v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income (loss) $ 78,818 $ (558,512)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,234 2,646
Stock-based compensation 30,784 590,990
Amortization of deferred commissions 35,290 19,870
Accretion of discounts and amortization of premiums on marketable securities, net 704 326
Non-cash operating lease expense 1,834 1,688
Provision for credit losses 1,613 2,780
Deferred income taxes 13 96
Other (1) (2)
Changes in operating assets and liabilities:    
Accounts receivable (60,984) (59,584)
Deferred commissions (49,079) (27,650)
Inventory (1,132) (3,114)
Prepaid expenses and other current assets (11,320) (6,609)
Other assets (327) (485)
Accounts payable and accrued liabilities 2,592 6,997
Operating lease liabilities (2,154) (1,792)
Deferred revenue 115,611 57,505
Net cash provided by operating activities 144,496 25,150
Investing activities:    
Purchase of property and equipment (206) (248)
Capitalized internal use software (3,178) (2,336)
Purchases of marketable securities (89,877) (175,282)
Maturities of marketable securities 169,960 164,556
Acquisition of a business 0 (4,000)
Net cash provided by (used in) investing activities 76,699 (17,310)
Financing activities:    
Proceeds from exercise of common stock options 680 256
Issuance of common stock in connection with the employee stock purchase plan 7,276 0
Proceeds from issuance of common stock in initial public offering, net of issuance costs 0 255,675
Repurchase and retirement of common stock (131,491) 0
Tax withholdings on settlement of restricted stock units and performance-based restricted stock units (19,791) (272,258)
Payment on Repurchase Agreement with Coatue 0 (50,000)
Proceeds from repayment of non-recourse loans to employees 0 4,934
Payments for deferred offering costs 0 (10,061)
Net cash used in financing activities (143,326) (71,454)
Net increase (decrease) in cash, cash equivalents, and restricted cash 77,869 (63,614)
Cash, cash equivalents and restricted cash, beginning of period 209,796 302,586
Cash, cash equivalents and restricted cash, end of period 287,665 238,972
Reconciliation of cash, cash equivalents, and restricted cash to the unaudited condensed consolidated balance sheets:    
Cash and cash equivalents 286,224 237,170
Restricted cash 1,441 1,802
Total cash, cash equivalents, and restricted cash 287,665 238,972
Supplemental cash flow information:    
Cash paid for income taxes 1,357 199
Supplemental disclosures of noncash investing and financing activities:    
Stock-based compensation capitalized in internal-use software 656 0
Unpaid deferred offering costs at period end 0 538
Right-of-use assets obtained in exchange for lease obligation 0 686
Conversion of redeemable convertible preferred stock for Coatue in connection with initial public offering 0 150,694
Conversion of redeemable convertible preferred stock for all other in connection with initial public offering 0 346,530
Conversion of redeemable convertible preferred stock Series E to common stock 199,874 0
Unpaid excise tax at the end of the period on repurchase and retirement of common stock included in additional-paid in capital 796 0
Adjustment to reflect deemed contribution from Series D and Series E redeemable convertible preferred stock extinguishment $ 0 $ 104,174