| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||||||
Net income | ||||||||||
190,993 | 406,328 | 134,272 | 59,536 | -18,760 | -168,464 | -170,701 | -18,542 | -115,344 | -83,862 | -85,302 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Deferred income taxes | ||||||||||
41,875 | -196,054 | 0 | 0 | - | - | - | - | - | - | - |
Depreciation and amortization | ||||||||||
13,874 | 13,872 | 13,982 | 13,954 | 13,933 | 12,175 | 3,458 | 3,251 | 7,583 | 6,336 | 5,541 |
Stock-based compensation | ||||||||||
2,056 | 3,233 | 9,833 | 8,297 | 6,873 | 27,390 | 25,687 | 23,783 | 24,916 | 19,009 | 20,000 |
Amortization of debt discount and issuance costs | ||||||||||
7,799 | 7,748 | 5,116 | 2,847 | 2,943 | 2,408 | 951 | 827 | - | - | - |
Loss on write-off of property and equipment | ||||||||||
-104 | 0 | 0 | - | - | - | - | - | - | -33 | - |
Loss on extinguishment of debt | ||||||||||
-216 | -5,745 | -7,256 | 2,342 | 0 | 0 | - | - | - | - | - |
Amortization of discount on short-term investments | ||||||||||
2,229 | 256 | 105 | 9 | -583 | -1,742 | 3,794 | 3,248 | - | - | - |
Amortization of lease guarantee | ||||||||||
325 | 325 | 325 | 190 | 0 | 0 | - | - | - | - | - |
Interest added to the principal balance of non-recourse notes due 2029 | ||||||||||
- | - | - | 855 | 22,635 | 20,527 | 0 | 0 | - | - | - |
Other non-cash items | ||||||||||
- | - | - | - | 3 | 2 | -17 | -187 | -18 | - | - |
Other-than-temporary impairment loss on marketable securities | ||||||||||
- | - | - | - | - | 3,752 | 0 | 0 | - | - | - |
Realized gain on sale of marketable securities, net | ||||||||||
- | - | - | - | 1,220 | 0 | 0 | - | - | 3 | - |
Change in fair value of capped-call derivative assets | ||||||||||
- | - | - | - | - | - | -1,422 | 0 | 0 | - | - |
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | ||||||||||
- | - | - | - | - | -74 | -702 | 0 | 0 | - | - |
Receivables from collaborative arrangements | ||||||||||
-3,859 | 12,746 | 23,693 | 20,619 | 15,678 | 7,371 | 2,117 | 841 | 29 | -81 | -14 |
Forgiveness of notes receivable | ||||||||||
- | - | - | - | - | - | - | - | - | 8 | -13 |
Prepaid expenses and other current assets | ||||||||||
113 | 95 | -12 | -48 | -320 | 338 | -36 | 441 | -2,288 | -652 | -2,741 |
Other assets | ||||||||||
-27 | 0 | 0 | 19 | 0 | -1,549 | 578 | 0 | 0 | - | - |
Accounts payable | ||||||||||
-1 | -590 | 473 | -690 | 818 | -7,695 | 1,613 | -1,480 | 3,310 | -236 | -1,625 |
Payable to Theravance Biopharma, Inc., net | ||||||||||
- | - | - | - | -1,056 | -15,916 | 0 | 0 | - | - | - |
Accrued personnel-related expenses and other accrued liabilities | ||||||||||
-439 | -1,677 | -81 | 276 | -725 | -491 | 5,850 | -1,829 | 5,124 | 3,321 | -3,689 |
Accrued interest payable | ||||||||||
-112 | -1,656 | -1,908 | -83 | 360 | 4,751 | 428 | 0 | 0 | - | - |
Other long-term liabilities | ||||||||||
-126 | 4 | 16 | 8 | -7 | 275 | -299 | - | - | -128 | 389 |
Deferred revenue | ||||||||||
0 | 0 | -3,099 | -885 | -885 | -3,181 | 3,235 | -130,107 | -18,633 | -21,801 | 4,589 |
Inventories | ||||||||||
- | - | - | - | - | 1,908 | 3,100 | 4,822 | 0 | - | - |
Deferred rent | ||||||||||
- | - | - | - | - | - | - | 747 | -2,429 | -1,446 | 709 |
Net cash provided by operating activities | ||||||||||
257,458 | 223,531 | 141,749 | 60,984 | 10,131 | -130,723 | -129,602 | -127,513 | -88,338 | -75,144 | -58,064 |
Cash flows from investing activities | ||||||||||
Capitalized fees paid to a related party | ||||||||||
- | - | - | - | - | 135,000 | 85,000 | 0 | - | - | - |
Sale of equipment | ||||||||||
- | - | - | - | - | - | - | - | - | 12 | - |
Change in restricted cash | ||||||||||
- | - | - | - | - | -833 | 0 | -60 | 0 | -417 | -2,500 |
Maturities of marketable securities | ||||||||||
213,924 | 75,375 | 44,387 | 88,422 | 137,621 | 339,359 | 255,861 | 224,902 | 231,476 | 131,855 | 118,065 |
Purchases of marketable securities | ||||||||||
231,915 | 71,856 | 67,623 | 95,719 | 86,523 | 276,914 | 410,407 | 330,484 | 301,563 | 183,899 | 123,460 |
Sales of marketable securities | ||||||||||
0 | 0 | 0 | 2,995 | 108,077 | 7,211 | 22,600 | 49,729 | 17,321 | 12,024 | 5,000 |
Purchases of property and equipment | ||||||||||
12 | 0 | 0 | 278 | 7 | 689 | 2,734 | 2,590 | 3,628 | 861 | 744 |
Issuances of notes receivable | ||||||||||
- | - | - | - | - | - | - | 140 | 140 | - | - |
Payments for intangible assets | ||||||||||
- | - | - | - | - | - | - | - | 0 | - | - |
Payments received on notes receivable | ||||||||||
- | - | - | - | - | 140 | 100 | 240 | 715 | 140 | 375 |
Net cash provided by (used in) investing activities | ||||||||||
-18,003 | 3,519 | -23,236 | -4,580 | 159,168 | -65,060 | -219,580 | -58,283 | -55,819 | -40,312 | 1,736 |
Cash flows from financing activities | ||||||||||
Repurchase of shares to satisfy tax withholding | ||||||||||
89 | 3,073 | 2,128 | 1,079 | 2,192 | 5,664 | - | - | - | - | - |
Payments of principal on senior secured term loans | ||||||||||
13,750 | 230,000 | 6,250 | 0 | 0 | - | - | - | - | - | - |
Payments of cash dividends to stockholders | ||||||||||
11 | 80 | 281 | 960 | 87,331 | 56,988 | 0 | 0 | - | - | - |
Cash and cash equivalents contributed to Theravance Biopharma, Inc. | ||||||||||
- | - | - | - | - | 277,541 | 0 | 0 | - | - | - |
Purchase of capped-call options | ||||||||||
- | - | - | - | - | - | 36,800 | 0 | 0 | - | - |
Proceeds from issuance of notes payable, net of debt issuance costs | ||||||||||
- | - | - | - | - | 434,677 | 281,622 | -441 | 0 | - | - |
Payments on note payable and capital leases | ||||||||||
- | - | - | - | - | - | - | 69 | 206 | 184 | 131 |
Proceeds from issuances of common stock, net | ||||||||||
627 | 1,139 | 435 | 385 | 8,240 | 54,589 | 153,021 | 236,377 | 25,808 | 231,429 | 11,723 |
Proceeds from issuance of convertible senior notes due 2025 | ||||||||||
0 | 0 | 192,500 | 0 | 0 | - | - | - | - | - | - |
Proceeds from senior secured term loans | ||||||||||
0 | 0 | 250,000 | 0 | 0 | - | - | - | - | - | - |
Payments of debt issuance costs and debt discount | ||||||||||
0 | 0 | 12,803 | 0 | 0 | - | - | - | - | - | - |
Payments of principal on non-recourse notes due 2029 | ||||||||||
0 | 0 | 487,189 | 6,828 | 0 | 0 | - | - | - | - | - |
Repurchase of common stock | ||||||||||
0 | 0 | 97,500 | 78,094 | 25,636 | 0 | 0 | - | - | - | - |
Repurchase of convertible subordinated notes due 2023 | ||||||||||
- | - | - | 11,570 | 0 | 0 | - | - | - | - | - |
Proceeds from capped-call options | ||||||||||
- | - | - | 578 | 0 | 0 | - | - | - | - | - |
Contributions from (distributions to) noncontrolling interest | ||||||||||
-10,553 | -5,955 | 23 | 0 | 0 | - | - | - | - | - | - |
Net cash provided by (used in) financing activities | ||||||||||
-23,776 | -237,969 | -163,193 | -97,568 | -106,919 | 149,073 | 397,843 | 235,867 | 25,602 | 231,245 | 11,592 |
Net increase in cash and cash equivalents | ||||||||||
215,679 | -10,919 | -44,680 | -41,164 | 62,380 | -46,710 | 48,661 | 50,071 | -118,555 | 115,789 | -44,736 |
Supplemental disclosure of cash flow information | ||||||||||
Cash paid for interest | ||||||||||
10,974 | 17,861 | 40,353 | 48,797 | 25,863 | 9,208 | 7,970 | 5,177 | 5,195 | 5,217 | 5,229 |
Supplemental disclosure of noncash information | ||||||||||
Contribution of net assets, excluding cash and cash equivalents to Theravance Biopharma, Inc. | ||||||||||
- | - | - | - | - | 125,337 | 0 | 0 | - | - | - |
Conversion of convertible subordinated notes to common stock | ||||||||||
- | - | - | - | - | 32,391 | -172,499 | 0 | 0 | - | - |
Acquisition cost of property and equipment under capital lease | ||||||||||
- | - | - | - | - | - | - | - | - | - | 154 |