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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 $ 1,786,700 $ 427,374 $ 437,672
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 36,430 40,168 37,114
Amortization of premium (discount) on available-for-sale securities (20,145) (5,277) 4,375
Loss (gain) on deferred compensation plan investments (9,400) (8,505) 6,600
Deferred taxes, net (1,302,911) 5,865 (13,220)
Gain on sale of equity investment 0 (1,424) 0
Stock-based compensation expense 205,640 149,711 160,992
Other 28 (23) 97
Changes in operating assets and liabilities:      
Accounts receivable 7,325 2,884 (77,903)
Inventories (35,215) 63,583 (188,073)
Other assets 54,544 (24,310) (177,284)
Accounts payable 23,169 4,797 (11,240)
Accrued compensation and related benefits 8,743 (31,187) 28,514
Income tax liabilities 13,226 (308) 16,559
Other accrued liabilities 20,276 14,865 22,471
Net cash provided by operating activities 788,410 638,213 246,674
Cash flows from investing activities:      
Purchases of property and equipment (146,118) (57,578) (58,843)
Cash paid for an assumed lease (18,175) 0 0
Purchases of investments (1,082,706) (582,603) (65,785)
Maturities and sales of investments 1,508,135 468,308 128,610
Cash paid for acquisition, net of cash acquired (33,283) 0 0
Contributions to deferred compensation plan, net (4,806) (6,853) (16,492)
Net cash provided by (used in) investing activities 223,047 (178,726) (12,510)
Cash flows from financing activities:      
Property and equipment purchased on extended payment terms (4,087) (2,826) (2,055)
Proceeds from common stock issued under the employee equity incentive plan 0 1,118 5,358
Proceeds from common stock issued under the employee stock purchase plan 8,727 7,568 5,877
Repurchases of common stock (636,244) (3,741) 0
Dividends and dividend equivalents paid (240,623) (185,844) (137,965)
Net cash used in financing activities (872,227) (183,725) (128,785)
Effect of change in exchange rates (8,470) (3,310) (6,039)
Net increase in cash, cash equivalents and restricted cash 130,760 272,452 99,340
Cash, cash equivalents and restricted cash, beginning of period 561,181 288,729 189,389
Cash, cash equivalents and restricted cash, end of period 691,941 561,181 288,729
Supplemental disclosures for cash flow information:      
Cash paid for income taxes, net 79,562 85,128 85,031
Non-cash investing and financing activities:      
Liability accrued for property and equipment purchases 22,292 1,784 5,743
Liability accrued for dividends and dividend equivalents $ 63,409 $ 53,213 $ 40,939