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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income $ 190,993 $ 406,328 $ 134,272
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income taxes 41,875 (196,054) 0
Depreciation and amortization 13,874 13,872 13,982
Stock-based compensation 2,056 3,233 9,833
Amortization of debt discount and issuance costs 7,799 7,748 5,116
Loss on write-off of property and equipment 104 0 0
Loss on extinguishment of debt 216 5,745 7,256
Amortization of discount on short-term investments (2,229) (256) (105)
Amortization of lease guarantee (325) (325) (325)
Changes in operating assets and liabilities:      
Receivables from collaborative arrangements 3,859 (12,746) (23,693)
Prepaid expenses and other current assets (113) (95) 12
Other assets 27 0 0
Accounts payable (1) (590) 473
Accrued personnel-related expenses and other accrued liabilities (439) (1,677) (81)
Accrued interest payable (112) (1,656) (1,908)
Other long-term liabilities (126) 4 16
Deferred revenue 0 0 (3,099)
Net cash provided by operating activities 257,458 223,531 141,749
Cash flows from investing activities      
Maturities of marketable securities 213,924 75,375 44,387
Purchases of marketable securities (231,915) (71,856) (67,623)
Sales of marketable securities 0 0 0
Purchases of property and equipment (12) 0 0
Net cash provided by (used in) investing activities (18,003) 3,519 (23,236)
Cash flows from financing activities      
Repurchase of shares to satisfy tax withholding (89) (3,073) (2,128)
Payments of principal on senior secured term loans (13,750) (230,000) (6,250)
Payments of cash dividends to stockholders (11) (80) (281)
Proceeds from issuances of common stock, net 627 1,139 435
Proceeds from issuance of convertible senior notes due 2025 0 0 192,500
Proceeds from senior secured term loans 0 0 250,000
Payments of debt issuance costs and debt discount 0 0 (12,803)
Payments of principal on non-recourse notes due 2029 0 0 (487,189)
Repurchase of common stock 0 0 (97,500)
Contributions from (distributions to) noncontrolling interest (10,553) (5,955) 23
Net cash used in financing activities (23,776) (237,969) (163,193)
Net increase (decrease) in cash and cash equivalents 215,679 (10,919) (44,680)
Cash and cash equivalents at beginning of period 62,417 73,336 118,016
Cash and cash equivalents at end of period 278,096 62,417 73,336
Supplemental disclosure of cash flow information      
Cash paid for interest $ 10,974 $ 17,861 $ 40,353