XML 65 R8.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 83,260 $ 163,950
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 20,516 4,888
Allowance for credit losses [1] 3,226 4,279
Amortization of deferred other costs [2] 13,391 10,593
Inventory excess and obsolescence 22,313 17,118
Stock-based compensation expense 18,847 13,685
Deferred income taxes-net (71,408) 4,727
Change in fair value of contingent consideration 13,800 0
Other operating activities-net 1,964 482
Changes in operating assets and liabilities:    
Accounts and note receivable-net [3] (164,133) (26,529)
Inventories 31,132 14,585
Prepaid expenses and other current assets [4] (142,920) (20,261)
Other long-term assets 1,511 (5,303)
Accounts payable [5] 4,081 (12,259)
Accrued expenses [6] 32,961 11,151
Income taxes payable 38,742 (49,631)
Accrued promotional allowance [7] 83,276 59,023
Accrued distributor termination fees 252,953 (248)
Other current liabilities 3,691 4,094
Deferred revenue [8] 233,463 (7,135)
Other long-term liabilities (1,786) 17
Net cash provided by operating activities 478,880 187,226
Cash flows from investing activities:    
Purchase of property, plant and equipment [9] (25,539) (17,983)
Purchase of non-marketable equity securities (5,000) (3,000)
Alani Nu Acquisition, net of cash acquired (1,278,769) 0
Net working capital estimate received from Pepsi related to the Rockstar Acquisition [2] 30,617 0
Net cash used in investing activities (1,278,691) (20,983)
Cash flows from financing activities:    
Cash dividends paid on Series A convertible preferred stock [10] (23,301) (20,588)
Repurchase of common stock related to employee tax withholdings (3,259) (1,658)
Proceeds from term loan 900,000 0
Payments on term loan (2,250) 0
Payment of debt issuance costs and debt discount (28,873) 0
Payment of revolver fees (2,708) 0
Other financing activities-net 301 3,786
Net cash provided by (used in) financing activities 839,910 (18,460)
Effect on exchange rate changes on cash, cash equivalents and restricted cash 2,174 (16)
Net increase in cash, cash equivalents and restricted cash 42,273 147,767
Cash, cash equivalents and restricted cash at beginning of the period 890,190 755,981
Cash, cash equivalents and restricted cash at end of the period 932,463 903,748
Cash paid for:    
Interest 34,510 0
Taxes 51,508 99,032
Supplemental schedule of noncash investing and financing activities:    
Acquisition date fair value of Alani Nu contingent consideration 11,200 0
Fair value of Series A Preferred Stock modification [10] 27,867 0
Alani Nu    
Adjustments to reconcile net income to net cash provided by operating activities:    
Change in fair value of contingent consideration (13,800)  
Cash flows from investing activities:    
Alani Nu Acquisition, net of cash acquired (1,278,800)  
Supplemental schedule of noncash investing and financing activities:    
Estimated fair value of share consideration issued in the acquisition of Alani Nu and Fair value of Series B Preferred Stock issued to Pepsi 721,964 0
Rockstar    
Cash flows from investing activities:    
Net working capital estimate received from Pepsi related to the Rockstar Acquisition 30,600  
Rockstar | Series B Convertible Preferred Stock    
Supplemental schedule of noncash investing and financing activities:    
Estimated fair value of share consideration issued in the acquisition of Alani Nu and Fair value of Series B Preferred Stock issued to Pepsi [10] $ 907,920 $ 0
[1] Includes $(0.6) million and $0.5 million associated with a related party for the nine months ended September 30, 2025 and 2024, respectively.
[2] Amounts in this line item are associated with a related party for all periods presented.
[3] Includes $(24.1) million and $11.9 million associated with a related party for the nine months ended September 30, 2025 and 2024, respectively.
[4] Includes $(126.6) million associated with a related party for the nine months ended September 30, 2025 and no amount for the nine months ended September 30,
2024.
[5] Includes $0.6 million and $0.7 million associated with a related party for the nine months ended September 30, 2025 and 2024, respectively
[6] Includes $0.1 million and $(1.0) million associated with a related party for the nine months ended September 30, 2025 and 2024, respectively.
[7] Includes $20.2 million and $49.5 million associated with a related party for the nine months ended September 30, 2025 and 2024, respectively
[8] Includes $244.7 million and $(7.1) million associated with a related party for the nine months ended September 30, 2025 and 2024, respectively.
[9] Includes $(8.8) million associated with a related party for both the nine months ended September 30, 2025 and 2024.
[10] [1]  Amounts in this line item are associated with a related party for all periods presented. The non-cash proceeds were used for the ASC 606 upfront payment to
customer and the Rockstar purchase consideration as part of the Pepsi Transactions, see Note 5. Acquisitions.