$EXEL
EXELIXIS, INC.

2015 Q2 Form 10-Q Financial Statement

#000093976715000035 Filed on April 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $7.992M $9.388M $4.905M
YoY Change 21.79% 91.4% -49.27%
Cost Of Revenue $686.0K $766.0K $309.0K
YoY Change 43.82% 147.9% 10.36%
Gross Profit $7.306M $8.622M $4.596M
YoY Change 20.07% 87.6% -51.05%
Gross Profit Margin 91.42% 91.84% 93.7%
Selling, General & Admin $12.79M $9.531M $14.69M
YoY Change -22.33% -35.12% 39.32%
% of Gross Profit 175.05% 110.54% 319.65%
Research & Development $24.51M $22.28M $54.85M
YoY Change -51.93% -59.37% 67.55%
% of Gross Profit 335.42% 258.43% 1193.36%
Depreciation & Amortization $400.0K $297.0K $498.0K
YoY Change -33.33% -40.36% -40.86%
% of Gross Profit 5.47% 3.44% 10.84%
Operating Expenses $39.27M $32.15M $69.89M
YoY Change -42.46% -54.0% 60.02%
Operating Profit -$31.28M -$22.76M -$64.99M
YoY Change -49.29% -64.98% 91.08%
Interest Expense $11.96M $12.40M $11.76M
YoY Change -1.01% 5.45% 6.38%
% of Operating Profit
Other Income/Expense, Net -$12.08M -$12.41M -$9.631M
YoY Change 3.07% 28.85% -10.15%
Pretax Income -$39.50M -$35.20M -$74.60M
YoY Change -46.19% -52.82% 66.78%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$41.39M -$33.25M -$74.62M
YoY Change -43.62% -55.45% 66.82%
Net Earnings / Revenue -517.88% -354.12% -1521.28%
Basic Earnings Per Share
Diluted Earnings Per Share -$175.7K -$179.7K -$389.1K
COMMON SHARES
Basic Shares Outstanding 196.0M shares 195.9M shares 194.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.60M $107.2M $273.6M
YoY Change -67.19% -60.82% -23.28%
Cash & Equivalents $61.95M $80.40M $157.5M
Short-Term Investments $14.60M $22.30M $116.0M
Other Short-Term Assets $8.800M $11.30M $17.60M
YoY Change -48.24% -35.8% -24.14%
Inventory $2.608M $2.593M $2.686M
Prepaid Expenses
Receivables $3.800M $3.900M $4.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $91.80M $125.0M $298.3M
YoY Change -64.5% -58.08% -22.3%
LONG-TERM ASSETS
Property, Plant & Equipment $1.812M $2.158M $4.685M
YoY Change -55.28% -53.94% -19.03%
Goodwill $63.68M $63.68M $63.68M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $81.60M $81.60M $111.2M
YoY Change -14.55% -26.62% -36.85%
Other Assets $7.197M $7.771M $8.918M
YoY Change -10.28% -12.86% 9.76%
Total Long-Term Assets $157.0M $157.9M $199.3M
YoY Change -13.77% -20.76% -27.7%
TOTAL ASSETS
Total Short-Term Assets $91.80M $125.0M $298.3M
Total Long-Term Assets $157.0M $157.9M $199.3M
Total Assets $248.8M $282.9M $497.6M
YoY Change -43.54% -43.14% -24.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.398M $1.303M $4.943M
YoY Change -26.74% -73.64% 41.31%
Accrued Expenses $32.57M $30.98M $39.12M
YoY Change -21.26% -20.81% 83.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $4.075M $1.392M
YoY Change -100.0% 192.74% -89.17%
Total Short-Term Liabilities $60.32M $58.68M $71.06M
YoY Change -64.9% -17.42% 4.8%
LONG-TERM LIABILITIES
Long-Term Debt $371.2M $364.4M $341.6M
YoY Change 46.33% 6.65% 7.43%
Other Long-Term Liabilities $2.345M $2.961M $5.467M
YoY Change -54.04% -45.84% -10.57%
Total Long-Term Liabilities $373.6M $367.3M $347.1M
YoY Change 44.35% 5.83% 7.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.32M $58.68M $71.06M
Total Long-Term Liabilities $373.6M $367.3M $347.1M
Total Liabilities $437.0M $429.7M $426.1M
YoY Change -0.1% 0.85% 5.29%
SHAREHOLDERS EQUITY
Retained Earnings -$1.846B -$1.802B -$1.573B
YoY Change 12.09% 14.56% 21.15%
Common Stock $196.0K $196.0K $194.0K
YoY Change 0.51% 1.03% 5.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$188.2M -$146.8M $71.50M
YoY Change
Total Liabilities & Shareholders Equity $248.8M $282.9M $497.6M
YoY Change -43.54% -43.14% -24.56%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$41.39M -$33.25M -$74.62M
YoY Change -43.62% -55.45% 66.82%
Depreciation, Depletion And Amortization $400.0K $297.0K $498.0K
YoY Change -33.33% -40.36% -40.86%
Cash From Operating Activities -$26.80M -$45.09M -$72.09M
YoY Change -51.54% -37.46% 32.47%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K $31.00K $384.0K
YoY Change -200.0% -91.93% -47.33%
Acquisitions
YoY Change
Other Investing Activities $7.800M $49.90M $60.70M
YoY Change -82.55% -17.79% -9.54%
Cash From Investing Activities $7.700M $49.90M $60.36M
YoY Change -82.74% -17.34% -9.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $75.60M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.900M -$217.0K $65.29M
YoY Change -1075.0% -100.33% -705.91%
NET CHANGE
Cash From Operating Activities -26.80M -$45.09M -$72.09M
Cash From Investing Activities 7.700M $49.90M $60.36M
Cash From Financing Activities -3.900M -$217.0K $65.29M
Net Change In Cash -23.00M $4.592M $53.56M
YoY Change 123.3% -91.43% 4505.42%
FREE CASH FLOW
Cash From Operating Activities -$26.80M -$45.09M -$72.09M
Capital Expenditures -$100.0K $31.00K $384.0K
Free Cash Flow -$26.70M -$45.12M -$72.47M
YoY Change -51.81% -37.74% 31.42%

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CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-35170000 USD
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-9631000 USD
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-12410000 USD
CY2015Q1 us-gaap Notes Payable Current
NotesPayableCurrent
164000 USD
CY2014Q4 us-gaap Notes Payable Current
NotesPayableCurrent
381000 USD
CY2015Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
69893000 USD
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
32148000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-64988000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-22760000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12282000 USD
CY2015Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
13867000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8340000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
7771000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
7000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
60000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4169000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2961000 USD
CY2014Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1475000 USD
CY2015Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-637000 USD
CY2014Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
2131000 USD
CY2015Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
-7000 USD
CY2014Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
35937000 USD
CY2015Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
13282000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
384000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
31000 USD
CY2014Q1 us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
504000 USD
CY2015Q1 us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
2684000 USD
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3481000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5212000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
75646000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2014Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-10479000 USD
CY2015Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-217000 USD
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
90311000 USD
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
54410000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
0 USD
CY2015Q1 us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
95000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
276000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
639000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2432000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2158000 USD
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
4882000 USD
CY2015Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
3882000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
54847000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22282000 USD
CY2014Q4 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
12212000 USD
CY2015Q1 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
6108000 USD
CY2014Q4 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
4684000 USD
CY2015Q1 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
2684000 USD
CY2014Q1 us-gaap Restructuring Charges
RestructuringCharges
46000 USD
CY2015Q1 us-gaap Restructuring Charges
RestructuringCharges
-431000 USD
CY2014Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
6426000 USD
CY2015Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
4993000 USD
CY2014Q4 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
4365000 USD
CY2015Q1 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
3697000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1767304000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1802474000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
49500000 USD
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4905000 USD
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
9388000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14691000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9531000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3758000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1660000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
12737971 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.86
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
3154051 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
291543 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4235450 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11313000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
27811992 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
28601848 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.00
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.44
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
6.06
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.13
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.94
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 USD
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y0M7D
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y10M20D
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
63890000 USD
CY2015Q1 us-gaap Short Term Investments
ShortTermInvestments
22258000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-114829000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-146759000 USD
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
191699000 shares
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
195904000 shares
CY2015Q1 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exelixis adopted a 52- or 53-week fiscal year that generally ends on the Friday closest to December 31st. Fiscal year 2015, a 52-week year, will end on </font><font style="font-family:inherit;font-size:10pt;">January&#160;1, 2016</font><font style="font-family:inherit;font-size:10pt;">, and fiscal year 2014, a 53-week year, ended on </font><font style="font-family:inherit;font-size:10pt;">January&#160;2, 2015</font><font style="font-family:inherit;font-size:10pt;">. For convenience, references in this report as of and for the fiscal periods ended </font><font style="font-family:inherit;font-size:10pt;">April&#160;3, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">March&#160;28, 2014</font><font style="font-family:inherit;font-size:10pt;">, and as of and for the fiscal years ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;1, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">January&#160;2, 2015</font><font style="font-family:inherit;font-size:10pt;">, are indicated as being as of and for the periods ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:48px;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-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">The preparation of our consolidated financial statements is in conformity with accounting principles generally accepted in the United States which requires management to make judgments, 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, valuation of long-lived assets, certain accrued liabilities including clinical trial accruals and restructuring liability, valuation of warrants, 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 we believe 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 style="line-height:120%;padding-top:18px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font></div></div>

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