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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ 560,120 $ 414,832 $ (224,060)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Intangible asset amortization 627,313 608,284 599,169
Share-based compensation 248,045 226,841 221,996
Acquisition accounting inventory fair value step-up adjustment 135,014 151,446 273,392
Depreciation 32,754 30,412 30,302
Provision for losses on accounts receivable and inventory 27,758 11,113 14,537
Non-cash interest expense 21,973 22,378 37,973
Acquired in-process research and development 10,000 19,000 444,148
Deferred tax benefit (208,327) (260,217) (292,251)
Impairment of property, plant and equipment 0 61,014 0
Intangible asset impairment charge 0 0 133,648
Loss on disposal of a business 0 0 37,704
Other non-cash transactions 17,978 11,343 (14,486)
Changes in assets and liabilities:      
Accounts receivable (21,115) (51,883) (90,135)
Inventories (45,542) (13,420) (49,642)
Prepaid expenses and other current assets 10,574 (126,179) 35,788
Operating lease assets 17,111 14,948 14,769
Other non-current assets (49,820) (15,884) (24,038)
Accounts payable (20,073) 9,603 (11,225)
Accrued liabilities 86,159 (23,245) 165,991
Income taxes payable (14,742) 25,220 (1,692)
Deferred revenue 0 (463) (2,093)
Operating lease liabilities, less current portion (24,741) (16,965) (16,422)
Other non-current liabilities (14,531) (6,171) (11,396)
Net cash provided by operating activities 1,395,908 1,092,007 1,271,977
Investing activities      
Acquisition of investments (1,305,125) (390,100) (61,036)
Purchases of property, plant and equipment (38,070) (23,962) (29,046)
Acquired in-process research and development (10,000) (19,000) (444,148)
Proceeds from maturity of investments 845,000 270,000 60,000
Acquisition of intangible assets 0 0 (25,000)
Proceeds from sale of a business 0 0 53,000
Net cash used in investing activities (508,195) (163,062) (446,230)
Financing activities      
Net proceeds from issuance of 2030 Notes 980,767 0 0
Proceeds from employee equity incentive and purchase plans 20,647 46,459 98,020
Payment of debt modification costs (5,716) 0 0
Repayments of long-term debt (31,000) (31,000) (582,014)
Payment of employee withholding taxes related to share-based awards (57,753) (50,952) (45,443)
Share repurchases (311,429) (269,761) (54)
Repayment of 2024 Notes (575,000) 0 0
Net cash provided by (used in) financing activities 20,516 (305,254) (529,491)
Effect of exchange rates on cash and cash equivalents (1,675) 1,137 (6,222)
Net increase in cash and cash equivalents 906,554 624,828 290,034
Cash and cash equivalents, at beginning of period 1,506,310 881,482 591,448
Cash and cash equivalents, at end of period 2,412,864 1,506,310 881,482
Supplemental disclosure of cash flow information:      
Cash paid for interest 314,822 333,112 270,671
Cash paid for income taxes, net of refunds $ 114,907 $ 177,880 $ 94,681