v3.24.3
Financial Statements Details
 9 Months Ended
Sep. 30, 2024
Balance Sheet Components [Abstract]  
Financial Statements Details Financial Statements Details
Inventories
    Inventories consist of the following (in thousands):
September 30, 2024December 31, 2023
Raw materials $652,213 $930,777 
Finished goods 1,117,749 1,014,403 
   Total inventories $1,769,962 $1,945,180 
Prepaid Expenses and Other Current Assets
    Prepaid expenses and other current assets consist of the following (in thousands):
September 30, 2024December 31, 2023
Inventory deposits$113,705 $130,509 
Other current assets434,988 282,009 
   Total prepaid expenses and other current assets$548,693 $412,518 
Property and Equipment, net
    Property and equipment, net consists of the following (in thousands):
September 30, 2024December 31, 2023
Land$46,866 $44,645 
Equipment and machinery 157,626 149,092 
Computer hardware and software 62,321 57,761 
Leasehold improvements
34,781 34,584 
Furniture and fixtures 3,563 3,576 
    Property and equipment, gross 305,157 289,658 
Less: accumulated depreciation (212,123)(188,078)
    Property and equipment, net $93,034 $101,580 
Accrued Liabilities
    Accrued liabilities consist of the following (in thousands):
September 30, 2024December 31, 2023
Accrued compensation-related costs$107,545 $134,225 
Accrued supplier liability90,053 167,878 
Accrued manufacturing and product development costs77,574 62,532 
Other48,818 42,667 
   Total accrued liabilities $323,990 $407,302 
Contract Liabilities, Deferred Revenue and Other Performance Obligations    
Contract Liabilities
    A contract liability is recognized when we have received customer payments in advance of our satisfaction of a performance obligation under a cancellable contract. The following table summarizes the activity related to our contract liabilities (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Contract liabilities, beginning balance$144,130 $110,097 $133,239 $103,448 
Less: Revenue recognized from beginning balance(12,693)(10,222)(44,678)(33,466)
Less: Beginning balance reclassified to deferred revenue(6,757)(5,306)(4,954)(5,228)
Add: Contract liabilities recognized22,280 25,712 63,353 55,527 
Contract liabilities, ending balance$146,960 $120,281 $146,960 $120,281 
    As of September 30, 2024 and December 31, 2023, contract liabilities included in "Other current liabilities" were $60.0 million for each period, with the remaining balances included in "Other long-term liabilities" on the condensed consolidated balance sheets.
Deferred Revenue
    Deferred revenue is comprised mainly of unearned revenue related to multi-year post-contract support ("PCS") contracts, services and product deferrals related to contracts with acceptance clauses. The following table summarizes the activity related to our deferred revenue (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Deferred revenue, beginning balance
$2,118,786 $1,084,904 $1,506,204 $1,041,246 
Less: Revenue recognized from beginning balance(249,328)(173,494)(616,321)(506,859)
Add: Deferral of revenue in current period, excluding amounts recognized during the period637,873 283,341 1,617,448 660,364 
Deferred revenue, ending balance$2,507,331 $1,194,751 $2,507,331 $1,194,751 
Other Performance Obligations
    Other performance obligations totaling $626.3 million as of September 30, 2024 include unbilled multi-year PCS and service contract amounts of $514.0 million and $112.3 million of binding contractual agreements with certain customers that are primarily related to future product shipments.
Revenue from Total Remaining Performance Obligations
    Total revenue from our contract liabilities, deferred revenue and other performance obligations that is expected to be recognized in future periods was $3.3 billion as of September 30, 2024. Approximately 83% of this future revenue is expected to be recognized over the next two years and the remaining 17% is expected to be recognized during the third to the fifth year.
Other Income (Expense), net
    Other income (expense), net consists of the following (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Interest income$85,374 $43,676 $220,645 $98,391 
Gain (loss) on strategic investments12,400 (473)12,400 18,699 
Other income (expense), net(114)(1,388)(1,902)(6,790)
    Total$97,660 $41,815 $231,143 $110,300