AFFYMETRIX INC

CIK:0000913077|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Weighted Average Number of Shares Outstanding, Diluted	80,707	73,202	71,441
REVENUE:
Product sales	$ 327,011	$ 310,458	$ 302,618
Services and other	32,775	38,561	27,781
Total revenue	359,786	349,019	330,399
COSTS AND EXPENSES:
Cost of product sales	110,770	117,499	133,982
Cost of services and other	19,775	25,659	15,379
Research and development	52,900	50,227	47,670
Selling, general and administrative	149,638	148,411	141,430
Litigation settlement	10,000	5,100	0
Restructuring charges	0	0	4,490
Total costs and expenses	343,083	346,896	342,951
Income (loss) from operations	16,703	2,123	(12,552)
Other income, net	752	652	802
Interest expense	6,609	6,373	12,711
Gain on sale of product line	0	0	9,295
Income (loss) before income taxes	10,846	(3,598)	(15,166)
Income tax provision	733	236	1,161
Net income (loss)	$ 10,113	$ (3,834)	$ (16,327)
Earnings Per Share, Basic	$ 0.13	$ (0.05)	$ (0.23)
Earnings Per Share, Diluted	$ 0.13	$ (0.05)	$ (0.23)
Weighted Average Number of Shares Outstanding, Basic	77,842	73,202	71,441

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 10,113	$ (3,834)	$ (16,327)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	21,838	30,677	38,988
Amortization of inventory step-up in fair value	0	4,666	14,876
Excess tax benefits for share-based compensation	167	0	60
Share-based compensation	14,985	12,411	7,727
Deferred tax assets	(1,209)	(2,078)	(167)
Gain on sale of product line	0	0	(9,295)
Gain on sales of securities	(1,383)	(2,532)	218
Other non-cash transactions	1,380	1,132	5,205
Changes in operating assets and liabilities:
Accounts receivable, net	(11,984)	2,824	2,347
Inventories	(1,058)	603	2,455
Prepaid expenses and other assets	1,490	(460)	(9)
Accounts payable and accrued liabilities	2,410	8,750	(816)
Deferred revenue	(1,086)	(9,859)	9,596
Other long-term liabilities	871	1,183	(1,274)
Net cash provided by operating activities	36,534	43,483	53,584
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments	(50,000)	0	0
Acquisition of businesses, net of cash acquired	(14,000)	0	0
Proceeds from sales of available-for-sale securities	0	0	9,364
Proceeds from sale of property and equipment	0	130	0
Proceeds from sale of product line	0	0	11,832
Capital expenditures	(10,455)	(7,891)	(4,808)
Capital distribution from non-marketable investments	1,822	3,133	0
Purchase of technology rights	(533)	(43)	(736)
Net cash provided by (used in) investing activities	(73,166)	(4,671)	15,652
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock, net	50,429	1,207	825
Proceeds from term loan and revolver	20,083	0	48,000
Payments of term loan	(23,950)	(16,500)	(81,826)
Debt issuance costs	(249)	0	(1,080)
Excess tax benefits for share-based compensation	(167)	0	0
Repurchase of 3.50% senior convertible notes	0	0	(3,855)
Net cash (used in) provided by financing activities	46,146	(15,293)	(37,936)
Effect of exchange rate changes on cash and cash equivalents	(670)	(724)	157
Net increase in cash and cash equivalents	8,844	22,795	31,457
Cash and cash equivalents at beginning of period	79,923	57,128	25,671
Cash and cash equivalents at end of period	88,767	79,923	57,128
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	4,812	5,434	12,456
Cash paid for income taxes, net of refunds	$ 1,881	$ 1,563	$ 2,222

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 88,767	$ 79,923
Other Short-term Investments	50,000	0
Accounts receivable, net	58,970	46,896
Inventories—short-term portion	54,131	50,676
Deferred tax assets—short-term portion	0	3,778
Prepaid expenses and other current assets	7,655	9,197
Total current assets	259,523	190,470
Property and equipment, net	21,000	18,087
Inventories—long-term portion	2,207	5,956
Goodwill	154,539	156,178
Intangible assets, net	102,398	106,183
Deferred tax assets—long-term portion	567	303
Other long-term assets	6,657	9,371
Total assets	546,891	486,548
Current liabilities:
Accounts payable and accrued liabilities	56,037	53,063
Term loan—short-term portion	4,000	4,000
Deferred revenue—short-term portion	8,605	9,210
Total current liabilities	68,642	66,273
Deferred revenue—long-term portion	2,161	2,372
Convertible notes	105,000	105,000
Term loan—long-term portion	15,088	18,950
Other long-term liabilities	16,747	21,626
Stockholders' equity:
Convertible preferred stock, $0.01 par value; 5,000 shares authorized; no shares issued and outstanding at December 31, 2015 or 2014	0	0
Common stock, $0.01 par value; 200,000 shares authorized; 80,482 and 74,287 shares issued and outstanding at December 31, 2015 and 2014, respectively	805	743
Additional paid-in capital	847,266	781,747
Accumulated other comprehensive loss	(9,380)	(612)
Accumulated deficit	(499,438)	(509,551)
Total stockholders' equity	339,253	272,327
Total liabilities and stockholders' equity	$ 546,891	$ 486,548