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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue        
Revenue $ 132,138 $ 119,832 $ 250,009 $ 233,594
Cost of revenue        
Cost of product revenue 22,779 18,743 42,827 45,166
Cost of contract and other revenue 1,000 1,294 1,555 2,985
Amortization of acquired intangible assets 3,052 3,561 6,108 7,123
Cost of revenue 26,831 23,598 50,490 55,274
Gross profit 105,307 96,234 199,519 178,320
Operating expenses:        
Research and development 40,525 41,576 77,884 83,474
Sales, general and administrative 24,402 26,187 50,229 57,151
Amortization of acquired intangible assets 187 382 382 764
Restructuring and other charges 0 9,494 0 9,494
Impairment of assets 1,071 0 1,071 0
Change in fair value of earn-out liability (1,200) 6,900 (500) 13,800
Total operating expenses 64,985 84,539 129,066 164,683
Operating income 40,322 11,695 70,453 13,637
Interest income and other income (expense), net 4,400 2,236 8,987 4,397
Loss on fair value adjustment of derivatives, net 0 0 0 (240)
Interest expense (371) (376) (737) (757)
Interest and other income (expense), net 4,029 1,860 8,250 3,400
Income before income taxes 44,351 13,555 78,703 17,037
Provision for (benefit from) income taxes 8,295 (155,325) 9,749 (155,124)
Net income $ 36,056 $ 168,880 $ 68,954 $ 172,161
Net income per share:        
Basic net income per share $ 0.33 $ 1.55 $ 0.64 $ 1.59
Diluted net income per share $ 0.33 $ 1.51 $ 0.63 $ 1.55
Weighted-average shares used in per share calculation:        
Basic (in shares) 107,721 109,039 107,906 108,561
Diluted (in shares) 109,047 111,601 109,628 111,373
Product revenue        
Revenue        
Revenue $ 56,692 $ 54,978 $ 107,052 $ 118,753
Royalties        
Revenue        
Revenue 56,380 40,672 103,856 68,841
Contract and other revenue        
Revenue        
Revenue $ 19,066 $ 24,182 $ 39,101 $ 46,000