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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 304,064 $ 128,797
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 34,419 28,102
Net amortization (accretion) of premium (discount) on marketable securities (17,705) 2,703
Provision for doubtful accounts 629 131
Asset impairments 0 1,200
Non-cash interest expense 4,140 4,025
Net (gain) loss from change in fair value of debt securities (3,498) 129
Stock-based compensation 113,821 100,861
Deferred income taxes (26,796) 15,617
Changes in operating assets and liabilities:    
Accounts receivable (83,497) 27,546
Inventory (16,403) (55,866)
Prepaid expenses and other assets (41,993) (21,352)
Accounts payable, accrued and other liabilities 107,225 10,228
Warranty obligations 49,269 22,878
Deferred revenues 91,800 38,094
Net cash provided by operating activities 515,475 303,093
Cash flows from investing activities:    
Purchases of property and equipment (66,478) (21,066)
Business acquisitions, net of cash acquired 0 (27,680)
Purchases of marketable securities (1,272,908) (60,061)
Maturities and sale of marketable securities 911,804 193,033
Net cash provided by (used in) investing activities (427,582) 84,226
Cash flows from financing activities:    
Proceeds from exercise of equity awards and employee stock purchase plan 596 4,587
Payment of withholding taxes related to net share settlement of equity awards (84,635) (14,807)
Repurchase of common stock (200,000) 0
Net cash used in financing activities (284,039) (10,220)
Effect of exchange rate changes on cash and cash equivalents 1,578 (942)
Net increase (decrease) in cash and cash equivalents (194,568) 376,157
Cash and cash equivalents—Beginning of period 473,244 119,316
Cash and cash equivalents—End of period 278,676 495,473
Supplemental disclosures of non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable 8,310 2,783
Purchases of property and equipment through tenant improvement allowance $ 0 $ 748