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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 80,459 $ 80,017
Adjustments to reconcile net income to net cash provided by operations:    
Stock-based compensation 32,121 25,109
Deferred income taxes 2,047 11,778
Amortization of interest income 3,805 404
Depreciation and amortization of property and equipment 783 447
Non-cash amortization of right-of-use asset 1,487 1,228
Others 0 148
Changes in operating assets and liabilities:    
Trade receivables (310) (2,029)
Inventory 2,655 694
Prepaid expenses and other current assets (2,288) (1,882)
Other assets 894 (1,562)
Accounts payable (3,961) (988)
Accrued clinical expenses (860) 9,055
Accrued and other liabilities 3,138 (4,315)
Operating lease liability (1,505) (1,205)
Net cash provided by operating activities 118,465 116,899
Cash flows from investing activities:    
Purchases of property and equipment (404) (807)
Proceeds from maturities of marketable securities 308,864 193,418
Purchases of marketable securities (312,805) (323,094)
Net cash used in investing activities (4,345) (130,483)
Cash flows from financing activities:    
Proceeds from exercise of stock options, net of issuance costs 13,182 13,240
Repurchase of common stock (88,485) (275)
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises (20,319) (90)
Net cash (used in) provided by financing activities (95,622) 12,875
Net increase (decrease) in cash and cash equivalents 18,498 (709)
Cash and cash equivalents, at beginning of period 76,190 31,269
Cash and cash equivalents, at end of period 94,688 30,560
Supplemental disclosure:    
Cost of shares repurchased for net settlement of cashless option exercises 9,705 900
Recognition of right-of-use asset and lease liability $ 0 $ 775