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 $ 7,840 $ 11,384
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,055 5,931
Amortization of costs capitalized to obtain contracts 714 594
Amortization of operating lease right-of-use asset 181 171
Stock-based compensation expense, net of amounts capitalized 39,076 25,118
Non-cash interest expense, net 1,437 181
Loss (gain) on change in fair value of investments [1],[2] 4,727 (1,269)
Non-cash revenue from investments (538) (636)
Deferred income taxes (16,395) 0
Accretion of discount on short-term investments (1,082) 0
Loss on tariff refund monetization 1,329 0
Provision for credit losses 20 350
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable, net 13,170 (1,206)
Prepaid expenses and other assets 1,266 (5,456)
Inventory (4,842) (1,616)
Costs capitalized to obtain contracts, net (608) (642)
Accounts payable (12,281) (2,585)
Accrued expenses and other current liabilities (5,364) (7,520)
Deferred revenue 1,314 2,778
Other liabilities, noncurrent 0 (194)
Net cash provided by operating activities 41,019 25,383
Cash Flows from Investing Activities:    
Cash paid for acquisitions, net of cash acquired (55,590) (2,825)
Internally developed software (2,548) (3,498)
Purchase of property and equipment 0 (766)
Purchase of short-term investments (214,078) 0
Proceeds from maturities of short-term investments 16,895 0
Purchase of other strategic investments (1,000) 0
Convertible note investment 0 (25,000)
Net cash used in investing activities (256,321) (32,089)
Cash Flows from Financing Activities:    
Indemnity escrow payment in connection with the acquisition of Fantix, Inc. (675) 0
Proceeds from monetization of tariff refund claims 2,256 0
Remittance of tariff refund claims (1,929) 0
Proceeds related to tax withholdings on restricted stock settlements and the exercise of stock options and warrants 27,216 29,570
Taxes paid related to net settlement of equity awards (24,417) (25,767)
Purchase of treasury stock (13,225) 0
Proceeds from issuance of convertible senior notes 0 320,000
Payments of debt issuance costs 0 (9,600)
Purchase of capped calls 0 (33,728)
Net cash provided by (used in) financing activities (10,774) 280,475
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash (226,076) 273,769
Cash, Cash Equivalents, and Restricted Cash at the Beginning of the Period 495,828 160,459
Cash, Cash Equivalents, and Restricted Cash at the End of the Period 269,752 434,228
Supplemental disclosure:    
Cash paid during the period for taxes 456 25
Cash payments included in the measurement of operating lease liabilities 200 194
Non-cash investing and financing activities:    
Fair value of stock issued in connection with acquisitions 28,035 1,000
Liability incurred in connection with acquisitions 16,315 675
Property and equipment included within accrued expenses and other current liabilities 97 799
Stock-based compensation included in internally developed software 850 634
Conversion of Related Party SAFE to Related Party Investment 0 5,000
Cash, cash equivalents and restricted cash    
Cash and cash equivalents 267,061 432,710
Restricted cash, current 1,001 0
Restricted cash, noncurrent 1,690 1,518
Total cash and cash equivalents, and restricted cash 269,752 434,228
Debt issuance costs included in accounts payable    
Non-cash investing and financing activities:    
Debt issuance costs included in accounts payable, accrued expenses and other current liabilities 0 200
Debt issuance costs included in accrued expenses and other current liabilities    
Non-cash investing and financing activities:    
Debt issuance costs included in accounts payable, accrued expenses and other current liabilities $ 0 $ 1,084
[1] Includes a related party gain of zero and $882 for the six months ended June 30, 2026 and 2025, respectively.
[2] Includes a related party gain of zero for the three and six months ended June 30, 2026 and $882 for the three and six months ended June 30, 2025.