v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 37,730 $ 18,442
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for transaction losses 2,066 796
Depreciation and amortization 4,861 3,146
Amortization of debt issuance costs 460 460
Accretion of discount on purchases of marketable securities, net (1,943) (4,876)
Amortization of operating lease asset 202 847
Tides Foundation common stock warrant expense 188 188
Stock-based compensation expense 12,272 16,942
Changes in operating assets and liabilities:    
Trade and client receivables [1] (3,535) (3,231)
Prepaid expenses and other assets (3,298) (2,129)
Operating lease liability 830 (1,549)
Accounts payable (1,987) 782
Accrued expenses and other liabilities (11,108) (10,897)
Deferred revenue 227 (4,107)
Net cash provided by operating activities 36,965 14,814
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities (50,708) (149,876)
Proceeds from maturities of marketable securities 51,380 131,772
Proceeds from sale of marketable securities 280 26,909
Purchases of property and equipment (2,472) (177)
Internal-use software and platform development costs (3,703) (2,488)
Net cash (used in) provided by investing activities (5,223) 6,140
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in escrow funds payable, net [1] 19,258 1,392
Proceeds from exercises of stock options and common stock warrants 652 106
Repurchase of common stock (33,054) (66,876)
Net cash used in financing activities (13,144) (65,378)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 18,598 (44,424)
Cash, cash equivalents, and restricted cash—beginning of period 505,593 296,418
Cash, cash equivalents, and restricted cash—end of period 524,191 251,994
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 451 458
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:    
Property and equipment purchased but not yet paid 875 160
Internal-use software and platform development costs incurred but not yet paid $ 227 $ 30
[1] Refer to “Note 2—Basis of Presentation and Summary of Significant Accounting Policies” for discussion of the change in the current period presentation.