v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net income (loss) $ (17,215,000) $ 2,511,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 26,752,000 5,491,000
Noncash operating lease cost 7,018,000 4,545,000
Equity-based compensation 61,260,000 49,083,000
Amortization of deferred contract acquisition costs 3,103,000 2,413,000
Amortization of debt issuance costs, included in interest expense 816,000 140,000
Debt extinguishment cost 419,000 0
Deferred tax benefit (491,000) (1,992,000)
Accretion of discount on investments (284,000) (1,177,000)
Realized (gain) loss on investments (112,000) 24,000
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable, net 10,345,000 (4,718,000)
Prepaid expenses and other assets (11,422,000) (1,093,000)
Deferred contract acquisition costs (3,356,000) (1,771,000)
Accounts payable 850,000 335,000
Accrued expenses and other liabilities (5,049,000) (4,183,000)
Tax receivable agreement liability (35,000) 4,355,000
Other long-term liabilities (1,018,000) 0
Net cash provided by operating activities 71,581,000 53,963,000
INVESTING ACTIVITIES    
Purchases of property, equipment and software (4,455,000) (2,947,000)
Purchases of intangible assets (184,000) 0
Purchase of held to maturity investments (4,686,000) (3,009,000)
Purchases of available-for-sale investments 0 (67,390,000)
Proceeds from sale of available-for-sale investments 89,479,000 0
Proceeds from maturities of investments 20,375,000 59,842,000
Acquisition of businesses, net of cash acquired (1,074,783,000) (40,121,000)
Payment of asset acquisition holdback liability (10,000,000) 0
Payment of initial direct costs for operating leases (89,000) (104,000)
Net cash used in investing activities (984,343,000) (53,729,000)
FINANCING ACTIVITIES    
Proceeds from exercise of options 168,000 109,000
Taxes paid related to net share settlement of equity awards (29,339,000) (33,081,000)
Proceeds from borrowings, net of payment of debt issuance costs 924,475,000 0
Repayments of borrowings (97,063,000) (688,000)
Payment of business acquisition holdback liability 0 (780,000)
Proceeds from employee stock purchase plan 3,316,000 2,795,000
Payment of tax distributions 0 (8,000)
Net cash provided by (used in) financing activities 801,557,000 (31,653,000)
Effect of exchange rate changes on cash and cash equivalents 2,259,000 (251,000)
Change in cash and cash equivalents during the period (108,946,000) (31,670,000)
Cash and cash equivalents, beginning of period 177,350,000 221,765,000
Cash and cash equivalents, end of period 68,404,000 190,095,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 1,755,000 1,762,000
Cash paid for income taxes 856,000 590,000
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Purchase of property, equipment and software included in accounts payable and accrued expense 64,000 55,000
Tax distributions payable to Continuing Equity Owners included in accrued expenses 13,000 3,209,000
Acquisition of Bistro intangible assets paid in common stock 102,729,000 0
Business acquisition liability included in accrued expenses and other liabilities $ 3,122,000 $ 0