v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 53,948 $ 15,743
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 8,115 6,478
Deferred income taxes 11 (1,455)
Non-cash operating lease cost 7,403 7,382
Stock-based compensation 19,602 21,683
Accretion of discount and accrued interest on available-for-sale securities (1,241) (2,981)
Realized gains on available-for-sale securities (45) 0
Changes in operating assets and liabilities:    
Accounts receivable (1,266) (3,517)
Inventory 6,631 (35,474)
Prepaid expenses and other current assets (6,343) 227
Other assets 500 440
Accounts payable (3,509) (4,018)
Accrued expenses 21,360 (7,629)
Accrued compensation and benefits (2,682) 6,715
Sales tax payable 1,795 25
Gift card liability 139 414
Deferred revenue (633) 3,696
Returns reserve 725 (656)
Income tax payable 210 (346)
Operating lease liabilities (4,280) (6,485)
Other non-current liabilities 82 0
Net cash provided by operating activities 100,522 242
Cash flows from investing activities:    
Purchases of property and equipment (10,719) (5,305)
Purchases of available-for-sale securities (255,161) (185,857)
Maturities and sales of available-for-sale securities 220,011 153,300
Other investing activities (1,377) (201)
Net cash used in investing activities (47,246) (38,063)
Cash flows from financing activities:    
Repurchases of Class A Common Stock (46,647) (2,688)
Proceeds from stock option exercises and employee stock purchases 1,340 1,318
Payments for taxes related to net share settlement of equity awards (13,469) 0
Net cash used in financing activities (58,776) (1,370)
Effect of foreign currency exchange rate changes on cash and cash equivalents (15) 0
Net decrease in cash and cash equivalents (5,515) (39,191)
Cash and cash equivalents, beginning of period 81,985 85,645
Cash and cash equivalents, end of period 76,470 46,454
Supplemental disclosures:    
Property and equipment included in accounts payable and accrued expenses $ 666 $ 0