v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 9,705 $ 23,895
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 44,061 40,641
Amortization of debt issuance costs and discounts 932 869
Non-cash operating lease expense 1,910 2,065
Stock-based compensation expense 33,102 40,589
Deferred income taxes 9,776 0
Loss on operating lease asset 0 4,409
Other 1,069 456
Changes in operating assets and liabilities:    
Accounts receivable 53,606 (43,093)
Prescription reimbursement assets [1] (977,681) (16,027)
Prepaid expenses and other assets [1] 2,929 231
Accounts payable [1] (9,871) 3,579
Prescription reimbursement liabilities [1] 909,856 (1,313)
Accrued expenses and other current liabilities [1] 16,063 5,585
Operating lease liabilities (2,912) (3,187)
Other liabilities 125 294
Net cash provided by operating activities 92,670 58,993
Cash flows from investing activities    
Purchase of property and equipment (1,498) (532)
Acquisition 0 (30,000)
Capitalized software (34,555) (39,659)
Net cash used in investing activities (36,053) (70,191)
Cash flows from financing activities    
Payments on long-term debt (2,500) (2,500)
Repurchases of Class A common stock [2] (14,520) (145,888)
Proceeds from exercise of stock options 95 3
Employee taxes paid related to net share settlement of equity awards (5,768) (8,305)
Proceeds from employee stock purchase plan 369 860
Net cash used in financing activities (22,324) (155,830)
Net change in cash and cash equivalents 34,293 (167,028)
Cash and cash equivalents    
Beginning of period 261,820 448,346
End of period 296,113 281,318
Non cash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease liabilities 732 9,098
Stock-based compensation included in capitalized software 6,416 8,603
Capitalized software included in accounts payable and accrued expenses and other current liabilities $ 5,485 $ 6,645
[1] Prior to December 31, 2025, prescription reimbursement assets were presented as a component of prepaid
expenses and other current assets, and prescription reimbursement liabilities as a component of accounts payable
and accrued expenses and other current liabilities. Prior period amounts have been reclassified to conform to the
current period presentation. These reclassifications had no impact on previously reported cash flows provided by
operating activities.
[2] Repurchases of Class A common stock for the six months ended June 30, 2025 include 20.0 million shares
repurchased from related parties (after giving effect to the automatic conversion of Class B common stock to Class
A common stock upon such repurchase) for an aggregate consideration of $84.9 million. See "Note 9.
Stockholders' Equity" for additional information.