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, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income (loss) $ (33,361) $ 57,138 $ (2,985)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Gain from sale of Vernalis R&D 0 0 (17,114)
Change in estimated fair value of contingent liabilities (748) (36,962) 963
Depreciation of fixed assets and amortization of intangible assets 51,534 51,071 25,691
Loss (gain) short-term investments (28,540) 3,997 16,933
Amortization/accretion of premium (discount) on investments, net 16 111 1,479
Amortization of debt discount and issuance fees 734 16,692 23,077
Loss (gain) on debt extinguishment (4,192) 7,303 2,466
Amortization of commercial license and other economic rights (164) (125) 2,275
Lease amortization expense 5,521 4,840 1,609
Share-based compensation 60,285 38,783 30,727
Deferred income taxes, net 20,723 (8,618) (19,053)
Other 365 1,572 191
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable, net 55,319 (28,616) (26,061)
Inventory 12,058 (427) (17,799)
Accounts payable and accrued liabilities (3,340) 2,810 (1,245)
Income taxes receivable 1,579 (3,976) 9,144
Deferred revenue (6,281) (17,870) 29,236
Other assets and liabilities 6,342 (8,925) (4,948)
Net cash provided by operating activities 137,850 78,798 54,586
Investing activities      
Cash paid for acquisition, net of cash and restricted cash acquired 0 0 (404,884)
Purchases of property and equipment (17,923) (8,761) (4,458)
Purchases of short-term investments (51,226) (181,325) (422,523)
Proceeds from commercial license rights 92 494 1,358
Proceeds from sale of short-term investments 209,561 154,230 394,539
Proceeds from maturity of short-term investments 24,830 67,105 644,155
Cash paid for equity method investment (750) 0 (500)
Proceeds on sale of Vernalis R&D, net 0 0 22,061
Other, net (960) (1,220) 1,900
Net cash provided by investing activities 163,624 30,523 231,648
Financing activities      
Net cash transferred to OmniAb at separation (1,840) 0 0
Repayment of debt (260,949) (155,760) (222,209)
Payments under finance lease obligations (54) (9,188) (9,549)
Cash paid for OmniAb transaction costs (6,800) 0 0
Proceeds from bond hedge settlement 202 18,938 0
Net proceeds from stock option exercises and ESPP 3,232 33,763 3,017
Taxes paid related to net share settlement of equity awards (8,236) (6,018) (1,481)
Share repurchases 0 0 (77,998)
Repurchase of warrants 0 (18,446) 0
Payments to CVR Holders (1,545) (1,050) (2,325)
Net cash used in financing activities (275,990) (137,761) (310,545)
Net increase (decrease) in cash, cash equivalents, and restricted cash 25,484 (28,440) (24,311)
Cash, cash equivalents and restricted cash at beginning of year 19,522 47,962 72,273
Cash, cash equivalents and restricted cash at end of year 45,006 19,522 47,962
Cash paid during the year:      
Interest paid 1,428 3,028 4,463
Taxes paid 11,642 3,722 2,130
Restricted cash in other current assets 0 0 343
Supplemental schedule of non-cash investing and financing activities:      
Accrued inventory purchases 0 1,974 1,562
Unrealized loss on available-for-sale investments (85) (221) (212)
Purchase of fixed assets recorded in accounts payable $ 2,333 $ 1,567 $ 249