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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 246,263 $ 183,079 $ 98,650
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 13,069 11,607 10,818
Deferred income taxes (20,018) 8,536 20,257
Stock-based compensation expense 18,269 13,444 12,067
Provision for doubtful accounts 1,129    
Provision for excess and obsolete inventory 5,211 4,565 3,755
Accretion of discounts and premiums on marketable securities (12,077)    
Currency loss on foreign denominated transactions 2,252 5,986  
Changes in operating assets and liabilities:      
Accounts receivable (50,755) (67,270) (18,146)
Inventories (69,957) (58,433) (39,023)
Prepaid expenses and other current assets (16,046) (6,533) (3,955)
Accounts payable and other current liabilities (8,103) 31,392 22,046
Deferred revenue 56,183 86,366 45,385
Income taxes 3,786 3,493 253
Other assets and liabilities (12,337) (625) (1,917)
Net cash provided by operating activities 156,869 215,607 150,190
Cash flows from investing activities      
Expenditures for property, plant and equipment and capitalized software (20,656) (10,683) (8,718)
Purchase of short-term investments (388,809) (246,571)  
Maturities of short-term investments 308,607    
Net cash used in investing activities (100,858) (257,254) (8,718)
Cash flows from financing activities      
Net settlement on restricted stock grants (16,611) (9,907) (6,564)
Repurchase of common stock (52,499) (57,495) (49,992)
Proceeds from Employee Stock Purchase Plan purchases 2,057 1,662 1,179
Principal payments on finance lease obligation (1,240) (987) (763)
Proceeds from exercise of stock options 25 1,247 3,687
Net cash used in financing activities (68,268) (65,480) (52,453)
Effect of exchange rate changes on cash and cash equivalents (139) (2,206) 2,429
Net (decrease) increase in cash, cash equivalents and restricted cash (12,396) (109,333) 91,448
Cash, cash equivalents and restricted cash at beginning of period 186,347 295,680 204,232
Cash, cash equivalents and restricted cash at end of period 173,951 186,347 295,680
Supplemental disclosure of cash flow information      
Income taxes 54,217 10,763 1,500
Interest $ 4,874 $ 4,992 $ 5,086