XML 23 R7.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ 69,190 $ 48,155 $ (25,002)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Amortization and impairment expense 165,304 145,760 136,255
Depreciation expense 3,856 3,496 2,684
Deferred income taxes (26,814) (2,153) (8,391)
Stock-based compensation expense 32,400 27,136 22,874
Non-cash lease (benefit) expense (94) (280) 238
Loss on extinguishment of debt 11,329 23,504  
Non-cash interest expense for amortization of debt discount and issuance costs 6,016 8,635 8,285
Non-cash interest expense for deferred royalty obligation 3,713    
Net amortization of premiums and discounts on investments (2,028) (1,235)  
Non-cash change in fair value of contingent consideration (2,914)    
Changes in operating assets and liabilities:      
Accounts receivable (4,414) 3,594 (21,780)
Inventory 13,927 14,169 48,274
Prepaid expenses and other assets (14,070) 1,439 (4,606)
Accounts payable (11,278) 5,061 (707)
Accrued liabilities (39,530) 628 (11,131)
Accrued rebates, returns and discounts 387 (3,160) (22,766)
Operating lease assets and liabilities     3
Net cash provided by operating activities 204,980 274,749 124,230
Investing activities      
Purchases of property and equipment (1,652) (461) (1,622)
Purchases of marketable securities (111,171) (92,351)  
Maturities of marketable securities 92,602 22,000  
Net cash used in investing activities (287,759) (70,812) (573,691)
Financing activities      
Proceeds from issuances of common stock from employee stock purchase plans 827 460 337
Proceeds from the exercise of stock options 10,246 8,641 11,811
Payments made for employee stock tax withholdings (19,170) (8,361) (4,044)
Repurchases of common stock (60,025) (75,000) (14,063)
Repayment of term notes (107,813) (162,500) (75,000)
Proceeds from term note modification, net of fees paid to lender of $11,825 313,175   517,682
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) provided by financing activities (60,603) (140,178) 436,723
Net (decrease) increase in cash, cash equivalents and restricted cash (143,382) 63,759 (12,738)
Cash, cash equivalents and restricted cash at beginning of year 239,994 176,235 188,973
Cash, cash equivalents and restricted cash at end of year 96,612 239,994 176,235
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:      
Cash and cash equivalents 70,565 238,947 173,688
Restricted cash 26,047 1,047 2,547
Total cash, cash equivalents and restricted cash 96,612 239,994 176,235
Supplemental disclosure of cash flow information      
Cash paid for interest 62,434 73,256 52,528
Cash paid for income taxes 52,090 24,205 10,400
Supplemental disclosure of non-cash activities      
Acquisition of property and equipment in accounts payable and accrued liabilities 185 176  
Excise tax on share repurchases in accrued liabilities 99 $ 457  
Acquisition date fair value of contingent consideration 4,096    
Business combination consideration payable 28,956    
Ironshore      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Non-cash change in fair value of contingent consideration (2,914)    
Investing activities      
Acquisition of (net of cash acquired) $ (267,538)    
BDSI      
Investing activities      
Acquisition of (net of cash acquired)     $ (572,069)