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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 303,335 $ 241,124 $ 98,318
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of intangible assets 49,517 56,277 55,763
Non-cash operating lease expense 11,915 20,597 16,454
Stock-based compensation 62,449 43,874 28,357
Amortization of prepaid debt fees 7,077 5,489 3,664
Deferred taxes, net 64,945 (38,791) (34,646)
Loss on sale of business 79 597 667
Restructuring, non-cash (25) (191) 385
Other adjustments, net (2,237) (895) (169)
Changes in operating assets and liabilities, net of acquisitions and sale of business:      
Accounts receivable (4,215) (49,138) (19,494)
Inventories 32,682 5,969 (52,118)
Other current assets (43,120) 15,165 (42,410)
Other long-term assets (13,125) (6,789) 2,317
Accounts payable, other current liabilities, and taxes payable 6,276 (35,388) (43,657)
Wages and benefits payable (18,623) 3,784 44,700
Unearned revenue 28,624 29,319 28,329
Warranty (4,436) 210 (3,778)
Restructuring (22,427) (31,011) 29,866
Other operating, net (52,739) (22,027) 12,423
Net cash provided by operating activities 405,952 238,175 124,971
Investing activities      
Net proceeds (payments) related to the sale of business 278 405 (772)
Acquisitions of property, plant, and equipment (22,891) (30,562) (26,884)
Business acquisitions, net of cash and cash equivalents acquired (325,044) (34,105) 0
Other investing, net (1,995) 850 4,348
Net cash used in investing activities (349,652) (63,412) (23,308)
Financing activities      
Proceeds from borrowings 0 805,000 0
Issuance of common stock 7,320 8,321 3,674
Payments on call spread for convertible offering 0 (108,997) 0
Repurchase of common stock (100,000) (100,000) 0
Prepaid debt fees (2,213) (21,872) (2,471)
Other financing, net (2,569) (2,879) (4,711)
Net cash provided by (used in) financing activities (97,462) 579,573 (3,508)
Effect of foreign exchange rate changes on cash and cash equivalents 10,322 (5,148) 1,887
(Decrease) increase in cash and cash equivalents (30,840) 749,188 100,042
Cash and cash equivalents at beginning of period 1,051,237 302,049 202,007
Cash and cash equivalents at end of period 1,020,397 1,051,237 302,049
Supplemental disclosure of cash flow information:      
Income taxes, net 56,316 80,172 54,550
Interest 13,154 1,342 1,832
Deferred tax effect of call spread offerings $ 0 $ 26,693 $ 0