$TBPH
Theravance Biopharma Inc

2020 Q1 Form 10-Q Financial Statement

#000155837020006021 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $19.86M $5.338M
YoY Change 272.09% -35.83%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $5.300M
YoY Change -29.33%
Gross Profit Margin 99.29%
Selling, General & Admin $26.33M $25.19M
YoY Change 4.52% 1.97%
% of Gross Profit 475.21%
Research & Development $66.01M $53.82M
YoY Change 22.66% 12.59%
% of Gross Profit 1015.43%
Depreciation & Amortization $2.420M $1.320M
YoY Change 83.33% 46.67%
% of Gross Profit 24.91%
Operating Expenses $92.34M $79.00M
YoY Change 16.88% 7.79%
Operating Profit -$72.48M -$73.67M
YoY Change -1.62% 13.37%
Interest Expense $9.941M $7.858M
YoY Change 26.51%
% of Operating Profit
Other Income/Expense, Net $1.460M $2.795M
YoY Change -47.76%
Pretax Income -$82.91M -$72.50M
YoY Change 14.35% 11.71%
Income Tax $147.0K $80.00K
% Of Pretax Income
Net Earnings -$83.05M -$72.58M
YoY Change 14.43% 11.51%
Net Earnings / Revenue -418.15% -1359.69%
Basic Earnings Per Share -$1.40
Diluted Earnings Per Share -$1.40 -$1.322M
COMMON SHARES
Basic Shares Outstanding 60.08M 55.82M
Diluted Shares Outstanding 59.46M 54.94M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $487.0M $434.1M
YoY Change 12.19% 3.73%
Cash & Equivalents $332.8M $223.2M
Short-Term Investments $154.2M $210.8M
Other Short-Term Assets $5.500M $25.20M
YoY Change -78.17% 300.0%
Inventory
Prepaid Expenses
Receivables $14.20M $7.900M
Other Receivables $27.50M $0.00
Total Short-Term Assets $534.2M $467.2M
YoY Change 14.34% 4.57%
LONG-TERM ASSETS
Property, Plant & Equipment $13.91M $61.80M
YoY Change -77.5% 500.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.100M $0.00
YoY Change -100.0%
Other Assets $1.308M $2.300M
YoY Change -43.13% -11.54%
Total Long-Term Assets $71.19M $64.10M
YoY Change 11.06% 92.49%
TOTAL ASSETS
Total Short-Term Assets $534.2M $467.2M
Total Long-Term Assets $71.19M $64.10M
Total Assets $605.4M $531.3M
YoY Change 13.95% 10.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.645M $5.600M
YoY Change 18.66% 9.8%
Accrued Expenses $68.20M $57.10M
YoY Change 19.44% 14.43%
Deferred Revenue $23.19M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $8.300M
YoY Change -100.0%
Total Short-Term Liabilities $98.04M $113.5M
YoY Change -13.62% 7.89%
LONG-TERM LIABILITIES
Long-Term Debt $600.0M $446.5M
YoY Change 34.38% 99.33%
Other Long-Term Liabilities $9.583M $84.50M
YoY Change -88.66% -3.43%
Total Long-Term Liabilities $9.583M $531.0M
YoY Change -98.2% 70.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.04M $113.5M
Total Long-Term Liabilities $9.583M $531.0M
Total Liabilities $107.6M $644.5M
YoY Change -83.3% 54.67%
SHAREHOLDERS EQUITY
Retained Earnings -$1.332B
YoY Change
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$157.9M -$113.3M
YoY Change
Total Liabilities & Shareholders Equity $605.4M $531.3M
YoY Change 13.95% 10.66%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$83.05M -$72.58M
YoY Change 14.43% 11.51%
Depreciation, Depletion And Amortization $2.420M $1.320M
YoY Change 83.33% 46.67%
Cash From Operating Activities -$55.10M -$81.19M
YoY Change -32.14% -262.94%
INVESTING ACTIVITIES
Capital Expenditures -$950.0K -$1.220M
YoY Change -22.13% -55.96%
Acquisitions
YoY Change
Other Investing Activities $69.36M -$70.94M
YoY Change -197.77% 732.63%
Cash From Investing Activities $68.40M -$72.16M
YoY Change -194.79% 539.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $139.9M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 261.4M -1.433M
YoY Change -18343.68% -14.7%
NET CHANGE
Cash From Operating Activities -55.10M -81.19M
Cash From Investing Activities 68.40M -72.16M
Cash From Financing Activities 261.4M -1.433M
Net Change In Cash 274.7M -154.8M
YoY Change -277.49% -519.93%
FREE CASH FLOW
Cash From Operating Activities -$55.10M -$81.19M
Capital Expenditures -$950.0K -$1.220M
Free Cash Flow -$54.15M -$79.97M
YoY Change -32.29% -252.04%

Facts In Submission

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954000
CY2019Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1220000
CY2020Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
64778000
CY2019Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
148138000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58897000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
378854000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
333631000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
224068000
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
7891000
CY2020Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
119203000
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-9000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
49847000
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
77198000
CY2020Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
14932000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
68403000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-72160000
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
139915000
CY2020Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
380000000
CY2020Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
5065000
CY2020Q1 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
11470000
CY2020Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
235347000
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
203000
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
254000
CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
6804000
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1687000
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
261432000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1433000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
274734000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-154786000
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman';font-size:10pt;min-height:12.0pt;margin:0pt;"><span style="font-family:'inherit';font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;min-height:12.0pt;text-indent:36pt;margin:0pt;"><span style="font-family:'inherit';">The preparation of financial statements in conformity with 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></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="color:#ff0000;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;min-height:12.0pt;text-indent:36pt;margin:0pt;"><span style="font-family:'inherit';">Furthermore, </span>the estimates used in the preparation of the Company’s condensed consolidated financial statements may change due to current political and economic conditions resulting from the public health concerns related to the novel coronavirus (“COVID-19”) pandemic. The duration and intensity of the impact of COVID-19 pandemic on the Company's business will depend on future developments, which are highly uncertain and cannot be predicted with confidence at this time.</p>
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-83053000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-72580000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60076000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55818000
CY2020Q1 tbph Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture
IncrementalCommonSharesAttributableToDilutiveEffectOfCommonShareSubjectToForfeitureIncrementalCommonSharesAttributableToDilutiveEffectOfCommonShareSubjectToForfeiture
-613000
CY2019Q1 tbph Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture
IncrementalCommonSharesAttributableToDilutiveEffectOfCommonShareSubjectToForfeitureIncrementalCommonSharesAttributableToDilutiveEffectOfCommonShareSubjectToForfeiture
-880000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59463000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54938000
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.40
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.32
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12711000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12158000
CY2020Q1 tbph Collaborative Arrangements Revenue
CollaborativeArrangementsRevenue
6632000
CY2019Q1 tbph Collaborative Arrangements Revenue
CollaborativeArrangementsRevenue
5333000
CY2018Q1 tbph Profit Loss Percentage As Per Collaboration Agreement
ProfitLossPercentageAsPerCollaborationAgreement
0.33
CY2020Q1 tbph Profit Loss Percentage As Per Collaboration Agreement
ProfitLossPercentageAsPerCollaborationAgreement
0.35
CY2020Q1 tbph Collaborative Arrangement Research And Development Expenses Reimbursed To Entity
CollaborativeArrangementResearchAndDevelopmentExpensesReimbursedToEntity
2478000
CY2019Q1 tbph Collaborative Arrangement Research And Development Expenses Reimbursed To Entity
CollaborativeArrangementResearchAndDevelopmentExpensesReimbursedToEntity
1614000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
332798000
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
223235000
CY2020Q1 us-gaap Restricted Cash
RestrictedCash
833000
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
833000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
333631000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
224068000
CY2020Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
432589000
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
555000
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
41000
CY2020Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
433103000
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
274014000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
148000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
3000
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
274159000
CY2020Q1 tbph Marketable Securities Maximum Contractual Maturity Period
MarketableSecuritiesMaximumContractualMaturityPeriod
P13M
CY2020Q1 tbph Marketable Securities Average Contractual Maturity Period
MarketableSecuritiesAverageContractualMaturityPeriod
P2M
CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
33644000
CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
3000
CY2019Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
33644000
CY2019Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
3000
CY2020Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
14900000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0
CY2018Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0
CY2019Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0
CY2020Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.05
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15276000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12220000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
CY2020Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5500000
CY2020Q1 us-gaap Share Price
SharePrice
27.00
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
148500000

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