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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Operating activities          
Net income (loss)     $ 47,319 $ (4,419)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Amortization expense $ 34,515 $ 37,463 69,032 74,929  
Depreciation expense     1,869 1,712  
Deferred income taxes     (7,925) (682)  
Stock-based compensation expense     17,487 13,107  
Non-cash lease benefit     (44) (213)  
Non-cash interest expense for amortization of debt discount and issuance costs     3,384 4,548  
Loss on extinguishment of debt 7,184   7,184 23,504  
Net amortization of premiums and discounts on investments     (1,138) (98)  
Changes in operating assets and liabilities:          
Accounts receivable     (4,330) 15,640  
Inventory     4,470 20,475  
Prepaid expenses and other assets     (11,688) (1,749)  
Accounts payable     (6,144) (1,075)  
Accrued liabilities     982 (884)  
Accrued rebates, returns and discounts     8,877 (17,402)  
Net cash provided by operating activities     129,335 127,393  
Investing activities          
Purchases of property and equipment     (838) (232)  
Purchases of marketable securities     (73,403) (41,661)  
Maturities of marketable securities     47,207    
Net cash used in investing activities     (27,034) (41,893)  
Financing activities          
Proceeds from issuances of common stock from employee stock purchase plan     356 169  
Proceeds from the exercise of stock options     9,924 5,099  
Payments made for employee stock tax withholdings     (18,749) (7,956)  
Repurchases of common stock, including the ASR agreement     (35,000)    
Repayment of term notes     (91,667) (70,833)  
Proceeds from issuances of 2029 Convertible Notes, net of issuance costs of $6,280       235,220  
Repurchase of 2026 Convertible Notes, including premium       (138,638)  
Redemption of 2026 Convertible Notes, including premium and redemption costs     (33,218)    
Net cash (used in) provided by financing activities     (168,354) 23,061  
Net (decrease) increase in cash, cash equivalents and restricted cash     (66,053) 108,561  
Cash, cash equivalents and restricted cash at beginning of period     239,994 176,235 $ 176,235
Cash, cash equivalents and restricted cash at end of period 173,941 284,796 173,941 284,796 239,994
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:          
Cash and cash equivalents 172,894 283,749 172,894 283,749 238,947
Restricted cash 1,047 1,047 1,047 1,047 1,047
Total cash, cash equivalents and restricted cash $ 173,941 $ 284,796 173,941 284,796 $ 239,994
Supplemental disclosure of cash flow information          
Cash paid for interest     29,542 37,187  
Cash paid for income taxes     35,881 $ 10,011  
Supplemental disclosure of non-cash activities          
Acquisition of property and equipment in accounts payable and accrued liabilities     200    
Miscellaneous costs of redemption of 2026 Convertible Notes     $ 27