Innoviva, inc. (INVA)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities
Net income

78,952

57,862

47,051

46,061

40,019

269,215

50,167

56,616

30,330

58,514

23,767

35,146

16,845

25,471

15,033

14,597

4,435

4,301

-4,584

-7,810

-10,667

-15,926

-21,271

-63,564

-67,703

-49,929

-46,983

-36,429

-37,360

-31,324

-34,692

-37,120

84,594

-37,007

-30,625

-25,045

-22,667

Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes

15,932

12,376

10,559

10,432

8,508

-196,054

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

3,463

3,474

3,320

3,541

3,539

3,468

3,468

3,468

3,468

3,495

3,496

3,495

3,496

3,496

3,491

3,484

3,483

3,484

3,483

3,483

3,483

3,455

2,530

3,552

2,638

1,499

-77

138

1,898

-2,211

1,890

1,662

1,910

2,124

2,052

1,757

1,650

Stock-based compensation

435

488

489

474

605

486

-874

1,452

2,169

2,427

2,472

2,427

2,507

1,874

1,718

2,841

1,864

1,650

1,468

1,822

1,933

1,377

4,732

7,746

13,535

5,983

6,447

7,162

6,095

5,739

5,830

5,979

6,235

6,210

7,572

5,593

5,541

Amortization of debt discount and issuance costs

2,032

2,010

1,969

1,931

1,889

1,853

1,867

1,936

2,092

2,163

1,552

714

687

709

724

715

699

647

769

763

764

858

1,550

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Loss on extinguishment of debt

-

-

-

-

-

0

-2,608

0

-3,137

0

-6,426

-830

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of discount on short-term investments

272

490

615

768

356

32

64

60

100

99

12

11

-17

-

-

11

3

-57

-918

159

233

-3,281

127

650

762

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of lease guarantee

81

82

81

81

81

82

81

81

81

82

405

-81

-81

298

-80

-28

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in fair values of equity investments

21,915

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest added to the principal balance of non-recourse notes due 2029

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

172

683

4,186

5,613

6,409

6,427

20,527

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Other non-cash items

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1

0

0

2

0

0

0

2

0

-20

2

1

-

-

-

-

-

-

-

-

Realized gain on sale of marketable securities, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

16

0

0

1,204

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Change in fair value of capped-call derivative assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-1,422

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-252

178

-702

0

0

0

-

-

-

-

-

-

-

-

Receivables from collaborative arrangements

2,707

10,216

1,648

8,924

-24,647

18,150

-5,406

14,707

-14,705

18,662

-9,918

18,069

-3,120

10,226

804

8,278

1,311

9,281

2,950

3,758

-311

6,538

539

2,610

-2,316

692

256

16

1,153

993

-23

31

-160

142

-166

321

-268

Forgiveness of notes receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15

0

1

Prepaid expenses and other current assets

-140

579

-76

-243

-147

336

-63

-374

196

315

-203

-238

114

232

-204

-237

161

199

-82

-316

-121

286

-125

-1,955

2,132

-71

392

-1,581

1,224

194

374

-502

375

-305

-266

-1,644

-73

Other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-988

-972

-587

998

578

0

0

0

-

-

-

-

-

-

-

-

Accounts payable

112

-25

-1,104

995

133

-98

51

-8

-535

-28

352

-2,027

2,176

-400

391

-439

-242

664

-308

-563

1,025

-573

-1,290

-4,658

-1,174

-427

1,014

1,247

-221

-1,028

-371

-129

48

1,864

633

615

198

Payable to Theravance Biopharma, Inc., net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-150

24

-930

250

-14,428

-1,738

0

-

-

-

-

-

-

-

-

-

-

-

-

Accrued personnel-related expenses and other accrued liabilities

-126

-546

-236

177

166

-982

844

163

-1,702

525

-848

-510

752

56

847

-2

-625

126

858

-193

-1,516

-562

-1,803

-2,574

4,448

1,378

1,531

6,117

-3,176

2,073

2,054

-593

-5,363

5,803

2,809

2,543

-6,031

Accrued interest payable

-2,484

2,379

-2,489

2,487

-2,489

2,489

-3,340

2,570

-3,375

2,354

-3,537

703

-1,428

1,222

-1,217

1,261

-1,349

1,521

-1,535

1,730

-1,356

-11,916

8,454

6,686

1,527

-671

3,639

-2,714

174

-

-

-

-

-

-

-

-

Operating lease liability

0

-

-

-72

-72

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other long-term liabilities

-

-

-

-

-

0

0

2

2

3

3

5

5

6

80

-76

-2

-2

-2

13

-16

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue

-

-

-

-

-

-

-

-

-

-2,436

-221

-221

-221

-221

-221

-222

-221

-220

-222

-221

-222

-270

-271

-2,332

-308

-457

-428

-826

4,946

-128

-1,449

-1,430

-127,100

-4,608

-2,624

-5,701

-5,700

Inventories

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,478

430

188

379

52

2,481

-

-

-

-

-

-

-

-

Accrued interest on convertible subordinated notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,294

-

-

-

-

Deferred rent

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-41

-67

-116

-

40

174

202

201

202

201

143

-93

-404

-1,156

-776

Net cash provided by operating activities

73,481

66,905

57,402

56,496

76,655

61,777

60,115

51,725

49,914

47,859

43,490

22,639

27,761

21,086

20,188

12,460

7,250

6,917

2,656

2,174

-1,616

-4,610

-21,071

-54,405

-50,637

-39,974

-41,311

-16,686

-31,631

-24,252

-27,565

-34,368

-41,328

-25,356

-19,332

-17,759

-25,891

Cash flows from investing activities
Capitalized fees paid to a related party

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,000

25,000

45,000

55,000

-

-

-

-

-

-

-

-

-

-

-

-

Maturities of marketable securities

54,000

52,999

103,050

30,000

27,875

4,000

16,500

23,000

31,875

0

8,000

10,000

26,387

36,321

8,000

16,430

27,671

48,310

30,191

34,045

25,075

46,693

51,493

118,774

122,399

100,465

48,413

52,230

54,753

186,232

-115,251

108,763

45,158

67,075

44,925

48,226

71,250

Purchases of marketable securities

12,943

993

118,987

9,893

102,042

49,594

2,978

13,922

5,362

25,880

29,774

7,977

3,992

12,973

22,853

43,915

15,978

0

78,066

0

8,457

48,015

86,038

86,212

56,649

55,824

142,786

107,672

104,125

54,059

90,969

149,785

35,671

70,279

54,962

99,914

76,408

Sales of marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

50,979

0

0

57,098

2,211

0

0

5,000

0

5,000

12,600

5,000

-

-

-

-

8,571

0

3,750

5,000

Purchases of equity investments

25,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of property and equipment

13

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

1

0

0

6

133

0

-1,064

1,620

1,067

236

691

740

261

567

659

1,103

905

-40

1,382

1,381

Issuances of notes receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

440

-300

Payments for intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,000

30,000

0

-

-

-

-

-

-

-

-

Payments received on notes receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

100

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

16,044

51,994

-15,937

20,107

-74,167

-45,594

13,522

9,078

26,513

-25,880

-21,774

2,023

22,395

23,320

-15,095

-24,498

11,693

99,288

-47,875

34,045

73,710

-8,411

-59,545

-11,234

14,130

-1,426

-99,609

-73,533

-45,012

146

-33,712

-33,101

8,384

4,547

-9,897

-49,230

-1,239

Cash flows from financing activities
Repurchase of shares to satisfy tax withholding

55

8

7

9

65

-9

242

229

2,611

945

336

294

553

195

287

155

442

71

0

1,460

661

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of principal on senior secured term loans

-

-

-

-

-

0

110,000

0

120,000

6,250

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of cash dividends to stockholders

0

0

0

3

8

8

17

17

38

135

39

40

67

65

52

124

719

187

29,099

29,251

28,794

28,650

28,338

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of capped-call options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

36,800

-

-

-

-

-

-

-

-

Proceeds from issuance of notes payable, net of debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-1

-50

281,673

-

-

-

-

-

-

-

-

Payments on note payable and capital leases

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

13

56

40

53

51

62

Proceeds from issuances of common stock, net

225

9

89

210

319

685

0

340

114

247

3

177

8

44

6

162

173

123

3,485

2,885

1,747

18,960

11,843

5,514

18,272

13,018

113,570

23,442

2,991

7,161

12,416

214,268

2,532

2,891

1,360

9,824

11,733

Payments of principal on non-recourse notes due 2029

-

-

-

-

-

-

-

-

-

0

422,758

56,679

7,752

3,551

3,277

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

12,529

21,234

18,974

25,357

25,636

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to noncontrolling interest

15,810

-

10,553

0

0

-

1,989

809

90

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-15,640

-13,749

-10,471

198

246

-2,381

-112,248

-715

-122,625

-87,060

-10,933

-56,836

-8,364

-19,584

-24,844

-26,795

-26,345

-25,771

-25,614

-27,826

-27,708

-9,754

-7,861

148,416

18,272

13,018

113,569

23,392

247,864

6,720

12,416

214,255

2,476

2,851

1,307

9,773

11,671

Net increase in cash and cash equivalents

73,885

105,150

30,994

76,801

2,734

13,802

-38,611

60,088

-46,198

-65,081

10,783

-32,174

41,792

24,822

-19,751

-38,833

-7,402

80,434

-70,833

8,393

44,386

-22,775

-88,477

82,777

-18,235

-28,382

-27,351

-66,827

171,221

-17,386

-48,861

146,786

-30,468

-17,958

-27,922

-57,216

-15,459

Supplemental disclosure of cash flow information
Cash paid for interest

4,967

300

5,213

243

5,218

239

6,709

1,972

8,941

3,797

12,246

10,788

13,522

11,068

13,597

11,008

13,124

6,694

8,215

4,084

6,870

3,099

3,054

0

3,055

-

-

-

-

-

-

-

-

-

-

-

-