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 $ 83,021 $ 424,142
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Loss on extinguishment of debt 9,153 0
Stock-based compensation 72,528 49,019
Depreciation and amortization 158 38
Amortization of discount on investment securities (835) (3,405)
Amortization of debt issuance costs 779 912
Amortization of leasehold interest 137 139
Deferred income taxes 14,617 (366,627)
Noncash change in lease liability and right of use asset 1,458 1,316
Change in fair value of equity investments (1,391) (135)
Change in fair value of notes payable 649 163
Changes in assets and liabilities:    
Increase in inventory (70,600) (34,015)
Decrease (increase) in other current assets 9,963 (40,519)
Increase in accounts receivable (111,193) (136,199)
Decrease in income taxes payable (10,372) (2,584)
Increase in accounts payable and accrued expenses 68,282 56,454
Decrease in lease liabilities (1,335) (1,580)
Decrease in other current liabilities (1,555) (2,647)
Increase in deferred revenue 3,132 11,096
Net cash provided by (used in) operating activities 66,596 (44,432)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from maturity of held-to-maturity securities 44,000 207,500
Investment in held-to-maturity securities (49,878) (176,666)
Purchases of equity investments (1,000) (1,250)
Purchases of property, plant and equipment (626) (147)
Net cash (used in) provided by investing activities (7,504) 29,437
CASH FLOWS FROM FINANCING ACTIVITIES    
Payment of loan payable (255,000) 0
Proceeds from exercise of options 1,101 453
Proceeds from debt financings, net of debt discount costs 747,656 0
Financing costs paid (2,598) 0
Purchase of treasury stock (199,990) (91,240)
Net cash provided by (used in) financing activities 291,169 (90,787)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 350,261 (105,782)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 80,490 181,192
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 430,751 75,410
Reconciliation to amounts on condensed consolidated balance sheets:    
Cash and cash equivalents 429,376 74,081
Restricted cash 1,375 1,329
Total cash, cash equivalents and restricted cash 430,751 75,410
Cash paid for:    
Interest 35,900 18,339
Income taxes 17,192 7,034
NONCASH TRANSACTIONS    
Reduction of lease liability and right-of-use asset due to lease modification $ 1,126 $ 0