LIGAND PHARMACEUTICALS INCORPORATED LGND Cash Flow

Ligand pharmaceuticals incorporated (LGND)

CashFlow / TTM

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)
-61,166	629,302	594,185	676,798	764,379	143,321	178,793	119,860	52,756	12,556	16,440	9,063	-3,165	-1,636	7,831	205,944	234,141	227,444	227,835	29,446	8,706	10,892	6,029	7,218	12,022	11,420	10,614	8,455	-165	-527	3,096	-884	1,223	9,715	0	0	0
Less: gain from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	731	731	731	731	0	0	0	0	-	-	-	-	2,588	1,065	1,065	467	2,147	3,670	3,669	1,870	3	0	0	0
Income (loss) from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-2,367	7,100	205,213	233,410	227,444	0	0	0	-	-	-	-	8,832	9,549	7,390	-632	-2,674	-574	-4,553	-647	9,712	0	0	0
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain from sale of Promacta license
0	812,797	812,797	812,797	812,797	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in estimated fair value of contingent liabilities
1,805	30	-573	-1,702	-3,891	-3,448	-3,915	-4,344	-3,400	-2,580	-3,041	-2,662	-2,168	-3,334	-2,632	626	-6,316	-5,013	-5,231	-9,151	-3,190	-5,135	-8,845	-7,758	-3,704	-3,597	-2,473	152	-4,004	-1,650	620	-3,907	-3,663	-1,888	0	0	0
Realized gain on sale of short-term investment
-	-	-	-	-	-	-	-	-	-	-	-	-	2,352	2,391	2,703	3,456	2,603	2,285	1,072	610	1,538	1,241	968	481	0	0	0	0	-	-	-	-	-	-	-	-
Gain on write-off of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	-	-	-	-	-	-	-
Depreciation and amortization of intangible assets
17,942	18,361	13,923	15,552	13,623	12,784	14,795	11,404	10,978	10,955	10,549	11,466	11,694	11,290	9,009	6,719	4,552	2,627	2,599	2,616	2,639	2,657	2,654	2,661	2,661	2,663	2,756	2,726	2,719	2,727	2,669	2,781	2,904	2,790	0	0	0
Change in fair value of the convertible debt receivable from Viking and warrants
-	-	-	-	-	-	-	-	-	-	424	75	553	462	-301	-455	-780	-765	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of premium (discount) on investments, net
7,626	10,274	9,149	10,325	7,270	5,452	0	0	0	-	-	-	-	-348	-437	-365	-320	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt discount and issuance fees
29,745	29,988	41,361	43,498	48,382	43,954	28,127	21,354	11,799	11,619	11,442	11,267	11,095	10,925	10,758	10,594	10,433	10,274	10,117	8,752	6,203	3,694	0	0	0	-	-	-	-	-	-	-	-	1,702	0	0	0
Amortization of commercial license and other economic rights
0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on debt extinguishment
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Realized gain on investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0
Share-based compensation
24,821	24,515	24,224	23,397	21,638	20,846	23,835	23,613	23,425	24,915	21,120	20,796	20,820	18,893	16,637	14,549	13,662	12,458	11,986	12,852	12,117	11,270	10,312	8,143	6,609	5,666	5,100	4,580	4,482	4,067	3,821	3,758	3,608	3,351	0	0	0
Deferred income taxes
-2,147	-74,829	-43,356	-53,137	-82,140	-29,739	-81,812	-73,557	-53,362	-44,518	-17,205	-13,734	-7,614	-10,697	170	192,213	188,037	192,132	191,321	-672	-363	-410	-253	-204	-361	-374	1,413	1,331	1,103	1,204	-949	-636	-616	13,402	0	0	0
Accretion of note payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	451	486	549	492	0	0	0	-	-	-	-
Loss (gain) from investment in Viking
-39,861	2,888	-79,613	-9,222	43,020	47,658	126,143	65,252	24,128	1,114	-12,343	-12,719	-22,610	-23,132	-16,242	-17,016	-6,748	-5,143	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to CVR holders and other contingency payments
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Royalties recorded in retained earnings upon adoption of ASC 606
-	-	-	-	-	32,707	32,707	32,707	32,707	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities:
Accounts receivable, net
12,170	-25,463	-25,728	-22,452	-11,203	29,544	31,647	26,026	27,513	8,358	6,205	3,471	-4,722	8,525	1,064	4,404	4,326	-6,489	-320	2,399	2,750	10,412	305	2,434	51	-2,367	3,350	-118	2,630	-1,521	438	-221	821	3,915	0	0	0
Inventory
-2,013	2,061	296	2,737	404	2,559	2,621	952	4,624	843	-165	2,328	2,294	244	2,637	2,070	-602	401	-3,890	-3,261	-4,776	-4,369	-881	-792	13	-646	-1,914	-1,764	-1,176	-1,030	139	-988	-2,867	-1,114	0	0	0
Other current assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-526	-1,416	-820	-558	-987	249	752	99	426	62	-116	-145	130	497	-816	-820	-515	-648	159	203	-4,864	0	0	0
Other long term assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	740	1,806	1,754	1,439	1,200	136	-176	-218	-185	-243	-225	-334	-361	-249	-320	-605	0	0	0
Accounts payable and accrued liabilities
1,161	-6,826	-7,874	-8,402	-10,736	-4,542	-297	423	571	-1,713	-748	-1,102	-30	-2,369	-2,113	-4,243	-3,662	-4,027	-4,636	-2,485	-6,786	-3,121	-3,925	-3,886	-1,933	-3,149	-4,494	-4,156	-3,513	-4,801	-7,467	-6,301	-14,104	-11,568	0	0	0
Income tax receivable
0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,227	-36	-6	113	80	-222	-360	-596	-654	-575	-597	-1,416	-1,851	1,696	1,805	1,524	2,160	0	0	0
Other
4,977	2,428	1,822	-4,267	-5,220	-5,458	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
10,372	-1,456	2,559	-2,842	-3,328	2,832	0	0	0	-	-	-	-422	-	0	0	0	-	-	-	0	-	-	-	409	422	0	0	0	-	210	114	34	-5	0	0	0
Restricted investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	484	5,009	2,501	1,665	865	0	0	0
Net cash provided by operating activities of continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21,332	11,820	11,619	3,950	1,061	5,556	5,061	-2,252	-1,172	0	0	0
Net cash used in operating activities of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-642	-992	-1,342	-1,342	-900	0	0	0	-	-	-	-
Net cash provided by operating activities
-57,672	-29,336	10,575	43,854	178,556	194,059	192,797	193,365	130,107	88,570	75,985	66,858	66,843	60,733	55,673	47,587	47,262	41,727	38,308	31,606	25,568	20,566	22,354	18,260	21,189	20,690	10,828	10,277	2,608	161	5,006	4,861	-2,452	-1,172	0	0	0
Cash flows from investing activities:
Proceeds from sale of Promacta license
0	812,797	812,797	812,797	812,797	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for acquisition, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	92,502	92,504	92,504	92,855	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to CVR holders and other contingency payments
-	-	-	-	-	-	-	-	-	-	-7,055	-5,635	-5,446	0	8,854	8,712	8,939	6,740	6,498	5,488	5,122	3,493	2,825	2,657	2,607	989	100	3,500	3,500	8,049	0	0	0	-	-	-	-
Acquisition of CyDex, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	32,024	0	0	0
Purchases of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	1,850	1,849	1,087	321	93	33	33	10	6	0	0	0	-	-	-	613	595	595	334	92	78	0	0	0
Purchase of short-term investments
1,476,152	2,356,545	1,958,551	1,969,746	2,383,065	1,434,255	1,207,427	875,759	279,863	254,258	296,450	238,828	187,898	164,438	127,346	155,485	215,917	166,025	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	10,000	0	0	0
Proceeds from sale of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	0	4	4	20	0	0	0	-	-	-	-
Proceeds from sale of short-term investments
714,967	535,877	200,131	162,875	119,992	131,942	79,588	16,508	81,557	86,985	84,599	85,787	22,045	24,596	33,746	35,738	35,850	16,039	6,526	3,565	2,175	2,342	1,496	1,155	626	0	0	1,500	1,500	10,000	10,000	8,500	13,958	19,346	0	0	0
Proceeds from maturity of short-term investments
1,459,209	1,494,851	1,786,034	1,573,704	1,171,195	892,873	415,452	167,937	133,922	109,649	81,067	87,238	100,525	118,874	147,961	140,757	105,635	57,234	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
1,954	4,669	9,343	9,171	3,001	1,000	803	-2,697	1,153	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	31	0	0	0
Net cash provide by (used in) investing activities of continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Net cash provided by investing activities of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Net cash provided by investing activities
680,677	466,918	805,399	557,630	-294,911	-423,269	-734,745	-713,031	-87,092	-79,179	-120,955	-59,339	-80,323	-134,415	-67,942	-99,385	-189,825	-112,862	-103,096	-76,658	-3,826	-2,027	-1,319	-1,637	-5,938	-4,974	-4,043	-6,166	-2,716	1,263	-944	1,287	1,982	-25,132	0	0	0
Cash flows from financing activities:
Proceeds from issuance of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,500	7,500	7,500	12,500	30,000	0	0	0
Repurchase of 2023 Notes
230,533	27,323	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9,366	12,726	13,600	13,308	19,586	16,224	14,433	11,214	10,000	0	0	0	-	-	-	-
Net proceeds from stock option exercises and ESPP
1,514	2,997	4,179	10,977	13,171	20,183	19,513	13,996	13,078	4,517	5,671	6,303	5,757	6,415	6,078	5,901	9,081	8,849	7,816	6,343	2,147	4,561	4,823	5,590	5,997	3,128	3,066	2,117	1,269	1,103	0	0	0	-	-	-	-
Taxes paid related to net share settlement of equity awards
2,952	4,418	3,014	3,224	2,863	3,765	9,599	9,466	11,849	10,074	4,132	5,041	3,021	999	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share repurchase
374,750	453,048	441,247	260,058	272,558	122,868	54,693	54,693	3,861	1,966	0	0	0	-	-	991	991	489	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	55	0	0	0
Payments to CVR Holders
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities of continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Net cash used in financing activities
-611,901	-485,172	-748,564	-478,335	172,785	328,585	668,415	610,902	-2,632	-7,523	-8,871	-8,646	-7,172	-4,994	5,079	4,910	8,090	8,360	-22,105	138,754	131,047	130,025	156,357	-8,010	-7,311	-16,458	-10,560	-7,073	-4,632	3,916	733	-704	4,214	29,999	0	0	0
Effect of exchange rate changes on cash
-216	83	-303	-208	-85	-215	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net increase (decrease) in cash, cash equivalents and restricted cash
10,805	-47,590	67,322	123,156	56,560	99,375	126,467	91,236	40,383	1,868	-53,841	-1,127	-20,652	-78,676	-7,190	-46,888	-134,473	-62,775	-86,893	93,702	152,789	148,564	177,392	8,613	7,940	-742	-3,775	-2,962	-4,740	5,340	4,795	5,444	3,744	3,695	0	0	0
Supplemental disclosure of cash flow information:
Cash paid during the year:
Interest paid
6,322	5,827	3,015	3,509	696	1,513	1,513	1,838	1,838	1,838	1,838	1,838	1,838	1,838	1,838	1,838	1,838	1,822	1,822	1,185	1,287	494	744	783	935	1,816	2,164	2,395	2,812	2,452	2,568	2,672	2,773	2,463	0	0	0
Taxes paid
103,757	103,817	93,817	69,759	230	341	353	310	232	157	147	134	133	38	45	51	18	28	34	28	29	18	0	0	0	-	-	-	-	0	27	27	29	39	0	0	0
Supplemental schedule of non-cash activity:
Stock issued for acquisition, net of issuance cost
-	-	-	-	-	-	-	-	-	-	-	-	-	77,331	77,330	-77,615	-77,615	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued fixed asset purchases
257	495	11	3	316	15	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplemental schedule of non-cash investing and financing activities
Accrued inventory purchases
-	-	-	-	-	-	-	1,759	-1,722	1,007	0	0	0	-	-	-	0	-	-	-	0	-	-	-	-902	341	0	0	0	-	-	-	-	-	-	-	-
Accrued inventory purchases
-258	256	747	986	2,007	48	-484	120	210	144	-210	113	659	-1,109	-348	-6,037	-3,443	3,005	5,084	8,621	264	3,872	2,583	4,614	9,970	2,914	0	0	0	-	-	-	-	-	-	-	-
Unrealized gain (loss) on AFS investments
0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Value of shares reacquired under convertible bond hedge transaction entered into with 2019 Notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-51	0	0	0