$PACB
PACIFIC BIOSCIENCES OF CALIFORNIA, INC. Stock $pacb

$pacb Overview Financials Valuation SEC Filings Company Website

2019 Q2 Form 10-Q Financial Statement

#000129913019000029 Filed on May 03, 2019

Income Statement

Concept	2019 Q2	2019 Q1	2018 Q1
Revenue	$24.62M	$16.43M	$19.36M
YoY Change	14.1%	-15.17%	-22.29%
Cost Of Revenue	$15.01M	$11.31M	$12.07M
YoY Change	17.99%	-6.31%	-24.47%
Gross Profit	$9.613M	$5.117M	$7.296M
YoY Change	8.47%	-29.87%	-18.36%
Gross Profit Margin	39.04%	31.15%	37.68%
Selling, General & Admin	$19.08M	$19.77M	$14.93M
YoY Change	27.73%	32.36%	-2.2%
% of Gross Profit	198.51%	386.28%	204.69%
Research & Development	$14.91M	$15.49M	$16.31M
YoY Change	-4.79%	-5.06%	-3.88%
% of Gross Profit	155.1%	302.62%	223.56%
Depreciation & Amortization	$1.790M	$1.796M	$1.802M
YoY Change	-1.1%	-0.33%	-36.77%
% of Gross Profit	18.62%	35.1%	24.7%
Operating Expenses	$33.99M	$35.25M	$31.25M
YoY Change	11.06%	12.82%	-3.07%
Operating Profit	-$24.38M	-$30.13M	-$23.95M
YoY Change	12.12%	25.83%	2.79%
Interest Expense	$644.0K	$625.0K	$581.0K
YoY Change	-207.33%	7.57%	-169.17%
% of Operating Profit
Other Income/Expense, Net	$428.0K	$435.0K	$351.0K
YoY Change	-314.0%	23.93%	30.0%
Pretax Income	-$24.60M	-$30.32M	-$24.18M
YoY Change	9.14%	25.39%	1.3%
Income Tax
% Of Pretax Income
Net Earnings	-$24.60M	-$30.32M	-$24.18M
YoY Change	9.12%	25.41%	1.31%
Net Earnings / Revenue	-99.9%	-184.62%	-124.88%
Basic Earnings Per Share		-$0.20
Diluted Earnings Per Share	-$161.0K	-$0.20	-$195.4K
COMMON SHARES
Basic Shares Outstanding	152.7M	151.3M
Diluted Shares Outstanding		151.3M

Balance Sheet

Concept	2019 Q2	2019 Q1	2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$80.08M	$91.75M	$79.30M
YoY Change	26.11%	15.7%	41.35%
Cash & Equivalents	$30.36M	$38.21M	$25.46M
Short-Term Investments	$49.72M	$53.54M	$53.80M
Other Short-Term Assets	$2.500M	$2.800M	$2.100M
YoY Change	25.0%	33.33%	-67.69%
Inventory	$17.40M	$19.65M	$25.90M
Prepaid Expenses
Receivables	$12.12M	$7.279M	$8.500M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$98.91M	$112.6M	$115.7M
YoY Change	2.6%	-2.69%	31.03%
LONG-TERM ASSETS
Property, Plant & Equipment	$33.46M	$33.61M	$36.70M
YoY Change	-7.32%	-8.41%	-13.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$41.00K	$65.00K	$4.500M
YoY Change	-99.09%	-98.56%	-4.26%
Total Long-Term Assets	$71.67M	$72.99M	$41.20M
YoY Change	76.1%	77.16%	-12.71%
TOTAL ASSETS
Total Short-Term Assets	$98.91M	$112.6M	$115.7M
Total Long-Term Assets	$71.67M	$72.99M	$41.20M
Total Assets	$170.6M	$185.6M	$156.9M
YoY Change	24.42%	18.28%	15.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$8.011M	$8.740M	$8.600M
YoY Change	90.74%	1.63%	4.88%
Accrued Expenses	$14.11M	$11.16M	$10.20M
YoY Change	29.42%	9.39%	-40.7%
Deferred Revenue	$6.707M	$6.428M
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change			-100.0%
Long-Term Debt Due	$15.20M	$14.90M
YoY Change
Total Short-Term Liabilities	$49.45M	$45.10M	$24.90M
YoY Change	121.76%	81.11%	-29.66%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$13.90M
YoY Change	-100.0%	-100.0%	4.51%
Other Long-Term Liabilities	$45.40M	$45.60M	$15.40M
YoY Change	198.68%	196.1%	-12.5%
Total Long-Term Liabilities	$45.40M	$45.60M	$29.30M
YoY Change	54.95%	55.63%	-5.18%
TOTAL LIABILITIES
Total Short-Term Liabilities	$49.45M	$45.10M	$24.90M
Total Long-Term Liabilities	$45.40M	$45.60M	$29.30M
Total Liabilities	$94.83M	$90.73M	$54.20M
YoY Change	83.78%	67.39%	-18.25%
SHAREHOLDERS EQUITY
Retained Earnings	-$1.037B	-$1.012B	-$879.5M
YoY Change		15.11%
Common Stock	$153.0K	$153.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$75.75M	$94.85M	$102.7M
YoY Change
Total Liabilities & Shareholders Equity	$170.6M	$185.6M	$156.9M
YoY Change	24.42%	18.28%	15.79%

Cashflow Statement

Concept	2019 Q2	2019 Q1	2018 Q1
OPERATING ACTIVITIES
Net Income	-$24.60M	-$30.32M	-$24.18M
YoY Change	9.12%	25.41%	1.31%
Depreciation, Depletion And Amortization	$1.790M	$1.796M	$1.802M
YoY Change	-1.1%	-0.33%	-36.77%
Cash From Operating Activities	-$17.56M	-$25.31M	-$18.77M
YoY Change	21.1%	34.84%	12.62%
INVESTING ACTIVITIES
Capital Expenditures	-$620.0K	$1.253M	$344.0K
YoY Change	-54.41%	264.24%	-112.88%
Acquisitions
YoY Change
Other Investing Activities	$8.420M	$39.24M	-$7.410M
YoY Change	-37.86%	-629.55%	-126.32%
Cash From Investing Activities	$7.820M	$37.98M	-$7.749M
YoY Change	-35.85%	-590.18%	-130.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net		$6.690M	$2.487M
YoY Change		169.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	1.400M	6.690M	35.47M
YoY Change	-1655.56%	-81.14%	940.26%
NET CHANGE
Cash From Operating Activities	-17.56M	-25.31M	-18.77M
Cash From Investing Activities	7.820M	37.98M	-7.749M
Cash From Financing Activities	1.400M	6.690M	35.47M
Net Change In Cash	-8.340M	19.36M	8.951M
YoY Change	247.5%	116.3%	-26.75%
FREE CASH FLOW
Cash From Operating Activities	-$17.56M	-$25.31M	-$18.77M
Capital Expenditures	-$620.0K	$1.253M	$344.0K
Free Cash Flow	-$16.94M	-$26.57M	-$19.12M
YoY Change	28.92%	38.97%	36.55%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value
CY2018Q1	us-gaap	Amortization Of Financing Costs And Discounts AmortizationOfFinancingCostsAndDiscounts	237000
CY2019Q1	us-gaap	Amortization Of Financing Costs And Discounts AmortizationOfFinancingCostsAndDiscounts	279000
CY2019Q1	dei	Amendment Flag AmendmentFlag	false
CY2019Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2019Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2019Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2019
CY2019Q1	dei	Document Period End Date DocumentPeriodEndDate	2019-03-31
CY2019Q1	dei	Document Type DocumentType	10-Q
CY2019Q1	dei	Entity Central Index Key EntityCentralIndexKey	0001299130
CY2019Q2	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	152674751
CY2019Q1	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2019Q1	dei	Entity Filer Category EntityFilerCategory	Accelerated Filer
CY2019Q1	dei	Entity Registrant Name EntityRegistrantName	PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
CY2019Q1	dei	Entity Small Business EntitySmallBusiness	false
CY2019Q1	dei	Trading Symbol TradingSymbol	PACB
CY2019Q1	pacb	Additional Liability Associated With Indemnification Obligations AdditionalLiabilityAssociatedWithIndemnificationObligations	0
CY2017Q3	pacb	Amount Of Common Stock Preferred Stock Depository Shares Warrants Units Or Debt Securities Available In Future Public Offerings AmountOfCommonStockPreferredStockDepositorySharesWarrantsUnitsOrDebtSecuritiesAvailableInFuturePublicOfferings	150000000
CY2018Q4	pacb	Available For Sale Securities Gross Unrealized Gain Accumulated In Investments AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments	3000
CY2019Q1	pacb	Available For Sale Securities Gross Unrealized Gain Accumulated In Investments AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments	12000
CY2018Q4	pacb	Available For Sale Securities Gross Unrealized Loss Accumulated In Investments AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments	39000
CY2019Q1	pacb	Available For Sale Securities Gross Unrealized Loss Accumulated In Investments AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments	6000
CY2017Q3	pacb	Common Stock Preferred Stock Depository Shares Warrants Units Or Debt Securities Available In Future Public Offerings Period From Effective Date CommonStockPreferredStockDepositorySharesWarrantsUnitsOrDebtSecuritiesAvailableInFuturePublicOfferingsPeriodFromEffectiveDate	P3Y
CY2019Q1	pacb	Debt Instrument Interest And Discount DebtInstrumentInterestAndDiscount	2600000
CY2019Q1	pacb	Fair Value Assets Liabilities Transfer Between Levels FairValueAssetsLiabilitiesTransferBetweenLevels	0
CY2018Q4	us-gaap	Assets Assets	170275000
CY2019Q1	us-gaap	Assets Assets	185577000
CY2018Q4	us-gaap	Assets Current AssetsCurrent	131659000
CY2019Q1	us-gaap	Assets Current AssetsCurrent	112588000
CY2018Q4	us-gaap	Assets Fair Value Disclosure AssetsFairValueDisclosure	106854000
CY2019Q1	us-gaap	Assets Fair Value Disclosure AssetsFairValueDisclosure	87372000
CY2018Q4	us-gaap	Available For Sale Securities AvailableForSaleSecurities	102354000
CY2019Q1	us-gaap	Available For Sale Securities AvailableForSaleSecurities	82872000
CY2018Q4	us-gaap	Available For Sale Securities Amortized Cost AvailableForSaleSecuritiesAmortizedCost	102390000
CY2019Q1	us-gaap	Available For Sale Securities Amortized Cost AvailableForSaleSecuritiesAmortizedCost	82866000
CY2019Q1	us-gaap	Available For Sale Securities Debt Securities AvailableForSaleSecuritiesDebtSecurities	53543000
CY2019Q1	us-gaap	Available For Sale Securities Debt Securities Current AvailableForSaleSecuritiesDebtSecuritiesCurrent	53543000
CY2019Q1	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	4381000
CY2019Q1	pacb	Long Term Debt Maturities Repayments Of Debt Including Interest And Principal LongTermDebtMaturitiesRepaymentsOfDebtIncludingInterestAndPrincipal	17538000
CY2018Q4	pacb	Long Term Restricted Cash Fair Value Disclosure LongTermRestrictedCashFairValueDisclosure	4500000
CY2019Q1	pacb	Long Term Restricted Cash Fair Value Disclosure LongTermRestrictedCashFairValueDisclosure	4500000
CY2019Q1	pacb	Operating Lease Right Of Use Asset Amortization OperatingLeaseRightOfUseAssetAmortization	653000
CY2018Q1	pacb	Proceeds From Issuance Of Common Stock Net Of Issuance Costs ProceedsFromIssuanceOfCommonStockNetOfIssuanceCosts	32986000
CY2019Q1	pacb	Reverse Termination Fee Receivable Required Upon Termination Of Merger Agreement Under Certain Specified Circumstances ReverseTerminationFeeReceivableRequiredUponTerminationOfMergerAgreementUnderCertainSpecifiedCircumstances	98000000
CY2019Q1	pacb	Share Based Compensation Arrangements By Share Based Payment Awards Number Of Active Plans ShareBasedCompensationArrangementsByShareBasedPaymentAwardsNumberOfActivePlans	3
CY2018Q4	pacb	Weighted Average Market Yield Percentage WeightedAverageMarketYieldPercentage	0.096
CY2019Q1	pacb	Weighted Average Market Yield Percentage WeightedAverageMarketYieldPercentage	0.084
CY2018Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	6736000
CY2019Q1	us-gaap	Accounts Payable Current AccountsPayableCurrent	8740000
CY2018Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	8595000
CY2019Q1	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	7279000
CY2018Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	12823000
CY2019Q1	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	11158000
CY2018Q4	us-gaap	Accumulated Other Comprehensive Income Loss Net Of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax	-36000
CY2019Q1	us-gaap	Accumulated Other Comprehensive Income Loss Net Of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax	6000
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CY2018Q1	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	5282000
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CY2018Q1	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	5282000
CY2019Q1	us-gaap	Basis Of Accounting BasisOfAccounting	<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Basis of Presentation and Consolidation </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In the opinion of management, our accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) have been prepared on a consistent basis with our December 31, 2018 audited Consolidated Financial Statements and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. The Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, as permitted by such rules and regulations, omit certain information and footnote disclosures necessary to present the statements in accordance with </font><font style="display: inline;color:#000000;font-size:10pt;">accounting principles generally accepted in the United States</font><font style="display: inline;font-size:10pt;"> (“U.S. GAAP”). These Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the entire year or any future periods.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The consolidated financial statements include the accounts of Pacific Biosciences and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. </font> </p> <p><font size="1"> </font></p> </div> </div>
CY2018Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	25458000
CY2018Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	18844000
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CY2019Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	19361000
CY2018Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies
CY2019Q1	us-gaap	Commitments And Contingencies CommitmentsAndContingencies
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CY2019Q1	us-gaap	Common Stock Value CommonStockValue	153000
CY2018Q1	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	-24185000
CY2019Q1	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	-30282000
CY2019Q1	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:4.5pt 0pt 0pt;text-indent:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Concentration and Other Risks </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:31.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">For the three months ended March 31, 2019 and 2018, </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> of our customers, Gene Company Limited, accounted for approximately </font><font style="display: inline;font-size:10pt;">17%</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">29%</font><font style="display: inline;font-size:10pt;"> of our total revenue, respectively. Gene Company Limited is our distributor in China.  </font> </p> <p><font size="1"> </font></p> </div> </div>
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CY2019Q1	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-1703000
CY2018Q1	us-gaap	Increase Decrease In Contract With Customer Asset IncreaseDecreaseInContractWithCustomerAsset	307000
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CY2019Q1	us-gaap	Increase Decrease In Other Current Liabilities IncreaseDecreaseInOtherCurrentLiabilities	-1323000
CY2018Q1	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-312000
CY2019Q1	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-87000
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CY2018Q1	us-gaap	Investment Income Net Amortization Of Discount And Premium InvestmentIncomeNetAmortizationOfDiscountAndPremium	38000
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CY2019Q1	us-gaap	Lessee Operating Lease Liability Payments Due Year Five LesseeOperatingLeaseLiabilityPaymentsDueYearFive	7704000
CY2019Q1	us-gaap	Lessee Operating Lease Liability Payments Due Year Four LesseeOperatingLeaseLiabilityPaymentsDueYearFour	7488000
CY2019Q1	us-gaap	Lessee Operating Lease Liability Payments Due Year Three LesseeOperatingLeaseLiabilityPaymentsDueYearThree	7305000
CY2019Q1	us-gaap	Lessee Operating Lease Liability Payments Due Year Two LesseeOperatingLeaseLiabilityPaymentsDueYearTwo	7136000
CY2019Q1	us-gaap	Lessee Operating Lease Liability Payments Remainder Of Fiscal Year LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear	5262000
CY2019Q1	us-gaap	Lessee Operating Lease Liability Undiscounted Excess Amount LesseeOperatingLeaseLiabilityUndiscountedExcessAmount	18031000
CY2018Q4	us-gaap	Liabilities Liabilities	56214000
CY2019Q1	us-gaap	Liabilities Liabilities	90727000
CY2018Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	170275000
CY2019Q1	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	185577000
CY2018Q4	us-gaap	Liabilities Current LiabilitiesCurrent	26884000
CY2019Q1	us-gaap	Liabilities Current LiabilitiesCurrent	45097000
CY2018Q4	us-gaap	Liabilities Fair Value Disclosure LiabilitiesFairValueDisclosure	16000
CY2019Q1	us-gaap	Long Term Debt LongTermDebt	14938000
CY2019Q1	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Two LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo	16491000
CY2019Q1	us-gaap	Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear	1047000
CY2018Q4	us-gaap	Long Term Notes Payable LongTermNotesPayable	14659000
CY2019Q1	us-gaap	Loss Contingency Accrual Carrying Value Current LossContingencyAccrualCarryingValueCurrent	300000
CY2019Q1	us-gaap	Loss Contingency Disclosures LossContingencyDisclosures	<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">NOTE 6. COMMITMENTS AND CONTINGENCIES </font> </p> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Leases</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:31.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">As of January 1, 2019, we lease approximately </font><font style="display: inline;font-size:10pt;">180,000</font><font style="display: inline;font-size:10pt;"> square feet in 1305 O’Brien Drive, Menlo Park, California, where we house our headquarters, research and development, service and support functions, and our in-house manufacturing operations</font><font style="display: inline;font-size:10pt;"> for which the right of use assets totaled </font><font style="display: inline;font-size:10pt;">$35.3</font><font style="display: inline;font-size:10pt;"> million</font><font style="display: inline;font-size:10pt;">. We also lease a sales office facility in Singapore and engineering support facilities in Allen, Texas</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">for which the right of use assets totaled </font><font style="display: inline;font-size:10pt;">$0.2</font><font style="display: inline;font-size:10pt;"> million as of January 1, 2019. </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:31.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">All our leases are operating leases. Operating lease assets and liabilities are reflected within “Operating lease right-of-use assets, net”, “Operating lease liabilities, current” and “Operating lease liabilities, non-current” on the condensed consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining minimum lease payments over the lease term using our </font><font style="display: inline;font-size:10pt;">estimated </font><font style="display: inline;font-size:10pt;">secured incremental borrowing rates at the effective date of January 1, 2019. Lease payments included in the measurement of the lease liability comprise the base rent per the term of the Lease.</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Lease expense for </font><font style="display: inline;font-size:10pt;">these leases </font><font style="display: inline;font-size:10pt;">is recognized on a straight-line basis over the lease term</font><font style="display: inline;font-size:10pt;">, with variable lease payments, such as common area maintenance fees, recognized in the period those payments are incurred. </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:31.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">We often have options to renew lease terms for buildings. </font><font style="display: inline;font-size:10pt;">For our 1305 O’Brien lease, the renewal </font><font style="display: inline;font-size:10pt;">option is </font><font style="display: inline;font-size:10pt;">5</font><font style="display: inline;font-size:10pt;"> years and the rent will be based on fair market value at the time of renewal and was not included in the lease term. </font><font style="display: inline;font-size:10pt;">In addition, certain lease arrangements may be terminated prior to their original expiration date at our discretion. We evaluate renewal and termination options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. </font><font style="display: inline;font-size:10pt;">The weighted average remaining lease term for our operating leases as of March 31, 2019 was </font><font style="display: inline;font-size:10pt;">8.6</font><font style="display: inline;font-size:10pt;"> years.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:31.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The discount rate implicit within our leases</font><font style="display: inline;font-size:10pt;"> is generally not determinable and therefore </font><font style="display: inline;font-size:10pt;">we </font><font style="display: inline;font-size:10pt;">determine the discount rate based on </font><font style="display: inline;font-size:10pt;">our </font><font style="display: inline;font-size:10pt;">incremental borrowing rate. The incremental borrowing rate for our leases is determined based on lease term and currency in which lease payments are made, adjusted for impacts of collateral. </font><font style="display: inline;font-size:10pt;">The weighted average discount</font><font style="display: inline;font-size:10pt;"> rate used to measure our operating lease liabilities as of March 31, 2019 was </font><font style="display: inline;font-size:10pt;">7.9%</font><font style="display: inline;font-size:10pt;">.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:31.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The following table presents information at the amount, timing and uncertainty of cash flows arising from our operating leases as of March 31, 2019</font><font style="display: inline;font-size:10pt;">:</font> </p> <p style="margin:0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;"></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;"></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;"></font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;"></font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt"> <font style="display: inline;font-size:1pt;"></font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">  </p> </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Maturity of Lease Liabilities</font></p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Amount </font></p> </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;"></font><font style="display: inline;font-weight:bold;font-size:8pt;">Years ending December 31,</font></p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">(in thousands)</font></p> </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">Remaining of 2019</font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">$</font></p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">5,262  </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">2020</font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">7,136  </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">2021</font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">7,305  </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">2022</font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">7,488  </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">2023</font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">7,704  </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">Thereafter</font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">31,518  </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">Total undiscounted operating lease payments</font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">66,413  </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">Less: imputed interest</font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(18,031) </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Present value of operating lease liabilities </font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">48,382  </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font></p> </td> <td valign="middle" style="width:04.48%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.75pt;padding:0pt;"> <p style="margin:0.05pt 6pt 0pt 0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Balance Sheet Classification</font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 6pt 0pt 0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">Operating lease liabilities, current</font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">3,521  </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">Operating lease liabilities, non-current</font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">44,861  </td> </tr> <tr> <td valign="middle" style="width:74.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:18.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Total operating lease liabilities</font></p> </td> <td valign="middle" style="width:04.48%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;height:18.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">  </p> </td> <td valign="bottom" style="width:20.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;height:18.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">48,382  </td> </tr> </table></div> <p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;"></font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;"></font> </p> <p style="margin:0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;"></font> </p> <p style="margin:0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;text-decoration:underline;">Cash Flows</font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">An initial right-of-use asset of </font><font style="display: inline;">$35.5</font><font style="display: inline;"> million was recognized as a non-cash asset addition on the condensed consolidated balance sheet as of January 1, 2019 with the adoption of the new lease accounting standard. </font><font style="display: inline;">Cash paid for amounts included in the present value of operating lease liabilities was </font><font style="display: inline;">$1.8</font><font style="display: inline;"> million during the first quarter of 2019 and included in operating cash flow. </font> </p> <p style="margin:0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;"></font> </p> <p style="margin:0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;text-decoration:underline;">Operating Lease Costs</font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Operating lease costs were </font><font style="display: inline;">$1.6</font><font style="display: inline;"> </font><font style="display: inline;">million during </font><font style="display: inline;">the </font><font style="display: inline;">first quarter </font><font style="display: inline;">of </font><font style="display: inline;">2019</font><font style="display: inline;">,  </font><font style="display: inline;">primarily related to </font><font style="display: inline;">our </font><font style="display: inline;">operating leases, but also include immaterial amounts for variable leases</font><font style="display: inline;">.</font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">For our 1305 O’Brien lease, we were required to establish a letter of credit for the benefits of the landlord and to submit </font><font style="display: inline;">$4.5</font><font style="display: inline;"> million as a deposit for the letter of credit in October 2015; and, as such, </font><font style="display: inline;">$4.5</font><font style="display: inline;"> million was recorded at such time and continued to be recorded in “Long-term restricted cash” in the condensed consolidated balance sheet as of both March 31, 2019 and December 31, 2018. </font><font style="display: inline;">Pursuant to the terms of </font><font style="display: inline;">the </font><font style="display: inline;">1305 O’Brien lease, the </font><font style="display: inline;">$4.5</font><font style="display: inline;"> million </font><font style="display: inline;">in </font><font style="display: inline;">restricted cash was reduced to </font><font style="display: inline;">$4.0</font><font style="display: inline;"> million as of May 1, 2019 and will reduce again over time.</font> </p> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Contingencies </font> </p> <p style="margin:4.5pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">We </font><font style="display: inline;">may </font><font style="display: inline;">become </font><font style="display: inline;">involved in legal proceedings, c</font><font style="display: inline;">laims and assessments from time to time in the ordinary course of business. We accrue liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.</font> </p> <p style="margin:10pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Legal </font><font style="display: inline;font-weight:bold;font-style:italic;"> </font> </p> <p style="margin:13.5pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:normal;font-style:italic;">Legal Proceedings Regarding the Merger</font> </p> <p style="margin:4.5pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In connection with the proposed acquisition of us by Illumina, </font><font style="display: inline;">five</font><font style="display: inline;"> lawsuits were filed, with each lawsuit naming us and our directors as defendants. </font><font style="display: inline;">Three</font><font style="display: inline;"> putative class action complaints, captioned Wang v. Pacific Biosciences of California, Inc., et al., No. 3:18-cv-7450 (N.D. Cal.), Morrison v. Pacific Biosciences of California, Inc., et al., No. 3:18-cv-7654 (N.D. Cal.), and Speiser v. Pacific Biosciences of California, Inc., et al., No. 3:19-cv-0072 (N.D. Cal.), were filed in the United States District Court for the Northern District of California on December 11, 2018, December 20, 2018, and January 4, 2019, respectively. </font><font style="display: inline;">A</font><font style="display: inline;"> fourth putative class action complaint, captioned Rosenblatt v. Pacific Biosciences of California, Inc., et al., No. 1:18-cv-2005 (D. Del.), was filed in the United States District Court for the District of Delaware on December 18, 2018. </font><font style="display: inline;">A</font><font style="display: inline;">n individual complaint, captioned Washington v. Pacific Biosciences of California, Inc., et al., No. 5:18-cv-7614 (N.D. Cal.), was filed in the United States District Court for the Northern District of California on December 19, 2018. Each of the</font><font style="display: inline;">se</font><font style="display: inline;"> lawsuits asserted claims under Section 14(a) and Section 20(a) of the Securities Exchange Act of 1934 in connection with the disclosures contained in our preliminary proxy statement on Schedule 14A, filed with the Securities Exchange Commission (the “SEC”) on December 5, 2018, our definitive proxy statement on Schedule 14A, filed with the SEC on December 18, 2018, or both. The complaints sought a variety of equitable and injunctive relief including, among other things, enjoining the consummation of the acquisition and awarding the plaintiffs costs and attorneys’ fees.</font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Although </font><font style="display: inline;">our management </font><font style="display: inline;">believed that the claims were without merit, we agreed to make supplemental disclosures in exchange for plaintiffs’ agreement that the supplemental disclosures would moot their claims. We made these supplemental disclosures in a proxy statement amendment on Schedule 14A, filed with the SEC on January 18, 2019. </font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On January 29, 2019, all parties to each of the lawsuits reached an agreement pursuant to which we would pay a total of </font><font style="display: inline;">$300,000</font><font style="display: inline;"> in attorneys’ fees to the plaintiffs. On January 29, 2019, each plaintiff filed a voluntary dismissal of his or her lawsuit. As of March 31, 2019</font><font style="display: inline;">, we accrued a total amount of </font><font style="display: inline;">$300,000</font><font style="display: inline;"> for the </font><font style="display: inline;">five</font><font style="display: inline;"> lawsuits filed in 2018</font><font style="display: inline;"> and the first quarter of 2019</font><font style="display: inline;">.  </font> </p> <p style="margin:13.5pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:normal;font-style:italic;">USITC Proceedings</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On November 2, 2016, we filed a complaint against Oxford Nanopore Technologies Ltd.</font><font style="display: inline;"> </font><font style="display: inline;">(“ONT Ltd.”), Oxford Nanopore Technologies, Inc. (“ONT Inc.”) and Metrichor, Ltd. (“Metrichor” and, together with ONT Ltd. and ONT Inc., “ONT”) with the U.S. International Trade Commission (“USITC”) for patent infringement. On December 5, 2016, the USITC provided notice that an investigation had been instituted based on the complaint. We sought exclusionary relief with respect to several ONT products, including ONT’s MinION and PromethION devices. The complaint was based on our U.S. Patent No. 9,404,146, entitled “Compositions and methods for nucleic acid sequencing” which covers novel methods for sequencing single nucleic acid molecules using linked double-stranded nucleic acid templates, providing improved sequencing accuracy. </font><font style="display: inline;">On March 1, 2017, we filed an amended complaint to add a second patent in the same patent family, U.S. Patent No. 9,542,527, which was granted on January 10, 2017, to the investigation. We sought, among other things, an exclusion order permanently barring entry of infringing ONT products into the United States, and a cease and desist order preventing ONT from advertising and selling infringing products in the United States. On May 23, 2017, the Administrative Law Judge (“ALJ”) assigned to the matter issued an order construing certain claim terms of the asserted patents. On June 8, 2017, ONT filed a summary determination motion to terminate the proceedings based on the ALJ’s claim construction decision, and we did not oppose the motion. The ALJ granted the motion on July 19, 2017, and, on July 31, 2017, we filed a petition to review with the USITC to correct what we believe was an incorrect construction of the claims. On September 5, 2017, the USITC issued a notice granting our petition to review the ALJ’s claim construction decision. On February 7, 2018, the USITC issued a notice indicating that it had determined to adopt the ALJ’s claim construction and terminating the investigation. On February 13, 2018, we filed a petition to appeal the USITC’s ruling to the U.S. Court of Appeals for the Federal Circuit. (“Federal Circuit”). An oral hearing for this appeal was held on February 8, 2019. On February 12, 2019, the Federal Circuit filed a judgement affirming the USITC claim construction under Federal Circuit Rule 36 without a written opinion.</font> </p> <p style="margin:13.5pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:normal;font-style:italic;">U.S. District Court Proceedings</font> </p> <p style="margin:4.5pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On March 15, 2017, we filed a complaint in the U.S. District Court for the District of Delaware against ONT Inc. for patent infringement (C.A. No. 17-cv-275 (“275 Action”)). The complaint is based on our U.S. Patent No. 9,546,400 (the “’400 Patent”), entitled “Nanopore sequencing using n-mers” which covers novel methods for nanopore sequencing of nucleic acid molecules using the signals from multiple monomeric units. This patent was granted on January 17, 2017. We are seeking remedies including injunctive relief, damages and costs. On May 8, 2017, the defendants filed a motion to dismiss the complaint, alleging that the asserted patent claims recite patent ineligible subject matter. On November 9, 2017, the judge denied ONT Inc.’s motion to dismiss. On June 1, 2018, we filed a motion for leave to amend the complaint to add ONT Ltd. as a defendant.  On August 20, 2018, the judge granted our motion, and on August 23, 2018, we filed an amended complaint, adding ONT Ltd. as a defendant in the 275 Action.  On September 24, 2018, ONT Ltd. filed a motion to dismiss the amended complaint, alleging failure to state a claim.</font><font style="display: inline;"> On April 29, 2019, the judge denied ONT Ltd.’s motion to dismiss.</font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On September 12, 2018, ONT Inc. filed its answer, defenses and counterclaims in the 275 Action, seeking declaratory judgements of non-infringement and invalidity of the ’400 Patent and unenforceability of the ’400 Patent based on alleged inequitable conduct before the U.S. Patent and Trademark Office (“USPTO”), as well as antitrust, false advertising, and unfair competition counterclaims. On September 25, 2018, it was stipulated that the motion to dismiss ONT Inc.’s counterclaims that we submitted in the 1353 Action would also serve as our motion to dismiss ONT Inc.’s counterclaims in the 275 Action.</font><font style="display: inline;"> On February 19, 2019, the judge granted our motion to dismiss ONT Inc.’s antitrust, false advertising, and unfair competition counterclaims in each action.</font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Related to the 275 Action, on March 15, 2018, ONT Inc. filed a petition to institute an inter partes review with the Patent Trial and Appeal Board (“PTAB”) of the USPTO, alleging invalidity of the ’400 Patent.  On July 5, 2018, we filed a preliminary response outlining for the PTAB why the petition should be denied and no review should be instituted.</font><font style="display: inline;"> </font><font style="display: inline;">On September 25, 2018, the PTAB denied ONT Inc.’s petition for institution of the inter partes review for all claims of the ’400 Patent.</font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On September 25, 2017, we filed a second complaint in the U.S. District Court for the District of Delaware against ONT Inc. for patent infringement (C.A. No. 17-cv-1353 (“1353 Action”)). The complaint is based on our U.S. Patent No. 9,678,056 (the “’056 Patent”) entitled “Control of Enzyme Translation in Nanopore Sequencing”, granted June 13, 2017, and U.S. Patent No. 9,738,929 (the “’929 Patent”) entitled “Nucleic Acid Sequence Analysis”, granted August 22, 2017. We are seeking remedies including injunctive relief, damages and costs. On December 14, 2017, the defendants filed a motion to dismiss the complaint, alleging that the asserted patent claims in the ’929 Patent recite patent ineligible subject matter. On March 22, 2018, the judge denied ONT Inc.’s motion to dismiss. On March 28, 2018, we added a claim for infringement of our U.S. Patent No. 9,772,323 (the “’323 Patent”), entitled “Nanopore sequencing using n-mers.” On June 1, 2018, we filed a motion for leave to amend the complaint to add ONT Ltd. as a defendant. On August 20, 2018, the judge granted our motion, and on August 23, 2018 we filed an amended complaint, adding ONT Ltd. as a defendant in the 1353 Action.  On September 24, 2018, ONT filed a motion to dismiss the amended complaint, alleging failure to state a claim.</font><font style="display: inline;"> On April 24, 2019, the judge denied ONT Ltd.’s motion to dismiss.</font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On April 25, 2018, ONT Inc. filed its answer, defenses and counterclaims in the 1353 Action, seeking declaratory judgements of non-infringement and invalidity of the ’056 and ’323 Patents and unenforceability of the ’056 and ’323 Patents based on alleged inequitable conduct before the USPTO, as well as antitrust, false advertising, and unfair competition counterclaims. On June 15, 2018, we filed a motion to dismiss ONT Inc.’s counterclaims in the 1353 Action and, on June 18, 2018, we filed a motion to bifurcate and stay discovery on ONT Inc.’s antitrust counterclaims in the 1353 Action. On February 19, 2019, the judge granted our motion to dismiss ONT</font><font style="display: inline;"> Inc.’s </font><font style="display: inline;">antitrust, false advertising, and unfair competition counterclaims.</font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Related to the 1353 Action, on September 24, 2108, ONT Inc. filed a first petition to institute an inter partes review with the PTAB of the USPTO, alleging invalidity of the ’929 Patent.  On September 25, 2018, ONT </font><font style="display: inline;">Inc. </font><font style="display: inline;">filed a second petition to institute an inter partes review of the ’929 Patent based on the same art and arguments as the first petition.  ONT Inc. subsequently filed a motion to withdraw the first petition, which motion was granted. On January 11, 2019, we filed a preliminary response to the second petition outlining for the PTAB why the petition should be denied, and no review should be instituted. On March 26</font><font style="display: inline;">, 2019, the PTAB denied ONT Inc.’s petition for institution of the inter partes review for all claims of the ’929 Patent.   </font><font style="display: inline;">   </font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Also related to the 1353 Action, on September 25, 2018, ONT Inc. filed a petition to institute an inter partes review with the PTAB of the USPTO, alleging invalidity of the ’056 Patent. On February 13, 2019, we filed a preliminary response to the second petition outlining for the PTAB why the petition should be denied and no review should be instituted. On March</font><font style="display: inline;"> </font><font style="display: inline;">25, 2019, ONT </font><font style="display: inline;">Inc. </font><font style="display: inline;">moved to withdraw its petition for institution of the inter partes review of the ’056 Patent, which motion was granted by the PTAB on March 26, 2019, thus terminating the proceedings.</font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">A claim </font><font style="display: inline;">construction (or “Markman”) hearing for the U.S. District Court matters was held on December 17, 2018. On March 6, 2019, a claim construction order construing various claim terms in the patents in suit was issued.</font><font style="display: inline;"> </font><font style="display: inline;">A trial for the U.S. District Court matters is scheduled to occur in March 2020.</font> </p> <p style="margin:13.5pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:normal;font-style:italic;">UK and German Court Proceedings</font> </p> <p style="margin:4.5pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On February 2, 2017, we filed a claim in the High Court of England and Wales against ONT Ltd. and Metrichor for infringement of Patent EP(UK) 3 045 542 (the “’542 Patent”), which is in the same patent family as the patents asserted in the USITC action referred to above.  We sought remedies including injunctive relief, damages, and costs. On March 27, 2017, the defendants in the case filed their defense and counterclaim, denying infringement and seeking a declaration that the asserted patent is invalid. We filed our reply and defense to counterclaim on April 12, 2017.  A case management conference was held on June 13, 2017.  On August 31, 2017 we added a claim for infringement of a newly granted divisional, EP(UK) 3 170 904 (the “’904 Patent”).   On December 22, 2017, ONT Ltd. added to the action a request for declaration of non-infringement of its 1D2 product. On January 12, 2018 we served reply to ONT Ltd.’s request for a declaration of non-infringement, asserting infringement of both patents by ONT’s 1D2 product. A trial for these matters was scheduled to occur in May 2018.  </font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On April 21, 2017, ONT Ltd. and Harvard University filed a claim against us in the High Court of England and Wales for infringement of Patent EP(UK) 1 192 453 (the “’453 Patent”), a patent owned by Harvard University and entitled “Molecular and atomic scale evaluation of biopolymers,” and for which ONT Ltd. alleges it holds an exclusive license.  ONT Ltd. and Harvard University sought remedies including injunctive relief, damages, and costs. On April 25, 2017, ONT Ltd. announced that it also had filed a claim against us in the District Court of Mannheim, Germany, for infringement of the German version of the patent.  On November 2, 2017, we filed our statement of defense in the German infringement matter and we also filed a separate nullity action in Germany to establish that the ’453 Patent is invalid.  On December 6, 2017, we filed a cross-complaint in the German infringement matter alleging ONT Ltd.’s infringement in Germany of our ’542 Patent.  The trial date for the German infringement matter and cross-complaint was set for July 27, 2018.  A trial for the UK matter was scheduled to occur in March 2019.  </font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On May 8, 2018, the parties entered a settlement of all UK and German court proceedings pending as of such date. Under the terms of the settlement, ONT agreed not to make, dispose of, use or import any “2D” nanopore sequencing products, or to induce or assist others to carry out a “2D” sequencing process, in the UK or Germany, through the end of 2023. During this time, we agreed not to assert the ’542 Patent and ’904 Patent against either ONT or its customers in the UK or Germany. Accordingly, the High Court of England and Wales entered an order staying our UK action against ONT through the end of 2023. As part of the settlement, ONT and Harvard University dismissed their UK and German actions under the ’453 Patent and agreed not to assert the ’453 Patent against us or our customers through the end of 2023. We correspondingly agreed to dismiss our separate German nullity action seeking to invalidate the ’453 Patent, which expires on June 22, 2020.</font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Related to these proceedings, on August 15, 2017, ONT Ltd. filed a notice of opposition to our ’542 Patent with the European Patent Office, and on August 16, 2017, an anonymous party filed a second notice of opposition to the same patent, each alleging invalidity of the patent.  On April 5, 2018, we filed</font><font style="display: inline;"> our response to the combined opposition. On January 22, 2019, an oral hearing in the matter occurred and the European Patent Office rendered a decision in favor of the opponents. We believe </font><font style="display: inline;">the European Patent Office erred in its decision</font><font style="display: inline;"> and </font><font style="display: inline;">we intend to appeal</font><font style="display: inline;"> the decision</font><font style="display: inline;">. The ’542 Patent will remain in effect while the appeal is pending. </font><font style="display: inline;">Our </font><font style="display: inline;">settlement agreement with ONT Ltd. and Harvard University </font><font style="display: inline;">will also </font><font style="display: inline;">remain in effect</font><font style="display: inline;"> regardless of the outcome of the appeal.</font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Also related to these proceedings, on May 16, 2018, ONT Ltd. filed a notice of opposition to our ’904 Patent with the European Patent Office alleging invalidity of the ’904 Patent. On October 11, 2018, we filed our response to the opposition. An oral hearing in the matter is scheduled for July 16, 2019.</font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Litigation is inherently unpredictable, and it is too early in the proceedings to predict the outcome of these lawsuits or any impact they may have on us. As such, the estimated financial effect associated with these complaints cannot be made as of the date of filing of this Annual Report on Form 10-K. Litigation is a significant ongoing expense with an uncertain outcome, and has been in the past and may in the future be a material expense for us. Management believes this investment is important to protect our intellectual property position, even recognizing the uncertainty of the outcome.</font> </p> <p style="margin:13.5pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:normal;font-style:italic;">Other Proceedings</font> </p> <p style="margin:4.5pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">From time to time, we may also be involved in a variety of other claims, lawsuits, investigations and proceedings relating to securities laws, product liability, patent infringement, contract disputes, employment and other matters that arise in the normal course of our business. In addition, third parties may, from time to time, assert claims against us in the form of letters and other communications. We record a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We currently do not believe that the ultimate outcome of any of the matters described above is probable or reasonably estimable, or that these matters will have a material adverse effect on our business; however, the results of litigation and claims are inherently unpredictable. Regardless of the outcome, litigation can have an adverse impact on us because of litigation and settlement costs, diversion of management resources and other factors.</font> </p> <p style="margin:10pt 0pt 0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Indemnification</font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Pursuant to Delaware law and agreements entered into</font><font style="display: inline;"> with each of our directors and officers, we may have obligations, under certain circumstances, to hold harmless and indemnify each of our directors and officers against losses suffered or incurred by the indemnified party in connection with their service to us, and judgements, fines, settlements and expenses related to claims arising against such directors and officers to the fullest extent permitted under Delaware law, our bylaws and certificate of incorporation. We also enter and have entered into indemnification agreements with our directors and officers that may require us to indemnify them against liabilities that arise by reason of their status or service as directors or officers, except as prohibited by applicable law. In addition, we may have obligations to hold harmless and indemnify third parties involved with our fundraising efforts and their respective affiliates, directors, officers, employees, agents or other representatives against any and all losses, claims, damages and liabilities related to claims arising against such parties pursuant to the terms of agreements entered into between such third parties and us in connection with such fundraising efforts. To the extent that any such indemnification obligations apply to the lawsuits described above, any associated expenses incurred are included within the related accrued litigation expense amounts. </font><font style="display: inline;">No</font><font style="display: inline;"> additional liability associated with such indemnification obligations has been recorded at </font><font style="display: inline;">March 31, 2019</font><font style="display: inline;">.</font> </p> <p><font size="1"> </font></p> </div> </div>
	us-gaap	Loss Contingency New Claims Filed Number LossContingencyNewClaimsFiledNumber	5
CY2019Q1	us-gaap	Loss Contingency New Claims Filed Number LossContingencyNewClaimsFiledNumber	5
CY2018Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	35473000
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CY2019Q1	us-gaap	Net Income Loss NetIncomeLoss	-30324000
CY2018Q1	us-gaap	New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification	189000
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CY2018Q1	us-gaap	Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent	-6000
CY2019Q1	us-gaap	Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent	42000
CY2018Q4	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	788000
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CY2018Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	351000
CY2019Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	435000
CY2018Q1	us-gaap	Payments To Acquire Investments PaymentsToAcquireInvestments	31547000
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CY2019Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	1253000
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CY2019Q1	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0
CY2018Q4	us-gaap	Preferred Stock Value PreferredStockValue
CY2019Q1	us-gaap	Preferred Stock Value PreferredStockValue
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CY2019Q1	us-gaap	Restricted Cash And Cash Equivalents RestrictedCashAndCashEquivalents	4500000
CY2015Q4	us-gaap	Restricted Cash And Cash Equivalents Noncurrent RestrictedCashAndCashEquivalentsNoncurrent	4500000
CY2018Q4	us-gaap	Restricted Cash And Cash Equivalents Noncurrent RestrictedCashAndCashEquivalentsNoncurrent	4500000
CY2019Q1	us-gaap	Restricted Cash And Cash Equivalents Noncurrent RestrictedCashAndCashEquivalentsNoncurrent	4500000
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CY2018Q1	us-gaap	Revenue From Contract With Customer Including Assessed Tax RevenueFromContractWithCustomerIncludingAssessedTax	19362000
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CY2018Q1	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	123768000
CY2019Q1	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	151274000

Files In Submission

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2019 Q2 Form 10-Q Financial Statement

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$PACB PACIFIC BIOSCIENCES OF CALIFORNIA, INC. Stock $pacb

2019 Q2 Form 10-Q Financial Statement

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