Restated Interim Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Restated Interim Financial Information (Unaudited)

The following table reflects the correction of the balance sheet presentation error described in Note 1 “Organization and Summary of Significant Accounting Policies”. Refer to Note 1 “Organization and Summary of Significant Accounting Policies” and Note 12 “Convertible Senior Notes” in the notes to the consolidated financial statements in this Amended 2024 Annual Report for additional information regarding the presentation of the Notes. The effect of this balance sheet

presentation error did not impact Total Assets, Total Liabilities, or Stockholders' Equity in the consolidated balance sheets or the consolidated statements of operations, stockholders' equity or cash flows for the Affected Periods. The restatements pertaining to the Affected Periods are as follows:

Condensed Consolidated Balance Sheet

(in thousands)


As of September 30, 2024	As Reported		Adjustments		As Restated

Total current assets	$	2,433,746	$	—	$	2,433,746
Total assets	4,005,658		—		4,005,658
Current portion of convertible notes, net	—		679,483		679,483
Total current liabilities	823,227		679,483		1,502,710
Long-term convertible notes, net	679,483		(679,483)		—
Total liabilities	1,905,822		—		1,905,822
Total stockholders' equity	2,099,836		—		2,099,836

Given that financial statements effectuating the error correction in our previously reported revision as discussed in Note 1 “Organization and Summary of Significant Accounting Policies” and Note 23 “Revision of Prior Period Financial Statements” have not yet been reissued as of the date of filing this Amended 2024 Annual Report, the adjustments below applicable as of the period ended March 31, 2024 include both (1) the impact of the balance sheet presentation error; and (2) the immaterial errors identified in our previously issued financial statements as discussed in further detail in Note 1 “Organization and Summary of Significant Accounting Policies” and Note 23 “Revision of Prior Period Financial Statements”.

Condensed Consolidated Balance Sheet

(in thousands)


As of March 31, 2024	As Reported		Adjustments		As Restated

Contract assets, net	$	266,172	$	10,846	$	277,018
Prepaid expenses and other current assets	123,677		(12,347)		111,330
Total current assets	2,201,707		(1,501)		2,200,206
Deferred tax assets, net	208,861		(1,729)		207,132
Long-term contract assets, net	88,209		8,155		96,364
Other long-term assets	212,470		(35,635)		176,835
Total assets	3,616,196		(30,710)		3,585,486
Accounts payable	82,075		(18,241)		63,834
Accrued liabilities	127,415		2,922		130,337
Current portion of deferred revenue	516,404		(22,767)		493,637
Current portion of convertible notes, net	—		677,895		677,895
Total current liabilities	757,474		639,809		1,397,283
Deferred revenue, net of current portion	293,878		(11,082)		282,796
Long-term convertible notes, net	677,895		(677,895)		—
Other long-term liabilities	3,078		14,593		17,671
Total liabilities	1,798,181		(34,575)		1,763,606
Retained earnings	564,467		3,865		568,332
Total stockholders’ equity	1,818,015		3,865		1,821,880
Total liabilities and stockholders’ equity	$	3,616,196	$	(30,710)	$	3,585,486

Condensed Consolidated Statements of Operations and Comprehensive Income

(in thousands, except per share data)


Three Months Ended March 31, 2024	As Reported		Adjustments		As Restated

Net sales from products	$	272,048	$	(1,624)	$	270,424
Net sales from services	188,688		759		189,447
Net sales	460,736		(865)		459,871
Cost of product sales	151,698		462		152,160
Cost of service sales	48,992		91		49,083
Cost of sales	200,690		553		201,243
Gross margin	260,046		(1,418)		258,628
Sales, general and administrative	152,669		(1,594)		151,075
Total operating expenses	243,766		(1,594)		242,172
Income from operations	16,280		176		16,456
Income before provision for income taxes	165,720		176		165,896
Provision for (benefit from) income taxes	32,502		42		32,544
Net income	$	133,218	$	134	$	133,352
Net income per common and common equivalent shares - Basic	$	1.77	$	—	$	1.77
Net income per common and common equivalent shares - Diluted	$	1.73	$	—	$	1.73
Comprehensive income	$	132,311	$	134	$	132,445

There was no impact on disclosed basic and diluted income per common and common equivalent shares for the three months ended March 31, 2024.

Condensed Consolidated Statement of Stockholders' Equity

(in thousands)


	As Reported				Adjustments				As Restated
	Retained Earnings		Total Stockholders’ Equity		Retained Earnings		Total Stockholders’ Equity		Retained Earnings		Total Stockholders’ Equity

Balance, December 31, 2023	$	431,249	$	1,612,034	$	3,731	$	3,731	$	434,980	$	1,615,765
Net income	133,218		133,218		134		134		133,352		133,352
Balance, March 31, 2024	$	564,467	$	1,818,015	$	3,865	$	3,865	$	568,332	$	1,821,880

Condensed Consolidated Statement of Cash Flows

(in thousands)


Three Months Ended March 31, 2024	As Reported		Adjustments		As Restated

Cash flows from operating activities:
Net income	$	133,218	$	134	$	133,352
Provision for bad debts and inventory	216		1,364		1,580
Change in assets and liabilities:
Receivables and contract assets	(51,132)		(5,605)		(56,737)
Inventory	(710)		(1,364)		(2,074)
Deferred revenue	20,743		(1,622)		19,121
Accounts payable, accrued and other liabilities	(84,289)		(1,551)		(85,840)
Other - net	2		8,644		8,646

Other than the impact to the captions noted above, there was no impact on total cash flows from operating activities, or on cash flows from investing or financing activities.