NEUROCRINE BIOSCIENCES INC
For the period ended Dec 31, 2023. Filed Feb 9, 2024.
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FY2023 · Filed Feb 9, 2024
NBIX$169.14+0.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2022 | 2021 |
| Cash flows from operating activities: | |||
| Net income | $249.7 | $154.5 | $89.6 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Stock-based compensation expense | 194.3 | 173.1 | 134.2 |
| Depreciation | 17.8 | 15.1 | 10.9 |
| (Accretion) amortization of (discount) premium on investments, net | (18.3) | 3.7 | 7.4 |
| Amortization of debt discount | — | — | 16.2 |
| Amortization of debt issuance costs | 0.7 | 1.2 | 1.1 |
| Amortization of intangible assets | 3.5 | 0.5 | — |
| Changes in fair value of equity securities | (28.4) | (30.8) | (20.9) |
| Deferred income taxes | (56.7) | 19.1 | 4.3 |
| Loss on extinguishment of convertible senior notes | — | 70.0 | — |
| Other | (0.9) | 0.4 | (3.0) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (89.3) | (162.2) | (28.4) |
| Inventory | 5.4 | (2.6) | (2.5) |
| Accounts payable and accrued liabilities | 64.3 | 114.6 | 56.8 |
| Other assets and liabilities, net | 47.8 | (17.2) | (9.2) |
| Cash flows from operating activities | 389.9 | 339.4 | 256.5 |
| Cash flows from investing activities: | |||
| Purchases of debt securities available-for-sale | (1,379.9) | (621.2) | (800.1) |
| Sales and maturities of debt securities available-for-sale | 972.4 | 511.0 | 697.9 |
| Acquisition of business, net of cash acquired | — | (42.7) | — |
| Purchases of equity securities | (31.3) | (7.7) | (4.6) |
| Capital expenditures | (28.3) | (16.5) | (23.4) |
| Cash flows from investing activities | (467.1) | (177.1) | (130.2) |
| Cash flows from financing activities: | |||
| Issuances of common stock under benefit plans | 65.3 | 44.7 | 27.5 |
| Repurchases of convertible senior notes | — | (279.0) | (0.1) |
| Cash flows from financing activities | 65.3 | (234.3) | 27.4 |
| Effect of exchange rate changes on cash and cash equivalents | 0.3 | (1.3) | — |
| Change in cash and cash equivalents and restricted cash | (11.6) | (73.3) | 153.7 |
| Cash, cash equivalents and restricted cash at beginning of period | 270.7 | 344.0 | 190.3 |
| Cash, cash equivalents and restricted cash at end of period | $259.1 | $270.7 | $344.0 |
| Supplemental Disclosure: | |||
| Non-cash capital expenditures | $2.5 | $0.7 | $1.9 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $200.8 | $— | $23.4 |
| Cash paid for interest | $3.8 | $6.6 | $8.6 |
| Cash paid for income taxes | $51.5 | $14.4 | $5.1 |
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