v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities:    
Net income (loss) attributable to common stockholders $ 124,072 $ (78,746)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:    
Depreciation and amortization 135,415 114,803
Non-cash interest income (1,285) (2,798)
Cash paid for interest 2,224 1,327
Stock-based compensation 163,547 183,755
(Gain) loss on remeasurement of warrant liabilities 3,356 8,303
(Gain) loss from equity method investment 236 (91)
Deferred income taxes 96 (79,762)
Other non-cash (gain) loss, net (16,422) 1,920
Change in operating assets and liabilities, net of effect of acquisitions:    
Receivables reserved for users (5,081) 73,531
Accounts receivable (11,111) (14,494)
Prepaid expenses and other current assets (2,544) (22,698)
Deposits and other non-current assets 2,759 (179)
Operating leases, net 0 168
Accounts payable and accrued expenses (98,441) (82,154)
Liabilities to users (254,484) (148,107)
Long-term income tax liability 7,953 (1,171)
Other long-term liabilities 4,615 5,387
Net cash flows provided by (used in) operating activities 54,905 (41,006)
Cash Flows from Investing Activities:    
Purchases of property and equipment (6,963) (5,446)
Cash paid for internally developed software costs (60,414) (44,072)
Cash paid for gaming market access and licenses (2,234) (12,695)
Cash paid for acquisitions, net of cash acquired 0 (392,013)
Other investing activities (4,667) (2,308)
Net cash flows provided by (used in) investing activities (74,278) (456,534)
Cash Flows from Financing Activities:    
Proceeds from Term B Loan, net 588,116 0
Repayment of Term B Loan principal (1,500) 0
Purchase of treasury stock for RSU withholding (101,852) (57,912)
Purchase of treasury stock under Stock Repurchase Program (242,741) 0
Proceeds from exercise of stock options 6,304 5,443
Proceeds from shares issued under Employee Stock Purchase Plan 6,900 0
Other financing activities (2,093) 0
Net cash flows provided by (used in) financing activities 253,134 (52,469)
Net increase (decrease) in cash and cash equivalents, restricted cash, and cash reserved for users 233,761 (550,009)
Cash and cash equivalents, restricted cash, and cash reserved for users at the beginning of period 1,330,193 1,623,493
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period 1,563,954 1,073,484
Disclosure of cash and cash equivalents, restricted cash, and cash reserved for users    
Cash and cash equivalents 1,261,969 815,880
Restricted cash 4,616 12,844
Cash reserved for users 297,369 244,760
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period 1,563,954 1,073,484
Supplemental Disclosure of Noncash Investing and Financing Activities:    
Investing activities included in accounts payable and accrued expenses 1,084 1,709
Shares issued for contingent consideration 4,962 331,557
Decrease of warrant liabilities from cashless exercise of warrants 11,185 46,398
Supplemental Disclosure of Cash Activities:    
(Decrease) increase in cash reserved for users (228,038) (96,530)
Cash paid for interest $ 9,421 $ 0