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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Operating Activities    
Net income (loss) $ (167,187) $ 35,271
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation of property and equipment 19,302 18,992
Amortization of other intangible assets 17,596 19,162
Amortization of debt issuance costs 0 960
Stock-based compensation expense 45,358 37,167
Equity-method loss 0 1,150
Deferred income taxes 29,100 (5,881)
Changes in operating assets and liabilities:    
Accounts receivable (19,585) (30,706)
Inventories 54,724 (66,971)
Prepaid expenses and other assets 23,091 8,085
Accounts payable (13,849) (37,039)
Other current liabilities and income taxes (5,004) (39,155)
Deferred revenue and returns liability 6,361 3,286
Other non-current liabilities (13,946) 6,794
Net cash used in operating activities (24,039) (48,885)
Investing Activities    
Purchases of marketable securities (28,363) (91,493)
Sales of marketable securities 44,057 365,073
Maturities of marketable securities 131,008 171,766
Purchases of property and equipment (7,785) (18,533)
Proceeds from sale of equity investment 12,382 0
Purchases of other assets 0 (395)
Net cash provided by investing activities 151,299 426,418
Financing Activities    
Proceeds from revolving line of credit 0 80,000
Payments on debt (45,000) (571,157)
Repurchases of common stock 0 (217,137)
Payment of taxes withheld for vested stock awards (16,078) (17,239)
Proceeds from the issuance of common stock 9,396 8,013
Net cash used in financing activities (51,682) (717,520)
Increase (decrease) in cash and cash equivalents 75,578 (339,987)
Cash and cash equivalents at beginning of period 227,504 499,915
Cash and cash equivalents at end of period $ 303,082 $ 159,928