Segment Data

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Data

Segment Data

Segment information for the years ended December 31, 2024, and 2023 has been recast to reflect the Segment Realignment. Refer to Note 1 for additional details. Information relative to our reportable segments was as follows (in thousands):

	Year Ended December 31, 2025
	Connected Devices		Software and Services		Total
Net sales	$	1,576,864	$	1,202,672	$	2,779,536
Cost of sales	809,303		312,108		1,121,411
Other segment items (1)	40,005		40,963		80,968
Adjusted gross margin	$	807,566	$	931,527	$	1,739,093
Other segment items (1)					(80,968)
Selling, general and administrative					(1,035,893)
Research and development					(684,308)
Interest income					75,431
Interest expense					(94,238)
Other income, net					99,857
Income before provision for income taxes					$	18,974

(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, payroll taxes related to Employee XSP vesting and non-recurring severance costs to arrive at the profit measure used by the CODM.

	Year Ended December 31, 2024
	Connected Devices		Software and Services		Total
Net sales	$	1,221,292	$	861,234	$	2,082,526
Cost of sales	618,136		223,010		841,146
Other segment items (1)	50,880		23,187		74,067
Adjusted gross margin	$	654,036	$	661,411	$	1,315,447
Other segment items (1)					(74,067)
Selling, general and administrative					(741,247)
Research and development					(441,593)
Interest income					43,693
Interest expense					(7,098)
Other income, net					286,369
Income before provision for income taxes					$	381,504

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

	Year Ended December 31, 2023
	Connected Devices		Software and Services		Total
Net sales	$	964,002	$	596,697	$	1,560,699
Cost of sales	447,708		157,538		605,246
Other segment items (1)	3,253		6,486		9,739
Adjusted gross margin	$	519,547	$	445,645	$	965,192
Other segment items (1)					(9,739)
Selling, general and administrative					(494,884)
Research and development					(303,719)
Interest income					49,107
Interest expense					(6,995)
Other income (loss), net					(41,901)
Income before provision for income taxes					$	157,061

(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.

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.

	Year Ended December 31, 2025						Year Ended December 31, 2024						Year Ended December 31, 2023
	Connected Devices		Software and Services		Total		Connected Devices		Software and Services		Total		Connected Devices		Software and Services		Total
Depreciation and amortization	$	38,188	$	19,111	$	57,299	$	23,142	$	12,239	$	35,381	$	14,115	$	3,454	$	17,569
Significant noncash items:
Stock-based compensation expense	31,298		21,919		53,217		47,953		12,136		60,089		2,576		4,019		6,595
Provisions for inventory	4,077		—		4,077		16,599		—		16,599		4,394		—		4,394
Warranty reserve expense	11,628		—		11,628		5,592		—		5,592		8,062		—		8,062