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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net earnings $ 113,056 $ 110,993 $ 57,284
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Loss on extinguishment of debt 0 0 295
Change in fair value of derivative liability 0 0 (76)
Depreciation and amortization 6,659 7,063 8,132
Noncash operating lease cost 3,566 0 0
Amortization of deferred financing costs and debt discount 15,708 11,848 50
Amortization of premium/discount on marketable securities (4,335) (1,665) (563)
Noncash interest expense 5,775 4,271 1,434
Noncash royalty revenue (6,927) (5,914) (5,283)
Share-based compensation expense 14,846 11,291 8,433
Deferred income tax (benefit) provision (5,832) (4,167) 21,224
Changes in operating assets and liabilities:      
Accounts receivable 15,751 (35,856) (24,059)
Inventories (969) (9,355) 497
Prepaid expenses and other current assets (2,723) (2,367) (3,566)
Other noncurrent assets (141) 0 0
Accounts payable 6,962 (3,578) (620)
Accrued product returns and rebates 566 38,720 26,400
Accrued expenses and other current liabilities (3,811) 10,432 2,888
Income taxes payable (9,934) (3,561) 15,931
Deferred licensing revenue 0 0 (274)
Other liabilities (5,088) 831 6,513
Net cash provided by operating activities 143,129 128,986 114,640
Cash flows from investing activities      
Purchases of marketable securities (409,707) (491,654) (101,889)
Sales and maturities of marketable securities 253,170 79,827 28,657
Purchases of property and equipment (2,736) (844) (2,029)
Deferred legal fees 1,349    
Deferred legal fees   (809) (11,154)
Net cash used in investing activities (157,924) (413,480) (86,415)
Cash flows from financing activities      
Proceeds from issuance of convertible notes 0 402,500 0
Convertible notes issuance financing costs 0 (10,435) 0
Proceeds from issuance of warrants 0 65,688 0
Purchases of convertible note hedges 0 (92,897) 0
Proceeds from issuance of common stock 3,928 11,582 5,681
Net cash provided by financing activities 3,928 376,438 5,681
Net change in cash and cash equivalents (10,867) 91,944 33,906
Cash and cash equivalents at beginning of year 192,248 100,304 66,398
Cash and cash equivalents at end of period 181,381 192,248 100,304
Supplemental cash flow information:      
Cash paid for interest on convertible notes 2,516 1,342 134
Income taxes paid 51,540 34,772 1,588
Noncash investing and financing activity:      
Conversion of convertible notes and interest make-whole 0 0 4,548
Deferred legal fees and fixed assets included in accounts payable and accrued expenses 1,832 250 521
Unsettled purchase of marketable securities included in accrued expenses 0 0 1,004
Property and equipment additions from utilization of tenant improvement allowance 10,151 0 0
Acquisition of Biscayne Neurotherapeutics, Inc.      
Supplemental cash flow information:      
Cash paid for Biscayne acquisition $ 0 $ 15,000 $ 0