v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 280 $ 136
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 22 35
Stock-based compensation expense 109 120
Amortization of deferred contract acquisition costs 46 48
Credit loss expense 54 40
Other non-cash items (6) 5
Changes in operating assets and liabilities:    
Accounts receivable, net (25) (16)
Other current assets (30) (10)
Deferred contract acquisition costs (93) (73)
Inventories, net (103) 15
Accounts payable (8) 13
Accrued expenses and other current liabilities 25 (3)
Deferred revenue 9 2
Other assets and liabilities (4) (10)
Net cash provided by operating activities 276 302
Cash flows from investing activities:    
Capital expenditures (31) (25)
Purchases of marketable securities (304) (281)
Proceeds from the sale of marketable securities 82 97
Maturities of marketable securities 161 193
Purchases of loans classified as held for investment (80) 0
Proceeds from repayments of loans classified as held for investment 30 0
Net cash (used in) investing activities (142) (16)
Cash flows from financing activities:    
Payment of issuance costs of the revolving credit facility 0 (3)
Change in customer funds obligations, net 57 45
Proceeds from issuance of common stock 17 40
Cash paid to repurchase Class A common stock (486) (31)
Net cash provided by (used in) financing activities (412) 51
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1) 3
Net increase (decrease) in cash, cash equivalents, cash held on behalf of customers and restricted cash (279) 340
Cash, cash equivalents, cash held on behalf of customers and restricted cash at beginning of period 1,583 1,085
Cash, cash equivalents, cash held on behalf of customers and restricted cash at end of period 1,304 1,425
Reconciliation of cash, cash equivalents, cash held on behalf of customers and restricted cash    
Cash and cash equivalents 1,015 1,194
Cash held on behalf of customers 216 168
Restricted cash 73 63
Total cash, cash equivalents, cash held on behalf of customers and restricted cash $ 1,304 $ 1,425