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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities        
Net income (loss) $ (10,099) $ (41,109) $ (585,165) $ (101,975)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation and amortization 3,770 3,321 7,513 6,659
Non-cash operating lease cost 1,335 3,415 2,588 6,684
Amortization of premium (accretion of discount) on marketable securities, net (11,362) (6,150) (19,491) (11,282)
Stock-based compensation expense 64,266 10,103 641,774 22,583
Other adjustments 141 150 626 166
Changes in operating assets and liabilities:        
Accounts receivable (24,793) (8,833) 5,194 24,913
Prepaid expenses and other assets (6,270) 1,840 (20,182) 828
Operating lease right-of-use assets and liabilities (780) (2,211) (1,310) (3,082)
Accounts payable 18,220 (6,323) 16,042 383
Accrued expenses and other liabilities (6,043) (8,256) 12,860 4,145
Net cash provided by (used in) operating activities 28,385 (54,053) 60,449 (49,978)
Cash flows from investing activities        
Purchases of property and equipment (1,202) (830) (4,053) (1,186)
Purchases of marketable securities (861,827) (351,366) (997,512) (614,212)
Maturities of marketable securities 343,404 319,512 596,059 634,877
Proceeds from sale of marketable securities 0 749 0 37,538
Other investing activities (12) 42 (27) 112
Net cash provided by (used in) investing activities (519,637) (31,893) (405,533) 57,129
Cash flows from financing activities        
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions 0 0 600,022 0
Proceeds from exercise of employee stock options 1,843 830 24,932 1,791
Taxes paid related to net share settlement of restricted stock units (7,569) 0 (202,306) (4,229)
Payments of initial public offering costs (3,585) (496) (6,338) (858)
Other financing activities 0 0 (4,450) 0
Net cash provided by (used in) financing activities (9,311) 334 411,860 (3,296)
Net increase (decrease) in cash, cash equivalents, and restricted cash (500,563) (85,612) 66,776 3,855
Cash, cash equivalents, and restricted cash at the beginning of the period 968,565 525,327 401,226 435,860
Cash, cash equivalents, and restricted cash at the end of the period 468,002 439,715 468,002 439,715
Cash and cash equivalents 467,952 439,665 467,952 439,665
Restricted cash 50 50 50 50
Total cash, cash equivalents, and restricted cash 468,002 439,715 468,002 439,715
Supplemental disclosures of cash flow information        
Cash paid for income taxes 2,561 565 2,725 852
Supplemental disclosure of noncash financing and investing activities        
Conversion of convertible preferred stock to common stock upon initial public offering 0 0 1,853,492 0
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering 0 0 23,754 0
Operating lease right-of-use assets recognized in exchange for lease liabilities $ 3,687 $ 0 $ 3,687 $ 12,014