v3.26.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 84,150 $ 61,453
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 82,918 66,806
Stock-based compensation 25,249 18,274
Provision for bad debt expense 2,049 1,872
Loss on extinguishment of debt 113 0
Impairment expense 1,990 0
Deferred income taxes (36,682) 7,437
Amortization of debt discount and issuance costs 1,329 1,346
Other 86 0
Changes in:    
Accounts receivable (10,889) (135)
Income tax refundable 6,437 2,838
Prepaid expenses and other current assets (5,463) (968)
Deferred costs (10,858) (5,140)
Other long-term assets 44 58
Accounts payable and accrued expenses 10,544 9,308
Deferred revenue (5,723) (1,181)
Operating lease right-of-use assets and lease liabilities (970) (959)
Net cash provided by operating activities 144,324 161,009
Cash flows from investing activities    
Purchase of property and equipment and capitalization of internally developed software costs (31,440) (11,193)
Purchase of investment securities (260,167) (50,525)
Proceeds from sale or maturity of investment securities 107,488 0
Measurement period adjustments related to prior year acquisition 2,037 0
Net cash used in investing activities (182,082) (61,718)
Cash flows from financing activities    
Change in aggregated funds liability 17,532 (1,171)
Repurchases of common stock (12,741) 0
Proceeds from issuance of common stock from employee equity plans 8,867 15,045
Proceeds from issuances of debt, net of creditor fees 19,800 0
Payments on debt (27,097) (5,834)
Finance lease liabilities paid 0 (444)
Net cash provided by financing activities 6,361 7,596
Increase/(decrease) in cash and cash equivalents during the period (31,397) 106,887
Cash and cash equivalents and restricted cash–beginning of period 76,809 204,582
Cash and cash equivalents and restricted cash–end of period 45,412 311,469
Supplemental disclosures of cash flow information    
Interest paid 41,290 39,745
Cash taxes paid (refunds received), net 42,816 8,346
Non-cash investing and financing activities    
Fixed asset purchases in accounts payable 114 195
Balance sheet    
Cash and cash equivalents 12,645 290,300
Restricted cash 32,767 21,169
Total $ 45,412 $ 311,469