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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 58,392 $ 38,460
Adjustments to reconcile net income to net cash generated from operations:    
Stock-based compensation 16,407 14,432
Deferred income taxes 10,017 5,834
Accretion of interest income (72) (1,053)
Depreciation and amortization of property and equipment 362 263
Non-cash amortization of right-of-use asset 749 772
Others 148 0
Changes in operating assets and liabilities:    
Trade receivables (2,797) (2,186)
Inventory 1,414 (1,543)
Prepaid expenses and other current assets 721 1,538
Other assets (1,088) (100)
Accounts payable (1,251) (1,299)
Accrued clinical expenses 4,812 2,197
Accrued and other liabilities (628) (7,349)
Operating lease liabilities (731) (730)
Net cash provided by operating activities 86,455 49,236
Cash flows from investing activities:    
Purchases of property and equipment (89) (667)
Proceeds from maturities of marketable securities 153,193 130,145
Purchases of marketable securities (219,314) (131,001)
Net cash used in investing activities (66,210) (1,523)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon exercise of options, net of issuance costs 7,347 3,947
Repurchase of common stock (275) (30,975)
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercise (63) (4,169)
Net cash provided by (used in) financing activities 7,009 (31,197)
Net increase in cash and cash equivalents 27,254 16,516
Cash and cash equivalents, at beginning of period 31,269 41,625
Cash and cash equivalents, at end of period 58,523 58,141
Supplemental disclosure:    
Exercise price of shares tendered in net settlement of cashless option exercise 772,000 931
Recognition of right-of-use asset and lease liability $ 775,000 $ 1,878