v3.26.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 115,175 $ 92,101
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 124,384 100,106
Stock-based compensation 49,691 29,871
Provision for bad debt expense 2,884 2,605
Loss on extinguishment of debt 113 711
Impairment expense 1,990 0
Deferred income taxes (37,490) 22,959
Amortization of debt discount and issuance costs 2,010 2,021
Other 86 0
Changes in:    
Accounts receivable (12,854) (3,045)
Income tax receivable 6,437 2,838
Prepaid expenses and other current assets (4,898) (4,980)
Deferred costs (16,282) (7,116)
Other long-term assets 705 (2,362)
Accounts payable and accrued expenses 20,824 10,580
Deferred revenue (3,006) (1,863)
Operating lease right-of-use assets and lease liabilities (1,582) (1,387)
Net cash provided by operating activities 248,187 243,039
Cash flows from investing activities    
Purchase of property and equipment and capitalization of internally developed software costs (41,359) (17,069)
Purchase of investment securities (368,341) (206,444)
Proceeds from sale or maturity of investment securities 149,088 206,444
Measurement period adjustments related to prior year acquisition 2,037 0
Net cash used in investing activities (258,575) (17,069)
Cash flows from financing activities    
Change in aggregated funds liability 8,265 1,789
Repurchases of common stock (33,487) 0
Proceeds from issuance of common stock from employee equity plans 24,628 22,439
Proceeds from issuances of debt, net of creditor fees 19,800 0
Payments on debt (30,646) (8,751)
Finance lease liabilities paid 0 (672)
Net cash provided by (used in) financing activities (11,440) 14,805
Increase/(decrease) in cash and cash equivalents during the period (21,828) 240,775
Cash and cash equivalents and restricted cash–beginning of period 76,809 204,582
Cash and cash equivalents and restricted cash–end of period 54,981 445,357
Supplemental disclosures of cash flow information    
Interest paid 62,124 59,303
Cash taxes paid (refunds received), net 58,882 9,439
Non-cash investing and financing activities    
Fixed asset purchases in accounts payable 996 539
Balance sheet    
Cash and cash equivalents 30,820 421,056
Restricted cash 24,161 24,301
Total $ 54,981 $ 445,357