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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities:    
Net income $ 64,069 $ 67,330
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 177 151
Stock-based compensation 12,656 6,190
Amortization of intangible assets 18,688 15,019
Deferred taxes (3,359) (4,758)
Accretion of discount 287 0
Reduction in the carrying amount of right-of-use asset 137 129
Acquired inventory samples expensed from asset acquisition 0 130
Change in fair value of equity securities 3,406 0
(Increase) decrease in:    
Accounts receivable, net (3,658) (32,357)
Inventory (2,370) 154
Prepaid expenses and other current assets (11,015) (1,891)
Increase (decrease) in:    
Accounts payable (7,679) 446
Accrued expenses and other liabilities 24,902 (7,553)
Operating lease liability (181) (166)
Net cash provided by (used in) operating activities 96,060 42,824
Investing Activities:    
Purchases of property and equipment (209) (74)
Payment in connection with asset acquisition 0 (162,293)
Net cash provided by (used in) investing activities (209) (162,367)
Financing Activities:    
Payment of employee withholding tax related to stock-based compensation (204) (529)
Proceeds from exercise of stock options 3,553 1,887
Payment of liabilities arising from asset acquisition (1,847) (1,423)
Proceeds from issuance of common stock 141,000 0
Payment of fees in connection with issuance of common stock (296) 0
Net cash provided by (used in) financing activities 142,206 (65)
Net increase (decrease) in cash and cash equivalents 238,057 (119,608)
Cash and cash equivalents – beginning of period 137,636 298,395
Cash and cash equivalents – end of period 375,693 178,787
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 34,101 27,821
Cash paid for interest 140 0
Non-cash investing and financing activities:    
Liabilities arising from asset acquisition $ 0 $ 1,915