Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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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) $ (2,985) $ 629,302 $ 143,321
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Gain from sale of Promacta license 0 (812,797) 0
Gain from sale of Vernalis R&D (17,114) 0 0
Change in estimated fair value of contingent liabilities 963 (30) 3,448
Depreciation and amortization of intangible assets 25,691 18,361 12,784
Loss (gain) short-term investments 16,933 (1,049) (50,377)
Amortization/accretion of premium (discount) on investments, net 1,479 (10,274) (5,452)
Amortization of debt discount and issuance fees 23,077 29,988 43,954
Amortization of commercial license and other economic rights 2,275 25,370 1,934
Share-based compensation 30,727 24,515 20,846
Deferred income taxes, net (19,053) 74,829 29,739
Royalties recorded in retained earnings upon adoption of ASC 606 0 0 32,707
Other 2,657 (3,498) 2,931
Changes in operating assets and liabilities, net of acquisition:      
Accounts receivable, net (26,061) 25,463 (29,544)
Inventory (17,799) (2,061) (2,559)
Accounts payable and accrued liabilities (1,245) (6,664) (4,533)
Income taxes receivable 9,144 (11,219) 318
Other economic rights 0 (12,000) 0
Deferred revenue 29,236 (1,147) (1,158)
Other (3,339) 3,575 (4,300)
Net cash provided by (used in) operating activities 54,586 (29,336) 194,059
Investing activities      
Proceeds from sale of Promacta license 0 812,797 0
Purchase of commercial license rights 0 0 (10,000)
Cash paid for acquisition, net of cash and restricted cash acquired (404,884) (11,840) (5,856)
Purchases of property and equipment (4,458) (2,553) (887)
Purchases of short-term investments (422,523) (2,356,545) (1,434,255)
Proceeds from commercial license rights 1,358 0 0
Proceeds from sale of short-term investments 394,539 535,877 131,942
Proceeds from maturity of short-term investments 644,155 1,494,851 892,873
Proceeds received from repayment of Viking note receivable 0 0 3,914
Cash paid for equity method investment (500) (1,000) 0
Proceeds on sale of Vernalis R&D, net 22,061 0 0
Other, net 1,900 (4,669) (1,000)
Net cash provided by (used in) investing activities 231,648 466,918 (423,269)
Financing activities      
Repayment of debt (222,209) (27,323) (217,674)
Payments under finance lease obligations (9,549) 0 0
Gross proceeds from issuance of 2023 Convertible Senior Notes 0 0 750,000
Payment of debt issuance costs 0 0 (16,900)
Proceeds from issuance of warrants 0 0 90,000
Purchase of convertible bond hedge 0 0 (140,250)
Proceeds from bond hedge settlement 0 12,401 439,559
Payments to convert holders for bond conversion 0 (12,401) (439,581)
Net proceeds from stock option exercises and ESPP 3,017 2,997 20,183
Taxes paid related to net share settlement of equity awards (1,481) (4,418) (3,765)
Share repurchases (77,998) (453,048) (122,868)
Repurchase of warrants 0 (380) (30,094)
Payments to CVR Holders (2,325) (3,000) (25)
Net cash provided by (used in) financing activities (310,545) (485,172) 328,585
Net increase (decrease) in cash, cash equivalents, and restricted cash (24,311) (47,590) 99,375
Effect of exchange rate changes on cash 0 83 (215)
Cash, cash equivalents and restricted cash at beginning of year 72,273 119,780 20,620
Cash, cash equivalents and restricted cash at end of year 47,962 72,273 119,780
Cash paid during the year:      
Interest paid 4,463 5,827 1,513
Taxes paid 2,130 103,817 341
Restricted cash in other current assets 343 730 2,616
Supplemental schedule of non-cash investing and financing activities      
Accrued inventory purchases 1,562 170 2,059
Unrealized (loss) gain on AFS investments (212) 256 48
Purchase of fixed assets recorded in accounts payable $ 249 $ 495 $ 15