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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 126,087 $ 62,901
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,614 7,993
Deferred income taxes 6,416 11,558
Stock-based compensation expense 9,790 8,970
Provision for excess and obsolete inventory 3,292 2,773
Changes in operating assets and liabilities:    
Accounts receivable (77,449) 8,133
Inventories (49,699) (39,595)
Prepaid expenses and other current assets (4,861) (4,879)
Accounts payable and other current liabilities 17,695 17,933
Deferred revenue 54,814 35,189
Income taxes (274) (24)
Other assets and liabilities (1,202) 1,129
Net cash provided by operating activities 93,223 112,081
Cash flows from investing activities    
Expenditures for property, plant and equipment and capitalized software (6,876) (5,701)
Purchase of short-term investments (33,576)  
Net cash used in investing activities (40,452) (5,701)
Cash flows from financing activities    
Net settlement on restricted stock grants (9,281) (6,543)
Repurchase of common stock (44,995) (37,493)
Proceeds from Employee Stock Purchase Plan purchases 711 509
Principal payments on finance lease obligation (728) (562)
Proceeds from exercise of stock options 1,156 3,419
Net cash used in financing activities (53,137) (40,670)
Effect of exchange rate changes on cash and cash equivalents 13,987 1,899
Net increase in cash, cash equivalents and restricted cash 13,621 67,609
Cash, cash equivalents and restricted cash at beginning of period 295,680 204,232
Cash, cash equivalents and restricted cash at end of period $ 309,301 $ 271,841