v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 23,895 $ 5,685
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 40,641 32,907
Amortization of debt issuance costs and discounts 869 1,663
Non-cash operating lease expense 2,065 1,930
Stock-based compensation expense 40,589 51,686
Loss on operating lease asset 4,409 0
Other 456 0
Changes in operating assets and liabilities:    
Accounts receivable (43,093) (18,166)
Prepaid expenses and other assets (15,796) (5,981)
Accounts payable 11,086 (18,017)
Accrued expenses and other current liabilities (3,235) 1,973
Operating lease liabilities (3,187) (1,770)
Other liabilities 294 377
Net cash provided by operating activities 58,993 52,287
Cash flows from investing activities    
Purchase of property and equipment (532) (675)
Acquisition (30,000) 0
Capitalized software (39,659) (37,169)
Net cash used in investing activities (70,191) (37,844)
Cash flows from financing activities    
Payments on long-term debt (2,500) (5,273)
Repurchases of Class A common stock [1] (145,888) (153,226)
Proceeds from exercise of stock options 3 11,772
Employee taxes paid related to net share settlement of equity awards (8,305) (15,966)
Proceeds from employee stock purchase plan 860 857
Net cash used in financing activities (155,830) (161,836)
Net change in cash and cash equivalents (167,028) (147,393)
Cash and cash equivalents    
Beginning of period 448,346 672,296
End of period 281,318 524,903
Non cash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease liabilities 9,098 1,894
Stock-based compensation included in capitalized software 8,603 8,090
Capitalized software included in accounts payable and accrued expenses and other current liabilities $ 6,645 $ 4,628
[1] Repurchases of Class A common stock for the six months ended June 30, 2025 and 2024 include 20.0 million and
20.9 million shares repurchased from related parties (after giving effect to the automatic conversion of Class B
common stock to Class A common stock upon such repurchase) for an aggregate consideration of $84.9 million
and $151.4 million, respectively. See "Note 10. Stockholders' Equity" for additional information.