Segment Data (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Reportable Segments

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

	Three Months Ended September 30,
	2026						2025
	Connected Devices		Software and Services		Total		Connected Devices		Software and Services		Total
Net sales	$	471,524	$	437,030	$	908,554	$	405,399	$	305,242	$	710,641
Cost of sales	(268,629)		(124,947)		(393,576)		(203,173)		(80,120)		(283,293)
Other segment items (1)	7,580		15,682		23,262		8,902		9,200		18,102
Adjusted gross margin	$	210,475	$	327,765	$	538,240	$	211,128	$	234,322	$	445,450
Other segment items (1)					(23,262)						(18,102)
Selling, general and administrative					(280,496)						(252,803)
Research and development					(192,402)						(176,674)
Interest income					5,657						23,941
Interest expense					(28,337)						(28,912)
Other income, net					59,520						22,803
Income before provision for income taxes					$	78,920					$	15,703

(1)    Other segment items includes adjustments 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,
	2026						2025
	Connected Devices		Software and Services		Total		Connected Devices		Software and Services		Total
Net sales	$	1,430,898	$	1,189,390	$	2,620,288	$	1,122,655	$	860,157	$	1,982,812
Cost of sales	(744,646)		(336,931)		(1,081,577)		(566,861)		(219,121)		(785,982)
Other segment items (1)	22,877		42,696		65,573		27,872		27,922		55,794
Adjusted gross margin	$	709,129	$	895,155	$	1,604,284	$	583,666	$	668,958	$	1,252,624
Other segment items (1)					(65,573)						(55,794)
Selling, general and administrative					(830,571)						(718,524)
Research and development					(590,039)						(490,264)
Interest income					23,083						57,798
Interest expense					(85,081)						(65,419)
Other income, net					255,722						104,790
Income before provision for income taxes					$	311,825					$	85,211

(1)    Other segment items includes the adjustment for noncash stock-based compensation expense, amortization of acquired intangible assets, compensation taxes related to Employee XSP vesting, non-recurring severance costs, and inventory step-up amortization related to acquisitions 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,
	2026						2025
	Connected Devices		Software and Services		Total		Connected Devices		Software and Services		Total
Depreciation and amortization	$	12,488	$	9,188	$	21,676	$	9,188	$	4,324	$	13,512
Significant noncash items:
Stock-based compensation expense	5,850		7,110		12,960		7,584		5,119		12,703
Warranty reserve expense	3,333		—		3,333		2,584		—		2,584
Provisions for inventory	1,893		—		1,893		1,737		—		1,737

	Nine Months Ended September 30,
	2026						2025
	Connected Devices		Software and Services		Total		Connected Devices		Software and Services		Total
Depreciation and amortization	$	36,683	$	26,240	$	62,923	$	26,783	$	12,381	$	39,164
Significant noncash items:
Stock-based compensation expense (1)	17,141		17,663		34,804		22,643		15,508		38,151
Warranty reserve expense	10,188		—		10,188		9,378		—		9,378
Provisions for inventory	2,607		—		2,607		3,578		—		3,578

(1)    For the nine months ended September 30, 2026, stock-based compensation expense excludes immaterial severance costs recorded to cost of product and service sales.