Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 651,918 $ 118,441
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain from sale of Promacta license (812,797) 0
Non-cash change in estimated fair value of contingent liabilities 984 2,730
Depreciation and amortization 8,781 6,013
Amortization of discount on investments, net (6,023) (1,150)
Amortization of debt discount and issuance fees 14,999 15,455
Amortization of other economic rights 4,370 0
Share-based compensation 11,918 9,367
Deferred income taxes 55,661 32,263
Gain from investment in Viking (4,928) (61,808)
Other (3,973) 1,701
Royalties recorded in retained earnings upon adoption of ASC 606 0 32,707
Changes in operating assets and liabilities:    
Accounts receivable, net 35,591 (16,405)
Inventory (4,573) (4,395)
Accounts payable and accrued liabilities (3,780) 80
Income tax payable 47,455 0
Other economic rights (12,000) 0
Other 597 (594)
Net cash provided by (used in) operating activities (15,800) 134,405
Cash flows from investing activities:    
Proceeds from sale of Promacta license 812,797 0
Purchase of short-term investments (1,281,274) (745,783)
Proceeds from sale of short-term investments 43,724 12,791
Proceeds from maturity of short-term investments 791,006 110,175
Other (5,673) 2,498
Net cash provided by (used in) investing activities 360,580 (620,319)
Cash flows from financing activities:    
Repayment of debt 0 (21,785)
Gross proceeds from issuance of 2023 Notes 0 750,000
Payment of debt issuance costs 0 (16,900)
Proceeds from issuance of warrants 0 90,000
Purchase of convertible bond hedge 0 (140,250)
Net proceeds from stock option exercises and ESPP 2,643 11,849
Taxes paid related to net share settlement of equity awards (2,893) (3,434)
Share repurchase (189,917) (52,727)
Net cash provided by (used in) financing activities (190,167) 616,753
Effect of exchange rate changes on cash 7 0
Net increase in cash, cash equivalents and restricted cash 154,620 130,839
Cash, cash equivalents and restricted cash at beginning of period 119,780 20,620
Cash, cash equivalents and restricted cash at end of period 274,400 151,459
Supplemental disclosure of cash flow information:    
Interest paid 2,915 919
Taxes paid 69,703 285
Restricted cash in other current assets 1,353 0
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 54 66
Accrued inventory purchases 0 752
Unrealized gain on AFS investments 938 0
Excess of conversion value over the principal amount of 2019 Notes paid in shares 0 (31,571)
Value of shares reacquired under convertible bond hedge transaction entered into with 2019 Notes $ 0 $ 31,571