v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 70,264 $ 85,941
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,364 13,152
Deferred income taxes 573 (1,756)
Stock-based compensation expense 17,791 15,668
Provision for doubtful accounts 65 0
Provision for excess and obsolete inventory 2,920 2,625
Accretion of discounts and premiums on short-term and long-term investments (1,277) (3,335)
Unrealized currency gain on foreign denominated transactions (10,596) (2,229)
Mark-to-market adjustment on forward exchange contracts 150 585
Changes in operating assets and liabilities:    
Accounts receivable 16,238 58,764
Inventories (41,758) (34,248)
Prepaid expenses and other current assets (21,162) 3,323
Accounts payable and other current liabilities 22,767 1,365
Deferred revenue 27,844 (10,063)
Income taxes (8,478) 2,180
Other assets and liabilities (11,972) (7,100)
Net cash provided by operating activities 76,733 124,872
Cash flows from investing activities    
Expenditures for property, plant and equipment and capitalized software (7,897) (8,960)
Purchases of short-term and long-term investments (304,393) (506,626)
Maturities and sales of short-term investments 289,406 552,820
Net cash (used in) provided by investing activities (22,884) 37,234
Cash flows from financing activities    
Net settlement on restricted stock grants (9,691) (4,256)
Repurchase of common stock and excise tax on common stock repurchases (244) (95,850)
Proceeds from Employee Stock Purchase Plan purchases 1,302 1,246
Principal payments on finance lease obligation (1,173) (1,012)
Net cash used in financing activities (9,806) (99,872)
Effect of exchange rate changes on cash and cash equivalents 1,286 1,829
Net increase in cash, cash equivalents and restricted cash 45,329 64,063
Cash, cash equivalents and restricted cash at beginning of period 156,078 131,064
Cash, cash equivalents and restricted cash at end of period $ 201,407 $ 195,127