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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES:    
Net income $ 140,807 $ 116,689
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 50,689 42,624
Stock-based compensation 257,138 236,960
Noncash lease expense 34,253 26,460
Provision for expected credit losses on accounts receivable 1,177 133
Other (13,899) (4,117)
Changes in operating assets and liabilities:    
Accounts receivable 80,033 (49,321)
Prepaid expenses and other current and non-current assets (18,281) (52,064)
Accounts payable (19,839) (13,247)
Accrued expenses and other current and non-current liabilities (24,081) (9,989)
Operating lease liabilities (31,551) (27,397)
Net cash provided by operating activities 456,446 266,731
INVESTING ACTIVITIES:    
Purchases of investments (577,834) (317,969)
Maturities of investments 346,120 314,598
Purchases of property and equipment (104,352) (29,339)
Capitalized software development costs (5,739) (4,424)
Business acquisition (4,350) 0
Net cash used in investing activities (346,155) (37,134)
FINANCING ACTIVITIES:    
Repurchases of Class A common stock (647,093) (125,280)
Proceeds from exercise of stock options 14,085 38,164
Proceeds from employee stock purchase plan 32,450 30,122
Taxes paid relating to net settlement of restricted stock awards (57,048) (58,369)
Proceeds from short-term borrowings 74,239 0
Net cash used in financing activities (583,367) (115,363)
Increase (decrease) in cash and cash equivalents (473,076) 114,234
Cash and cash equivalents—Beginning of period 1,369,463 895,129
Cash and cash equivalents—End of period 896,387 1,009,363
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for operating lease liabilities 35,942 33,272
Operating lease assets obtained in exchange for operating lease liabilities 41,594 58,133
Capitalized assets financed by accounts payable 57,562 37,927
Repurchases of Class A common stock in accrued expenses and other current liabilities 12,218 0
Assets acquired in a business combination, included in other assets, non-current, in exchange for Class A common stock 10,299 0
Tenant improvements paid by lessor 8,579 0
Stock-based compensation included in capitalized software development costs $ 3,634 $ 2,901