v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating Activities:    
Net (loss) income $ (94,254) $ 422,775
Reconciliation of net income (loss) to net cash used in operating activities:    
Depreciation and amortization 9,165 22,488
Non-cash stock-based compensation 23,768 28,048
Provision for excess and obsolete inventory 3,201 1,945
Impairment of assets held for sale 0 97,038
Impairment of long-lived assets 0 3,382
Loss on debt extinguishment 0 28,714
Other items, net (10,047) 4,453
Changes in operating assets and liabilities:    
Inventory (10,816) (5,388)
Accounts receivable, prepaid expenses, and other assets 69,909 112,980
Accounts payable, accrued expenses, and other liabilities (123,614) (301,023)
Deferred revenue (66,784) (620,572)
Net cash used in operating activities (199,472) (205,160)
Investing Activities:    
Capital expenditures, including internal-use software (2,879) (4,139)
Proceeds from assets held for sale 39,750 0
Purchases of marketable securities (295,820) (349,736)
Proceeds from maturities of marketable securities 393,265 255,125
Net cash provided by (used in) investing activities 134,316 (98,750)
Financing Activities:    
Proceeds from credit facility, net of issuance costs 46,411 0
Proceeds on the issuance of Convertible Senior Notes due 2031, net of issuance costs 0 42,606
Net proceeds from the exercise of stock-based awards, net of tax withholding (5,775) (4,468)
Finance lease payments (3,759) (3,797)
Net cash provided by financing activities 36,877 34,341
Effect of exchange rate on cash, cash equivalents, and restricted cash (716) 7,634
Net decrease in cash, cash equivalents, and restricted cash (28,995) (261,935)
Cash, cash equivalents, and restricted cash at beginning of period 256,052 545,292
Cash, cash equivalents, and restricted cash at end of period 227,057 283,357
Supplemental disclosure of non-cash activities:    
Issuance of Convertible Senior Notes due 2031 in exchange for Convertible Senior Notes due 2027 0 175,305
Right-of-use assets from new lease agreements 2,335 1,803
Capital expenditures included in accounts payable and accrued expenses 171 250
Supplemental disclosure of cash flow information:    
Cash interest payments, net of amounts capitalized 17,153 12,113
Cash refunds received for income taxes, net of taxes paid $ (631) $ 8,800