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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 36,119 $ (516,755)
Adjustments to reconcile net loss to cash flows from operating activities:    
Depreciation and amortization 8,744 11,305
Reduction in the carrying amounts of the right of use assets 3,952 3,218
Stock-based compensation 40,692 41,250
Accretion of investment discount, net (12,401) (8,651)
Loss on debt extinguishment 0 387,329
Non-cash change in the fair value of contingent consideration 10,100 0
Other 329 1,964
Changes in operating assets and liabilities, net:    
Net decrease (increase) in accounts receivable, net 21,521 (9,208)
Net increase in inventory (60,512) (306)
Net increase in manufacturing-related deposits and prepaids (145,046) (7,479)
Net increase in other assets (2,315) (22,517)
Net decrease in deferred revenue (50,416) (22,005)
Net decrease in accounts payable, accrued expenses, lease liabilities and other liabilities (92,843) (67,541)
Net cash used in operating activities (242,076) (209,396)
Cash flows from investing activities:    
Purchase of property and equipment (32,444) (9,485)
Purchase of available-for-sale securities (216,450) (426,763)
Maturity and sales of available-for-sale securities 477,690 448,834
Purchase of intangible assets (10,000) (94)
Net cash provided by investing activities 218,796 12,492
Cash flows from financing activities:    
Proceeds from exercise of stock options and purchase of stock under the Employee Stock Purchase Program 22,140 28,037
Partial settlement of capped call share options for 2024 Notes 0 80,645
Debt conversion costs for 2024 Notes 0 (6,887)
Net cash provided by financing activities 22,140 101,795
Decrease in cash, cash equivalents and restricted cash (1,140) (95,109)
Cash, cash equivalents and restricted cash:    
Beginning of period 444,009 985,801
End of period 442,869 890,692
Reconciliation of cash, cash equivalents and restricted cash:    
Total cash, cash equivalents and restricted cash 442,869 890,692
Cash and cash equivalents 427,290 871,668
Restricted cash in other assets 15,579 [1] 19,024
Supplemental disclosure of cash flow information:    
Cash paid during the period for income taxes 909 535
Cash paid during the period for interest 7,188 7,023
Supplemental schedule of non-cash investing activities and financing activities:    
Intangible assets and property and equipment included in accounts payable and accrued expenses 22,929 11,136
Lease liabilities arising from obtaining right of use assets 275 280
Capitalized stock-based compensation and depreciation as inventory 6,333
Common stock issued for exchange of 2024 Notes $ 0 $ 693,377
[1] The Company had approximately $15.6 million in restricted cash included in other non-current assets on the Company’s unaudited condensed consolidated balance sheets as of both March 31, 2024 and December 31, 2023. Restricted cash for both periods relates to (i) letters of credit established under the Company’s various property leases that serve as security for potential future default of lease payments, (ii) a letter of credit established under a certain commercial supply agreement and (iii) collateralized cash for the Company’s credit cards. The restricted cash is unavailable for withdrawal or use for general obligations