XML 34 R27.htm IDEA: XBRL DOCUMENT
v3.24.3

Restatement of Previously Issued Financial Statement (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract] |
Schedule of restatement on each financial statement | The following tables present the impact of the financial statement adjustments on the Company's previously reported consolidated financial statements.
|  | December 31, |
|  | 2023 |
|  | As Previously Reported |  |  | Revenue Adjustments |  |  | Other Adjustments |  |  | As Restated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 751,323 |  |  | $ | — |  |  | $ | — |  |  | $ | 751,323 |
Marketable securities held to maturity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accounts receivable, net of reserves of $2,122 and $1,365 at December 31, 2023 and December 31, 2022, respectively |  |  | 124,161 |  |  |  | — |  |  |  | — |  |  |  | 124,161 |
Inventories, net |  |  | 202,321 |  |  |  | — |  |  |  | — |  |  |  | 202,321 |
Prepaid expenses and other current assets |  |  | 33,238 |  |  |  | 303 |  |  |  | — |  |  |  | 33,541 |
Total current assets |  |  | 1,111,043 |  |  |  | 303 |  |  |  | — |  |  |  | 1,111,346 |
Noncurrent assets: |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment, net |  |  | 207,440 |  |  |  | — |  |  |  | — |  |  |  | 207,440 |
Intangible assets, net |  |  | 400,486 |  |  |  | — |  |  |  | 6,471 |  |  |  | 406,957 |
Goodwill |  |  | 987,120 |  |  |  | — |  |  |  | — |  |  |  | 987,120 |
Deferred tax assets |  |  | 1,530 |  |  |  | — |  |  |  | — |  |  |  | 1,530 |
Operating lease right of use assets |  |  | 115,515 |  |  |  | — |  |  |  | — |  |  |  | 115,515 |
Other noncurrent assets |  |  | 1,277 |  |  |  | — |  |  |  | — |  |  |  | 1,277 |
Total noncurrent assets |  |  | 1,713,368 |  |  |  | — |  |  |  | 6,471 |  |  |  | 1,719,839 |
Total assets |  | $ | 2,824,411 |  |  | $ | 303 |  |  | $ | 6,471 |  |  | $ | 2,831,185 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 19,563 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,563 |
Operating lease liability |  |  | 5,631 |  |  |  | — |  |  |  | — |  |  |  | 5,631 |
Current contingent consideration |  |  | 12,983 |  |  |  | — |  |  |  | — |  |  |  | 12,983 |
Accrued liabilities |  |  | 50,533 |  |  |  | 6,780 |  |  |  | — |  |  |  | 57,313 |
Convertible Senior Notes due 2024, net |  |  | 69,452 |  |  |  | — |  |  |  | — |  |  |  | 69,452 |
Total current liabilities |  |  | 158,162 |  |  |  | 6,780 |  |  |  | — |  |  |  | 164,942 |
Noncurrent liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Convertible Senior Notes due 2028, net |  |  | 510,143 |  |  |  | — |  |  |  | — |  |  |  | 510,143 |
Deferred tax liabilities |  |  | 40,466 |  |  |  | (903 | ) |  |  | (239 | ) |  |  | 39,324 |
Noncurrent operating lease liability |  |  | 126,578 |  |  |  | — |  |  |  | — |  |  |  | 126,578 |
Noncurrent contingent consideration |  |  | 14,070 |  |  |  | — |  |  |  | — |  |  |  | 14,070 |
Other noncurrent liabilities |  |  | 3,789 |  |  |  | — |  |  |  | 7,494 |  |  |  | 11,283 |
Total noncurrent liabilities |  |  | 695,046 |  |  |  | (903 | ) |  |  | 7,255 |  |  |  | 701,398 |
Total liabilities |  |  | 853,208 |  |  |  | 5,877 |  |  |  | 7,255 |  |  |  | 866,340 |
Commitments and contingencies (Note 14) |  |  |  |  |  |  |  |  |  |  |  |
Stockholders' equity: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Common stock, $0.01 par value; 80,000,000 shares authorized; 55,766,078 shares at December 31, 2023 and 55,557,698 shares at December 31, 2022 issued and outstanding |  |  | 558 |  |  |  | — |  |  |  | — |  |  |  | 558 |
Additional paid-in capital |  |  | 1,569,227 |  |  |  | — |  |  |  | — |  |  |  | 1,569,227 |
Accumulated other comprehensive loss |  |  | (37,431 | ) |  |  | (377 | ) |  |  | — |  |  |  | (37,808 | )
Accumulated earnings |  |  | 438,849 |  |  |  | (5,197 | ) |  |  | (784 | ) |  |  | 432,868 |
Total stockholders’ equity |  |  | 1,971,203 |  |  |  | (5,574 | ) |  |  | (784 | ) |  |  | 1,964,845 |
Total liabilities and stockholders’ equity |  | $ | 2,824,411 |  |  | $ | 303 |  |  | $ | 6,471 |  |  | $ | 2,831,185 |
|  | December 31, |
|  | 2022 |
|  | As Previously Reported |  |  | Other Adjustments |  |  | As Revised |
ASSETS |  |  |  |  |  |  |  |  |
Intangible assets, net |  | $ | 353,676 |  |  | $ | 6,942 |  |  | $ | 360,618 |
Total noncurrent assets |  |  | 1,526,540 |  |  |  | 6,942 |  |  |  | 1,533,482 |
Total assets |  | $ | 2,524,658 |  |  | $ | 6,942 |  |  | $ | 2,531,600 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |
Other noncurrent liabilities |  | $ | 3,814 |  |  | $ | 6,942 |  |  | $ | 10,756 |
Total noncurrent liabilities |  |  | 209,762 |  |  |  | 6,942 |  |  |  | 216,704 |
Total liabilities |  |  | 613,958 |  |  |  | 6,942 |  |  |  | 620,900 |
Total liabilities and stockholders’ equity |  | $ | 2,524,658 |  |  | $ | 6,942 |  |  | $ | 2,531,600 |
|  | Year Ended December 31, 2023 |
|  | As Previously Reported |  |  | Revenue Adjustments |  |  | Other Adjustments |  |  | As Restated |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Products |  | $ | 638,381 |  |  | $ | (6,402 | ) |  | $ | — |  |  | $ | 631,979 |
Royalty and other revenue |  |  | 383 |  |  |  | — |  |  |  | — |  |  |  | 383 |
Total revenue |  |  | 638,764 |  |  |  | (6,402 | ) |  |  | — |  |  |  | 632,362 |
Costs and operating expenses: |  |  |  |  |  |  |  |  | — |  |  |  |
Cost of product revenue |  |  | 353,922 |  |  |  | — |  |  |  | — |  |  |  | 353,922 |
Research and development |  |  | 42,722 |  |  |  | — |  |  |  | — |  |  |  | 42,722 |
Selling, general and administrative |  |  | 218,113 |  |  |  | — |  |  |  | 471 |  |  |  | 218,584 |
Contingent consideration |  |  | (30,569 | ) |  |  | — |  |  |  | — |  |  |  | (30,569 | )
Total costs and operating expenses |  |  | 584,188 |  |  |  | — |  |  |  | 471 |  |  |  | 584,659 |
Income from operations |  |  | 54,576 |  |  |  | (6,402 | ) |  |  | (471 | ) |  |  | 47,703 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |
Investment income |  |  | 24,135 |  |  |  | — |  |  |  | — |  |  |  | 24,135 |
Interest expense |  |  | (1,951 | ) |  |  | — |  |  |  | (552 | ) |  |  | (2,503 | )
Loss on extinguishment of debt |  |  | (12,676 | ) |  |  | — |  |  |  | — |  |  |  | (12,676 | )
Amortization of debt issuance costs |  |  | (8,075 | ) |  |  | — |  |  |  | — |  |  |  | (8,075 | )
Other income (expenses) |  |  | 8,123 |  |  |  | — |  |  |  | — |  |  |  | 8,123 |
Other income (expenses), net |  |  | 9,556 |  |  |  | — |  |  |  | (552 | ) |  |  | 9,004 |
Income before income taxes |  |  | 64,132 |  |  |  | (6,402 | ) |  |  | (1,023 | ) |  |  | 56,707 |
Income tax provision |  |  | 22,555 |  |  |  | (1,205 | ) |  |  | (239 | ) |  |  | 21,111 |
Net income |  | $ | 41,577 |  |  | $ | (5,197 | ) |  | $ | (784 | ) |  | $ | 35,596 |
Earnings per share: |  |  |  |  |  |  |  |  | — |  |  |  |
Basic |  | $ | 0.75 |  |  | $ | (0.09 | ) |  | $ | (0.02 | ) |  | $ | 0.64 |
Diluted (Note 3) |  | $ | 0.74 |  |  | $ | (0.09 | ) |  | $ | (0.02 | ) |  | $ | 0.63 |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 55,720 |  |  |  | — |  |  |  | — |  |  |  | 55,720 |
Diluted (Note 3) |  |  | 56,377 |  |  |  | — |  |  |  | — |  |  |  | 56,377 |
Net income |  | $ | 41,577 |  |  | $ | (5,197 | ) |  | $ | (784 | ) |  | $ | 35,596 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  |  | (3,037 | ) |  |  | (377 | ) |  |  | — |  |  |  | (3,414 | )
Comprehensive income |  | $ | 38,540 |  |  | $ | (5,574 | ) |  | $ | (784 | ) |  | $ | 32,182 |
|  | Accumulated Other Comprehensive Loss |  |  | Accumulated Earnings |  |  | Total Stockholders' Equity |
|  | As Previously Reported |  |  | Revenue Adjustments |  |  | Other Adjustments |  |  | As Restated |  |  | As Previously Reported |  |  | Revenue Adjustments |  |  | Other Adjustments |  |  | As Restated |  |  | As Previously Reported |  |  | Revenue Adjustments |  |  | Other Adjustments |  |  | As Restated |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Balance at December 31, 2022 |  |  | (34,394 | ) |  |  | — |  |  |  | — |  |  |  | (34,394 | ) |  |  | 397,272 |  |  |  | — |  |  |  | — |  |  |  | 397,272 |  |  |  | 1,910,700 |  |  |  | — |  |  |  | — |  |  |  | 1,910,700 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 41,577 |  |  |  | (5,197 | ) |  |  | (784 | ) |  |  | 35,596 |  |  |  | 41,577 |  |  |  | (5,197 | ) |  |  | (784 | ) |  |  | 35,596 |
Translation adjustment |  |  | (3,037 | ) |  |  | (377 | ) |  |  | — |  |  |  | (3,414 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,037 | ) |  |  | (377 | ) |  |  | — |  |  |  | (3,414 | )
Balance at December 31, 2023 |  |  | (37,431 | ) |  |  | (377 | ) |  |  | — |  |  |  | (37,808 | ) |  |  | 438,849 |  |  |  | (5,197 | ) |  |  | (784 | ) |  |  | 432,868 |  |  |  | 1,971,203 |  |  |  | (5,574 | ) |  |  | (784 | ) |  |  | 1,964,845 |
|  | Year Ended December 31, 2023 |
|  | As Previously Reported |  |  | Revenue Adjustments |  |  | Other Adjustments |  |  | As Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 41,577 |  |  | $ | (5,197 | ) |  | $ | (784 | ) |  | $ | 35,596 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Inventory step-up charges |  |  | 1,238 |  |  |  | — |  |  |  | — |  |  |  | 1,238 |
Depreciation and amortization |  |  | 68,085 |  |  |  | — |  |  |  | 471 |  |  |  | 68,556 |
Amortization of debt discount and issuance costs |  |  | 2,448 |  |  |  | — |  |  |  | — |  |  |  | 2,448 |
Stock-based compensation |  |  | 25,575 |  |  |  | — |  |  |  | — |  |  |  | 25,575 |
Deferred income taxes, net |  |  | 2,317 |  |  |  | (903 | ) |  |  | (239 | ) |  |  | 1,175 |
Contingent consideration |  |  | (30,569 | ) |  |  | — |  |  |  | — |  |  |  | (30,569 | )
Non-cash interest income |  |  | (2,023 | ) |  |  | — |  |  |  | — |  |  |  | (2,023 | )
Loss on extinguishment of debt |  |  | 12,676 |  |  |  | — |  |  |  | — |  |  |  | 12,676 |
Operating lease right of use asset amortization |  |  | 14,059 |  |  |  | — |  |  |  | 3,499 |  |  |  | 17,558 |
Other |  |  | 1,231 |  |  |  | — |  |  |  | 552 |  |  |  | 1,783 |
Changes in operating assets and liabilities, excluding impact of acquisitions: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | (3,312 | ) |  |  | — |  |  |  | — |  |  |  | (3,312 | )
Inventories |  |  | 40,973 |  |  |  | — |  |  |  | — |  |  |  | 40,973 |
Prepaid expenses and other assets |  |  | (13,030 | ) |  |  | (303 | ) |  |  | — |  |  |  | (13,333 | )
Other assets |  |  | (461 | ) |  |  | — |  |  |  | — |  |  |  | (461 | )
Accounts payable |  |  | (9,803 | ) |  |  | — |  |  |  | — |  |  |  | (9,803 | )
Accrued expenses |  |  | (27,921 | ) |  |  | 6,403 |  |  |  | — |  |  |  | (21,518 | )
Operating lease liability |  |  | (9,229 | ) |  |  | — |  |  |  | (3,499 | ) |  |  | (12,728 | )
Long-term liabilities |  |  | 87 |  |  |  | — |  |  |  | — |  |  |  | 87 |
Total cash provided by operating activities |  |  | 113,918 |  |  |  | — |  |  |  | — |  |  |  | 113,918 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Redemption of marketable securities |  |  | 102,323 |  |  |  | — |  |  |  | — |  |  |  | 102,323 |
Additions to capitalized software costs |  |  | (2,766 | ) |  |  | — |  |  |  | — |  |  |  | (2,766 | )
Acquisitions, net of cash acquired |  |  | (186,642 | ) |  |  | — |  |  |  | — |  |  |  | (186,642 | )
Purchases of property, plant and equipment |  |  | (36,222 | ) |  |  | — |  |  |  | — |  |  |  | (36,222 | )
Purchase of intellectual property |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other investing activities |  |  | 32 |  |  |  | — |  |  |  | — |  |  |  | 32 |
Total cash used in investing activities |  |  | (123,275 | ) |  |  | — |  |  |  | — |  |  |  | (123,275 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Repurchase of common stock |  |  | (14,386 | ) |  |  | — |  |  |  | — |  |  |  | (14,386 | )
Proceeds from issuance of 2023 Convertible Senior Notes |  |  | 290,094 |  |  |  | — |  |  |  | — |  |  |  | 290,094 |
Proceeds from exercise of stock options |  |  | 1,076 |  |  |  | — |  |  |  | — |  |  |  | 1,076 |
Payment of debt issuance costs |  |  | (7,253 | ) |  |  | — |  |  |  | — |  |  |  | (7,253 | )
Payment of tax withholding obligation on vesting of restricted stock |  |  | (13,227 | ) |  |  | — |  |  |  | — |  |  |  | (13,227 | )
Payment of earnout consideration |  |  | (7,298 | ) |  |  | — |  |  |  | — |  |  |  | (7,298 | )
Other financing activities |  |  | (45 | ) |  |  | — |  |  |  | — |  |  |  | (45 | )
Total cash provided by (used in) financing activities |  |  | 248,961 |  |  |  | — |  |  |  | — |  |  |  | 248,961 |
Effect of exchange rate changes on cash and cash equivalents |  |  | (11,739 | ) |  |  | — |  |  |  | — |  |  |  | (11,739 | )
Net increase (decrease) in cash and cash equivalents |  |  | 227,865 |  |  |  | — |  |  |  | — |  |  |  | 227,865 |
Cash and cash equivalents, beginning of period |  |  | 523,458 |  |  |  | — |  |  |  | — |  |  |  | 523,458 |
Cash and cash equivalents, end of period |  | $ | 751,323 |  |  | $ | — |  |  | $ | — |  |  | $ | 751,323 |
Supplemental disclosure of cash flow information: |  |  |  |  |  |  |  |  |  |  |  |
Income taxes paid |  | $ | 26,963 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,963 |
Interest paid |  | $ | 988 |  |  | $ | — |  |  | $ | — |  |  | $ | 988 |
Supplemental disclosure of non-cash investing and financing activities: |  |  |  |  | $ | — |  |  | $ | — |  |  |  |
Assets acquired under operating leases |  | $ | 4,335 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,335 |
Fair value of shares of common stock issued for acquisitions |  | $ | 13,569 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,569 |
Fair value of shares of common stock issued for contingent consideration earnouts |  | $ | 7,229 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,229 |
Acquisition date fair value of contingent consideration earnouts |  | $ | 6,640 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,640 |
Issuance of 2023 Notes in exchange of 2019 Notes |  | $ | 42,179 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,179 |
Extinguished 2019 Notes |  | $ | 29,634 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,634 |
|  | Year Ended December 31, 2022 |
|  | As Previously Reported |  |  | Other Adjustments |  |  | As Revised |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Operating lease right of use asset amortization |  | $ | (24,549 | ) |  | $ | 30,576 |  |  | $ | 6,027 |
Changes in operating assets and liabilities, excluding impact of acquisitions: |  |  |  |  |  |  |  |  |
Operating lease liability |  | $ | 28,623 |  |  | $ | (30,576 | ) |  | $ | (1,953 | )
Total cash provided by operating activities |  | $ | 172,083 |  |  | $ | — |  |  | $ | 172,083 |
Supplemental disclosure of non-cash investing and financing activities: |  |  |  |  |  |  |  |  |
Acquisition of intangible assets and issuance of financing liability |  | $ | — |  |  | $ | 6,948 |  |  | $ | 6,948 |
|  | Year Ended December 31, 2021 |
|  | As Previously Reported |  |  | Other Adjustments |  |  | As Revised |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Operating lease right of use asset amortization |  | $ | (4,315 | ) |  | $ | 14,870 |  |  | $ | 10,555 |
Changes in operating assets and liabilities, excluding impact of acquisitions: |  |  |  |  |  |  |  |  |
Operating lease liability |  | $ | 6,958 |  |  | $ | (14,870 | ) |  | $ | (7,912 | )
Total cash provided by operating activities |  | $ | 119,016 |  |  | $ | — |  |  | $ | 119,016 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9 + Details
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration