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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 80,017 $ 64,800
Adjustments to reconcile net income to net cash generated from operations:    
Stock-based compensation 25,109 21,703
Deferred income taxes 11,778 11,731
Amortization (accretion) of interest income   (1,413)
Amortization (accretion) of interest income 404  
Depreciation and amortization of property and equipment 447 474
Non-cash amortization of right-of-use asset 1,228 1,136
Others 148 0
Changes in operating assets and liabilities:    
Trade receivables (2,029) (4,817)
Inventory 694 (654)
Prepaid expenses and other current assets (1,882) (58)
Other assets (1,562) (100)
Accounts payable (988) (2,424)
Accrued clinical expenses 9,055 600
Accrued and other liabilities (4,315) (2,207)
Operating lease liabilities (1,205) (1,108)
Net cash provided by operating activities 116,899 87,663
Cash flows from investing activities:    
Purchases of property and equipment (807) (953)
Proceeds from maturities of marketable securities 193,418 168,445
Purchases of marketable securities (323,094) (223,331)
Net cash used in investing activities (130,483) (55,839)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon exercise of options, net of issuance costs 13,240 6,643
Repurchase of common stock (275) (30,975)
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercise (90) (4,169)
Net cash provided by (used in) financing activities 12,875 (28,501)
Net (decrease) increase in cash and cash equivalents (709) 3,323
Cash and cash equivalents, at beginning of period 31,269 41,625
Cash and cash equivalents, at end of period 30,560 44,948
Supplemental disclosure:    
Exercise price of shares tendered in net settlement of cashless option exercise 900 931
Recognition of right-of-use asset and lease liability $ 775 $ 1,878