Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net income (loss) $ 125,040 $ 41,969 $ (98,593)
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Amortization and depreciation 80,731 91,792 76,513
Impairment losses 2,811 0 86
Inventory fair value adjustments 0 0 32,945
Amortization of debt issuance costs and accretion of discounts 1,975 3,000 2,201
Stock-based compensation 81,704 59,358 47,597
Deferred income taxes 23,454 (3,235) (18,488)
Loss on disposal of property and equipment 170 533 0
Gain on sale of investments (3,375) 0 0
Unrealized holding loss on investments 1,476 0 0
Impairment of leasehold improvements 0 226 319
Impairment of leased right-of-use assets 462 429 1,508
Loss on extinguishment of debt 0 5,221 0
(Gain) loss on foreign currency (1,829) 634 1,289
Excess tax benefits on stock-based awards (9,921) (7,415) (677)
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable (50,875) (51,690) (16,856)
Inventory (28,841) (33,689) (31,837)
Prepaid expenses and other assets 1,789 24,186 (38,954)
Leased right-of-use assets 0 72 441
Accounts payable, accrued expenses and other current liabilities 65,815 12,771 57,094
Accrued compensation 42,003 33,595 32,606
Accrued price protection liability 73,574 (7,320) 34,719
Lease liabilities (11,440) (9,905) (6,386)
Other long-term liabilities (5,997) 7,701 (1,934)
Net cash provided by operating activities 388,726 168,233 73,593
Investing Activities      
Purchases of property and equipment (41,253) (39,176) (12,487)
Purchases of intangible assets (11,184) (7,581) (2,799)
Cash used in acquisitions, net of cash acquired 0 (40,000) (160,000)
Proceeds loaned under notes receivable (10,000) 0 0
Purchases of long-term investments (29,325) (5,000) 0
Net cash used in investing activities (91,762) (91,757) (175,286)
Financing Activities      
Proceeds from the issuance of debt 0 350,000 175,000
Payment of debt issuance cost 0 (4,173) (2,696)
Repayment of debt (185,000) (409,813) (17,188)
Net proceeds from issuance of common stock 5,006 8,780 8,068
Minimum tax withholding paid on behalf of employees for restricted stock units (28,896) (13,149) (3,535)
Repurchase of common stock (31,511) (23,548) 0
Net cash provided by (used in) financing activities (240,401) (91,903) 159,649
Effect of exchange rate changes on cash and cash equivalents 56 (2,869) (1,039)
Increase (decrease) in cash, cash equivalents and restricted cash 56,619 (18,296) 56,917
Cash, cash equivalents and restricted cash at beginning of period 131,738 150,034 93,117
Cash, cash equivalents and restricted cash at end of period 188,357 131,738 150,034
Supplemental disclosures of cash flow information:      
Cash paid for interest 9,078 11,034 11,082
Cash paid for income taxes 23,829 3,839 2,822
Supplemental disclosures of non-cash activities:      
Common stock issued in acquisitions, at fair value 0 0 17,080
Deferred payments of purchase price for acquisitions, at fair value 0 0 34,100
Issuance of shares for payment of bonuses $ 38,826 $ 23,981 $ 3,258