A margin of safety is created by: (i) approximately $ 6.50 of cash (
net of convertible notes outstanding); (ii) a royalty stream from PEGINTRON, a drug used to treat hepatitis C marketed by Merck, with an after - tax present value of approximately $ 3.50, which Enzon is currently attempting to sell; and (iii) a royalty stream from CIMZIA, a drug approved to treat arthritis and Crohn's disease marketed by UCB Pharma, with an after - tax present value of approximately $ 1.50.
Not exact matches
Earlier this week we reported that Uber had hired Goldman Sachs to raise money from the bank's high -
net - worth clients, via a private placement
of convertible notes.
We also adjust
net income for interest expense representing amortization
of the debt discount related to our
convertible notes issued in Q4 2013 and Q1 2014.
Adjusted
net income is also adjusted for a loss from the repurchase
of $ 8.0 million in principal
of our 1.125 %
convertible senior
notes due 2018 for approximately $ 7.7 million that we recorded in Q1 2017.
on a pro forma basis, giving effect to (i) the automatic conversion
of all
of our outstanding shares
of convertible preferred stock other than Series FP preferred stock into shares
of Class B common stock and the conversion
of Series FP preferred stock into shares
of Class C common stock in connection with our initial public offering, (ii) stock - based compensation expense
of approximately $ 1.1 billion associated with outstanding RSUs subject to a performance condition for which the service - based vesting condition was satisfied as
of December 31, 2016 and which we will recognize on the effectiveness
of our registration statement in connection with a qualifying initial public offering, as further described in
Note 1 to our consolidated financial statements included elsewhere in this prospectus, (iii) the increase in accrued expenses and other current liabilities and an equivalent decrease in additional paid - in capital
of $ 187.2 million in connection with the withholding tax obligations, based on $ 16.33 per share, which is the fair value
of our common stock as
of December 31, 2016, as we intend to issue shares
of Class A common stock and Class B common stock on a
net basis to satisfy the associated withholding tax obligations, (iv) the
net issuance
of 7.6 million shares
of Class A common stock and 5.5 million shares
of Class B common stock that will vest and be issued from the settlement
of such RSUs, (v) the issuance
of the CEO award, as described below, and (vi) the filing and effectiveness
of our amended and restated certificate
of incorporation which will be in effect on the completion
of this offering.
The pro forma consolidated balance sheet data gives effect to (i) the automatic conversion
of all
of our outstanding shares
of convertible preferred stock other than Series FP preferred stock into shares
of Class B common stock and the conversion
of Series FP preferred stock into shares
of Class C common stock in connection with our initial public offering, (ii) stock - based compensation expense
of approximately $ 1.1 billion associated with outstanding RSUs subject to a performance condition for which the service - based vesting condition was satisfied as
of December 31, 2016 and which we will recognize on the effectiveness
of our registration statement in connection with this offering, as further described in
Note 1 to our consolidated financial statements included elsewhere in this prospectus, (iii) the increase in accrued expenses and other current liabilities and an equivalent decrease in additional paid - in capital
of $ 187.2 million in connection with the withholding tax obligations, based on $ 16.33 per share, which is the fair value
of our common stock as
of December 31, 2016, as we intend to issue shares
of Class A common stock and Class B common stock on a
net basis to satisfy the associated withholding tax obligations, (iv) the
net issuance
of 7.6 million shares
of Class A common stock and 5.5 million shares
of Class B common stock that will vest and be issued from the settlement
of such RSUs, (v) the issuance
of the CEO award, as described below, and (vi) the filing and effectiveness
of our amended and restated certificate
of incorporation which will be in effect on the completion
of this offering.
Net Cash and Marketable Securities As of September 31, 2012 the company had $ 280 million in current assets (mostly cash and marketable securities) offset by $ 124 million in current liabilities (primarily 4 % convertible notes due 6/1/13) for a net position of $ 156 milli
Net Cash and Marketable Securities As
of September 31, 2012 the company had $ 280 million in current assets (mostly cash and marketable securities) offset by $ 124 million in current liabilities (primarily 4 %
convertible notes due 6/1/13) for a
net position of $ 156 milli
net position
of $ 156 million.
In order to calculate
net income per diluted share for management reporting purposes, the Company uses its fully diluted share count
of 119.5 million and adds back to
net income the interest expense,
net of tax, on its
convertible notes of $ 0.01 million.
The interest expense,
net of tax, on the
convertible notes, which is added back to
net income to calculate diluted
net income per share for management reporting purposes is $ 0.1 million.
For the twelve months ended March 31, 2011, Non-GAAP diluted EPS has been calculated using the «if - converted» method as a result
of the 4.375 %
Convertible Senior
Notes issued in June 2009 («4.375 %
Convertible Notes»), for which diluted
net income has been adjusted by $ 6,686 related to interest and debt issuance costs,
net of tax.
The numerator in the pro forma basic and diluted
net loss per share calculation has been adjusted to eliminate the losses resulting from the fair value movements on
Convertible Notes (see
Note 9) as they were assumed to have converted upon a direct listing at the beginning
of the period.
The unaudited pro forma basic and diluted
net loss per share also has been computed to give effect to the shares issued upon conversion
of the
Convertible Notes on December 15, 2017 and December 27, 2017 disclosed in
Note 18 as if they were outstanding from January 1, 2017.
If the offering is consummated with
net proceeds
of $ 1 billion and at least $ 2 billion aggregate principal amount
of the
Convertible Notes are converted into Class A common stock, the company expects its overall indebtedness would be reduced by approximately $ 3 billion.