XML 26 R7.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net income $ 23,337 $ 115,553 $ 25,208
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of property and equipment 1,386 1,387 1,429
Stock-based compensation 13,360 13,458 11,666
Amortization of premiums and accretion of discounts on marketable securities 179 (3,099) (2,221)
Gain on sale of marketable securities (229) 0 0
Intangible asset amortization 1,478 1,505 1,527
Deferred income taxes 6,189 (87,767) 0
Other non-cash adjustments, net 1,758 1,785 167
Changes in operating assets and liabilities:      
Accounts receivable (3,767) 2,342 (11,207)
Prepaid expenses and other assets 4,068 (2,764) (4,258)
Inventory (2,876) (722) 70
Accounts payable and other liabilities 3,759 3,508 (618)
Product revenue allowances 3,133 761 8,223
Net cash provided by operating activities 51,775 45,947 29,986
Cash flows from investing activities      
Acquisition of intangible asset 0 0 (25,000)
Purchases of property and equipment (1,795) (1,019) (368)
Purchases of marketable securities (346,622) (394,517) (282,395)
Sales and maturities of marketable securities 306,918 327,227 198,103
Net cash used in investing activities (41,499) (68,309) (109,660)
Cash flows from financing activities      
Net proceeds from offering of common stock 0 0 100,870
Proceeds from exercise of stock options 5,634 6,264 6,256
Net cash provided by financing activities 5,634 6,264 107,126
Effect of exchange rate changes on cash, cash equivalents and restricted cash 53 (1) (38)
Net change in cash, cash equivalents and restricted cash 15,963 (16,099) 27,414
Cash, cash equivalents and restricted cash      
Beginning of year 45,650 61,749 34,335
End of year $ 61,613 $ 45,650 $ 61,749