v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net loss $ (92,541) $ (14,618)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Intangible asset amortization 154,448 155,730
Share-based compensation 67,653 61,441
Acquisition accounting inventory fair value step-up adjustment 29,880 28,943
Non-cash interest expense 17,066 5,988
Depreciation 10,425 7,653
Provision for losses on accounts receivable and inventory 5,319 7,403
Acquired in-process research and development 0 10,000
Deferred tax benefit (43,833) (66,385)
Other non-cash transactions (6,537) 14,674
Changes in assets and liabilities:    
Accounts receivable 66,049 (8,443)
Inventories (35,621) (12,844)
Prepaid expenses and other current assets 36,277 54,947
Operating lease assets 5,913 3,703
Other non-current assets (752) (4,090)
Accounts payable 19,131 (19,597)
Accrued liabilities 181,038 34,677
Income taxes payable 12,988 14,858
Operating lease liabilities, less current portion (1,090) (2,980)
Other non-current liabilities 3,971 (3,831)
Net cash provided by operating activities 429,784 267,229
Investing activities    
Acquisition of investments (440,050) (375,000)
Acquisition of intangible assets (25,000) 0
Purchases of property, plant and equipment (13,881) (6,904)
Proceeds from maturity of investments 310,000 120,000
Acquired in-process research and development 0 (10,000)
Net cash used in investing activities (168,931) (271,904)
Financing activities    
Repayments of long-term debt (757,750) (7,750)
Payment of employee withholding taxes related to share-based awards (67,163) (49,296)
Proceeds from employee equity incentive and purchase plans 11,447 494
Net cash used in financing activities (813,466) (56,552)
Effect of exchange rates on cash and cash equivalents 1,695 (1,698)
Net decrease in cash and cash equivalents (550,918) (62,925)
Cash and cash equivalents, at beginning of period 2,412,864 1,506,310
Cash and cash equivalents, at end of period $ 1,861,946 $ 1,443,385