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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 68,954 $ 172,161
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 21,147 24,438
Depreciation 15,242 18,678
Amortization of intangible assets 6,490 7,888
Loss on fair value adjustment of derivatives, net 0 240
Impairment of assets 1,071 0
Deferred income taxes (2,786) (156,519)
Change in fair value of earn-out liability (500) 13,800
Other 29 489
Change in operating assets and liabilities:    
Accounts receivable (268) (8,540)
Unbilled receivables 21,411 53,070
Prepaids and other current assets 270 (421)
Inventories (16,442) (12,627)
Income taxes receivable (9,915) (28)
Accounts payable 4,051 (9,204)
Accrued salaries and benefits and other liabilities (4,291) 5,126
Income taxes payable 9,647 (9,158)
Deferred revenue (1,640) (7,200)
Operating lease liabilities (2,929) (2,845)
Net cash provided by operating activities 109,541 89,348
Cash flows from investing activities:    
Purchases of property, plant, and equipment (14,338) (14,487)
Purchases of marketable securities (224,164) (137,241)
Maturities of marketable securities 160,756 29,155
Proceeds from sales of marketable securities 85,722 87,591
Proceeds from sale of non-marketable equity security 22,796 0
Net cash provided by (used in) investing activities 30,772 (34,982)
Cash flows from financing activities:    
Proceeds received from issuance of common stock under employee stock plans 3,351 5,084
Payments of taxes on restricted stock units (38,593) (31,921)
Payments under installment payment arrangements (9,048) (7,931)
Payments for settlement and repurchase of convertible senior notes 0 (10,381)
Payments for settlement of warrants 0 (10,697)
Payment of deferred purchase consideration from acquisition (2,450) (2,450)
Repurchase and retirement of common stock (63,312) 0
Net cash used in financing activities (110,052) (58,296)
Effect of exchange rate changes on cash and cash equivalents (450) 426
Net increase (decrease) in cash and cash equivalents 29,811 (3,504)
Cash and cash equivalents at beginning of period 94,767 125,694
Cash and cash equivalents at end of period 124,578 122,190
Non-cash operating, investing and financing activities:    
Property, plant and equipment received and accrued in accounts payable and other liabilities 6,865 4,226
Operating lease right-of-use assets obtained in exchange for operating lease obligations 3,034 0
Issuance of common stock in connection with the payment of year 1 earn-out related to the PLDA acquisition $ 0 $ 5,022