XML 17 R5.htm IDEA: XBRL DOCUMENT v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 22,797 $ 23,465
Adjustments to reconcile net income to net cash provided by operations:    
Stock-based compensation 10,761 10,101
Amortization of interest income 1,106 1,194
Depreciation and amortization of property and equipment 288 254
Deferred income taxes (9,935) (5,360)
Non-cash amortization of right-of-use asset 514 489
Changes in operating assets and liabilities:    
Trade receivables 447 3,998
Inventory (163) 866
Prepaid expenses and other current assets (9) (2,850)
Accounts payable 2,256 (3,493)
Accrued research and development expenses 609 (138)
Accrued and other liabilities 4,995 (3,217)
Long-term accrued income taxes 2,107 597
Operating lease liability (526) (484)
Net cash provided by operating activities 35,247 25,422
Cash flows from investing activities:    
Purchases of property and equipment (12) (126)
Proceeds from maturities of marketable securities 42,127 124,230
Purchases of marketable securities (92,611) (127,388)
Net cash used in investing activities (50,496) (3,284)
Cash flows from financing activities:    
Proceeds from exercise of stock options, net of issuance costs 1,382 4,038
Repurchase of common stock 0 (33,541)
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises (1,888) (16,444)
Net cash used in financing activities (506) (45,947)
Net decrease in cash and cash equivalents (15,755) (23,809)
Cash and cash equivalents, at beginning of period 77,617 76,190
Cash and cash equivalents, at end of period 61,862 52,381
Supplemental disclosure:    
Cost of shares repurchased for net settlement of cashless option exercises 5,149 6,045
Recognition of right-of-use asset and lease liability $ 2,816 $ 0