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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income (loss) $ (575,066) $ (60,866)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 3,743 3,338
Non-cash operating lease cost 1,253 3,269
Amortization of premium (accretion of discount) on marketable securities, net (8,129) (5,132)
Stock-based compensation 577,508 12,480
Other adjustments 485 16
Changes in operating assets and liabilities:    
Accounts receivable 29,987 33,746
Prepaid expenses and other assets (13,912) (1,012)
Operating lease right-of-use assets and liabilities (530) (871)
Accounts payable (2,178) 6,706
Accrued expenses and other liabilities 18,903 12,401
Net cash provided by (used in) operating activities 32,064 4,075
Cash flows from investing activities    
Purchases of property and equipment (2,851) (356)
Purchases of marketable securities (135,685) (262,846)
Maturities of marketable securities 252,655 315,365
Proceeds from sale of marketable securities 0 36,789
Other investing activities (15) 70
Net cash provided by (used in) investing activities 114,104 89,022
Cash flows from financing activities    
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions 600,022 0
Proceeds from exercise of employee stock options 23,089 961
Taxes paid related to net share settlement of restricted stock units (194,737) (4,229)
Payments of initial public offering costs (2,753) (362)
Other financing activities (4,450) 0
Net cash provided by (used in) financing activities 421,171 (3,630)
Net increase (decrease) in cash, cash equivalents, and restricted cash 567,339 89,467
Cash, cash equivalents, and restricted cash at the beginning of the period 401,226 435,860
Cash, cash equivalents, and restricted cash at the end of the period 968,565 525,327
Cash and cash equivalents 968,515 525,277
Restricted cash 50 50
Total cash, cash equivalents, and restricted cash 968,565 525,327
Supplemental disclosures of cash flow information    
Cash paid for income taxes 164 287
Supplemental disclosure of noncash financing and investing activities:    
Conversion of convertible preferred stock to common stock upon initial public offering 1,853,492 0
Taxes related to net share settlement of restricted stock units not yet paid 8,116 0
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering 23,754 0
Operating lease right-of-use assets recognized in exchange for lease liabilities 0 12,014
Deferred offering costs not yet paid $ 6,022 $ 1,703