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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 7,884 $ (93,838)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 51,514 47,629
Stock-based compensation expense 268,165 283,124
Amortization of right-of-use assets 36,231 35,674
Amortization and write-off of content assets 153,608 158,892
Foreign currency remeasurement losses 196 674
Change in fair value of strategic investment in convertible promissory notes 324 (6,978)
Change in fair value of contingent consideration 1,394 0
Impairment of assets 2,870 29,118
Provision for doubtful accounts 2,252 2,081
Other items, net (1,952) (2,224)
Changes in operating assets and liabilities:    
Accounts receivable 71,033 83,828
Inventories 17,589 (99,084)
Prepaid expenses and other current assets (1,041) (40,952)
Content assets and liabilities, net (123,461) (141,345)
Other non-current assets 6,859 (19,996)
Accounts payable (120,826) (57,937)
Accrued liabilities 75,615 14,044
Operating lease liabilities (60,338) (45,766)
Other long-term liabilities (7,456) 1,866
Deferred revenue (4,392) (10,057)
Net cash provided by operating activities 376,068 138,753
Cash flows from investing activities:    
Purchases of property and equipment (4,189) (2,603)
Purchase of business, net of cash acquired (95,090) 0
Purchases of strategic investments (7,000) (20,000)
Purchases of short-term investments (725,000) 0
Repayment of convertible promissory note 10,000 0
Net cash used in investing activities (821,279) (22,603)
Cash flows from financing activities:    
Issuance costs related to credit agreement 0 (1,829)
Proceeds from equity issued under incentive plans 18,320 8,981
Taxes paid related to net share settlement of equity awards (115,071) (63,884)
Repurchases of common stock (50,000) 0
Net cash used in financing activities (146,751) (56,732)
Net increase (decrease) in cash, cash equivalents and restricted cash (591,962) 59,418
Effect of exchange rate changes on cash, cash equivalents and restricted cash 6,814 2,774
Cash, cash equivalents and restricted cash—beginning of period 2,160,639 2,066,604
Cash, cash equivalents and restricted cash—end of period 1,575,491 2,128,796
Cash, cash equivalents and restricted cash at end of period:    
Cash and cash equivalents 1,575,491 2,126,974
Restricted cash, current 0 1,822
Cash, cash equivalents and restricted cash—end of period 1,575,491 2,128,796
Supplemental disclosures of cash flow information:    
Cash paid for interest 693 106
Cash paid for income taxes 12,523 13,235
Supplemental disclosures of non-cash investing and financing activities:    
Non-cash contingent consideration for business combination 65,815 0
Unpaid portion of property and equipment purchases $ 71 $ 169