v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - 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
Operating activities              
Net (loss) income $ (86,290) $ (92,115) $ 42,505 $ 49,485 $ (178,405) $ 91,990  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:              
Depreciation and amortization         51,430 18,741  
Stock-based compensation         78,978 60,584  
Change in fair value of equity securities (4,737)   0   4,945 0 $ (4,400)
Change in fair value of liabilities         21,869 0  
Net accretion on securities         (338) (1,060)  
Benefit from deferred taxes         (23,338) (10,346)  
Impairment of long-lived assets         1,148 0  
Amortization of debt discount and issuance costs         3,656 1,047  
Non-cash operating lease cost         9,482 4,594  
Non-cash acquisition-related costs         21,311 2,985  
Non-cash restructuring and other related charges included within cost of revenue         28,462 0  
Non-cash other         2,511 (1,315)  
Changes in operating assets and liabilities:              
Receivables, net         (328,987) (654)  
Inventory         (14,255) (77,373)  
Prepaid expenses and other current assets         80 (37,427)  
Other long-term assets         (30,553) (10)  
Accounts payable         323,795 5,146  
Accrued liabilities         89,526 11,737  
Deferred revenue         2,960 23,132  
Earn-out consideration         (7,058) 0  
Deferred acquisition payable         472 0  
Other long-term liabilities         620 0  
Operating lease liabilities         (4,894) (1,798)  
Net cash provided by operating activities         53,417 89,973  
Investing activities              
Maturities of available-for-sale investments         116,232 60,569  
Proceeds from sales of available-for-sale investments         350,762 0  
Purchases of property, equipment, and intangible assets         (55,770) (101,392)  
Investment in website development and internal-use software         (12,808) (7,961)  
Acquisition of businesses, net of cash acquired         (318,108) (5,100)  
Purchases of equity securities         (11,217) 0  
Net cash provided by (used in) investing activities         69,091 (53,884)  
Financing activities              
Proceeds from issuance of convertible senior notes, net of debt discount         390,425 970,000  
Purchases of capped calls related to convertible senior notes         (36,748) (47,800)  
Proceeds from exercise of vested stock options         13,030 6,497  
Payments for taxes related to net share settlement of equity awards         (62,324) (62,475)  
Proceeds from employee stock purchase plan         3,846 2,970  
Payments for acquisition-related earn-out consideration         (43,682) 0  
Payments for debt issuance costs         (671) (3,041)  
Net cash provided by financing activities         263,876 866,151  
Foreign currency effect on cash and cash equivalents         (5,189) 1,270  
Increase in cash, cash equivalents, and restricted cash         381,195 903,510  
Cash, cash equivalents, and restricted cash at beginning of period   $ 228,616   $ 221,440 228,616 221,440 221,440
Cash, cash equivalents, and restricted cash at end of period 609,811   1,124,950   609,811 1,124,950 228,616
Reconciliation of cash, cash equivalents, and restricted cash              
Cash and cash equivalents 609,811   1,124,582   609,811 1,124,582 228,616
Restricted cash 0   368   0 368  
Total cash, cash equivalents, and restricted cash $ 609,811   $ 1,124,950   609,811 1,124,950 $ 228,616
Supplemental disclosures of cash flow information              
Cash (received) paid for taxes, net of refunds         (2,663) 23,047  
Cash paid for interest         1,735 0  
Non-cash investing and financing activities              
Purchases of property, equipment, and intangible assets included in accounts payable and accrued liabilities         16,666 16,954  
Right-of-use asset obtained in exchange for lease liability         25,681 63,434  
Contingent and deferred consideration and liabilities assumed in connection with acquisition of businesses         886,287 0  
Deferred debt issuance costs included in accounts payable and accrued liabilities         0 249  
Issuance of common stock in connection with asset acquisition         0 12,760  
Common stock to be issued for asset acquisition indemnification holdback         $ 0 $ 6,380