v3.26.1
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 $ 56,865 $ 70,456
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for transaction losses 4,117 3,594
Depreciation and amortization 17,879 10,740
Amortization of debt issuance costs 921 921
Accretion of discount on purchases of marketable securities, net (2,779) (3,504)
Amortization of operating lease asset 836 385
Tides Foundation common stock warrant expense 375 375
Stock-based compensation expense 29,544 28,249
Deferred taxes 1,635 2,064
Loss on disposal of fixed assets 178 0
Changes in operating assets and liabilities:    
Trade and client receivables (1,389) 360
Prepaid expenses and other assets (5,635) (3,338)
Operating lease liability (556) 808
Accounts payable (845) (5,075)
Accrued expenses and other liabilities (32,064) 2,911
Deferred revenue 811 533
Net cash provided by operating activities 69,893 109,479
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities 0 (259,148)
Proceeds from maturities of marketable securities 240,221 232,411
Proceeds from sale of marketable securities 1,986 3,537
Acquisition of business, net of cash acquired 0 (20,410)
Purchases of property and equipment (3,341) (4,853)
Internal-use software and platform development costs (17,709) (8,210)
Net cash provided by (used in) investing activities 221,157 (56,673)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in escrow funds payable, net 11,684 16,574
Proceeds from exercises of stock options and common stock warrants 769 653
Proceeds from employee stock purchase plan 1,646 2,199
Repurchase of common stock (109,725) (70,922)
Payment of debt issuance costs (1,223) 0
Net cash used in financing activities (96,849) (51,496)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 194,201 1,310
Cash, cash equivalents, and restricted cash—beginning of period 478,908 505,593
Cash, cash equivalents, and restricted cash—end of period 673,109 506,903
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for income taxes 16,411 5,560
Cash paid for interest 576 451
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:    
Right-of-use asset recognized 8,042 0
Property and equipment purchased but not yet paid 2,713 51
Internal-use software and platform development costs incurred but not yet paid $ 691 $ 479