The table below presents a reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP financial measure (in thousands):
For the Three Months
Ended December 31, |
For the Twelve Months
Ended December 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net cash provided by operating activities | $ | 356,508 | $ | 71,229 | $ | 286,039 | $ | 130,392 | ||||||||
Purchases of property and equipment | (2,284 | ) | (634 | ) | (3,156 | ) | (2,511 | ) | ||||||||
Capitalized patent costs | (9,330 | ) | (5,271 | ) | (39,597 | ) | (33,416 | ) | ||||||||
Free cash flow3 | $ | 344,894 | $ | 65,324 | $ | 243,286 | $ | 94,465 |