On the liabilities side, Exelixis converted approximately $287 million of 4.25% convertible debt to equity last year. It also expects to pay off its $80 million term loan toSilicon Valley Bank in May 2017, and this summer, it plans to retire $125 million in notes issued to Deerfield. Once it's done, Exelixis will see its interest expense drop and its cash flow increase, and that should position it nicely for consistent profitability as sales climb.