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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Schedule of quarterly statement of operations
The following table sets forth unaudited quarterly statements of operations data for each of the eight quarters ended December 31, 2020 and 2019. In the opinion of management, this information has been prepared on the same basis as the audited consolidated financial statements and contains all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the unaudited quarterly results for the periods presented. The quarterly data should be read in conjunction with the Company’s audited consolidated financial statements and the notes to the consolidated financial statements appearing elsewhere in this Form 10-K.
Quarter Ended (3)
March 31,June 30,September 30,December 31,
(Amounts in thousands, except per share data)
2020
Revenue$347,821 $268,868 $408,363 $466,339 
Cost of sales (exclusive of amortization of acquired intangible assets)81,606 77,892 95,061 99,765 
Amortization of acquired intangible assets (1)20,464 20,555 20,555 20,553 
Gross profit245,751 170,421 292,747 346,021 
Operating expenses, net (2)328,124 237,430 496,082 761,323 
Interest income and interest expense(25,056)(20,000)(21,059)(22,971)
Income tax benefit1,732 867 4,510 1,463 
Net loss$(105,697)$(86,142)$(219,884)$(436,810)
Net loss per share—basic$(0.71)$(0.58)$(1.46)$(2.79)
Net loss per share—diluted$(0.71)$(0.58)$(1.46)$(2.79)
Weighted average common shares outstanding—basic148,151 149,727 150,155 156,470 
Weighted average common shares outstanding—diluted148,151 149,727 150,155 156,470 
2019
Revenue$162,043 $199,870 $218,805 $295,575 
Cost of sales (exclusive of amortization of acquired intangible assets)42,827 51,139 52,335 70,416 
Amortization of acquired intangible assets (1)425 424 424 11,981 
Gross profit118,791 148,307 166,046 213,178 
Operating expenses (2)186,865 182,209 201,772 309,258 
Interest income and interest expense(15,335)(5,043)(4,116)(10,575)
Income tax benefit (expense)470 443 (683)184,628 
Net income (loss)$(82,939)$(38,502)$(40,525)$77,973 
Net income (loss) per share—basic$(0.66)$(0.30)$(0.31)$0.56 
Net income (loss) per share—diluted$(0.66)$(0.30)$(0.31)$0.54 
Weighted average common shares outstanding—basic126,248 129,182 129,567 139,901 
Weighted average common shares outstanding—diluted126,248 129,182 129,567 143,200 
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(1) Includes only amortization of acquired intangible assets identified as developed technology assets through purchase accounting transactions, which otherwise would have been allocated to cost of sales.
(2) Consists of research and development, sales and marketing, general and administrative, and amortization of acquired intangible assets excluding acquired developed technology, which is included in the gross profit calculation above. This also includes intangible asset impairment charges and funding received as part of the CARES Act. Refer to Note 6 for further discussion on the intangible asset impairment charges recorded in the third quarter of 2020. Refer to Note 1 for further discussion on the funding received as part of the CARES Act in the second quarter of 2020.
(3) The quarterly net loss presented for each of the quarterly statements of operations shown above differ from the net loss presented in the Forms 10-Q issued during the year ended December 31, 2019 by an immaterial amount. The differences net to zero for the full year in 2019 and relate to the Company's international subsidiaries' functional currency changing to the U.S. dollar, which is discussed further in Note 1.