v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 186.1 $ 57.9
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 52.9 44.0
Stock-based compensation expense 40.9 25.7
Non-cash interest expense 1.4 4.6
Loss on extinguishment of debt 0.0 123.9
Deferred income taxes 15.2 7.0
Provision for credit losses 0.7 5.1
Other (0.5) 4.0
Changes in operating assets and liabilities:    
Inventories (34.9) (4.7)
Prepaid expenses and other assets (28.1) (31.6)
Accounts payable 39.9 72.6
Accrued expenses and other liabilities 5.6 18.7
Net cash provided by operating activities 202.2 260.3
Cash flows from investing activities    
Capital expenditures (56.8) (30.9)
Investments in developed software (8.3) (8.0)
Net cash used in investing activities (65.1) (38.9)
Cash flows from financing activities    
Proceeds from issuance of senior unsecured notes, net of issuance costs 0.0 440.7
Repayment of convertible debt 0.0 (541.5)
Settlement of capped call options 0.0 75.7
Proceeds from issuance of term loan B, net of issuance costs 0.0 15.5
Repayment of other debt (9.1) (26.4)
Proceeds from secured borrowings (note 3) 0.0 36.1
Repayment of secured borrowings (note 3) 0.0 (32.6)
Repurchase of common stock (300.0) (30.1)
Proceeds from exercise of stock options 0.5 12.6
Proceeds from issuance of common stock under employee stock purchase plan 8.9 7.1
Payment of withholding taxes in connection with vesting of restricted stock units (16.2) (22.9)
Net cash used in financing activities (315.9) (65.8)
Effect of exchange rates on cash and cash equivalents (2.4) 12.7
Net (decrease) increase in cash and cash equivalents (181.2) 168.2
Cash and cash equivalents, beginning of period 716.1 953.4
Cash and cash equivalents, end of period 534.9 1,121.6
Supplemental disclosure of cash flow information:    
Purchases of property and equipment included in accounts payable and accrued expenses 22.4 4.5
Nonrelated Party    
Changes in operating assets and liabilities:    
Accounts receivable (76.9) (41.8)
Related Party    
Changes in operating assets and liabilities:    
Accounts receivable $ 0.0 $ (25.1)