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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Cash flows from operating activities:      
Net income (loss) $ (2,483) $ 32,779 $ 135,817
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 99,886 69,103 6,984
Impairment of intangible assets 19,663 0 0
Provision for bad debt expense 3,209 0 0
Amortization of premium/discount on purchased securities 624 2,152 2,080
Write-down of inventory to net realizable value 0 1,235 1,309
Gain (loss) on disposal of property and equipment 0 0 (103)
Non-cash equity-based compensation expense 22,543 17,237 8,625
Non-cash loss on debt extinguishment 0 6,426 0
Amortization of debt discount and debt issuance costs 12,105 11,379 6,870
Gains on investments, net 38 (14) (114)
Change in fair value of contingent consideration 25,683 4,271 (681)
Deferred income taxes 7,279 5,007 (153,159)
Changes in operating assets and liabilities:      
Accounts receivable, net (9,906) (36,913) 3,588
Inventories (2,355) (5,237) (1,360)
Receivable from collaboration 428 4,090 (4,239)
Prepaid and other current assets 4,095 4,034 2,331
Accounts payable and accrued expenses 49,037 7,876 10,694
Deferred revenues 24,522 (22,197) (8,384)
Payment of contingent consideration in excess of acquisition date fair value (8,116) 0 0
Repayment of term loan attributable to original issue discount 0 (12,491) 0
Other assets and liabilities (30) 7,244 1,156
Net cash provided by operating activities 246,222 95,981 11,414
Cash flows from investing activities:      
Acquisition of Lumara Health, net of acquired cash 0 562 (595,602)
Acquisition of CBR, net 0 (682,356) 0
Proceeds from sales or maturities of investments 127,479 208,966 223,568
Purchase of investments (194,723) (424,759) (63,747)
Change in restricted cash 0 (195) 2,883
Capital expenditures (5,460) (1,259) (44)
Net cash used in investing activities (72,704) (899,041) (432,942)
Cash flows from financing activities:      
Proceeds from the issuance of common stock, net of underwriting discount and other expenses 0 407,477 0
Long-term debt principal payments (17,502) (327,509) 0
Proceeds from long-term debt 0 834,750 527,509
Payment of debt issuance costs 0 (10,004) (7,760)
Proceeds from issuance of warrants 0 0 25,620
Purchase of convertible bond hedges 0 0 (39,760)
Payment of contingent consideration (92,130) (456) (270)
Payment to former CBR shareholders 0 (7,195) 0
Payments for repurchases of common stock (20,000) 0 0
Proceeds from the exercise of stock options 1,468 15,406 8,499
Proceeds from the issuance of common stock under ESPP 2,417 0 0
Payments of employee tax withholding related to equity-based compensation (2,171) 0 0
Net cash (used in) provided by financing activities (127,918) 912,469 513,838
Net increase in cash and cash equivalents 45,600 109,409 92,310
Cash and cash equivalents at beginning of the year 228,705 119,296 26,986
Cash and cash equivalents at end of the year 274,305 228,705 119,296
Supplemental data of cash flow information:      
Cash paid for taxes 5,309 2,373 0
Cash paid for interest 62,381 28,014 2,500
Non-cash investing activities:      
Fair value of acquisition-related contingent consideration 0 0 205,000
Fair value of common stock issued in connection with the Lumara Health acquisition $ 0 $ 0 $ 111,964