Segment Data (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Reportable Segments

Information relative to our reportable segments was as follows (in thousands):

	Three Months Ended September 30,
	2025						2024
	Connected Devices		Software and Services		Total		Connected Devices		Software and Services		Total
Net sales	$	405,399	$	305,242	$	710,641	$	327,900	$	216,374	$	544,274
Cost of sales	203,173		80,120		283,293		156,167		57,360		213,527
Other segment items (1)	8,902		9,200		18,102		7,104		6,039		13,143
Adjusted gross margin	$	211,128	$	234,322	$	445,450	$	178,837	$	165,053	$	343,890
Other segment items (1)					(18,102)						(13,143)
Selling, general and administrative					(252,803)						(192,189)
Research and development					(176,674)						(114,477)
Interest income					23,941						12,624
Interest expense					(28,912)						(1,646)
Other income, net					22,803						44,510
Income before provision for income taxes					$	15,703					$	79,569

(1)    Other segment items includes the adjustment for noncash stock-based compensation expense and amortization of acquired intangible assets to arrive at the profit measure used by the CODM.

	Nine Months Ended September 30,
	2025						2024
	Connected Devices		Software and Services		Total		Connected Devices		Software and Services		Total
Net sales	$	1,122,655	$	860,157	$	1,982,812	$	891,087	$	616,294	$	1,507,381
Cost of sales	566,861		219,121		785,982		450,954		160,896		611,850
Other segment items (1)	27,872		27,922		55,794		41,490		15,043		56,533
Adjusted gross margin	$	583,666	$	668,958	$	1,252,624	$	481,623	$	470,441	$	952,064
Other segment items (1)					(55,794)						(56,533)
Selling, general and administrative					(718,524)						(514,228)
Research and development					(490,264)						(307,008)
Interest income					57,798						36,407
Interest expense					(65,419)						(5,273)
Other income, net					104,790						191,510
Income before provision for income taxes					$	85,211					$	296,939

(1)    Other segment items includes the adjustment for noncash stock-based compensation expense, amortization of acquired intangible assets, inventory step-up amortization related to acquisitions and payroll taxes related to 2024 Employee XSP vesting to arrive at the profit measure used by the CODM.

The following table presents supplemental information included within the measure of profit or loss, adjusted gross margin, reviewed by our CODM (in thousands). There are no other material items presented to our CODM by segment or included within adjusted gross margin for supplemental disclosure.

	Three Months Ended September 30,
	2025						2024
	Connected Devices		Software and Services		Total		Connected Devices		Software and Services		Total
Depreciation and amortization	$	9,188	$	4,324	$	13,512	$	4,545	$	4,291	$	8,836
Significant noncash items:
Stock-based compensation expense	7,584		5,119		12,703		6,722		3,401		10,123
Provisions for inventory	1,737		—		1,737		2,204		—		2,204
Warranty reserve expense	2,584		—		2,584		3,047		—		3,047

	Nine Months Ended September 30,
	2025						2024
	Connected Devices		Software and Services		Total		Connected Devices		Software and Services		Total
Depreciation and amortization	$	26,783	$	12,381	$	39,164	$	15,393	$	8,120	$	23,513
Significant noncash items:
Stock-based compensation expense	22,643		15,508		38,151		40,432		7,803		48,235
Provisions for inventory	3,578		—		3,578		11,047		—		11,047
Warranty reserve expense	9,378		—		9,378		4,860		—		4,860