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Restatement of Prior Period Financial Statements | 3 Months Ended
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Mar. 31, 2025
Accounting Changes and Error Corrections [Abstract] |
Restatement of Prior Period Financial Statements | Restatement of Prior Period Financial Statements As previously disclosed in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 and discussed in Note 1 “Organization and Summary of Significant Accounting Policies”, the following tables reflect the impact of other previously identified immaterial errors to the specific line items presented in our previously reported (a) consolidated statement of operations and comprehensive income for the quarterly period ended March 31, 2024; (b) consolidated statement of stockholders' equity for the quarterly period ended March 31, 2024; and (c) consolidated statement of cash flows for the quarterly period ended March 31, 2024. Consolidated Statement of Operations and Comprehensive Income (in thousands)
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 |
Selling, 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 |
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. 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 |
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 classifying current financial statements, which may be different from classifications in the prior year's financial statements. Disclose any material changes in classification including an explanation of the reason for the change and the areas impacted. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205/tableOfContent + Details
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