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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net income (loss) $ (43,032) $ 347,099
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Intangible asset amortization 125,821 118,461
Share-based compensation 59,258 55,841
Impairment charge 136,139 0
Depreciation 9,266 6,894
Acquired in-process research and development 205,250 58,200
Deferred tax benefit (82,768) (151,347)
Provision for losses on accounts receivable and inventory 4,078 2,403
Loss on extinguishment of debt 4,475 0
Amortization of debt discount and deferred financing costs 24,793 22,584
Other non-cash transactions 3,496 (779)
Changes in assets and liabilities:    
Accounts receivable 3,640 (47,574)
Inventories (18,826) (18,562)
Prepaid expenses and other current assets (44,853) (15,929)
Other non-current assets 1,982 (1,067)
Operating lease assets 6,422 7,399
Accounts payable 5,264 (14,096)
Accrued liabilities (6,972) (59,031)
Income taxes payable 45,481 29,050
Deferred revenue (2,360) (3,054)
Other non-current liabilities 25,912 14,177
Operating lease liabilities, less current portion (6,978) 431
Net cash provided by operating activities 455,488 351,100
Investing activities    
Proceeds from maturity of investments 565,000 630,000
Purchases of property, plant and equipment (7,520) (21,911)
Acquired in-process research and development (205,250) (58,200)
Acquisition of intangible assets (113,000) (25,500)
Acquisition of investments (1,040,475) (360,975)
Net cash provided by (used in) investing activities (801,245) 163,414
Financing activities    
Net proceeds from issuance of Exchangeable Senior Notes, due 2026 981,381 0
Proceeds from revolving credit facility 500,000 0
Proceeds from employee equity incentive and purchase plans 24,251 16,122
Payment of employee withholding taxes related to share-based awards (14,663) (14,813)
Repayments of long-term debt (16,693) (16,693)
Share repurchases (146,537) (171,118)
Payments for partial repurchase of Exchangeable Senior Notes, due 2021 (332,888) 0
Repayments under revolving credit facility (500,000) 0
Net cash provided by (used in) financing activities 494,851 (186,502)
Effect of exchange rates on cash and cash equivalents (356) 105
Net increase in cash and cash equivalents 148,738 328,117
Cash and cash equivalents, at beginning of period 637,344 309,622
Cash and cash equivalents, at end of period $ 786,082 $ 637,739