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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 222,079 $ 203,011 $ 210,061
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 25,940 27,409 24,815
Impairment of property and equipment and right-of-use asset due to OVJP restructuring 7,498 0 0
Amortization of intangibles 18,200 15,993 17,459
Amortization of premium and discount on investments, net (7,399) (11,603) (6,461)
Impairment of minority investments 0 0 6,962
Stock-based compensation 30,032 24,109 29,946
Deferred income tax benefit (19,117) (3,766) (26,946)
Retirement plan expense, net of benefit payments 1,808 3,129 5,276
Decrease (increase) in assets:      
Accounts receivable 26,202 (47,186) 14,975
Inventory (7,143) 7,425 (49,060)
Other current assets (23,210) (41,574) (24,843)
Other assets (2,968) 4,450 25,971
Increase (decrease) in liabilities:      
Accounts payable and accrued expenses 10,357 4,047 3,338
Other current liabilities 1,269 (21,481) 20,917
Deferred revenue (26,108) (4,159) (93,203)
Other liabilities (3,700) (5,027) (32,392)
Net cash provided by operating activities 253,740 154,777 126,815
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (42,637) (59,792) (42,497)
Purchase of intangibles 0 (66,563) (4,709)
Purchases of investments (594,848) (531,103) (701,993)
Proceeds from sale and maturity of investments 473,075 574,165 468,456
Net cash used in investing activities (164,410) (83,293) (280,743)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock 2,220 2,012 1,570
Payment of withholding taxes related to stock-based compensation to employees (8,386) (8,206) (9,209)
Cash dividends paid (76,169) (66,735) (56,996)
Net cash used in financing activities (82,335) (72,929) (64,635)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 6,995 (1,445) (218,563)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 91,985 93,430 311,993
CASH AND CASH EQUIVALENTS, END OF YEAR $ 98,980 $ 91,985 $ 93,430