v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 19,777 $ 5,060
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on extinguishment of debt 9,153 0
Stock-based compensation 19,950 14,972
Depreciation and amortization 32 8
Amortization of premium (discount) on investment securities (367) (1,336)
Amortization of debt issuance costs 285 304
Amortization of leasehold interest 48 48
Deferred income taxes 3,864 0
Noncash change in lease liability and right of use asset 573 453
Change in fair value of equity investments (1,534) 104
Change in fair value of notes payable 88 213
Changes in assets and liabilities:    
Increase in inventory (13,275) (46,305)
Decrease (increase) in other current assets 10,661 (4,627)
Increase in accounts receivable (86,418) (60,936)
(Decrease) increase in income taxes payable (6,718) 408
Increase in accounts payable and accrued expenses 34,016 65,177
Decrease in lease liabilities (424) (543)
Decrease in other current liabilities (1,617) (1,855)
(Decrease) increase in deferred revenue (5,988) 140
Net cash used in operating activities (17,894) (28,715)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from maturity of held-to-maturity securities 11,250 80,400
Investment in held-to-maturity securities (21,063) (92,059)
Purchases of equity investments 0 (1,250)
Purchases of property, plant and equipment (51) (25)
Net cash used in investing activities (9,864) (12,934)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment of loan payable (255,000) 0
Proceeds from exercise of options 763 21
Proceeds from debt financings, net of debt discount costs 747,656 0
Financing costs paid (2,598) 0
Purchase of treasury stock (99,992) (6,123)
Net cash provided by (used in) financing activities 390,829 (6,102)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 363,071 (47,751)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 80,490 181,192
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 443,561 133,441
Reconciliation to amounts on condensed consolidated balance sheets:    
Cash and cash equivalents 442,209 132,139
Restricted Cash 1,352 1,302
Total cash, cash equivalents and restricted cash 443,561 133,441
Cash paid for:    
Interest 2,385 6,143
Income taxes 3,439 0
NONCASH TRANSACTIONS    
Reduction of lease liability and right-of-use asset due to lease modification $ 1,126 $ 0