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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 170,068 $ 114,369
Adjustments to reconcile net income to net cash provided by operating activities    
Share-based compensation 19,345 17,588
Depreciation and amortization 5,012 5,415
Amortization of intangible assets 35,525 35,670
Amortization of debt discount 3,665 3,652
Accretion of discount on marketable securities, net (5,399) (2,342)
Realized gain on marketable securities (7) 0
Loss on disposal of equipment 1,678 517
Recognition of deferred revenue 0 (2,404)
Lease payments recognized 509 621
Deferred income taxes 15,532 15,381
Changes in operating assets and liabilities    
Accounts receivable, net and other contract assets 19,687 (15,307)
Inventories, net (61,635) (31,987)
Prepaid expenses and other assets (38,748) 13,749
Accounts payable and accrued expenses 19,989 (1,116)
Net cash provided by operating activities 185,221 153,806
Investing activities    
Purchases of marketable securities (292,183) (109,919)
Proceeds from sales and maturities of marketable securities 173,590 114,505
Purchases of property and equipment (6,127) (9,754)
Net cash used in investing activities (124,720) (5,168)
Financing activities    
Repayment of 2024 Convertible Notes 0 (13,483)
Repurchase of common stock 0 (150,083)
Proceeds from issuance of common stock under equity incentive plans, net of taxes paid related to net share settlement 8,993 1,398
Net cash provided by (used in) financing activities 8,993 (162,168)
Net increase (decrease) in cash, cash equivalents and restricted cash 69,494 (13,530)
Cash, cash equivalents and restricted cash at beginning of period 118,370 234,695
Cash, cash equivalents and restricted cash at end of period 187,864 221,165
Supplemental disclosure of non-cash investing and financing activities    
Amounts accrued for purchases of property and equipment 498 655
Right-of-use assets obtained in exchange for lease obligation 1,466 1,037
Common stock issued for conversion of 2024 Convertible Notes $ 0 $ 125