v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities:    
Net income $ 63,734 $ 56,737
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 70 115
Stock-based compensation 6,260 5,850
Amortization of intangible assets 9,703 9,345
Deferred taxes (2,336) (2,321)
Accretion of discount (135) (60)
Reduction in the carrying amount of right-of-use asset 77 72
Change in fair value of equity securities (4,750) (2,644)
(Increase) decrease in:    
Accounts receivable, net (4,357) (5,789)
Inventory 2,236 (237)
Prepaid expenses and other current assets 2,449 7,020
Increase (decrease) in:    
Accounts payable (4,051) (5,396)
Accrued expenses and other liabilities (9,207) (2,552)
Operating lease liability (106) (97)
Net cash provided by (used in) operating activities 59,587 60,043
Investing Activities:    
Purchases of property and equipment (27) 0
Net cash provided by (used in) investing activities (27) (0)
Financing Activities:    
Payment of employee withholding tax related to stock-based compensation (301) (642)
Proceeds from exercise of stock options 3,302 4,787
Repurchase of common stock (14,574)  
Payment of liabilities arising from asset acquisition (1,299) (1,085)
Net cash provided by (used in) financing activities (12,872) 3,060
Net increase (decrease) in cash and cash equivalents 46,688 63,103
Cash and cash equivalents – beginning of period 709,171 517,553
Cash and cash equivalents – end of period 755,859 580,656
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 1,839 639
Cash paid for interest $ 140 $ 103