v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities:    
Net income (loss) $ (9,491) $ 518,646
Reconciliation of net income (loss) to net cash used in operating activities:    
Depreciation and amortization 3,062 8,340
Non-cash stock-based compensation 7,724 10,285
Provision for excess and obsolete inventory 0 276
Impairment of long-lived assets 266 0
Other items, net (8,972) 16,550
Changes in operating assets and liabilities:    
Inventory (226) 2,375
Accounts receivable, prepaid expenses, and other assets 86,243 73,867
Accounts payable, accrued expenses, and other liabilities (60,078) (211,846)
Deferred revenue (50,951) (603,995)
Net cash used in operating activities (32,423) (185,502)
Investing Activities:    
Capital expenditures, including internal-use software (1,270) (1,595)
Proceeds from assets held for sale 39,750 0
Purchases of marketable securities (214,130) (114,724)
Proceeds from maturities of marketable securities 147,289 43,000
Net cash used in investing activities (28,361) (73,319)
Financing Activities:    
Proceeds from credit facility, net of issuance costs 46,411 0
Net proceeds from the exercise of stock-based awards, net of tax withholding (8,158) (4,860)
Finance lease payments (578) (2,201)
Net cash provided by (used in) financing activities 37,675 (7,061)
Effect of exchange rate on cash, cash equivalents, and restricted cash (18) (930)
Net decrease in cash, cash equivalents, and restricted cash (23,127) (266,812)
Cash, cash equivalents, and restricted cash at beginning of period 256,052 545,292
Cash, cash equivalents, and restricted cash at end of period 232,925 278,480
Supplemental disclosure of cash flow information:    
Cash interest payments, net of amounts capitalized 6,294 2,799
Cash paid for income taxes, net of refunds received $ 1,847 $ 1,499