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Financial Statements Details | 12 Months Ended
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Dec. 31, 2023
Balance Sheet Components [Abstract] |
Financial Statement Details | Financial Statements Details Cash, Cash Equivalents and Restricted Cash The reconciliation of cash, cash equivalents and restricted cash reported in the accompanying consolidated balance sheets to the total of the same such amounts in the accompanying consolidated statements of cash flows is as follows (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Cash and cash equivalents |  | $ | 1,938,606 |  |  | $ | 671,707 |
Restricted cash included in other assets |  | 858 |  |  | 4,271 |
Total cash, cash equivalents and restricted cash |  | $ | 1,939,464 |  |  | $ | 675,978 |
Accounts Receivable, net Accounts receivable, net consists of the following (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Accounts receivable |  | $ | 1,034,480 |  |  | $ | 928,490 |
Product sales rebate, returns reserve and others |  | (9,911) |  |  | (5,394) |
Accounts receivable, net |  | $ | 1,024,569 |  |  | $ | 923,096 |
Inventories Inventories consist of the following (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Raw materials |  | $ | 930,777 |  |  | $ | 759,519 |
Finished goods |  | 1,014,403 |  |  | 530,187 |
Total inventories |  | $ | 1,945,180 |  |  | $ | 1,289,706 |
Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Inventory deposits |  | $ | 130,509 |  |  | $ | 162,047 |
Other prepaid expenses and deposits |  | 282,009 |  |  | 152,170 |
Total prepaid expenses and other current assets |  | $ | 412,518 |  |  | $ | 314,217 |
Property and Equipment, net Property and equipment, net consists of the following (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Land |  | $ | 44,645 |  |  | $ | 41,500 |
Equipment and machinery |  | 144,850 |  |  | 122,407 |
Computer hardware and software |  | 57,761 |  |  | 52,148 |
Furniture and fixtures |  | 3,576 |  |  | 3,575 |
Leasehold improvements |  | 34,584 |  |  | 30,102 |
Construction-in-process |  | 4,242 |  |  | 2,124 |
Property and equipment, gross |  | 289,658 |  |  | 251,856 |
Less: accumulated depreciation |  | (188,078) |  |  | (156,847) |
Property and equipment, net |  | $ | 101,580 |  |  | $ | 95,009 |
Depreciation expense was $31.7 million, $25.6 million and $19.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. Accrued Liabilities Accrued liabilities consist of the following (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Accrued compensation-related costs |  | $ | 134,225 |  |  | $ | 117,053 |
Supplier liability |  | 167,878 |  |  | 71,481 |
Accrued manufacturing costs |  | 61,491 |  |  | 45,379 |
Accrued product development costs |  | 1,041 |  |  | 27,380 |
Other |  | 42,667 |  |  | 31,194 |
Total accrued liabilities |  | $ | 407,302 |  |  | $ | 292,487 |
Contract Liabilities, Deferred Revenue and Other Performance Obligations Contract Liabilities A contract liability is recognized when we have received customer payments in advance of our satisfaction of a performance obligation under a cancellable contract. The following table summarizes the activity related to our contract liabilities (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022
Contract liabilities, beginning balance |  | $ | 103,448 |  |  | $ | 93,382 |
Less: Revenue recognized from beginning balance |  | (43,286) |  |  | (37,680) |
Less: Beginning balance reclassified to deferred revenue |  | (3,185) |  |  | (2,693) |
Add: Contract liabilities recognized |  | 76,262 |  |  | 50,439 |
Contract liabilities, ending balance |  | $ | 133,239 |  |  | $ | 103,448 |
As of December 31, 2023 and 2022, $59.2 million and $45.2 million, respectively, of our contract liabilities were recorded within other current liabilities with the remaining balance recorded within other long-term liabilities in the accompanying consolidated balance sheets. Deferred Revenue Deferred revenue is comprised mainly of unearned service revenue related to multi-year PCS contracts, and product deferrals related to contracts with acceptance clauses. The following table summarizes the activity related to our deferred revenue (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022
Deferred revenue, beginning balance |  | $ | 1,041,246 |  |  | $ | 929,312 |
Less: Revenue recognized from beginning balance |  | (615,681) |  |  | (583,787) |
Add: Deferral of revenue in current period, excluding amounts recognized during the period |  | 1,080,639 |  |  | 695,721 |
Deferred revenue, ending balance |  | $ | 1,506,204 |  |  | $ | 1,041,246 |
Other Performance Obligations Other performance obligations totaling $704.1 million as of December 31, 2023 include unbilled multi-year PCS and service contract amounts of $336.4 million and $367.7 million of binding contractual agreements with certain customers that are primarily related to future product shipments. Revenue from Total Remaining Performance Obligations Total revenue from our contract liabilities, deferred revenue and other performance obligations that will be recognized in future periods amounts to $2.3 billion. Included in this amount is the $367.7 million of binding contractual agreements related primarily to future product shipments that are expected to be recognized as revenue over the next eighteen months. In addition, approximately 79% of the remaining $2.0 billion of this future revenue is expected to be recognized over the next two years and approximately 21% is expected to be recognized during the third to the fifth year. Other Income, Net Other income, net consists of the following (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Other income (expense), net: |  |  |  |  |  |
Interest income |  | $ | 152,421 |  |  | $ | 27,556 |  |  | $ | 7,215 |
Gain (loss) on strategic investments |  | 18,699 |  |  | 27,479 |  |  | — |
Other income (expense) |  | (6,343) |  |  | (345) |  |  | (1,075) |
Total other income, net |  | $ | 164,777 |  |  | $ | 54,690 |  |  | $ | 6,140 |

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