v3.26.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 26,343 $ 60,008
Adjustments to reconcile net income to cash provided by operating activities:    
Provision for bad debts 3 1,910
Deferred tax benefit (2,637) (246)
Depreciation and amortization 19,851 12,188
Amortization of developed technology and backlog 11,229 7,279
Amortization of debt discount and issuance costs 1,768 3,457
Gain on extinguishment of debts, net 0 (14,207)
Equity-based compensation 8,520 6,696
Change in fair value of contingent consideration (145) 0
Warranty provision 7,013 5,336
Inventory reserve 1,197 2,682
Other non-cash 690 10
Changes in operating assets and liabilities 18,026 (54,331)
Net cash provided by operating activities 91,858 30,782
Investing activities    
Purchase of property, plant and equipment (15,144) (8,983)
Net cash used in investing activities (15,144) (8,983)
Financing activities    
Proceeds from issuance of other debt 38,254 57,064
Proceeds from issuance of convertible notes 0 345,000
Premium paid on capped call 0 (35,087)
Fees paid on issuance of convertible notes 0 (10,434)
Repayments of other debt (51,003) (54,754)
Repayments of term loan facility 0 (233,875)
Repayments of convertible notes 0 (78,363)
Contingent consideration payments (2,574) (1,204)
Other financing (1,806) (1,123)
Net cash used in financing activities (17,129) (12,776)
Effect of exchange rate changes on cash and cash equivalent balances 1,733 5,606
Net change in cash and cash equivalents and restricted cash 61,318 14,629
Cash and cash equivalents, and restricted cash beginning of period 245,984 364,141
Cash and cash equivalents and restricted cash, end of period $ 307,302 $ 378,770