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Restated Interim Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract] |
Restated Interim Financial Information (Unaudited) | Restated Interim Financial Information (Unaudited) The following table reflects the correction of the balance sheet presentation error described in Note 1 “Organization and Summary of Significant Accounting Policies”. Refer to Note 1 “Organization and Summary of Significant Accounting Policies” and Note 12 “Convertible Senior Notes” in the notes to the consolidated financial statements in this Amended 2024 Annual Report for additional information regarding the presentation of the Notes. The effect of this balance sheet presentation error did not impact Total Assets, Total Liabilities, or Stockholders' Equity in the consolidated balance sheets or the consolidated statements of operations, stockholders' equity or cash flows for the Affected Periods. The restatements pertaining to the Affected Periods are as follows: Condensed Consolidated Balance Sheet (in thousands)
As of September 30, 2024 |  | As Reported |  | Adjustments |  | As Restated
Total current assets |  | $ | 2,433,746 |  |  | $ | — |  |  | $ | 2,433,746 |
Total assets |  | 4,005,658 |  |  | — |  |  | 4,005,658 |
Current portion of convertible notes, net |  | — |  |  | 679,483 |  |  | 679,483 |
Total current liabilities |  | 823,227 |  |  | 679,483 |  |  | 1,502,710 |
Long-term convertible notes, net |  | 679,483 |  |  | (679,483) |  |  | — |
Total liabilities |  | 1,905,822 |  |  | — |  |  | 1,905,822 |
Total stockholders' equity |  | 2,099,836 |  |  | — |  |  | 2,099,836 |
Given that financial statements effectuating the error correction in our previously reported revision as discussed in Note 1 “Organization and Summary of Significant Accounting Policies” and Note 23 “Revision of Prior Period Financial Statements” have not yet been reissued as of the date of filing this Amended 2024 Annual Report, the adjustments below applicable as of the period ended March 31, 2024 include both (1) the impact of the balance sheet presentation error; and (2) the immaterial errors identified in our previously issued financial statements as discussed in further detail in Note 1 “Organization and Summary of Significant Accounting Policies” and Note 23 “Revision of Prior Period Financial Statements”. Condensed Consolidated Balance Sheet (in thousands)
As of March 31, 2024 |  | As Reported |  | Adjustments |  | As Restated
Contract assets, net |  | $ | 266,172 |  |  | $ | 10,846 |  |  | $ | 277,018 |
Prepaid expenses and other current assets |  | 123,677 |  |  | (12,347) |  |  | 111,330 |
Total current assets |  | 2,201,707 |  |  | (1,501) |  |  | 2,200,206 |
Deferred tax assets, net |  | 208,861 |  |  | (1,729) |  |  | 207,132 |
Long-term contract assets, net |  | 88,209 |  |  | 8,155 |  |  | 96,364 |
Other long-term assets |  | 212,470 |  |  | (35,635) |  |  | 176,835 |
Total assets |  | 3,616,196 |  |  | (30,710) |  |  | 3,585,486 |
Accounts payable |  | 82,075 |  |  | (18,241) |  |  | 63,834 |
Accrued liabilities |  | 127,415 |  |  | 2,922 |  |  | 130,337 |
Current portion of deferred revenue |  | 516,404 |  |  | (22,767) |  |  | 493,637 |
Current portion of convertible notes, net |  | — |  |  | 677,895 |  |  | 677,895 |
Total current liabilities |  | 757,474 |  |  | 639,809 |  |  | 1,397,283 |
Deferred revenue, net of current portion |  | 293,878 |  |  | (11,082) |  |  | 282,796 |
Long-term convertible notes, net |  | 677,895 |  |  | (677,895) |  |  | — |
Other long-term liabilities |  | 3,078 |  |  | 14,593 |  |  | 17,671 |
Total liabilities |  | 1,798,181 |  |  | (34,575) |  |  | 1,763,606 |
Retained earnings |  | 564,467 |  |  | 3,865 |  |  | 568,332 |
Total stockholders’ equity |  | 1,818,015 |  |  | 3,865 |  |  | 1,821,880 |
Total liabilities and stockholders’ equity |  | $ | 3,616,196 |  |  | $ | (30,710) |  |  | $ | 3,585,486 |
Condensed Consolidated Statements of Operations and Comprehensive Income (in thousands, except per share data)
Three Months Ended March 31, 2024 |  | As Reported |  | Adjustments |  | As Restated
Net sales from products |  | $ | 272,048 |  | $ | (1,624) |  | $ | 270,424
Net sales from services |  | 188,688 |  | 759 |  | 189,447
Net sales |  | 460,736 |  | (865) |  | 459,871
Cost of product sales |  | 151,698 |  | 462 |  | 152,160
Cost of service sales |  | 48,992 |  | 91 |  | 49,083
Cost of sales |  | 200,690 |  | 553 |  | 201,243
Gross margin |  | 260,046 |  | (1,418) |  | 258,628
Sales, general and administrative |  | 152,669 |  | (1,594) |  | 151,075
Total operating expenses |  | 243,766 |  | (1,594) |  | 242,172
Income from operations |  | 16,280 |  | 176 |  | 16,456
Income before provision for income taxes |  | 165,720 |  |  | 176 |  |  | 165,896 |
Provision for (benefit from) income taxes |  | 32,502 |  |  | 42 |  |  | 32,544 |
Net income |  | $ | 133,218 |  |  | $ | 134 |  |  | $ | 133,352 |
Net income per common and common equivalent shares - Basic |  | $ | 1.77 |  |  | $ | — |  |  | $ | 1.77 |
Net income per common and common equivalent shares - Diluted |  | $ | 1.73 |  |  | $ | — |  |  | $ | 1.73 |
Comprehensive income |  | $ | 132,311 |  |  | $ | 134 |  |  | $ | 132,445 |
There was no impact on disclosed basic and diluted income per common and common equivalent shares for the three months ended March 31, 2024. Condensed Consolidated Statement of Stockholders' Equity (in thousands)
|  | As Reported |  | Adjustments |  | As Restated
|  | Retained Earnings |  | Total Stockholders’ Equity |  | Retained Earnings |  | Total Stockholders’ Equity |  | Retained Earnings |  | Total Stockholders’ Equity
Balance, December 31, 2023 |  | $ | 431,249 |  |  | $ | 1,612,034 |  |  | $ | 3,731 |  |  | $ | 3,731 |  |  | $ | 434,980 |  |  | $ | 1,615,765 |
Net income |  | 133,218 |  |  | 133,218 |  |  | 134 |  |  | 134 |  |  | 133,352 |  |  | 133,352 |
Balance, March 31, 2024 |  | $ | 564,467 |  |  | $ | 1,818,015 |  |  | $ | 3,865 |  |  | $ | 3,865 |  |  | $ | 568,332 |  |  | $ | 1,821,880 |
Condensed Consolidated Statement of Cash Flows (in thousands)
Three Months Ended March 31, 2024 |  | As Reported |  | Adjustments |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 133,218 |  |  | $ | 134 |  |  | $ | 133,352 |
Provision for bad debts and inventory |  | 216 |  |  | 1,364 |  |  | 1,580 |
Change in assets and liabilities: |  |  |  |  |  |
Receivables and contract assets |  | (51,132) |  |  | (5,605) |  |  | (56,737) |
Inventory |  | (710) |  |  | (1,364) |  |  | (2,074) |
Deferred revenue |  | 20,743 |  |  | (1,622) |  |  | 19,121 |
Accounts payable, accrued and other liabilities |  | (84,289) |  |  | (1,551) |  |  | (85,840) |
Other - net |  | 2 |  |  | 8,644 |  |  | 8,646 |
Other than the impact to the captions noted above, there was no impact on total cash flows from operating activities, or on cash flows from investing or financing activities.

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- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 + Details
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