v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 150,049 $ 118,095
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation 16,637 10,673
Depreciation and amortization 4,221 2,687
Amortization of intangible assets 29,512 17,762
Amortization of debt discount 2,245 1,846
Accretion of premium on marketable securities, net (30) (1,709)
Lease payments recognized 214 253
Deferred income taxes 3,428 (2,858)
Changes in operating assets and liabilities    
Accounts receivable, net and contract assets (19,547) 3,834
Inventories 27,379 (586)
Prepaid expenses and other assets (9,108) (4,995)
Accounts payable and accrued expenses (24,922) 9,219
Net cash provided by operating activities 180,078 154,221
Investing activities    
Purchases of marketable securities (8,846) (139,639)
Proceeds from sales and maturities of marketable securities 9,000 50,167
Proceeds from working capital adjustments on acquisition 710 0
Purchases of property and equipment (3,741) (950)
Net cash used in investing activities (2,877) (90,422)
Financing activities    
Taxes paid related to net share settlement, net of proceeds from issuance of common stock under equity incentive plans (1,613) (3,321)
Net cash used in financing activities (1,613) (3,321)
Net increase in cash and cash equivalents 175,588 60,478
Cash and cash equivalents at beginning of period 136,421 115,850
Cash and cash equivalents at end of period 312,009 176,328
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets    
Cash and cash equivalents 309,749 176,328
Restricted cash 2,260 0
Total cash, cash equivalents and restricted cash 312,009 176,328
Supplemental disclosure of non-cash investing and financing activities    
Amounts accrued for purchases of property and equipment 1,747 488
Right-of-use assets obtained in exchange for lease obligation $ 170 $ 95