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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income (loss) $ 100,013,000 $ (24,791,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 11,027,000 6,857,000
Stock-based compensation 67,973,000 48,289,000
Change in fair value of liabilities 0 1,056,000
Net accretion on securities (3,440,000) (4,034,000)
Benefit for deferred taxes (54,340,000) (30,000)
Impairment of long-lived assets 114,000 429,000
Non-cash operating lease cost 1,875,000 1,412,000
Non-cash acquisition-related costs 0 2,264,000
Non-cash other 435,000 87,000
Changes in operating assets and liabilities:    
Inventory (26,295,000) (430,000)
Prepaid expenses and other current assets (1,535,000) (401,000)
Other long-term assets (47,000) (39,000)
Accounts payable 35,052,000 4,401,000
Accrued liabilities 14,002,000 14,912,000
Deferred revenue 24,451,000 2,920,000
Operating lease liabilities (1,761,000) (1,402,000)
Earn-out payable (2,825,000) 0
Net cash provided by operating activities 164,699,000 51,500,000
Investing activities    
Purchases of investments (150,595,000) (136,415,000)
Maturities of investments 189,292,000 117,334,000
Proceeds from sales of investments 725,000 1,574,000
Investment in website development and internal-use software (8,730,000) (6,705,000)
Purchases of property, equipment, and intangible assets (17,135,000) (8,589,000)
Acquisition of business, net of cash acquired (15,399,000) 0
Net cash used in investing activities (1,842,000) (32,801,000)
Financing activities    
Proceeds from exercise of vested stock options 18,505,000 1,691,000
Payments for taxes related to net share settlement of equity awards (33,096,000) (10,101,000)
Repurchases of common stock (78,034,000) 0
Proceeds from employee stock purchase plan 1,622,000 898,000
Payments for acquisition-related earn-out consideration (3,190,000) 0
Net cash used in financing activities (94,193,000) (7,512,000)
Foreign currency effect on cash and cash equivalents 191,000 37,000
Increase in cash, cash equivalents, and restricted cash 68,855,000 11,224,000
Cash, cash equivalents, and restricted cash at beginning of period 97,519,000 47,628,000
Cash, cash equivalents, and restricted cash at end of period 166,374,000 58,852,000
Reconciliation of cash, cash equivalents, and restricted cash    
Cash and cash equivalents 165,518,000 57,996,000
Restricted cash 856,000 856,000
Total cash, cash equivalents, and restricted cash 166,374,000 58,852,000
Supplemental disclosures of cash flow information    
Cash paid for taxes 3,872,000 645,000
Non-cash investing and financing activities    
Purchases of property and equipment included in accounts payable and accrued liabilities 704,000 5,237,000
Right-of-use asset obtained in exchange for lease liability 2,174,000 591,000
Issuance of common stock for acquisition-related earn-out consideration 1,396,000 0
Issuance of common stock and liabilities assumed in connection with acquisition of business $ 16,000,000 $ 0