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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 317.6 $ 103.0
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 59.3 54.0
Stock-based compensation expense 49.3 35.7
Deferred income taxes (140.8) 0.3
Non-cash interest expense 5.4 4.6
Provision for credit losses 0.6 2.1
Unrealized loss (gain) on investments 3.8 (0.8)
Other 5.1 0.3
Changes in operating assets and liabilities:    
Inventories (38.6) (65.3)
Prepaid expenses and other assets (16.8) (24.5)
Accounts payable 20.0 41.5
Net cash provided by operating activities 282.6 100.5
Cash flows from investing activities    
Capital expenditures (71.3) (46.3)
Investments in developed software (6.7) (6.2)
Acquisition of intangible assets 0.0 (25.1)
Acquisition of a business 0.0 (3.0)
Cash paid for investments (0.2) (7.2)
Net cash used in investing activities (78.2) (87.8)
Cash flows from financing activities    
Proceeds from issuance of term loan, net of issuance costs 130.0 0.0
Repayment of term loan (136.0) (3.8)
Proceeds from secured borrowing 32.6 0.0
Repayment of secured borrowing (17.2) 0.0
Repayment of equipment financings (15.5) (14.8)
Repayment of financing lease (6.0) 0.0
Repayment of mortgage (1.8) (1.7)
Proceeds from exercise of stock options 7.7 12.4
Proceeds from issuance of common stock under employee stock purchase plan 6.0 5.5
Payment of withholding taxes in connection with vesting of restricted stock units (7.0) (13.1)
Other 0.0 (0.3)
Net cash used in financing activities (7.2) (15.8)
Effect of exchange rate changes on cash and cash equivalents 1.2 (1.2)
Net increase (decrease) in cash, cash equivalents and restricted cash 198.4 (4.3)
Cash, cash equivalents and restricted cash at beginning of period 704.2 689.7
Cash, cash equivalents and restricted cash at end of period 902.6 685.4
Nonrelated Party    
Changes in operating assets and liabilities:    
Accounts receivable (20.5) (52.1)
Accrued expenses and other liabilities 31.8 16.2
Related Party    
Changes in operating assets and liabilities:    
Accounts receivable 5.6 (15.2)
Accrued expenses and other liabilities $ 0.8 $ 0.7