LIGAND PHARMACEUTICALS INCORPORATED LGND Cash Flow

Ligand pharmaceuticals incorporated (LGND)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities:
Net income (loss)
-24,131	-7,365	-15,251	-14,419	666,337	-42,482	67,362	73,162	45,279	-7,010	8,429	6,058	5,079	-3,126	1,052	-6,170	6,608	6,341	199,165	22,027	-89	6,732	776	1,287	2,097	1,869	1,965	6,091	1,495	1,063	-194	-2,529	1,133	4,686	-4,174	-422	9,625
Less: gain from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	731	0	0	0	0	-	-	-	-	0	0	2,397	191	-1,523	0	1,799	1,871	0	-1	0	4
Income (loss) from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-3,126	1,052	-6,170	5,877	6,341	199,165	22,027	-89	-	-	-	-	1,869	1,965	3,694	1,304	2,586	-194	-4,328	-738	4,686	-4,173	-422	9,621
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain from sale of Promacta license
0	0	0	0	812,797	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in estimated fair value of contingent liabilities
372	792	222	419	-1,403	189	-907	-1,770	-960	-278	-1,336	-826	-140	-739	-957	-332	-1,306	-37	2,301	-7,274	-3	-255	-1,619	-1,313	-1,948	-3,965	-532	2,741	-1,841	-2,841	2,093	-1,415	513	-571	-2,434	-1,171	2,288
Realized gain on sale of short-term investment
-	-	-	-	-	-	-	-	-	-	-	-	-	576	1,174	196	406	615	1,486	949	-447	297	273	487	481	0	0	0	0	-	-	-	-	-	-	-	-
Gain on write-off of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	109	-	0	0	0	-	-	-	-	-	-	-	-
Depreciation and amortization of intangible assets
3,422	5,801	3,779	4,940	3,841	1,363	5,408	3,011	3,002	3,374	2,017	2,585	2,979	2,968	2,934	2,813	2,575	687	644	646	650	659	661	669	668	656	668	669	670	749	638	662	678	691	750	785	564
Change in fair value of the convertible debt receivable from Viking and warrants
-	-	-	-	-	-	-	-	-	-	503	-153	76	-2	154	325	-15	-765	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of premium (discount) on investments, net
-830	2,797	1,454	4,205	1,818	1,672	2,630	1,150	0	-	-	-	-	162	-179	-11	-320	73	-107	34	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt discount and issuance fees
7,203	7,426	7,563	7,553	7,446	18,799	9,700	12,437	3,018	2,972	2,927	2,882	2,838	2,795	2,752	2,710	2,668	2,628	2,588	2,549	2,509	2,471	1,223	0	0	-	-	-	-	-	-	-	-	425	426	425	426
Amortization of commercial license and other economic rights
2,958	-	4,765	1,933	2,437	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on debt extinguishment
659	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Realized gain on investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17	-	-	-	23
Share-based compensation
5,653	6,300	6,297	6,571	5,347	6,009	5,470	4,812	4,555	8,998	5,248	4,624	6,045	5,203	4,924	4,648	4,118	2,947	2,836	3,761	2,914	2,475	3,702	3,026	2,067	1,517	1,533	1,492	1,124	951	1,013	1,394	709	705	950	1,244	452
Deferred income taxes
10,419	-17,063	-2,105	6,602	-62,263	14,410	-11,886	-22,401	-9,862	-37,663	-3,631	-2,206	-1,018	-10,350	-160	3,914	-4,101	517	191,883	-262	-6	-294	-110	47	-53	-137	-61	-110	-66	1,650	-143	-338	35	-503	170	-318	14,053
Accretion of note payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	2	14	-	56	69	100	-	96	83	142	130	131	146	85	-	-	-	-
Loss (gain) from investment in Viking
-25,456	8,480	-10,520	-12,365	17,293	-74,021	59,871	39,877	21,931	4,464	-1,020	-1,247	-1,083	-8,993	-1,396	-11,138	-1,605	-2,103	-2,170	-870	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to CVR holders and other contingency payments
-	-	-	-	-	-	-	-	-	-	-	-	4,998	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Royalties recorded in retained earnings upon adoption of ASC 606
-	-	-	-	-	0	0	0	32,707	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities:
Accounts receivable, net
8,398	8,429	1,699	-6,356	-29,235	8,164	4,975	4,893	11,512	10,267	-646	6,380	-7,643	8,114	-3,380	-1,813	5,604	653	-40	-1,891	-5,211	6,822	2,679	-1,540	2,451	-3,285	4,808	-3,923	33	2,432	1,340	-1,175	-4,118	4,391	681	-133	-1,024
Inventory
-1,251	561	-3,073	1,750	2,823	-1,204	-632	-583	4,978	-1,142	-2,301	3,089	1,197	-2,150	192	3,055	-853	243	-375	383	150	-4,048	254	-1,132	557	-560	343	-327	-102	-1,828	493	261	44	-659	-634	-1,618	1,797
Other current assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-535	-620	645	-16	-1,425	-24	907	-445	-189	479	254	-118	-553	301	225	157	-186	-1,012	221	462	-319	-205	265	-4,605
Other long term assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-52	307	291	194	1,014	255	-24	-45	-50	-57	-66	-12	-108	-39	-175	-39	4	-110	-460
Accounts payable and accrued liabilities
2,114	-3,452	406	2,093	-5,873	-4,500	-122	-241	321	-255	598	-93	-1,963	710	244	979	-4,302	966	-1,886	1,560	-4,667	357	265	-2,741	-1,002	-447	304	-788	-2,218	-1,792	642	-145	-3,506	-4,458	1,808	-7,948	-970
Income tax receivable
4,081	-	-30,884	-66,542	113,997	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,109	-8	-27	-83	82	22	92	-116	-220	-116	-144	-174	-141	-138	-963	-609	3,406	-29	-1,244	27
Other
2,265	-250	2,081	881	-284	-856	-4,008	-72	-522	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
5,668	-207	2,724	2,187	-6,160	3,808	-2,677	1,701	0	-	-	-	-633	-	1,293	232	-28	-	-	-	1	-	-	-	0	409	0	0	13	-	4	0	10	196	-92	-80	-29
Restricted investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-661	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	469	15	0	0	4,994	-2,493	-836	-800
Net cash provided by operating activities of continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,034	-359	6,937	2,720	2,522	-560	-732	-169	7,017	-1,055	-8,045	911
Net cash used in operating activities of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-642	-350	-350	0	-200	-	-	-	-
Net cash provided by operating activities
16,922	-7,339	-6,197	-61,058	45,258	32,572	27,082	73,644	60,761	31,310	27,650	10,386	19,224	18,725	18,523	10,371	13,114	13,665	10,437	10,046	7,579	10,246	3,735	4,008	2,577	12,034	-359	6,937	2,078	2,172	-910	-732	-369	7,017	-1,055	-8,045	911
Cash flows from investing activities:
Proceeds from sale of Promacta license
0	0	0	0	812,797	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for acquisition, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-2	0	-351	92,855	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to CVR holders and other contingency payments
-	-	-	-	-	-	-	-	-	-	0	0	0	-7,055	1,420	189	5,446	1,799	1,278	416	3,247	1,557	268	50	1,618	889	100	0	0	0	3,500	0	4,549	-	-	-	-
Acquisition of CyDex, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	32,024
Purchases of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	67	762	783	238	66	0	17	10	6	0	-6	6	-	-	-	37	-38	372	242	19	-38	111	0	5
Purchase of short-term investments
167,374	673,959	401,312	233,507	1,047,767	275,965	412,507	646,826	98,957	49,137	80,839	50,930	73,352	91,329	23,217	0	49,892	54,237	51,356	60,432	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	5,000	5,000
Proceeds from sale of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-1	-	1	-125	0	-	0	0	-3	3	4	0	13	-	-	-	-
Proceeds from sale of short-term investments
179,431	391,695	100,458	43,383	341	55,949	63,202	500	12,291	3,595	122	65,549	17,719	1,209	1,310	1,807	20,270	10,359	3,302	1,919	459	846	341	529	626	0	0	0	0	0	1,500	0	8,500	0	0	5,458	13,888
Proceeds from maturity of short-term investments
297,005	220,000	483,845	458,359	332,647	511,183	271,515	55,850	54,325	33,762	24,000	21,835	30,052	5,180	30,171	35,122	48,401	34,267	22,967	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
526	-1,638	634	2,432	3,241	3,036	462	-3,738	1,240	2,839	-3,038	112	87	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-28	26	5	28
Net cash provide by (used in) investing activities of continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-23,169
Net cash provided by investing activities of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Net cash provided by investing activities
308,536	-63,179	169,517	265,803	94,777	275,302	-78,252	-586,738	-33,581	-36,174	-56,538	39,201	-25,668	-77,950	5,078	18,217	-79,760	-11,477	-26,365	-72,223	-2,797	-1,711	73	609	-998	-1,003	-245	-3,692	-34	-72	-2,368	-242	3,945	-2,279	-137	453	-23,169
Cash flows from financing activities:
Proceeds from issuance of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	7,500	0	0	5,000	25,000
Repurchase of 2023 Notes
203,210	0	27,323	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2	2,417	3,511	3,436	3,362	3,291	3,219	9,714	0	1,500	0	8,500	-	-	-	-
Net proceeds from stock option exercises and ESPP
421	141	213	739	1,904	1,323	7,011	2,933	8,916	653	1,494	2,015	355	1,807	2,126	1,469	1,013	1,470	1,949	4,649	781	437	476	453	3,195	699	1,243	860	326	637	294	12	160	-	-	-	-
Taxes paid related to net share settlement of equity awards
1,429	1,512	13	-2	2,895	108	223	-363	3,797	5,942	90	2,020	2,022	0	999	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share repurchase
73,287	81,942	181,189	38,332	151,585	70,141	0	50,832	1,895	1,966	0	0	0	-	-	0	502	0	489	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	55
Payments to CVR Holders
1,800	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities of continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24,945
Net cash used in financing activities
-279,305	-83,693	-211,312	-37,591	-152,576	-347,085	58,917	613,529	3,224	-7,255	1,404	-5	-1,667	-8,603	1,629	1,469	511	1,470	1,460	4,649	781	-28,995	162,319	-3,058	-241	-2,663	-2,048	-2,359	-9,388	3,235	1,439	82	-840	52	2	5,000	24,945
Effect of exchange rate changes on cash
-169	171	-95	-123	130	-215	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net increase (decrease) in cash, cash equivalents and restricted cash
45,984	-154,123	-48,087	167,031	-12,411	-39,211	7,747	100,435	30,404	-12,119	-27,484	49,582	-8,111	-67,828	25,230	30,057	-66,135	3,658	-14,468	-57,528	5,563	-20,460	166,127	1,559	1,338	8,368	-2,652	886	-7,344	5,335	-1,839	-892	2,736	4,790	-1,190	-2,592	2,687
Supplemental disclosure of cash flow information:
Cash paid during the year:
Interest paid
597	2,812	100	2,813	102	0	594	0	919	0	919	0	919	0	919	0	919	0	919	0	903	0	282	102	110	250	321	254	991	598	552	671	631	714	656	772	321
Taxes paid
0	10,000	24,114	69,643	60	0	56	114	171	12	13	36	96	2	0	35	1	9	6	2	11	15	0	3	0	-	-	-	-	-15	0	-2	17	12	0	0	27
Supplemental schedule of non-cash activity:
Stock issued for acquisition, net of issuance cost
-	-	-	-	-	-	-	-	-	-	-	-	-	1	154,945	0	-77,615	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued fixed asset purchases
63	495	-54	-247	301	11	-62	66	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplemental schedule of non-cash investing and financing activities
Accrued inventory purchases
-	-	-	-	-	-	-	-428	1,180	508	499	-3,909	3,909	-	-	-	600	-	-	-	2,402	-	-	-	0	114	-770	-246	1,243	-	-	-	-	-	-	-	-
Accrued inventory purchases
1,445	-443	-239	-1,021	1,959	48	0	0	0	-484	604	90	-66	-838	927	636	-1,834	-77	-4,762	3,230	4,614	2,002	-1,225	-5,127	8,222	713	806	229	1,166	-	-	-	-	-	-	-	-
Unrealized gain (loss) on AFS investments
-3,541	-	0	-294	294	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Value of shares reacquired under convertible bond hedge transaction entered into with 2019 Notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	84	0	-45	-90