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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Operating Activities    
Net income (loss) $ (138,683) $ 24,923
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation of property and equipment 13,152 12,441
Amortization of other intangible assets 12,160 12,904
Amortization of debt issuance costs 0 960
Stock-based compensation expense 29,455 31,377
Equity-method loss 0 1,090
Deferred income taxes 29,784 (6,403)
Changes in operating assets and liabilities:    
Accounts receivable (11,918) (26,819)
Inventories 28,123 (45,064)
Prepaid expenses and other assets 20,723 32,963
Accounts payable (19,341) (30,003)
Other current liabilities and income taxes (13,624) (26,220)
Deferred revenue and returns liability 1,206 4,326
Other non-current liabilities (6,703) (1,975)
Net cash used in operating activities (55,666) (15,500)
Investing Activities    
Purchases of marketable securities (17,700) (81,427)
Sales of marketable securities 34,538 339,555
Maturities of marketable securities 97,458 171,691
Purchases of property and equipment (5,577) (13,462)
Proceeds from sale of equity investment 12,382 0
Purchases of other assets 0 (215)
Net cash provided by investing activities 121,101 416,142
Financing Activities    
Proceeds from revolving line of credit 0 80,000
Payments on debt (45,000) (536,124)
Repurchases of common stock 0 (201,095)
Payment of taxes withheld for vested stock awards (15,213) (16,310)
Proceeds from the issuance of common stock 8,108 7,785
Net cash used in financing activities (52,105) (665,744)
Increase (decrease) in cash and cash equivalents 13,330 (265,102)
Cash and cash equivalents at beginning of period 227,504 499,915
Cash and cash equivalents at end of period $ 240,834 $ 234,813