v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net Income (Loss) $ 128,410 $ 129,924
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,400 5,038
Provision for credit losses 91,953 65,744
Changes in fair value of earnout liabilities (415) 2,655
Changes in fair value of warrant liabilities (554) 11,657
Stock-based compensation 45,464 23,011
Non-cash interest expense from the convertible notes 797 0
Deferred income taxes (2,343) (30,277)
Non-cash lease expense (1) (29)
Changes in fair value of marketable securities and investments 0 99
Changes in operating assets and liabilities:    
Member receivables, service based revenue (18,018) (12,614)
Prepaid income taxes (5,133) 0
Bank partner deposits (17,175) (1,459)
Prepaid expenses and other current assets (12,337) (8,347)
Accounts payable (2,280) 1,073
Accrued expenses 12,140 (1,424)
Income taxes payable (1,651) 0
Legal settlement accrual 2,197 9,038
Other current liabilities 2,937 538
Other non-current liabilities 2,425 2,116
Other non-current assets (11) (12)
Net cash provided by operating activities 231,805 196,731
Investing activities    
Payments for internally developed software costs (6,062) (4,805)
Purchase of property and equipment (207) (226)
Net originations, purchases and collections of Member receivables 25,212 (145,567)
Purchase of investments (68,915) (169,732)
Sale and maturity of investments 66,325 168,314
Purchase of marketable securities 0 (3)
Sale of marketable securities 0 100
Net cash provided by (used in) investing activities 16,353 (151,919)
Financing activities    
Repurchases of Class A common stock (211,855) (31,890)
Proceeds from issuance of common stock for stock option exercises 100 750
Proceeds from issuance of common stock for warrant exercises 156 0
Proceeds from issuance of convertible notes, net 192,696 0
Purchase of capped calls (17,364) 0
Payment of taxes for shares withheld related to net share settlement (22,477) (13,319)
Net cash used in financing activities (58,744) (44,459)
Net increase in cash and cash equivalents and restricted cash 189,414 353
Cash and cash equivalents and restricted cash, beginning of the period 82,364 51,377
Cash and cash equivalents and restricted cash, end of the period 271,778 51,730
Supplemental disclosure of non-cash investing and financing activities:    
Operating lease right of use assets recognized 311 0
Operating lease liabilities recognized 311 0
Accrued excise taxes for repurchases of Class A common stock 1,416 319
Reclassification of fair value of warrants exercised from liability to equity 40 0
Supplemental disclosure of cash paid for:    
Income taxes 38,341 1,604
Interest 4,901 5,249
The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the condensed consolidated balance sheets with the same as shown in the condensed consolidated statement of cash flows    
Cash and cash equivalents 269,937 49,889
Restricted cash 1,841 1,841
Total cash, cash equivalents, and restricted cash, end of the period $ 271,778 $ 51,730