XML 24 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ 333,904 $ (14,310) $ 18,334
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Stock-based compensation 45,011 35,552 27,486
Depreciation 33,687 31,517 26,810
Amortization of intangible assets 14,741 15,610 17,467
Non-cash interest expense and amortization of convertible debt issuance costs 3 207 7,656
Loss on extinguishment of debt 0 83,626 0
Loss on fair value adjustment of derivatives, net 240 10,585 0
Deferred income taxes (145,350) 689 1,522
Gain on divestiture (90,784) 0 0
Gain on sale of non-marketable equity security (23,924) 0 0
Impairment of assets 10,045 0 0
Gain on sale of equity security 0 (3,547) 0
Change in fair value of earn-out liability 9,234 3,111 5,300
Other 645 2,413 989
Change in operating assets and liabilities, net of effects of acquisition/disposition:      
Accounts receivable (28,931) (9,274) (13,521)
Unbilled receivables 93,796 107,945 118,452
Prepaid expenses and other assets 2,763 (89) 6,903
Inventories (15,254) (12,702) 6,109
Income taxes receivable (87,704) (618) (240)
Accounts payable (5,768) 11,975 2,195
Accrued salaries and benefits and other liabilities 41 (4,745) (1,642)
Income taxes payable 59,643 (19,279) (25,309)
Deferred revenue (5,048) (1,354) 15,496
Operating lease liabilities (5,204) (6,919) (4,790)
Net cash provided by operating activities 195,786 230,393 209,217
Cash flows from investing activities:      
Purchases of property, plant and equipment (23,240) (17,478) (13,792)
Acquisition of intangible assets 0 (3,000) 0
Purchases of marketable securities (434,155) (150,949) (567,947)
Maturities of marketable securities 175,854 59,642 336,154
Proceeds from sale of marketable securities 117,798 276,687 227,045
Proceeds from divestiture 106,347 0 0
Proceeds from sale of equity security 0 3,009 0
Acquisition of businesses, net of cash acquired 0 (15,932) (97,115)
Net cash provided by (used in) investing activities (57,396) 151,979 (115,655)
Cash flows from financing activities:      
Proceeds received from issuance of common stock under employee stock plans 8,950 6,136 8,957
Payments of taxes on restricted stock units (38,328) (18,413) (10,613)
Payments under installment payment arrangements (16,192) (14,378) (12,472)
Payments for settlement and repurchase of convertible senior notes (10,381) (258,060) 0
Proceeds from retirement of convertible senior note hedges 0 91,729 0
Payments for settlement of warrants (10,697) (69,528) 0
Payment of deferred purchase consideration from acquisition (2,450) 0 0
Repurchase and retirement of common stock, including prepayment under accelerated share repurchase program (100,525) (100,421) (100,081)
Net cash used in financing activities (169,623) (362,935) (114,209)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 306 (2,007) (413)
Net increase (decrease) in cash, cash equivalents and restricted cash (30,927) 17,430 (21,060)
Cash, cash equivalents and restricted cash at beginning of year 125,694 108,264 129,324
Cash, cash equivalents and restricted cash at end of year 94,767 125,694 108,264
Cash paid during the period for:      
Interest 73 1,525 2,372
Income taxes, net of refunds 25,932 25,275 22,839
Non-cash investing and financing activities:      
Property, plant and equipment received and accrued in accounts payable and other liabilities 21,768 39,035 12,935
Issuance of common stock in connection with the payments of year 1 and year 2 earn-out related to the PLDA Group acquisition 16,556 0 0
Operating lease right-of-use assets obtained in exchange for operating lease obligations $ 1,690 $ 5,931 $ 0
Common stock issued pursuant to acquisition 0 0 6,978