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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 200,992 $ 246,263 $ 183,079
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 15,809 13,069 11,607
Deferred income taxes (15,594) (20,018) 8,536
Stock-based compensation expense 20,951 18,269 13,444
Provision for doubtful accounts 2,987 1,129  
Provision for excess and obsolete inventory 5,966 5,211 4,565
Accretion of discounts and premiums on marketable securities (12,435) (12,077)  
Unrealized currency loss on foreign denominated transactions 7,811 2,252 5,986
Mark-to-market adjustment on forward exchange contracts (267)    
Changes in operating assets and liabilities:      
Accounts receivable 6,909 (50,755) (67,270)
Inventories 5,917 (69,957) (58,433)
Prepaid expenses and other current assets (11,703) (16,046) (6,533)
Accounts payable and other current liabilities (413) (8,103) 31,392
Deferred revenue (71,097) 56,183 86,366
Income taxes (9,034) 3,786 3,493
Other assets and liabilities (5,981) (12,337) (625)
Net cash provided by operating activities 140,818 156,869 215,607
Cash flows from investing activities      
Expenditures for property, plant and equipment and capitalized software (12,181) (20,656) (10,683)
Purchase of short-term investments (539,120) (388,809) (246,571)
Maturities of short-term investments 442,575 308,607  
Net cash used in investing activities (108,726) (100,858) (257,254)
Cash flows from financing activities      
Net settlement on restricted stock grants (11,563) (16,611) (9,907)
Repurchase of common stock (60,489) (52,499) (57,495)
Proceeds from Employee Stock Purchase Plan purchases 2,385 2,057 1,662
Principal payments on finance lease obligation (1,525) (1,240) (987)
Proceeds from exercise of stock options   25 1,247
Net cash used in financing activities (71,192) (68,268) (65,480)
Effect of exchange rate changes on cash and cash equivalents (3,787) (139) (2,206)
Net decrease in cash, cash equivalents and restricted cash (42,887) (12,396) (109,333)
Cash, cash equivalents and restricted cash at beginning of period 173,951 186,347 295,680
Cash, cash equivalents and restricted cash at end of period 131,064 173,951 186,347
Supplemental disclosure of cash flow information      
Income taxes 61,133 54,217 10,763
Interest $ 4,727 $ 4,874 $ 4,992