v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 34,667 $ 6,997
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization expense 5,782 4,152
Deferred income taxes 12 102
Non-cash operating lease cost 4,959 4,805
Stock-based compensation 12,181 14,856
Accretion of discount and accrued interest on available-for-sale securities (329) (2,089)
Realized gains on available-for-sale securities (45) 0
Issuance of Class A Common Stock in exchange for services 238 0
Changes in operating assets and liabilities:    
Accounts receivable (17,022) (386)
Inventory 8,409 (19,769)
Prepaid expenses and other current assets (1,587) 3,149
Other assets 478 243
Accounts payable (9,190) 9,536
Accrued expenses 19,000 (19,582)
Accrued compensation and benefits (6,653) 1,690
Sales tax payable (355) (203)
Gift card liability 379 419
Deferred revenue (2,254) (1,616)
Returns reserve (90) (871)
Income tax payable (872) 308
Operating lease liabilities (4,137) (4,936)
Other non-current liabilities 82 0
Net cash (used in) provided by operating activities 43,653 (3,195)
Cash flows from investing activities:    
Purchases of property and equipment (5,026) (2,399)
Purchases of available-for-sale securities (170,734) (136,598)
Maturities and sales of available-for-sale securities 201,861 110,100
Other investing activities (1,377) (201)
Net cash (used in) provided by investing activities 24,724 (29,098)
Cash flows from financing activities:    
Repurchases of Class A Common Stock (32,819) (2,688)
Proceeds from stock option exercises and employee stock purchases 830 185
Payments for taxes related to net share settlement of equity awards (9,758) 0
Net cash used in financing activities (41,747) (2,503)
Effect of foreign currency exchange rate changes on cash and cash equivalents (76) 0
Net increase (decrease) in cash and cash equivalents 26,554 (34,796)
Cash and cash equivalents, beginning of period 81,985 85,645
Cash and cash equivalents, end of period 108,539 50,849
Supplemental disclosures:    
Property and equipment included in accounts payable and accrued expenses $ 134 $ 124