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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net sales $ 413,601 $ 311,754 $ 1,131,249 $ 853,793
Cost of sales 158,329 118,497 439,754 330,834
Gross margin 255,272 193,257 691,495 522,959
Operating expenses:        
Sales, general and administrative 123,279 102,023 359,768 287,157
Research and development 76,880 59,127 219,747 165,090
Total operating expenses 200,159 161,150 579,515 452,247
Income from operations 55,113 32,107 111,980 70,712
Interest and other income (loss), net 14,310 (11,249) (12,782) 91,076
Income before provision for income taxes 69,423 20,858 99,198 161,788
Provision for (benefit from) income taxes 10,026 8,727 (17,758) 43,824
Net income $ 59,397 $ 12,131 $ 116,956 $ 117,964
Net income per common and common equivalent shares:        
Basic (in dollars per share) $ 0.79 $ 0.17 $ 1.58 $ 1.66
Diluted (in dollars per share) $ 0.78 $ 0.17 $ 1.56 $ 1.63
Weighted average number of common and common equivalent shares outstanding:        
Basic (in shares) 74,826 71,107 73,904 71,033
Diluted (in shares) 75,952 72,525 75,212 72,386
Net income $ 59,397 $ 12,131 $ 116,956 $ 117,964
Foreign currency translation adjustments (6,799) (2,275) (5,680) (5,513)
Unrealized gain (loss) on available-for-sale investments 656 (326) (10) (976)
Comprehensive income 53,254 9,530 111,266 111,475
Product        
Net sales 256,443 210,398 709,306 586,653
Cost of sales 116,278 93,724 325,054 260,578
Service        
Net sales 157,158 101,356 421,943 267,140
Cost of sales $ 42,051 $ 24,773 $ 114,700 $ 70,256