Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||
| Revenue | $ | 233,043 | $ | 166,738 | $ | 844,452 | $ | 627,921 | ||||
| Cost of revenue | 104,169 | 74,802 | 378,498 | 281,596 | ||||||||
| Gross profit | 128,874 | 91,936 | 465,954 | 346,325 | ||||||||
| Operating expenses: | ||||||||||||
| Research and development | 42,252 | 27,011 | 137,598 | 107,757 | ||||||||
| Selling, general and administrative | 45,120 | 33,240 | 161,670 | 133,542 | ||||||||
| Litigation expense | 1,539 | 991 | 7,804 | 2,464 | ||||||||
| Total operating expenses | 88,911 | 61,242 | 307,072 | 243,763 | ||||||||
| Income from operations | 39,963 | 30,694 | 158,882 | 102,562 | ||||||||
| Other income, net | 4,480 | 2,731 | 10,460 | 10,558 | ||||||||
| Income before income taxes | 44,443 | 33,425 | 169,342 | 113,120 | ||||||||
| Income tax expense | 1,556 | 989 | 4,967 | 4,281 | ||||||||
| Net income | $ | 42,887 | $ | 32,436 | $ | 164,375 | $ | 108,839 | ||||
| Net income per share: | ||||||||||||
| Basic | $ | 0.95 | $ | 0.75 | $ | 3.67 | $ | 2.52 | ||||
| Diluted | $ | 0.90 | $ | 0.70 | $ | 3.50 | $ | 2.38 | ||||
| Weighted-average shares outstanding: | ||||||||||||
| Basic | 45,148 | 43,496 | 44,840 | 43,165 | ||||||||
| Diluted | 47,600 | 46,503 | 47,014 | 45,763 | ||||||||
