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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net sales $ 544,274 $ 413,278 $ 1,507,381 $ 1,130,323
Cost of sales 213,527 156,622 611,850 438,862
Gross margin 330,747 256,656 895,531 691,461
Operating expenses:        
Sales, general and administrative 192,189 122,357 514,228 357,611
Research and development 114,477 76,880 307,008 219,747
Total operating expenses 306,666 199,237 821,236 577,358
Income from operations 24,081 57,419 74,295 114,103
Interest income, net 10,978 10,458 31,134 29,787
Other income (loss), net 44,510 3,852 191,510 (42,569)
Income before provision for income taxes 79,569 71,729 296,939 101,321
Provision for (benefit from) income taxes 12,544 10,420 55,089 (17,401)
Net income $ 67,025 $ 61,309 $ 241,850 $ 118,722
Net income per common and common equivalent shares:        
Basic (in dollars per share) $ 0.89 $ 0.82 $ 3.20 $ 1.61
Diluted (in dollars per share) $ 0.86 $ 0.81 $ 3.12 $ 1.58
Weighted average number of common and common equivalent shares outstanding:        
Basic (in shares) 75,697 74,826 75,543 73,904
Diluted (in shares) 78,080 75,952 77,614 75,212
Net income $ 67,025 $ 61,309 $ 241,850 $ 118,722
Net income 67,025 61,309 241,850 118,722
Foreign currency translation adjustments 4,640 (6,799) 1,112 (5,680)
Unrealized gain (loss) on available-for-sale investments 434 656 447 (10)
Comprehensive income 72,099 55,166 243,409 113,032
Products        
Net sales 327,900 255,055 891,087 707,563
Cost of sales 156,167 114,613 450,954 323,808
Services        
Net sales 216,374 158,223 616,294 422,760
Cost of sales $ 57,360 $ 42,009 $ 160,896 $ 115,054