v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 53,753 $ 25,773
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property, equipment and internal-use software 18,134 15,184
Amortization of intangible assets 5,147 5,200
Provision for uncollectible overdrawn accounts from purchase transactions 2,556 2,864
Provision for loan losses 11,110 11,127
Stock-based compensation 4,494 3,021
Losses in equity method investments 1,420 2,846
Realized loss on available-for-sale investment securities 0 24,497
Amortization of premium and discount on available-for-sale investment securities 959 (513)
Impairment of long-lived assets 331 61
Other 6,012 (1,499)
Changes in operating assets and liabilities:    
Accounts receivable, net (1,650) 499
Prepaid expenses and other assets 1,380 1,720
Deferred expenses 62 257
Accounts payable and other accrued liabilities (22,854) 11,988
Deferred revenue 48 (1,695)
Income tax receivable/payable 14,146 7,713
Other, net 13 (322)
Net cash provided by operating activities 95,061 108,721
Investing activities    
Purchases of available-for-sale investment securities (549,768) (80,741)
Proceeds from maturities of available-for-sale securities 41,495 54,520
Proceeds from sales and calls of available-for-sale securities 0 287
Payments for property, equipment and internal-use software (19,032) (19,418)
Net changes in loans (16,093) (17,631)
Other investing activities (23,199) (474)
Net cash used in investing activities (566,597) (63,457)
Financing activities    
Borrowings on notes payable 0 14,860
Net borrowings from Federal Home Loan Bank 500,000 0
Proceeds from ESPP purchases 820 0
Taxes paid related to net share settlement of equity awards (4,875) (2,429)
Net changes in deposits 112,415 159,766
Net changes in settlement assets and obligations to customers 87,855 (36,586)
Deferred financing costs 0 (422)
Net cash provided by financing activities 696,215 135,189
Net increase in unrestricted cash, cash equivalents and restricted cash 224,679 180,453
Unrestricted cash, cash equivalents and restricted cash, beginning of period 1,421,734 1,592,435
Unrestricted cash, cash equivalents and restricted cash, end of period 1,646,413 1,772,888
Cash paid for interest 2,738 2,112
Cash (refunded from) paid for income taxes (122) 3
Unrestricted cash and cash equivalents 1,646,382 1,772,845
Restricted cash 31 43
Total unrestricted cash, cash equivalents and restricted cash, end of period $ 1,646,413 $ 1,772,888