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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 76,823 $ 39,615
Adjustments to reconcile net income to net cash provided by operating activities    
Share-based compensation 9,874 7,966
Depreciation and amortization 2,443 2,622
Amortization of intangibles 17,763 17,835
Amortization of debt discount 1,830 1,835
Amortization of premium on marketable securities, net (2,365) (917)
Realized gain on marketable securities (7) 0
Lease payments deferred 220 320
Deferred income taxes 1,291 3,874
Changes in operating assets and liabilities    
Accounts receivable, net and other contract assets 38,308 36,189
Inventories, net (40,233) (7,250)
Prepaid expenses and other assets 4,795 8,881
Accounts payable and accrued expenses 18,685 (24,006)
Net cash provided by operating activities 129,427 86,964
Investing activities    
Purchases of marketable securities (198,763) (109,919)
Proceeds from sales and maturities of marketable securities 119,627 61,134
Purchases of property and equipment (3,545) (11,377)
Net cash used in investing activities (82,681) (60,162)
Financing activities    
Repayment of 2024 Convertible Notes 0 (13,483)
Repurchase of common stock 0 (150,083)
Taxes paid related to net share settlement, net of proceeds from issuance of common stock under equity incentive plans (489) (1,048)
Net cash used in financing activities (489) (164,614)
Net increase (decrease) in cash, cash equivalents and restricted cash 46,257 (137,812)
Cash, cash equivalents and restricted cash at beginning of period 118,370 234,695
Cash, cash equivalents and restricted cash at end of period 164,627 96,883
Supplemental disclosure of non-cash investing and financing activities    
Amounts accrued for purchases of property and equipment 1,515 390
Right-of-use assets obtained in exchange for lease obligation 1,242 406
Common stock issued for conversion of 2024 Convertible Notes $ 0 $ 125