| March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 879,498 | $ | 755,981 | |||||||
Accounts receivable-net[1] | 200,117 | 183,703 | |||||||||
| Note receivable-current-net | 2,259 | 2,318 | |||||||||
| Inventories-net | 197,504 | 229,275 | |||||||||
| Prepaid expenses and other current assets | 21,523 | 19,503 | |||||||||
Deferred other costs-current[2] | 14,124 | 14,124 | |||||||||
| Total current assets | 1,315,025 | 1,204,904 | |||||||||
| Property and equipment-net | 28,350 | 24,868 | |||||||||
| Deferred tax assets | 22,437 | 29,518 | |||||||||
| Right of use assets-operating leases | 1,688 | 1,957 | |||||||||
| Right of use assets-finance leases | 263 | 208 | |||||||||
| Other long-term assets | 7,963 | 291 | |||||||||
Deferred other costs-non-current[2] | 244,807 | 248,338 | |||||||||
| Intangibles-net | 11,741 | 12,139 | |||||||||
| Goodwill | 13,866 | 14,173 | |||||||||
| Total Assets | $ | 1,646,140 | $ | 1,536,396 | |||||||
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | 40,196 | $ | 42,840 | ||||||||
| Accrued expenses | 63,871 | 62,120 | |||||||||
| Income taxes payable | 58,619 | 50,424 | |||||||||
Accrued promotional allowance[3] | 129,201 | 99,787 | |||||||||
| Lease liability obligation-operating leases | 821 | 980 | |||||||||
| Lease liability obligation-finance leases | 61 | 59 | |||||||||
Deferred revenue-current[2] | 9,513 | 9,513 | |||||||||
| Other current liabilities | 12,987 | 10,890 | |||||||||
| Total current liabilities | 315,269 | 276,613 | |||||||||
| Lease liability obligation-operating leases | 850 | 955 | |||||||||
| Lease liability obligation-finance leases | 245 | 193 | |||||||||
| Deferred tax liability | 2,248 | 2,880 | |||||||||
Deferred revenue-non-current[2] | 164,849 | 167,227 | |||||||||
| Total Liabilities | 483,461 | 447,868 | |||||||||
| Commitments and contingencies (Note 15) | |||||||||||
Mezzanine Equity[2]: | |||||||||||
| Series A convertible preferred stock, $0.001 par value, 5% cumulative dividends; 1,466,666 shares issued and outstanding at each of March 31, 2024 and December 31, 2023, aggregate liquidation preference of $550,000 as of March 31, 2024 and December 31, 2023 | 824,488 | 824,488 | |||||||||
| Stockholders’ Equity: | |||||||||||
| Common stock, $0.001 par value; 300,000,000 shares authorized, 233,070,146 and 231,787,482 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 78 | 77 | |||||||||
| Additional paid-in capital | 281,247 | 276,717 | |||||||||
| Accumulated other comprehensive loss | (2,055) | (701) | |||||||||
| Retained earnings (accumulated deficit) | 58,921 | (12,053) | |||||||||
| Total Stockholders’ Equity | 338,191 | 264,040 | |||||||||
| Total Liabilities, Mezzanine Equity and Stockholders’ Equity | $ | 1,646,140 | $ | 1,536,396 | |||||||
| For The Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Revenue[1] | $ | 355,708 | $ | 259,939 | |||||||
| Cost of revenue | 173,501 | 146,121 | |||||||||
| Gross profit | 182,207 | 113,818 | |||||||||
| Selling, general and administrative expenses | 99,017 | 68,905 | |||||||||
| Income from operations | 83,190 | 44,913 | |||||||||
| Other income (expense): | |||||||||||
| Interest income on note receivable | 28 | 45 | |||||||||
| Interest income, net | 9,612 | 4,924 | |||||||||
| Foreign exchange loss | (369) | (118) | |||||||||
| Total other income | 9,271 | 4,851 | |||||||||
| Net income before income taxes | 92,461 | 49,764 | |||||||||
| Income tax expense | (14,650) | (8,537) | |||||||||
| Net income | $ | 77,811 | $ | 41,227 | |||||||
Dividends on Series A preferred shares[2] | (6,837) | (6,781) | |||||||||
Income allocated to participating preferred shares[2] | (6,128) | (2,934) | |||||||||
| Net income attributable to common stockholders | $ | 64,846 | $ | 31,512 | |||||||
| Other comprehensive (loss) income: | |||||||||||
| Foreign currency translation (loss) gain, net of income tax | (1,354) | 594 | |||||||||
| Comprehensive income | $ | 63,492 | $ | 32,106 | |||||||
Earnings per share:[3] | |||||||||||
| Basic | $ | 0.28 | $ | 0.14 | |||||||
| Diluted | $ | 0.27 | $ | 0.13 | |||||||
Weighted average shares outstanding[3]: | |||||||||||
| Basic | 232,780 | 230,019 | |||||||||
| Diluted | 237,523 | 236,277 | |||||||||
| For The Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 77,811 | $ | 41,227 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 1,229 | 549 | |||||||||
Allowance for expected credit losses[1] | 2,250 | 837 | |||||||||
Amortization of deferred other costs[2] | 3,531 | 3,531 | |||||||||
| Inventory excess and obsolescence | 2,386 | 1,672 | |||||||||
| Gain on disposal of property and equipment | (8) | — | |||||||||
| Stock-based compensation expense | 3,563 | 5,507 | |||||||||
| Deferred income taxes-net | 6,450 | 2,873 | |||||||||
| Foreign exchange loss | 369 | 69 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
Accounts receivable-net[3] | (18,664) | (109,639) | |||||||||
| Inventories-net | 29,386 | 17,338 | |||||||||
| Prepaid expenses and other current assets | (2,076) | (4,166) | |||||||||
| Accounts payable | (3,013) | (19,712) | |||||||||
| Accrued expenses | 1,998 | 12,643 | |||||||||
| Income taxes payable | 8,250 | 7,251 | |||||||||
Accrued promotional allowance[4] | 29,414 | 32,248 | |||||||||
| Accrued distributor termination fees | (248) | (2,923) | |||||||||
| Other current liabilities | 2,094 | 1,508 | |||||||||
| Change in right of use and lease obligation-net | (23) | (15) | |||||||||
Deferred revenue[2] | (2,378) | (4,625) | |||||||||
| Other assets | (7,672) | (4) | |||||||||
| Net cash provided by (used in) operating activities | 134,649 | (13,831) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Collections from note receivable | — | 3,233 | |||||||||
Purchase of property and equipment[5] | (4,525) | (2,253) | |||||||||
| Net cash (used in) provided by investing activities | (4,525) | 980 | |||||||||
| Cash flows from financing activities: | |||||||||||
| Principal payments on finance lease obligations | (15) | (11) | |||||||||
| Proceeds from exercise of stock options | 967 | 478 | |||||||||
Dividends on Series A preferred shares[2] | (6,837) | (6,781) | |||||||||
| Net cash used in financing activities | (5,885) | (6,314) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (722) | (181) | |||||||||
| Net increase (decrease) in cash and cash equivalents | 123,517 | (19,346) | |||||||||
| Cash and cash equivalents at beginning of the period | 755,981 | 652,927 | |||||||||
| Cash and cash equivalents at end of the period | $ | 879,498 | $ | 633,581 | |||||||
| Supplemental disclosures: | |||||||||||
| Cash paid for: | |||||||||||
| Taxes | $ | 320 | $ | 408 | |||||||