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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020

 

OR

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 001-35299

ALKERMES PUBLIC LIMITED COMPANY

(Exact name of registrant as specified in its charter)

 

 

 

 

Ireland

 

98-1007018

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

Connaught House

1 Burlington Road

Dublin 4Ireland, D04 C5Y6

(Address of principal executive offices)

 

+ 353-1-772-8000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Ordinary shares, $0.01 par value

 

ALKS

 

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):  Yes   No 

 

The number of the registrant’s ordinary shares, $0.01 par value, outstanding as of July 24, 2020 was 159,043,691 shares.

 

 

 

 

 

 


 

ALKERMES PLC AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020

 

 

 

 

 

Page No.

PART I - FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements (unaudited):

 

 

Condensed Consolidated Balance Sheets — June 30, 2020 and December 31, 2019

5

 

Condensed Consolidated Statements of Operations and Comprehensive Loss — For the Three and Six Months Ended June 30, 2020 and 2019

6

 

Condensed Consolidated Statements of Cash Flows — For the Six Months Ended June 30, 2020 and 2019

7

 

Condensed Consolidated Statements of Shareholders’ Equity — For the Three and Six Months Ended June 30, 2020 and 2019

8

 

Notes to Condensed Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

23

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

36

Item 4.

Controls and Procedures

36

 

 

PART II - OTHER INFORMATION

 

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

38

Item 5.

Other Information

38

Item 6.

Exhibits

39

Signatures

40

 

2


 

Cautionary Note Concerning Forward-Looking Statements

This document contains and incorporates by reference “forward‑looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In some cases, these statements can be identified by the use of forward‑looking terminology such as “may,” “will,” “could,” “should,” “would,” “expect,” “anticipate,” “continue,” “believe,” “plan,” “estimate,” “intend,” or other similar words. These statements discuss future expectations and contain projections of results of operations or of financial condition, or state trends and known uncertainties or other forward‑looking information. Forward-looking statements in this Quarterly Report on Form 10-Q (this “Form 10-Q”) include, without limitation, statements regarding:

 

our expectations regarding our financial performance, including revenues, expenses, liquidity, capital expenditures and income taxes;

 

our expectations regarding our products, including those expectations related to product development, regulatory filings, regulatory approvals and regulatory timelines, therapeutic and commercial scope and potential, and the costs and expenses related to such activities;

 

our expectations regarding the initiation, timing and results of clinical trials of our products;

 

our expectations regarding the competitive, payer and legal landscape, and changes therein, related to our products, including competition from generic forms of our products or competitive products and competitive development programs, barriers to access or coverage of our products and changes in reimbursement of our products, and legal measures (legislation, regulations or other measures) that may limit pricing and reimbursement of, and access to, our products;

 

our expectations regarding the financial impact of currency exchange rate fluctuations and valuations;

 

our expectations regarding future amortization of intangible assets;

 

our expectations regarding our collaborations, licensing arrangements and other significant agreements with third parties relating to our products, including our development programs;

 

our expectations regarding the impact of new legislation, rules, regulations and the adoption of new accounting pronouncements;

 

our expectations regarding near‑term changes in the nature of our market risk exposures or in management’s objectives and strategies with respect to managing such exposures;

 

our expectations regarding our ability to comply with restrictive covenants of our indebtedness and our ability to fund our debt service obligations;

 

our expectations regarding future capital requirements and capital expenditures and our ability to finance our operations and capital requirements;

 

our expectations regarding the timing, outcome and impact of administrative, regulatory, legal and other proceedings related to our products and intellectual property (“IP”), including our patents;

 

our expectations regarding the impact of the novel coronavirus (“COVID-19”) on our business and operations; and

 

other factors discussed elsewhere in this Form 10-Q.

Actual results might differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are subject to risks, assumptions and uncertainties. In light of these risks, assumptions and uncertainties, the forward-looking events discussed in this Form 10-Q might not occur. You are cautioned not to place undue reliance on the forward-looking statements in this Form 10-Q, which speak only as of the date of this Form 10-Q. All subsequent written and oral forward-looking statements concerning the matters addressed in this Form 10-Q and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements

3


 

contained or referred to in this section. Except as required by applicable law or regulation, we do not undertake any obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For more information regarding the risks, assumptions and uncertainties of our business, see “Part I, Item 1A—Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 (the “Annual Report”) and “Part II, Item 1ARisk Factors” in this Form 10-Q.

This Form 10-Q may include data that we obtained from industry publications and third-party research, surveys and studies. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. This Form 10-Q also may include data based on our own internal estimates and research. Our internal estimates and research have not been verified by any independent source and, while we believe the industry publications and third-party research, surveys and studies are reliable, we have not independently verified such data. Such third-party data and our internal estimates and research are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in “Part I, Item 1A—Risk Factors” in our Annual Report and “Part II, Item 1A—Risk Factors” in this Form 10-Q. These and other factors could cause our results to differ materially from those expressed in this Form 10-Q.

Note Regarding Company and Product References

Alkermes plc (as used in this report, together with our subsidiaries, “Alkermes,” the “Company,” “us,” “we” and “our”) is a fully integrated, global biopharmaceutical company that applies its scientific expertise and proprietary technologies to research, develop and commercialize, both with partners and on its own, pharmaceutical products that are designed to address unmet medical needs of patients in major therapeutic areas. We have a diversified portfolio of marketed products focused on central nervous system (“CNS”) disorders such as addiction and schizophrenia and a pipeline of product candidates in the fields of neuroscience and oncology. Except as otherwise suggested by the context, (a) references to “products” or “our products” in this Form 10-Q include our marketed products, marketed products using our proprietary technologies, our product candidates and product candidates using our proprietary technologies, (b) references to the “biopharmaceutical industry” in this Form 10-Q are intended to include reference to the “biotechnology industry” and/or the “pharmaceutical industry” and (c) references to “licensees” in this Form 10-Q are used interchangeably with references to “partners.”

Note Regarding Trademarks

We are the owner of various United States (“U.S.”) federal trademark registrations (“®”) and other trademarks (“TM”), including ALKERMES®, ARISTADA®, ARISTADA INITIO®, LinkeRx®, NanoCrystal® and VIVITROL®.

The following are trademarks of the respective companies listed: ANJESOTM—Baudax Bio, Inc.; INVEGA SUSTENNA®, INVEGA TRINZA®, TREVICTA®, XEPLION®, and RISPERDAL CONSTA®—Johnson & Johnson (or its affiliates); VUMERITY®—Biogen MA Inc. (together with its affiliates, “Biogen”); and ZYPREXA®Eli Lilly and Company. Other trademarks, trade names and service marks appearing in this Form 10-Q are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Form 10-Q are referred to without the ® and TM symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto.

4


 

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements:

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

 

 

 

June 30, 2020

 

December 31, 2019

 

 

(In thousands, except share and per share amounts)

ASSETS

 

 

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

 

$189,002

 

$203,771

Investments—short-term

 

343,561

 

331,208

Receivables, net

 

237,393

 

257,086

Contract assets

 

9,240

 

8,386

Inventory

 

116,458

 

101,803

Prepaid expenses and other current assets

 

51,705

 

59,716

Total current assets

 

947,359

 

961,970

PROPERTY, PLANT AND EQUIPMENT, NET

 

361,807

 

362,168

INTANGIBLE ASSETS, NET

 

131,025

 

150,643

RIGHT-OF-USE ASSETS

 

111,338

 

12,379

GOODWILL

 

92,873

 

92,873

DEFERRED TAX ASSETS

 

88,453

 

96,558

INVESTMENTS—LONG-TERM

 

7,033

 

79,391

CONTINGENT CONSIDERATION

 

45,063

 

32,400

OTHER ASSETS

 

17,386

 

17,021

TOTAL ASSETS

 

$1,802,337

 

$1,805,403

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Accounts payable and accrued expenses

 

$295,688

 

$373,037

Operating lease liabilities—short-term

 

15,294

 

8,466

Contract liabilities—short-term

 

7,589

 

6,766

Long-term debt—short-term

 

2,843

 

2,843

Total current liabilities

 

321,414

 

391,112

LONG-TERM DEBT

 

273,207

 

274,295

OPERATING LEASE LIABILITIES—LONG-TERM

 

99,438

 

5,342

CONTRACT LIABILITIES—LONG-TERM

 

18,881

 

22,068

OTHER LONG-TERM LIABILITIES

 

27,551

 

27,144

Total liabilities

 

740,491

 

719,961

COMMITMENTS AND CONTINGENT LIABILITIES (Note 15)

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

 

Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 162,119,961 and 160,489,888 shares issued; 159,028,355 and 157,779,002 shares outstanding at June 30, 2020 and December 31, 2019, respectively

 

1,618

 

1,602

Treasury shares, at cost (3,091,606 and 2,710,886 shares at June 30, 2020 and December 31, 2019, respectively)

 

(125,792)

 

(118,386)

Additional paid-in capital

 

2,636,194

 

2,586,030

Accumulated other comprehensive loss

 

(101)

 

(1,816)

Accumulated deficit

 

(1,450,073)

 

(1,381,988)

Total shareholders’ equity

 

1,061,846

 

1,085,442

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$1,802,337

 

$1,805,403

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5


 

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In thousands, except per share amounts)

 

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales, net

 

$

130,415

 

 

$

136,635

 

 

$

260,141

 

 

$

236,116

 

Manufacturing and royalty revenues

 

 

116,505

 

 

 

127,897

 

 

 

232,756

 

 

 

236,812

 

Research and development revenue

 

 

609

 

 

 

14,340

 

 

 

852

 

 

 

29,046

 

License revenue

 

 

 

 

 

1,000

 

 

 

 

 

 

1,000

 

Total revenues

 

 

247,529

 

 

 

279,872

 

 

 

493,749

 

 

 

502,974

 

EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)

 

 

45,053

 

 

 

46,223

 

 

 

92,264

 

 

 

91,584

 

Research and development

 

 

94,222

 

 

 

104,435

 

 

 

187,501

 

 

 

207,005

 

Selling, general and administrative

 

 

132,025

 

 

 

155,075

 

 

 

265,397

 

 

 

296,295

 

Amortization of acquired intangible assets

 

 

9,890

 

 

 

10,062

 

 

 

19,618

 

 

 

20,014

 

Total expenses

 

 

281,190

 

 

 

315,795

 

 

 

564,780

 

 

 

614,898

 

OPERATING LOSS

 

 

(33,661

)

 

 

(35,923

)

 

 

(71,031

)

 

 

(111,924

)

OTHER INCOME (EXPENSE), NET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,788

 

 

 

3,706

 

 

 

4,548

 

 

 

7,276

 

Interest expense

 

 

(2,122

)

 

 

(3,520

)

 

 

(4,979

)

 

 

(7,020

)

Change in the fair value of contingent consideration

 

 

5,900

 

 

 

(6,500

)

 

 

12,700

 

 

 

(29,100

)

Other income, net

 

 

2,337

 

 

 

1,851

 

 

 

1,679

 

 

 

130

 

Total other income (expense), net

 

 

7,903

 

 

 

(4,463

)

 

 

13,948

 

 

 

(28,714

)

LOSS BEFORE INCOME TAXES

 

 

(25,758

)

 

 

(40,386

)

 

 

(57,083

)

 

 

(140,638

)

INCOME TAX PROVISION (BENEFIT)

 

 

3,673

 

 

 

1,604

 

 

 

11,002

 

 

 

(2,250

)

NET LOSS

 

$

(29,431

)

 

$

(41,990

)

 

$

(68,085

)

 

$

(138,388

)

LOSS PER ORDINARY SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.19

)

 

$

(0.27

)

 

$

(0.43

)

 

$

(0.88

)

WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

158,895

 

 

 

156,991

 

 

 

158,495

 

 

 

156,665

 

COMPREHENSIVE LOSS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(29,431

)

 

$

(41,990

)

 

$

(68,085

)

 

$

(138,388

)

Unrealized gain, net of a tax provision of $409, $265, $496 and $494, respectively

 

 

1,398

 

 

 

896

 

 

 

1,715

 

 

 

1,666

 

COMPREHENSIVE LOSS

 

$

(28,033

)

 

$

(41,094

)

 

$

(66,370

)

 

$

(136,722

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6


 

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net loss

 

$

(68,085

)

 

$

(138,388

)

Adjustments to reconcile net loss to cash flows from operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

40,946

 

 

 

39,556

 

Share-based compensation expense

 

 

42,659

 

 

 

52,861

 

Deferred income taxes

 

 

7,665

 

 

 

(2,401

)

Change in the fair value of contingent consideration

 

 

(12,700

)

 

 

29,100

 

Other non-cash charges

 

 

690

 

 

 

675

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

 

19,731

 

 

 

30,996

 

Contract assets

 

 

(854

)

 

 

(4,460

)

Inventory

 

 

(13,782

)

 

 

(3,928

)

Prepaid expenses and other assets

 

 

7,645

 

 

 

737

 

Right-of-use assets

 

 

8,594

 

 

 

4,229

 

Accounts payable and accrued expenses

 

 

(68,260

)

 

 

(9,918

)

Contract liabilities

 

 

(2,364

)

 

 

1,030

 

Operating lease liabilities

 

 

(6,940

)

 

 

(4,593

)

Other long-term liabilities

 

 

351

 

 

 

3,539

 

Cash flows used in operating activities

 

 

(44,704

)

 

 

(965

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions of property, plant and equipment

 

 

(30,372

)

 

 

(39,542

)

Proceeds from the sale of equipment

 

 

5

 

 

 

291

 

Proceeds from contingent consideration

 

 

 

 

 

10,000

 

Purchases of investments

 

 

(85,649

)

 

 

(121,809

)

Sales and maturities of investments

 

 

147,859

 

 

 

79,104

 

Cash flows provided by (used in) investing activities

 

 

31,843

 

 

 

(71,956

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from the issuance of ordinary shares under share-based compensation arrangements

 

 

6,919

 

 

 

12,608

 

Employee taxes paid related to net share settlement of equity awards

 

 

(7,406

)

 

 

(9,074

)

Principal payments of long-term debt

 

 

(1,421

)

 

 

(1,421

)

Cash flows (used in) provided by financing activities

 

 

(1,908

)

 

 

2,113

 

NET DECREASE IN CASH AND CASH EQUIVALENTS

 

 

(14,769

)

 

 

(70,808

)

CASH AND CASH EQUIVALENTS—Beginning of period

 

 

203,771

 

 

 

266,762

 

CASH AND CASH EQUIVALENTS—End of period

 

$

189,002

 

 

$

195,954

 

SUPPLEMENTAL CASH FLOW DISCLOSURE:

 

 

 

 

 

 

 

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Purchased capital expenditures included in accounts payable and accrued expenses

 

$

4,431

 

 

$

2,994

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

7


 

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ordinary Shares

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Treasury Stock

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Shares

 

 

Amount

 

 

Total

 

 

 

(In thousands, except share data)

 

BALANCE — December 31, 2019

 

 

160,489,888

 

 

 

1,602

 

 

 

2,586,030

 

 

 

(1,816

)

 

 

(1,381,988

)

 

 

(2,710,886

)

 

 

(118,386

)

 

 

1,085,442

 

Issuance of ordinary shares under employee stock plans

 

 

258,137

 

 

 

3

 

 

 

3,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,071

 

Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards

 

 

1,020,510

 

 

 

10

 

 

 

(10

)

 

 

 

 

 

 

 

 

(372,846

)

 

 

(7,283

)

 

 

(7,283

)

Share-based compensation expense

 

 

 

 

 

 

 

 

20,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,125

 

Unrealized gain on marketable securities, net of tax provision of $87

 

 

 

 

 

 

 

 

 

 

 

317

 

 

 

 

 

 

 

 

 

 

 

 

317

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,654

)

 

 

 

 

 

 

 

 

(38,654

)

BALANCE — March 31, 2020

 

 

161,768,535

 

 

$

1,615

 

 

$

2,609,213

 

 

$

(1,499

)

 

$

(1,420,642

)

 

 

(3,083,732

)

 

$

(125,669

)

 

$

1,063,018

 

Issuance of ordinary shares under employee stock plans

 

 

327,251

 

 

 

3

 

 

 

3,845

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,848

 

Receipt of Alkermes' shares for the purchase of stock options or to satisfy minimum tax withholding obligations related to share-based awards

 

 

24,175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,874

)

 

 

(123

)

 

 

(123

)

Share-based compensation expense

 

 

 

 

 

 

 

 

23,136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,136

 

Unrealized gain on marketable securities, net of tax provision of $409

 

 

 

 

 

 

 

 

 

 

 

1,398

 

 

 

 

 

 

 

 

 

 

 

 

1,398

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29,431

)

 

 

 

 

 

 

 

 

(29,431

)

BALANCE — June 30, 2020

 

 

162,119,961

 

 

$

1,618

 

 

$

2,636,194

 

 

$

(101

)

 

$

(1,450,073

)

 

 

(3,091,606

)

 

$

(125,792

)

 

$

1,061,846

 

 

8


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ordinary Shares

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Treasury Stock

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Shares

 

 

Amount

 

 

Total

 

 

 

(In thousands, except share data)

 

BALANCE — December 31, 2018

 

 

158,180,833

 

 

$

1,579

 

 

$

2,467,323

 

 

$

(3,280

)

 

$

(1,185,368

)

 

 

(2,423,489