v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income (loss) $ 42 $ 10
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 130 132
Share-based compensation 169 196
Amortization of right of use assets 4 4
Amortization of contract cost assets 13 10
Other adjustments to reconcile net income to net cash provided by operating activities (13) (9)
Changes in operating assets and liabilities:    
Accounts receivable (26) (47)
Mortgage loans held for sale (108) (91)
Prepaid expenses and other assets (94) (46)
Contract cost assets (13) (13)
Lease liabilities (7) (6)
Accounts payable 36 26
Accrued expenses and other current liabilities 49 18
Accrued compensation and benefits 32 0
Deferred revenue (4) 8
Other long-term liabilities 1 (1)
Net cash provided by operating activities 211 191
Investing activities    
Proceeds from maturities of investments 98 272
Proceeds from sales of investments 391 50
Purchases of investments (75) (109)
Purchases of property and equipment (70) (73)
Purchases of intangible assets (19) (115)
Net cash provided by investing activities 325 25
Financing activities    
Net borrowings on master repurchase agreements 101 85
Repurchases of Class A common stock and Class C capital stock (826) (400)
Settlement of 2025 Notes 0 (419)
Payments for debt issuance costs 2 0
Proceeds from exercise of stock options 23 55
Payment of contingent consideration for acquisition (27) (30)
Net cash used in financing activities (731) (709)
Net decrease in cash, cash equivalents and restricted cash during period (195) (493)
Cash, cash equivalents and restricted cash at beginning of period 773 1,085
Cash, cash equivalents and restricted cash at end of period 578 592
Noncash transactions:    
Write-off of fully depreciated property and equipment 97 82
Capitalized share-based compensation 27 33
Write-off of fully amortized intangible assets $ 15 $ 9