Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Weighted Average Number of Shares Outstanding and Earnings Per Share

The calculation of the weighted average number of shares outstanding and earnings per share is as follows (in thousands except per share data):


	For the Year Ended December 31,
	2024		2023		2022
Numerator for basic and diluted earnings per share:
Net income	$	377,034	$	175,783	$	146,930
Denominator:
Weighted average shares outstanding	75,748		74,195		71,093
Dilutive effect of stock-based awards	1,435		1,261		1,441
Dilutive effect of 2027 Notes	1,139		—		—
Dilutive effect of 2027 Warrants	236		—		—
Diluted weighted average shares outstanding	78,558		75,456		72,534

Net income per common share:
Basic	$	4.98	$	2.37	$	2.07
Diluted	$	4.80	$	2.33	$	2.03

Schedule of Error Corrections and Prior Period Adjustments

The impact of the correction of the error on the consolidated financial statements as of and for the year ended December 31, 2024 is summarized below. Refer to Note 12 and Note 25 for further information, including a summary of the impact to the previously reported interim financial information for the Affected Periods. There is no impact as of and for the year ended December 31, 2023.


As of December 31, 2024	As Reported		Restatement		As Restated

Current portion of convertible notes, net	$	—	$	680,289	$	680,289
Total current liabilities	997,586		680,289		1,677,875
Long-term convertible notes, net	680,289		(680,289)		—

The following tables reflect the impact of the revision to the specific line items presented in our previously reported (a) consolidated balance sheet as of December 31, 2023; (b) consolidated statements of operations and comprehensive income for the years ended December 31, 2023 and December 31, 2022; (c) consolidated statements of stockholders' equity for the years ended December 31, 2023 and December 31, 2022; and (d) consolidated statements of cash flows for the years ended December 31, 2023 and December 31, 2022.

Consolidated Balance Sheet

(in thousands)


As of December 31, 2023	As Reported		Revision		As Revised

Accounts and notes receivable, net of allowance of $2,392 as of December 31, 2023	$	417,690	$	(4,729)	$	412,961
Contract assets, net	275,779		11,453		287,232
Prepaid expenses and other current assets	112,786		(9,731)		103,055
Total current assets	2,396,649		(3,007)		2,393,642
Deferred tax assets, net	229,513		(1,729)		227,784
Long-term contract assets, net	77,710		6,672		84,382
Other long-term assets	220,638		(29,607)		191,031
Total assets	3,436,845		(27,671)		3,409,174
Accounts payable	88,326		(22,474)		65,852
Accrued liabilities	188,230		5,320		193,550
Current portion of deferred revenue	491,691		(21,276)		470,415
Total current liabilities	799,969		(38,430)		761,539
Deferred revenue, net of current portion	281,852		(10,951)		270,901
Other long-term liabilities	2,936		17,979		20,915
Total liabilities	1,824,811		(31,402)		1,793,409
Retained earnings	431,249		3,731		434,980
Total stockholders’ equity	1,612,034		3,731		1,615,765
Total liabilities and stockholders’ equity	$	3,436,845	$	(27,671)	$	3,409,174

Consolidated Statements of Operations and Comprehensive Income

(in thousands, except per share data)


Year Ended December 31, 2023	As Reported		Revision		As Revised

Net sales from products	$	967,711	$	(3,709)	$	964,002
Net sales from services	595,680		1,017		596,697
Net sales	1,563,391		(2,692)		1,560,699
Cost of product sales	450,718		(3,010)		447,708
Cost of service sales	157,291		247		157,538
Cost of sales	608,009		(2,763)		605,246
Gross margin	955,382		71		955,453
Selling, general and administrative	496,874		(1,990)		494,884
Total operating expenses	800,593		(1,990)		798,603
Income from operations	154,789		2,061		156,850
Income before provision for income taxes	155,000		2,061		157,061
Provision for (benefit from) income taxes	(19,227)		505		(18,722)
Net income	$	174,227	$	1,556	$	175,783
Net income per common and common equivalent shares - Basic	$	2.35	$	0.02	$	2.37
Net income per common and common equivalent shares - Diluted	$	2.31	$	0.02	$	2.33
Comprehensive income	$	170,727	$	1,556	$	172,283


Year Ended December 31, 2022	As Reported		Revision		As Revised

Net sales from products	$	801,388	$	(4,211)	$	797,177
Net sales from services	388,547		1,419		389,966
Net sales	1,189,935		(2,792)		1,187,143
Cost of product sales	363,219		(2,310)		360,909
Cost of service sales	98,078		2,043		100,121
Cost of sales	461,297		(267)		461,030
Gross margin	728,638		(2,525)		726,113
Selling, general and administrative	401,575		(2,245)		399,330
Total operating expenses	635,385		(2,245)		633,140
Income from operations	93,253		(280)		92,973
Income before provision for income taxes	196,518		(280)		196,238
Provision for (benefit from) income taxes	49,379		(71)		49,308
Net income	$	147,139	$	(209)	$	146,930
Comprehensive income	$	141,277	$	(209)	$	141,068

Consolidated Statements of Stockholders' Equity

(in thousands)


	As Reported				Revision				As Revised
	Retained Earnings		Total Stockholders’ Equity		Retained Earnings		Total Stockholders’ Equity		Retained Earnings		Total Stockholders’ Equity

Balance, December 31, 2021	$	109,883	$	1,047,849	$	2,384	$	2,384	$	112,267	$	1,050,233
Net income	147,139		147,139		(209)		(209)		146,930		146,930
Balance, December 31, 2022	257,022		1,268,491		2,175		2,175		259,197		1,270,666
Net income	174,227		174,227		1,556		1,556		175,783		175,783
Balance, December 31, 2023	$	431,249	$	1,612,034	$	3,731	$	3,731	$	434,980	$	1,615,765

Consolidated Statements of Cash Flows

(in thousands)


Year Ended December 31, 2023	As Reported		Revision		As Revised

Cash flows from operating activities:
Net income	$	174,227	$	1,556	$	175,783
Deferred income taxes	(73,002)		505		(72,497)
Provision for bad debts and inventory	1,090		4,394		5,484
Change in assets and liabilities:
Receivables and contract assets	(172,524)		(6,465)		(178,989)
Inventory	(71,896)		(5,730)		(77,626)
Deferred revenue	164,043		(17,224)		146,819
Accounts payable, accrued and other liabilities	64,384		945		65,329
Other - net	(102,370)		22,019		(80,351)
Net cash provided by operating activities	$	189,263	$	—	$	189,263

Other than the impact to the captions noted above, there was no impact on total cash flows from operating activities, or to cash flows from investing or financing activities.


Year Ended December 31, 2022	As Reported		Revision		As Revised

Cash flows from operating activities:
Net income	$	147,139	$	(209)	$	146,930
Deferred income taxes	22,090		(71)		22,019
Provision for bad debts and inventory	699		2		701
Change in assets and liabilities:
Receivables and contract assets	(73,228)		(4,998)		(78,226)
Inventory	(95,987)		976		(95,011)
Deferred revenue	159,718		(4,152)		155,566
Accounts payable, accrued and other liabilities	80,757		221		80,978
Other - net	(52,207)		8,231		(43,976)
Net cash provided by operating activities	$	235,361	$	—	$	235,361

Condensed Consolidated Statements of Operations and Comprehensive Income

(in thousands, except per share data)


	As Reported
Three Months Ended	December 31, 2024		September 30, 2024

Net sales	$	575,145	$	544,274
Gross margin	345,849		330,747
Income (loss) from operations	(15,755)		24,081
Net income	135,184		67,025
Net income per common and common equivalent shares - Basic	$	1.77	$	0.89
Net income per common and common equivalent shares - Diluted	$	1.67	$	0.86

As discussed within Note 1 “Organization and Summary of Significant Accounting Policies”, we recorded an out of period adjustment in the three months ended December 31, 2024. This adjustment reduced revenue and net income by $5.1 million and $3.7 million, respectively. Of this total adjustment, $3.3 million and $2.3 million for revenue and net income, respectively, pertained to prior fiscal years. These errors originated in prior years and were immaterial to each respective prior period.


Three Months Ended June 30, 2024	As Reported		Revision		As Revised

Net sales from products	$	295,185	$	(2,422)	$	292,763
Net sales from services	208,914		1,559		210,473
Net sales	504,099		(863)		503,236
Cost of product sales	145,154		(2,527)		142,627
Cost of service sales	55,210		(757)		54,453
Cost of sales	200,364		(3,284)		197,080
Gross margin	303,735		2,421		306,156
Sales, general and administrative	169,427		1,537		170,964
Total operating expenses	270,861		1,537		272,398
Income from operations	32,874		884		33,758
Income before provision for income taxes	50,590		884		51,474
Provision for (benefit from) income taxes	9,793		208		10,001
Net income	$	40,797	$	676	$	41,473
Net income per common and common equivalent shares - Basic	$	0.54	$	0.01	$	0.55
Net income per common and common equivalent shares - Diluted	$	0.53	$	—	$	0.53
Comprehensive income	$	38,189	$	676	$	38,865


Three Months Ended December 31, 2023	As Reported		Revision		As Revised

Net sales from products	$	258,405	$	(1,966)	$	256,439
Net sales from services	173,737		200		173,937
Net sales	432,142		(1,766)		430,376
Cost of product sales	125,664		(1,764)		123,900
Cost of service sales	42,591		(107)		42,484
Cost of sales	168,255		(1,871)		166,384
Gross margin	263,887		105		263,992
Sales, general and administrative	137,106		167		137,273
Total operating expenses	221,078		167		221,245
Income from operations	42,809		(62)		42,747
Income before provision for income taxes	55,802		(62)		55,740
Provision for (benefit from) income taxes	(1,469)		148		(1,321)
Net income	$	57,271	$	(210)	$	57,061
Net income per common and common equivalent shares - Basic	$	0.76	$	—	$	0.76
Net income per common and common equivalent shares - Diluted	$	0.75	$	—	$	0.75
Comprehensive income	$	59,461	$	(210)	$	59,251


Three Months Ended September 30, 2023	As Reported		Revision		As Revised

Net sales from products	$	256,443	$	(1,388)	$	255,055
Net sales from services	157,158		1,065		158,223
Net sales	413,601		(323)		413,278
Cost of product sales	116,278		(1,665)		114,613
Cost of service sales	42,051		(42)		42,009
Cost of sales	158,329		(1,707)		156,622
Gross margin	255,272		1,384		256,656
Sales, general and administrative	123,279		(922)		122,357
Total operating expenses	200,159		(922)		199,237
Income from operations	55,113		2,306		57,419
Income before provision for income taxes	69,423		2,306		71,729
Provision for (benefit from) income taxes	10,026		394		10,420
Net income	$	59,397	$	1,912	$	61,309
Net income per common and common equivalent shares - Basic	$	0.79	$	0.03	$	0.82
Net income per common and common equivalent shares - Diluted	$	0.78	$	0.03	$	0.81
Comprehensive income	$	53,254	$	1,912	$	55,166


Three Months Ended June 30, 2023	As Reported		Revision		As Revised

Net sales from products	$	233,474	$	214	$	233,688
Net sales from services	141,131		(2,115)		139,016
Net sales	374,605		(1,901)		372,704
Cost of product sales	101,192		(254)		100,938
Cost of service sales	41,292		133		41,425
Cost of sales	142,484		(121)		142,363
Gross margin	232,121		(1,780)		230,341
Sales, general and administrative	119,922		(614)		119,308
Total operating expenses	191,862		(614)		191,248
Income from operations	40,259		(1,166)		39,093
Income (loss) before provision for income taxes	(12,109)		(1,166)		(13,275)
Provision for (benefit from) income taxes	(24,529)		(260)		(24,789)
Net income	$	12,420	$	(906)	$	11,514
Net income per common and common equivalent shares - Basic	$	0.17	$	(0.01)	$	0.16
Net income per common and common equivalent shares - Diluted	$	0.16	$	(0.01)	$	0.15
Comprehensive income	$	11,013	$	(906)	$	10,107


Three Months Ended March 31, 2023	As Reported		Revision		As Revised

Net sales from products	$	219,389	$	(569)	$	218,820
Net sales from services	123,654		1,867		125,521
Net sales	343,043		1,298		344,341
Cost of product sales	107,584		673		108,257
Cost of service sales	31,357		263		31,620
Cost of sales	138,941		936		139,877
Gross margin	204,102		362		204,464
Sales, general and administrative	116,567		(621)		115,946
Total operating expenses	187,494		(621)		186,873
Income from operations	16,608		983		17,591
Income before provision for income taxes	41,884		983		42,867
Provision for (benefit from) income taxes	(3,255)		223		(3,032)
Net income	$	45,139	$	760	$	45,899
Net income per common and common equivalent shares - Basic	$	0.62	$	0.01	$	0.63
Net income per common and common equivalent shares - Diluted	$	0.61	$	0.01	$	0.62
Comprehensive income	$	46,999	$	760	$	47,759

Condensed Consolidated Balance Sheet

(in thousands)


As of September 30, 2024	As Reported		Adjustments		As Restated

Total current assets	$	2,433,746	$	—	$	2,433,746
Total assets	4,005,658		—		4,005,658
Current portion of convertible notes, net	—		679,483		679,483
Total current liabilities	823,227		679,483		1,502,710
Long-term convertible notes, net	679,483		(679,483)		—
Total liabilities	1,905,822		—		1,905,822
Total stockholders' equity	2,099,836		—		2,099,836

Condensed Consolidated Balance Sheet

(in thousands)


As of March 31, 2024	As Reported		Adjustments		As Restated

Contract assets, net	$	266,172	$	10,846	$	277,018
Prepaid expenses and other current assets	123,677		(12,347)		111,330
Total current assets	2,201,707		(1,501)		2,200,206
Deferred tax assets, net	208,861		(1,729)		207,132
Long-term contract assets, net	88,209		8,155		96,364
Other long-term assets	212,470		(35,635)		176,835
Total assets	3,616,196		(30,710)		3,585,486
Accounts payable	82,075		(18,241)		63,834
Accrued liabilities	127,415		2,922		130,337
Current portion of deferred revenue	516,404		(22,767)		493,637
Current portion of convertible notes, net	—		677,895		677,895
Total current liabilities	757,474		639,809		1,397,283
Deferred revenue, net of current portion	293,878		(11,082)		282,796
Long-term convertible notes, net	677,895		(677,895)		—
Other long-term liabilities	3,078		14,593		17,671
Total liabilities	1,798,181		(34,575)		1,763,606
Retained earnings	564,467		3,865		568,332
Total stockholders’ equity	1,818,015		3,865		1,821,880
Total liabilities and stockholders’ equity	$	3,616,196	$	(30,710)	$	3,585,486

Condensed Consolidated Statements of Operations and Comprehensive Income

(in thousands, except per share data)


Three Months Ended March 31, 2024	As Reported		Adjustments		As Restated

Net sales from products	$	272,048	$	(1,624)	$	270,424
Net sales from services	188,688		759		189,447
Net sales	460,736		(865)		459,871
Cost of product sales	151,698		462		152,160
Cost of service sales	48,992		91		49,083
Cost of sales	200,690		553		201,243
Gross margin	260,046		(1,418)		258,628
Sales, general and administrative	152,669		(1,594)		151,075
Total operating expenses	243,766		(1,594)		242,172
Income from operations	16,280		176		16,456
Income before provision for income taxes	165,720		176		165,896
Provision for (benefit from) income taxes	32,502		42		32,544
Net income	$	133,218	$	134	$	133,352
Net income per common and common equivalent shares - Basic	$	1.77	$	—	$	1.77
Net income per common and common equivalent shares - Diluted	$	1.73	$	—	$	1.73
Comprehensive income	$	132,311	$	134	$	132,445

Condensed Consolidated Statement of Stockholders' Equity

(in thousands)


	As Reported				Adjustments				As Restated
	Retained Earnings		Total Stockholders’ Equity		Retained Earnings		Total Stockholders’ Equity		Retained Earnings		Total Stockholders’ Equity

Balance, December 31, 2023	$	431,249	$	1,612,034	$	3,731	$	3,731	$	434,980	$	1,615,765
Net income	133,218		133,218		134		134		133,352		133,352
Balance, March 31, 2024	$	564,467	$	1,818,015	$	3,865	$	3,865	$	568,332	$	1,821,880

Condensed Consolidated Statement of Cash Flows

(in thousands)


Three Months Ended March 31, 2024	As Reported		Adjustments		As Restated

Cash flows from operating activities:
Net income	$	133,218	$	134	$	133,352
Provision for bad debts and inventory	216		1,364		1,580
Change in assets and liabilities:
Receivables and contract assets	(51,132)		(5,605)		(56,737)
Inventory	(710)		(1,364)		(2,074)
Deferred revenue	20,743		(1,622)		19,121
Accounts payable, accrued and other liabilities	(84,289)		(1,551)		(85,840)
Other - net	2		8,644		8,646