v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:              
Net income $ 55,293 $ 110,099 $ 99,855 $ 44,419 $ 165,392 $ 144,274  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         19,238 11,730  
Allowance for credit losses [1]         361 5,529  
Amortization of deferred other costs [2]         24,591 7,062  
Inventory excess and obsolescence         5,949 15,262  
Stock-based compensation expense         18,191 11,463  
Deferred income taxes-net         2,692 (4,161)  
Payment of contingent consideration in excess of acquisition-date fair value         (13,800) 0  
Change in fair value of contingent consideration         0 13,800  
Other operating activities-net         3,165 (257)  
Changes in operating assets and liabilities:              
Accounts receivable-net [3]         19,560 (143,153)  
Inventories [4]         (58,853) 23,039  
Prepaid expenses and other current assets [5]         61,384 (20,645)  
Other long-term assets         3,680 742  
Accounts payable [6]         63,230 20,789  
Accrued expenses [7]         26,416 (7,013)  
Income taxes payable         (8,790) 10,928  
Accrued promotional allowance [8]         145,121 64,221  
Accrued distributor termination fees         (255,328) 0  
Other current liabilities         5,607 1,999  
Deferred revenue [9]         67,172 (7,320)  
Other long-term liabilities         1,288 (1,210)  
Net cash provided by operating activities         296,266 147,079  
Cash flows from investing activities:              
Purchase of property, plant and equipment [10]         (24,982) (15,194)  
Net working capital estimate received from Pepsi related to the Rockstar Acquisition [2]         241 0  
Purchase of non-marketable equity securities         0 (5,000)  
Acquisition of Alani Nutrition LLC, net of cash acquired         0 (1,256,351)  
Net cash used in investing activities         (24,741) (1,276,545)  
Cash flows from financing activities:              
Cash dividends paid on Preferred Stock [11]         (28,139) (13,632)  
Repurchase of Common Stock related to employee tax withholdings (1,000)   (900)   (9,761) (2,811)  
Repurchase of Common Stock         (124,420) 0  
Proceeds from term loan         0 900,000  
Payments on term loan         (3,500) 0  
Payment of debt issuance costs and debt discount         0 (28,873)  
Payment of contingent consideration up to acquisition-date fair value         (11,200) 0  
Other financing activities-net         666 (2,389)  
Net cash (used in) provided by financing activities         (176,354) 852,295  
Effect of exchange rate changes on cash, cash equivalents and restricted cash         (2,029) 2,214  
Net increase (decrease) in cash, cash equivalents and restricted cash         93,142 (274,957)  
Cash, cash equivalents and restricted cash at beginning of the period   $ 539,987   $ 890,190 539,987 890,190 $ 890,190
Cash, cash equivalents and restricted cash at end of the period $ 633,129   $ 615,233   633,129 615,233 $ 539,987
Cash paid for:              
Interest         21,582 17,181  
Taxes, net of refunds received         36,618 42,182  
Supplemental schedule of noncash investing and financing activities:              
Estimated fair value of contingent consideration in connection with the Alani Nu Acquisition         0 11,200  
Estimated fair value of share consideration issued in connection with the Alani Nu Acquisition         0 721,964  
Preliminary deferred payment owed to Sellers in connection with the Alani Nu Acquisition         $ 0 $ 19,144  
[1] Includes $0.8 million and $(0.4) million associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[2] Amounts in this line item are associated with a related party for all periods presented.
[3] Includes $(38.1) million and $(36.3) million associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[4] Includes $8.0 million and no amounts associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[5] Includes $64.2 million and no amounts associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[6] Includes $7.2 million and $15.7 million associated with a related party for the six months ended June 30, 2026 and 2025, respectively
[7] Includes $2.2 million and $0.1 million associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[8] Includes $118.7 million and $19.7 million associated with a related party for the six months ended June 30, 2026 and 2025, respectively
[9] Includes $67.1 million and $(4.7) million associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[10] Includes $(8.4) million and $(6.1) million associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[11]
[1] Amounts in this line item are associated with a related party for all periods presented.