v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net (loss) income $ (103,421) $ (837,068) $ 18,180
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Share-based compensation expense 31,864 84,614 133,502
Depreciation and amortization expense 78,637 78,344 129,718
Deferred tax assets 1,348 143,319 26,575
Gain on early extinguishments of debt (7,838) (19,515) (85,926)
Loss contingency 0 0 7,000
Impairment expense 2,000 677,239 3,600
Loss from write-offs of property and equipment 1,959 5,795 4,137
Amortization of debt issuance costs 500 2,147 3,156
Operating lease expense, net of accretion 3,641 5,864 6,079
Realized (gain) loss on sale of investments (752) 27 2,106
Impairment of lease related assets 7,315 5,557 0
Impairment of equity investment 6,000 0 0
Other non-cash items 1,423 656 (1,228)
Change in assets and liabilities:      
Accounts receivable 8,439 7,771 (7,799)
Prepaid expenses and other current assets 66,370 (41,732) 3,476
Other assets 21 1,130 10,829
Accounts payable (9,660) (12,376) 13,057
Deferred revenue (10,677) (15,885) (1,585)
Accrued liabilities (59,723) 47,103 (7,342)
Other liabilities (1,956) (7,785) (11,337)
Net cash provided by operating activities 15,490 125,205 246,198
Cash flows from investing activities      
Purchases of property and equipment (28,123) (74,953) (83,052)
Proceeds from disposition of textbooks 0 0 9,787
Purchases of investments (793) (170,950) (637,939)
Proceeds from sale of investments 181,158 70,077 394,533
Maturities of investments 130,055 171,671 597,197
Proceeds from sale of equity investments 0 15,500 0
Purchases of equity investments 0 0 (11,853)
Net cash provided by investing activities 282,297 11,345 268,673
Cash flows from financing activities      
Proceeds from common stock issued under stock plans 590 2,636 4,165
Payment of taxes related to the net share settlement of equity awards (2,600) (9,239) (16,440)
Repayment of convertible senior notes (424,848) (96,520) (505,986)
Proceeds from exercise of convertible senior notes capped call 0 0 297
Payment of withholding tax (1,621) (3,450) 0
Repurchase of common stock 0 (2,569) (334,806)
Net cash used in financing activities (428,479) (109,142) (852,770)
Effect of exchange rate changes (256) (1,025) 21
Net (decrease) increase in cash, cash equivalents and restricted cash (130,948) 26,383 (337,878)
Cash, cash equivalents and restricted cash, beginning of period 164,359 137,976 475,854
Cash, cash equivalents and restricted cash, end of period 33,411 164,359 137,976
Supplemental cash flow data:      
Interest 224 449 741
Income taxes, net of refunds 4,589 8,085 11,074
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases 6,964 7,243 9,042
Right of use assets obtained in exchange for lease obligations:      
Operating leases 1,636 10,108 12,407
Non-cash investing and financing activities:      
Accrued purchases of long-lived assets 185 5,850 9,650
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 31,146 161,475 135,757
Restricted cash included in other current assets 575 956 0
Restricted cash included in other assets 1,690 1,928 2,219
Total cash, cash equivalents and restricted cash $ 33,411 $ 164,359 $ 137,976