v3.26.3
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 31,846 $ 46,735
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of assets 56,739 42,992
Stock-based compensation, ESPP, and incentive units compensation 6,023 7,119
Amortization of debt issuance costs and discounts 1,449 1,329
Debt extinguishment and modification costs 0 12,514
Deferred income tax 2,007 (16,090)
Change in contingent consideration 679 2,449
Bargain purchase adjustment/(gain) 354 (3,506)
Other non-cash items, net (238) (130)
Change in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable 8,851 (22,995)
Prepaid expenses and other current assets (2,169) (2,054)
Income taxes 5,035 (7,669)
Accounts payable and accrued expenses (10,460) 1,498
Accrued residual commissions 459 1,118
Customer deposits and advance payments 778 (142)
Other assets, net (1,821) 1,352
Other liabilities, net (1,507) (1,359)
Net cash provided by operating activities 98,025 63,161
Cash flows from investing activities:    
Acquisition of business, net of cash acquired (11,456) (77,369)
Additions to property, equipment and software (20,430) (18,952)
Notes receivable, net (see Note 5) (4,106) (5,060)
Short-term investments, net (500,000) (46,667)
Other investing activities (11,197) (3,850)
Net cash used in investing activities (547,189) (151,898)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt, net of issue discount 9,493 1,019,714
Debt issuance and modification costs paid 0 (4,725)
Repayments of long-term debt (191) (945,537)
Shares withheld for taxes (1,809) (3,006)
Proceeds from exercise of stock options 15 413
Settlement obligations, net 215,155 247,531
Payment of deferred/contingent consideration related to business combination (170) (19,756)
NCI repurchase 0 (6,000)
Net cash provided by financing activities 222,493 288,634
Net (decrease)/increase in cash and cash equivalents, and restricted cash (226,671) 199,897
Cash and cash equivalents and restricted cash at beginning of period 1,345,998 993,864
Cash and cash equivalents and restricted cash at end of period 1,119,327 1,193,761
Reconciliation of cash and cash equivalents, and restricted cash:    
Cash and cash equivalents 135,648 56,978
Restricted cash 16,009 12,984
Cash and cash equivalents included in settlement assets (restricted in nature) (see Note 4) 967,670 1,123,799
Total cash and cash equivalents, and restricted cash 1,119,327 1,193,761
Supplemental cash flow information:    
Cash paid for interest 61,119 64,478
Cash paid for income taxes, net of refunds 4,811 10,211
Non-cash investing and financing activities:    
Common stock issued for Boom Commerce asset purchase 0 13,461
Foreign currency adjustment to goodwill and intangibles 295 (321)
Residual buyout from note receivable 2,300 0
Deferred/contingent consideration $ 3,020 $ 8,824