v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income (loss) $ (81,697) $ (56,514) $ (52,934)
Less: Income (loss) from discontinued operations, net of tax (616) 0 0
Income (loss) from continuing operations (81,081) (56,514) (52,934)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization of property, equipment and software 17,121 27,889 43,401
Amortization of acquired intangible assets 1,481 3,011 7,817
Stock-based compensation 37,774 26,734 14,481
(Gain) loss from changes in fair value of investments 0 0 25,751
Deferred income taxes (2,932) 4,496 1,735
Foreign currency (gains) losses, net (21,452) 30,036 (5,105)
Foreign VAT assessments 0 8,692 0
(Gain) on sale of assets 0 (5,160) 0
(Gain) on sale of business (10,650) 0 0
(Gain) on sale of investment (5,998) 0 0
Loss on extinguishment of debt 99,925 1,631 0
Change in assets and liabilities:      
Accounts receivable 3,009 15,276 (4,482)
Prepaid expenses and other current assets (4,319) 18,598 21,364
Right-of-use assets - operating leases 3,443 2,525 9,747
Accounts payable (2,980) (3,637) (44,594)
Accrued merchant and supplier payables 32,845 (9,694) (18,286)
Accrued expenses and other current liabilities 8,486 (7,047) (37,851)
Operating lease obligations (3,831) (6,144) (27,149)
Payment for early lease termination 0 (2,155) (9,724)
Other, net (6,343) 7,357 (2,156)
Net cash provided by (used in) operating activities from continuing operations 64,498 55,894 (77,985)
Net cash provided by (used in) operating activities from discontinued operations 0 0 0
Net cash provided by (used in) operating activities 64,498 55,894 (77,985)
Investing activities      
Purchases of property and equipment and capitalized software (14,624) (15,333) (19,285)
Proceeds from sale of assets, net 0 9,116 1,489
Proceeds from sale of business, net 15,049 0 0
Proceeds from sale or divestment of investment 5,998 0 18,924
Acquisitions of intangible assets and other investing activities 0 (595) (2,525)
Net cash provided by (used in) investing activities from continuing operations 6,423 (6,812) (1,397)
Net cash provided by (used in) investing activities from discontinued operations 0 0 0
Net cash provided by (used in) investing activities 6,423 (6,812) (1,397)
Financing activities      
Payments of borrowings under revolving credit agreement 0 (42,776) (32,224)
Proceeds from issuance of 2027 Notes 0 19,950 0
Proceeds from Rights Offering, net of issuance costs 0 79,619 0
Taxes paid related to net share settlements of stock-based compensation awards (6,188) (2,332) (3,299)
Proceeds from settlement of Capped Call Transactions 2,732 0 0
Distributions to noncontrolling interest holders (1,887) (2,596) (2,540)
Other financing activities 129 (372) 2,373
Net cash provided by (used in) financing activities (7,510) 47,790 (35,690)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (368) (1,941) 1,014
Net increase (decrease) in cash, cash equivalents and restricted cash 63,043 94,931 (114,058)
Less: Net increase (decrease) in cash classified within current assets of discontinued operations 0 0 0
Net increase (decrease) in cash, cash equivalents and restricted cash 63,043 94,931 (114,058)
Cash, cash equivalents and restricted cash, beginning of period [1] 262,569 167,638 281,696
Cash, cash equivalents and restricted cash, end of period [1] 325,612 262,569 167,638
6.25% Convertible Senior Notes Due 2027      
Financing activities      
Issuance costs for notes 0 (3,703) 0
2030 Notes, due June 30, 2030      
Financing activities      
Issuance costs for notes $ (2,296) $ 0 $ 0
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash shown above to amounts reported within the Consolidated Balance Sheets as of December 31, 2025, 2024 and 2023 (in thousands):
December 31,
202520242023
Cash and cash equivalents$296,080 $228,843 $141,563 
Restricted cash included in prepaid expenses and other current assets29,532 33,726 26,075 
Cash, cash equivalents and restricted cash$325,612 $262,569 $167,638 
Year Ended December 31,
202520242023
Supplemental disclosure of cash flow information
Cash activity:
Cash paid for interest$14,678 $3,366 $6,624 
Income tax payments (2)
36,771 15,511 7,904 
Cash paid for amounts included in the measurement of operating lease liabilities3,984 5,508 26,686 
Non-cash investing activity:
Right-of-use assets obtained in exchange for operating lease liabilities3,301 6,456 973 
Increase (decrease) in liabilities related to purchases of property and equipment and capitalized software (127)356 (1,770)
Non-cash financing activity:
Exchanged 2026 Notes(20,000)(176,260)— 
Exchanged 2027 Notes
(150,000)— — 
Issuance of the 2027 Notes in exchange for 2026 Notes— 176,260 — 
Issuance of the 2030 Notes in exchange for 2026 Notes and 2027 Notes
244,071 — —