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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 126,198 $ 487,074
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,078 1,164
Loss on disposal of property and equipment   93
Share-based compensation expense 19,757 16,191
Change in fair value of note hedge warrants (1,315) (6,599)
Change in fair value of convertible note hedges 1,115 5,211
Non-cash interest expense 1,453 17,787
Deferred income taxes (including benefit from valuation allowance release) 45,610 (335,227)
Changes in assets and liabilities:    
Accounts receivable, net 7,056 20,127
Prepaid expenses and other current assets 1,578 (1,032)
Operating lease right-of-use assets 985 910
Other assets 137 89
Accounts payable and accrued expenses (6,108) (6,710)
Accrued research and development costs (10,223) (223)
Operating lease liabilities (1,474) (1,359)
Other liabilities 8,734 (169)
Net cash provided by operating activities 194,581 197,327
Cash flows from investing activities:    
Purchases of property and equipment (163) (137)
Net cash (used in) investing activities (163) (137)
Cash flows from financing activities:    
Proceeds from exercise of stock options and employee stock purchase plan 6,734 14,037
Payment on 2022 Convertible Notes (120,699)  
Repurchases of common stock (126,394)  
Net cash provided by (used in) financing activities (240,359) 14,037
Net increase in cash, cash equivalents and restricted cash (45,941) 211,227
Cash, cash equivalents and restricted cash, beginning of period 621,864 364,784
Cash, cash equivalents and restricted cash, end of period $ 575,923 $ 576,011