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SEC
10-Q
BIOTELEMETRY, INC. filed this Form 10-Q on 10/31/2018
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BIOTELEMETRY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)


 
Nine Months Ended
(in thousands)
September 30,
2018
 
September 30,
2017
OPERATING ACTIVITIES
 
 
 
Net income/(loss)
$
31,481

 
$
(642
)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
 
 
 
Bad debt expense
16,911

 
8,975

Depreciation
17,338

 
11,233

Amortization of intangibles
12,893

 
5,326

Stock-based compensation
6,278

 
5,685

Write off of derivative premium

 
1,322

Accretion of discount on debt
932

 
369

Loss on extinguishment of debt

 
543

Gain on legal settlement

 
(1,333
)
Tax benefit
(4,149
)
 
(563
)
Other non-cash items
(421
)
 
(1,766
)
Changes in operating assets and liabilities:
 
 
 
Healthcare and other accounts receivable
(28,826
)
 
(9,413
)
Inventory
(3,454
)
 
(89
)
Prepaid expenses and other assets
1,932

 
365

Accounts payable
1,105

 
(8,724
)
Accrued and other liabilities
(7,733
)
 
(627
)
Net cash provided by operating activities
44,287

 
10,661

INVESTING ACTIVITIES
 
 
 
Acquisition of business, net of cash acquired

 
(166,244
)
Purchases of property and equipment and investment in internally developed software
(17,498
)
 
(11,940
)
Purchase of derivative instrument

 
(1,322
)
Investment in equity method investee

 
(490
)
Net cash used in investing activities
(17,498
)
 
(179,996
)
FINANCING ACTIVITIES
 
 
 
Proceeds related to the exercising of stock options and employee stock purchase plan
10,818

 
5,705

Tax payments related to the vesting of shares
(2,890
)
 
(1,881
)
Issuance of long-term debt

 
205,000

Repayments of revolving loans

 
(3,000
)
Payment of debt issuance costs

 
(6,319
)
Principal payments on long-term debt
(1,538
)
 
(25,851
)
Principal payments on capital lease obligations
(3,005
)
 
(1,164
)
Acquisition of noncontrolling interests
(2,885
)
 

Net cash provided by financing activities
500

 
172,490

Effect of exchange rate changes on cash
(193
)
 
35

Net increase in cash and cash equivalents
27,096

 
3,190

Cash and cash equivalents - beginning of period
36,022

 
23,052

Cash and cash equivalents - end of period
$
63,118

 
$
26,242

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
 
 
 
Non-cash purchases of property and equipment
$
1,056

 
$
498

Non-cash fair value of common stock returned in legal settlement

 
2,753

Non-cash fair value of equity issued for acquisition of business
3,972

 
117,440

Cash paid for interest
5,830

 
2,353

Cash paid for taxes
$
1,120

 
$
1,355

See accompanying Notes to Consolidated Financial Statements.

7

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