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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net loss $ (151,811) $ (171,453) $ (19,626)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization expense 10,845 8,279 7,228
Share-based compensation 19,571 16,520 14,744
Changes in operating assets and liabilities:      
Accounts receivable 16,839 (15,941) (10,878)
Prepaid expenses (4,878) (3,255) 332
Other assets (1,578) (4,580) 262
Accounts payable 787 1,554 (1,544)
Accrued expenses (6,057) 3,506 12,832
Lease liabilities 2,881 0 0
Deferred revenue (20,869) 13,405 6,533
Deferred rent 0 (971) 6,115
Other liabilities 0 (298) (1,593)
Net cash provided by (used in) operating activities (134,270) (153,234) 14,405
Cash flows from investing activities      
Purchases of marketable securities (264,399) (132,750) (135,122)
Proceeds from sales and maturities of marketable securities 189,330 214,348 242,401
Purchases of property, equipment and software (4,289) (24,954) (29,403)
Net cash provided by (used in) investing activities (79,358) 56,644 77,876
Cash flows from financing activities      
Proceeds from issuance of common stock, net of offering costs 118,657 103,259 34,244
Proceeds from stock option exercises and ESPP purchases 1,315 1,992 1,144
Purchase of treasury stock 0 (260) (40)
Net cash provided by financing activities 119,972 104,991 35,348
Net change in cash and cash equivalents (93,656) 8,401 127,629
Cash and cash equivalents at beginning of period 220,128 211,727 84,098
Cash and cash equivalents at end of period 126,472 220,128 211,727
Non-cash operating and investing activities:      
Right-of-use assets modified in exchange for operating lease obligation 6,408 0 0
Fair value of warrants received $ 0 $ 6,130 $ 0