XML 18 R6.htm IDEA: XBRL DOCUMENT v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Operating activities          
Net income     $ 56,654 $ 16,215  
Adjustments to reconcile net income to net cash provided by operating activities:          
Amortization expense $ 40,801 $ 36,317 109,833 111,246  
Depreciation expense     2,815 2,547  
Deferred income taxes     (16,658) (1,815)  
Stock-based compensation expense     24,804 20,134  
Non-cash lease benefit     (67) (258)  
Non-cash interest expense for amortization of debt discount and issuance costs     4,592 6,672  
Non-cash interest expense for deferred royalty obligation     473    
Loss on extinguishment of debt 4,145   11,329 23,504  
Net amortization of premiums and discounts on investments     (1,652) (667)  
Changes in operating assets and liabilities:          
Accounts receivable     (4,520) 1,268  
Inventory     11,455 12,376  
Prepaid expenses and other assets     (12,122) 42  
Accounts payable     (12,088) 106  
Accrued liabilities     (61,952) (4,479)  
Accrued rebates, returns and discounts     7,440 14,520  
Net cash provided by operating activities     120,336 201,411  
Investing activities          
Acquisition of Ironshore (net of cash acquired)     (267,538)    
Purchases of property and equipment     (1,082) (297)  
Purchases of marketable securities     (84,003) (51,418)  
Maturities of marketable securities     76,626 6,000  
Net cash used in investing activities     (275,997) (45,715)  
Financing activities          
Proceeds from issuances of common stock from employee stock purchase plan     827 460  
Proceeds from the exercise of stock options     10,073 5,401  
Payments made for employee stock tax withholdings     (18,891) (8,128)  
Repurchases of common stock, including the ASR agreement     (35,000) (50,000)  
Repayment of term notes     (91,667) (116,667)  
Proceeds from term note modification, net of fees paid to lender of $11,825     313,175    
Proceeds from issuances of 2029 Convertible Notes, net of issuance costs of $6,280       235,220  
Repurchase of 2026 Convertible Notes, including premium       (138,638)  
Redemption of 2026 Convertible Notes, including premium and redemption costs     (33,245)    
Repayment of assumed debt from Ironshore acquisition     (164,598)    
Net cash used in financing activities     (19,326) (72,352)  
Net (decrease) increase in cash, cash equivalents and restricted cash     (174,987) 83,344  
Cash, cash equivalents and restricted cash at beginning of period     239,994 176,235 $ 176,235
Cash, cash equivalents and restricted cash at end of period 65,007 259,579 65,007 259,579 239,994
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:          
Cash and cash equivalents 38,960 258,532 38,960 258,532 238,947
Restricted cash 26,047 1,047 26,047 1,047  
Total cash, cash equivalents and restricted cash $ 65,007 $ 259,579 65,007 259,579 $ 239,994
Supplemental disclosure of cash flow information          
Cash paid for interest     47,210 57,679  
Cash paid for income taxes     51,469 17,293  
Supplemental disclosure of non-cash activities          
Acquisition of property and equipment included in accounts payable and accrued liabilities       $ 53  
Contingent consideration     4,096    
Business combination consideration payable     $ 28,956