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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities:      
Net income (loss) $ (486,766) $ 303,262 $ 214,985
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 13,365 12,540 10,706
Amortization of right-of-use operating lease assets 1,731 1,542 0
Amortization of patents 2,064 1,912 1,822
Amortization of premium (discount) on investments, net 11,521 (7,485) (1,013)
Amortization of debt issuance costs 2,578 1,942 1,810
Amortization of convertible senior notes discount 36,157 37,338 33,363
Stock-based compensation expense 230,117 146,574 131,312
Loss on early retirement of debt 0 21,865 0
(Gain) loss on investments (16,540) (192) 210
Deferred income taxes, including changes in valuation allowance 313,272 (7,096) (290,516)
Non-cash losses related to patents 1,948 2,226 802
Changes in operating assets and liabilities:      
Contracts receivable (13,170) (47,674) 47,595
Inventories (1,261) (5,411) 1,400
Other current and long-term assets (9,975) (44,659) (29,348)
Long-term income tax receivable 0 8,418 (223)
Accounts payable (2,755) (16,343) (655)
Income taxes (31,279) 31,656 (710)
Accrued compensation 28,371 8,089 4,117
Accrued liabilities and deferred rent 32,424 16,406 (17,005)
Deferred contract revenue (75,910) (119,283) 494,254
Net cash provided by operating activities 35,892 345,627 602,906
Investing activities:      
Purchases of short-term investments (1,570,410) (1,946,726) (1,794,735)
Proceeds from the sale of short-term investments 1,885,935 1,951,734 882,824
Purchases of property, plant and equipment (35,120) (30,905) (13,608)
Acquisition of licenses and other assets, net (5,928) (5,377) (4,044)
Purchase of strategic investments 0 (10,000) 0
Net cash provided by (used in) investing activities 274,477 (41,274) (929,563)
Financing activities:      
Proceeds from equity, net 52,036 119,657 27,900
Payments of tax withholdings related to vesting of employee stock awards and exercise of employee stock options (13,411) (19,242) 0
Proceeds from the issuance of 0.125 percent convertible senior notes 0 109,500 0
0.125 percent convertible senior notes issuance costs 0 (10,428) 0
Proceeds from issuance of warrants 0 56,110 0
Purchase of note hedges 0 (108,684) 0
Repurchases and retirements of common stock (90,548) (34,392) 0
Purchase of noncontrolling interest of Akcea Therapeutics, Inc., including cash payments for cancellation of Akcea Therapeutics, Inc. equity awards (544,686) 0 0
Principal payments on line of credit 0 (12,500) 0
Proceeds from the issuance of common stock to Biogen 0 0 447,965
Net cash (used in) provided by financing activities (596,609) 100,021 475,865
Effects of exchange rates on cash 617 93 (18)
Net (decrease) increase in cash and cash equivalents (285,623) 404,467 149,190
Cash and cash equivalents at beginning of year 683,287 278,820 129,630
Cash and cash equivalents at end of year 397,664 683,287 278,820
Supplemental disclosures of cash flow information:      
Interest paid 6,247 9,870 9,592
Income taxes paid 25,855 9,041 0
Supplemental disclosures of non-cash investing and financing activities:      
Right-of-use assets obtained in exchange for lease liabilities 2,149 14,178 0
Amounts accrued for capital and patent expenditures 4,059 3,126 4,428
Purchases of property, plant and equipment included in long-term obligations 0 0 3,350
0.125 percent convertible senior notes principal issued related to our December 2019 debt exchange/issuance 0 439,326 0
1 percent convertible senior notes principal extinguished related to our December 2019 debt exchange $ 0 $ 375,590 $ 0