XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 146,873 $ 51,821
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 16,591 14,103
Amortization of marketable securities premiums, net of accretion of purchase (discounts) (7,548) 1,455
Provision for doubtful accounts 180 147
Non-cash interest expense 2,034 1,979
Change in fair value of debt securities (1,744) 1,116
Stock-based compensation 59,655 47,797
Deferred income taxes (16,181) 3,165
Changes in operating assets and liabilities:    
Accounts receivable (79,529) (24,224)
Inventory (855) (22,036)
Prepaid expenses and other assets (21,457) (3,042)
Accounts payable, accrued and other liabilities 82,540 (1,805)
Warranty obligations 14,588 9,906
Deferred revenues 51,085 22,061
Net cash provided by operating activities 246,232 102,443
Cash flows from investing activities:    
Purchases of property and equipment (22,476) (12,375)
Business acquisitions, net of cash acquired 0 (24,625)
Purchases of marketable securities (695,387) 0
Maturities and sale of marketable securities (354,333) (76,735)
Net cash provided by (used in) investing activities (363,530) 39,735
Cash flows from financing activities:    
Proceeds from exercise of equity awards and employee stock purchase plan 40 404
Payment of withholding taxes related to net share settlement of equity awards (71,845) (9,344)
Net cash used in financing activities (71,805) (8,940)
Effect of exchange rate changes on cash and cash equivalents 1,904 (704)
Net increase (decrease) in cash and cash equivalents (187,199) 132,534
Cash and cash equivalents—Beginning of period 473,244 119,316
Cash and cash equivalents—End of period 286,045 251,850
Supplemental disclosures of non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable 9,814 4,352
Purchases of property and equipment through tenant improvement allowance $ 0 $ 748