Note 2 - Restatement of Previously Issued Consolidated Financial Statements

12 Months Ended

Dec. 31, 2025

Revision of Prior Period, Error Correction, Adjustment [Member]

Notes to Financial Statements

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2.  RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

In connection with the preparation of the Company’s Consolidated Financial Statements as of and for the fiscal year ended December 31, 2025, the Company discovered that in the prior year it had not appropriately accounted for deferred income taxes associated with a one-time tax incentive granted by a certain foreign jurisdiction. The restatement results in a decrease to income tax benefit, net and deferred income taxes by $194.6 million in the consolidated financial statements as of and for the year ended December 31, 2024.

The misstatement was material to the previously issued financial statements of the Company and as a result, the Company has restated its Consolidated Balance Sheet, Consolidated Statement of Operations, Consolidated Statement of Comprehensive Income, Consolidated Statement of Stockholders’ Equity, and Consolidated Statement of Cash Flows as of and for the year ended December 31, 2024 presented herein. The restatement includes adjustments to deferred tax assets, net, deferred tax liabilities, retained earnings, income tax benefit, net, net income, and net income per share.

The impacts of the restatement are summarized below (in thousands, except per-share amounts):

	December 31, 2024
RESTATED CONSOLIDATED BALANCE SHEET	As Previously Reported		Impact of Restatement			As Restated
Deferred tax assets, net	$	1,326,840		(101,275	)	$	1,225,565
Total assets	$	3,617,097		(101,275	)	$	3,515,822
Deferred tax liabilities	$	-		93,367		$	93,367
Total liabilities	$	471,330		93,367		$	564,697
Retained earnings	$	2,487,461		(194,642	)	$	2,292,819
Total stockholders’ equity	$	3,145,767		(194,642	)	$	2,951,125
Total liabilities and stockholders’ equity	$	3,617,097		(101,275	)	$	3,515,822

	Year Ended December 31, 2024
RESTATED CONSOLIDATED STATEMENT OF OPERATIONS	As Previously Reported			Impact of Restatement			As Restated
Income tax benefit, net	$	(1,213,788	)		194,642		$	(1,019,146	)
Net income	$	1,786,700			(194,642	)	$	1,592,058
Net income per share:
Basic	$	36.76			(4.00	)	$	32.76
Diluted	$	36.59			(3.99	)	$	32.60

	Retained Earnings
RESTATED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY	As Previously Reported		Impact of Restatement			As Restated
Net income	$	1,786,700		(194,642	)	$	1,592,058
Balance as of December 31, 2024	$	2,487,461		(194,642	)	$	2,292,819

	Year Ended December 31, 2024
RESTATED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	As Previously Reported		Impact of Restatement			As Restated
Net income	$	1,786,700		(194,642	)	$	1,592,058
Comprehensive income	$	1,765,251		(194,642	)	$	1,570,609

	Year Ended December 31, 2024
RESTATED CONSOLIDATED STATEMENT OF CASH FLOWS	As Previously Reported			Impact of Restatement			As Restated
Net income	$	1,786,700			(194,642	)	$	1,592,058
Deferred taxes, net	$	(1,302,911	)		194,642		$	(1,108,269	)

All referenced amounts for prior period in these financial statements and the notes herein reflect the balances and amounts on a restated basis.

Refer to Note 17, Restatement of Previously Issued Condensed Consolidated Financial Statements, for restated interim financials for the quarterly periods ended March 31, 2025, June 30, 2025, and September 30, 2025.