepurchases
25000 USD
exel Proceedsfrom Subtenants
ProceedsfromSubtenants
9100000 USD
exel Sales Revenue Percent Discount For Prompt Payment
SalesRevenuePercentDiscountForPromptPayment
0.02
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-27
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-09-27
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000939767
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
184204393 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
EXELIXIS, INC.
dei Trading Symbol
TradingSymbol
exel

Files In Submission

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0000939767-13-000036-index-headers.html Edgar Link pending
0000939767-13-000036-index.html Edgar Link pending
0000939767-13-000036.txt Edgar Link pending
0000939767-13-000036-xbrl.zip Edgar Link pending
exel-20130927.xml Edgar Link completed
exel-20130927.xsd Edgar Link pending
exel-20130927_cal.xml Edgar Link unprocessable
exel-20130927_def.xml Edgar Link unprocessable
exel-20130927_lab.xml Edgar Link unprocessable
exel-20130927_pre.xml Edgar Link unprocessable
exel2013093010-q.htm Edgar Link pending
exel20130930exhibit101.htm Edgar Link pending
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