|
SUMMARY CONSOLIDATED CASH FLOWS
(in thousands) (unaudited) | |||||||
| For the Three Months Ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 81,652 | $ | 103,520 | |||
| Non-cash adjustments | 8,459 | (4,004 | ) | ||||
| Working capital changes | (39,338 | ) | (127,368 | ) | |||
| Net cash provided by (used in) operating activities | 50,773
| (27,852 | ) | ||||
| Cash flows from investing activities: | |||||||
| Net sales (purchases) of short-term investments | 24,616
| (5,982 | ) | ||||
| Capitalized patent costs and purchases of property and equipment | (9,417 | ) | (8,481 | ) | |||
| Long-term investments | 1,576 | — | |||||
| Net cash provided by (used in) investing activities | 16,775
| (14,463 | ) | ||||
| Cash flows from financing activities: | |||||||
| Repurchase of common stock | (28,868 | ) | (203,381 | ) | |||
| Dividends paid | (10,226 | ) | (10,384 | ) | |||
| Other | (10,225 | ) | (4,371 | ) | |||
| Net cash used in financing activities | (49,319 | ) | (218,136 | ) | |||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 18,229 | (260,451 | ) | ||||
| Cash, cash equivalents and restricted cash, beginning of period | 442,961 | 703,161 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 461,190 | $ | 442,710 | |||
