2022 Q3 Form 10-Q Financial Statement

#000123252422000035 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $940.7M $932.9M $813.7M
YoY Change 12.23% 24.08% 33.93%
Cost Of Revenue $133.7M $124.2M $115.3M
YoY Change -7.96% 4.21% 186.78%
Gross Profit $807.0M $808.7M $698.4M
YoY Change 16.47% 27.83% 23.09%
Gross Profit Margin 85.79% 86.69% 85.83%
Selling, General & Admin $358.5M $366.5M $308.8M
YoY Change -1.43% -14.58% 18.54%
% of Gross Profit 44.42% 45.32% 44.21%
Research & Development $148.9M $139.0M $130.0M
YoY Change 5.55% 4.79% 69.75%
% of Gross Profit 18.45% 17.19% 18.61%
Depreciation & Amortization $148.8M $156.2M $7.617M
YoY Change -11.19% 6.05% 59.38%
% of Gross Profit 18.44% 19.32% 1.09%
Operating Expenses $507.3M $505.5M $438.8M
YoY Change 0.52% -10.01% 30.17%
Operating Profit $24.76M $85.55M $87.55M
YoY Change -12.71% -222.93% -46.0%
Interest Expense -$80.24M -$63.19M -$70.68M
YoY Change -14.06% -8.98% 158.2%
% of Operating Profit -324.05% -73.87% -80.74%
Other Income/Expense, Net
YoY Change
Pretax Income -$60.13M $21.01M $6.325M
YoY Change -11.1% -115.44% -95.34%
Income Tax -$43.00M -$16.10M $500.0K
% Of Pretax Income -76.62% 7.91%
Net Earnings -$19.65M $34.67M $1.647M
YoY Change -62.81% -109.54% -98.65%
Net Earnings / Revenue -2.09% 3.72% 0.2%
Basic Earnings Per Share -$0.31 $0.56 $0.03
Diluted Earnings Per Share -$0.31 $0.55 $0.03
COMMON SHARES
Basic Shares Outstanding 62.68M shares 62.44M shares 61.87M shares
Diluted Shares Outstanding 62.79M shares 63.43M shares 62.91M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $899.4M $771.3M $490.8M
YoY Change 33.88% -13.48% -79.82%
Cash & Equivalents $839.4M $711.3M $490.8M
Short-Term Investments $120.0M $100.0M $80.71M
Other Short-Term Assets $250.0M $255.5M $243.9M
YoY Change 11.07% 27.64% 65.09%
Inventory $728.1M $861.7M $985.5M
Prepaid Expenses $92.88M $108.3M $117.4M
Receivables $601.2M $594.0M $572.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.572B $2.591B $2.501B
YoY Change -2.16% -12.29% -21.03%
LONG-TERM ASSETS
Property, Plant & Equipment $290.1M $317.9M $341.0M
YoY Change -15.83% -25.43% 175.34%
Goodwill $1.593B $1.688B $1.782B
YoY Change -13.89% -10.6% 89.95%
Intangibles $5.570B $6.238B $6.783B
YoY Change -23.51% -17.79% 221.77%
Long-Term Investments
YoY Change
Other Assets $35.15M $34.61M $35.51M
YoY Change -23.21% -26.49% 16.99%
Total Long-Term Assets $7.813B $8.609B $9.268B
YoY Change -20.68% -16.08% 158.19%
TOTAL ASSETS
Total Short-Term Assets $2.572B $2.591B $2.501B
Total Long-Term Assets $7.813B $8.609B $9.268B
Total Assets $10.38B $11.20B $11.77B
YoY Change -16.78% -15.23% 74.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $102.2M $74.16M $73.34M
YoY Change 60.23% 14.4% -5.66%
Accrued Expenses $668.4M $593.2M $604.7M
YoY Change 10.71% 5.72% 61.67%
Deferred Revenue $871.0K $1.278M $1.686M
YoY Change -61.58% -47.64% -28.95%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $31.00M $31.00M $31.00M
YoY Change 0.0% -87.53% -87.53%
Total Short-Term Liabilities $813.0M $705.4M $737.4M
YoY Change 10.6% -19.89% -1.95%
LONG-TERM LIABILITIES
Long-Term Debt $5.696B $5.990B $5.993B
YoY Change -8.83% -7.69% 223.41%
Other Long-Term Liabilities $123.9M $129.4M $124.6M
YoY Change -10.07% -2.33% 17.74%
Total Long-Term Liabilities $5.820B $6.119B $6.118B
YoY Change -8.85% -7.59% 212.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $813.0M $705.4M $737.4M
Total Long-Term Liabilities $5.820B $6.119B $6.118B
Total Liabilities $6.633B $6.825B $6.855B
YoY Change -6.85% -9.03% 152.86%
SHAREHOLDERS EQUITY
Retained Earnings $974.3M $994.0M $959.3M
YoY Change 12.56% 8.23% -25.15%
Common Stock $3.388B $3.312B $3.239B
YoY Change -2.36% -2.68% 20.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.745B $3.201B $3.608B
YoY Change
Total Liabilities & Shareholders Equity $10.38B $11.20B $11.77B
YoY Change -16.78% -15.23% 74.19%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$19.65M $34.67M $1.647M
YoY Change -62.81% -109.54% -98.65%
Depreciation, Depletion And Amortization $148.8M $156.2M $7.617M
YoY Change -11.19% 6.05% 59.38%
Cash From Operating Activities $418.0M $303.0M $209.0M
YoY Change 52.52% 626.84% -26.67%
INVESTING ACTIVITIES
Capital Expenditures $4.902M -$81.43M $12.29M
YoY Change -118.7% 1039.46% 466.97%
Acquisitions
YoY Change
Other Investing Activities -$300.0K -$7.736M $0.00
YoY Change -49.49% -99.87% -100.0%
Cash From Investing Activities $4.602M -$89.16M -$37.29M
YoY Change -117.16% -98.49% -105.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -289.1M 10.78M -$270.8M
YoY Change -37.86% -99.77% -1581.78%
NET CHANGE
Cash From Operating Activities 418.0M 303.0M $209.0M
Cash From Investing Activities 4.602M -89.16M -$37.29M
Cash From Financing Activities -289.1M 10.78M -$270.8M
Net Change In Cash 133.5M 224.7M -$100.6M
YoY Change -161.28% -118.62% -109.68%
FREE CASH FLOW
Cash From Operating Activities $418.0M $303.0M $209.0M
Capital Expenditures $4.902M -$81.43M $12.29M
Free Cash Flow $413.1M $384.5M $196.7M
YoY Change 37.57% 687.22% -30.46%

Facts In Submission

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us-gaap Net Income Loss
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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InventoryStepUpValueAdjustment
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Research And Development Asset Acquired Other Than Through Business Combination Written Off
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us-gaap Research And Development Asset Acquired Other Than Through Business Combination Written Off
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us-gaap Gain Loss On Disposition Of Assets1
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Net Cash Provided By Used In Financing Activities
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<div style="margin-top:14pt;text-indent:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. Actual results could differ materially from those estimates.</span></div>
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us-gaap Concentration Risk Credit Risk
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<div style="margin-top:14pt;text-indent:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Risk</span></div><div style="margin-top:6pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject us to concentrations of credit risk consist of cash, cash equivalents, investments and derivative contracts. Our investment policy permits investments in U.S. federal government and federal agency securities, corporate bonds or commercial paper issued by U.S. corporations, money market instruments, certain qualifying money market mutual funds, certain repurchase agreements, and tax-exempt obligations of U.S. states, agencies and municipalities and places restrictions on credit ratings, maturities, and concentration by type and issuer. We are exposed to credit risk in the event of a default by the financial institutions holding our cash, cash equivalents and investments to the extent recorded on the balance sheet.</span></div>We manage our foreign currency transaction risk and interest rate risk within specified guidelines through the use of derivatives. All of our derivative instruments are utilized for risk management purposes, and we do not use derivatives for speculative trading purposes.The counterparties to these contracts are large multinational commercial banks, and we believe the risk of nonperformance is not significant.We are also subject to credit risk from our accounts receivable related to our product sales. We monitor our exposure within accounts receivable and record a reserve against uncollectible accounts receivable as necessary. We extend credit to pharmaceutical wholesale distributors and specialty pharmaceutical distribution companies, primarily in the U.S., and to other international distributors and hospitals. Customer creditworthiness is monitored and collateral is not required. We monitor economic conditions in certain European countries which may result in variability of the timing of cash receipts and an increase in the average length of time that it takes to collect accounts receivable outstanding.We depend on single source suppliers for most of our products, product candidates and their active pharmaceutical ingredients, or APIs. With respect to our oxybate products, the API is manufactured for us by a single source supplier and the finished products are manufactured both by us in our facility in Athlone, Ireland and by our U.S.-based supplier.
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711265000 usd
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CY2022Q2 us-gaap Investment Income Interest
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CY2021Q4 us-gaap Long Term Debt
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CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2022Q2 us-gaap Long Term Debt Noncurrent
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CY2021Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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15500000 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2022Q2 jazz Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
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CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2022Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
34665000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
36312000 usd
us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62436000 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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62152000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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57966000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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995000 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63431000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Earnings Per Share Basic
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EarningsPerShareDiluted
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q4 us-gaap Contract With Customer Liability
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us-gaap Contract With Customer Liability Revenue Recognized
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CY2022Q2 us-gaap Contract With Customer Liability
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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CY2021Q2 us-gaap Allocated Share Based Compensation Expense
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CY2022Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2022Q2 us-gaap Income Tax Expense Benefit
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IncomeTaxExpenseBenefit
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CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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