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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income (loss) $ (484,276) $ (90,824) $ (158,550)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 15,643 13,702 8,000
Non-cash operating lease cost 4,110 11,359 10,464
Amortization of premium (accretion of discount) on marketable securities, net (43,400) (27,442) (3,264)
Stock-based compensation expense 801,646 47,598 55,310
Other adjustments (4,187) 484 4,099
Changes in operating assets and liabilities:      
Accounts receivable (104,280) (53,318) (30,230)
Prepaid expenses and other assets (19,485) 3,878 (1,911)
Operating lease right-of-use assets and liabilities (2,397) (5,758) (10,325)
Accounts payable (570) 12,470 10,905
Accrued expenses and other liabilities 59,264 12,737 21,481
Net cash provided by (used in) operating activities 222,068 (75,114) (94,021)
Cash flows from investing activities      
Purchases of property and equipment (6,248) (9,724) (6,233)
Proceeds from sale of cryptocurrency 6,869 0 0
Purchases of marketable securities (1,996,725) (1,259,854) (1,430,589)
Maturities of marketable securities 1,573,602 1,273,159 674,399
Proceeds from sale of marketable securities 0 37,538 500
Cash paid for acquisitions, net of cash acquired (17,137) 0 (42,196)
Other investing activities (1,048) 172 (64)
Net cash provided by (used in) investing activities (440,687) 41,291 (804,183)
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 0
Proceeds from exercise of employee stock options 88,972 8,428 7,034
Taxes paid related to net share settlement of restricted stock units (294,573) (4,320) 0
Payments of initial public offering costs (8,775) (1,441) (9,796)
Payments of deferred consideration and holdbacks for acquisitions (6,111) (3,478) 0
Other financing activities 0 0 (1,022)
Net cash provided by (used in) financing activities 379,535 (811) (3,784)
Net increase (decrease) in cash, cash equivalents, and restricted cash 160,916 (34,634) (901,988)
Cash, cash equivalents, and restricted cash at the beginning of the period 401,226 435,860 1,337,848
Cash, cash equivalents, and restricted cash at the end of the period 562,142 401,226 435,860
Cash and cash equivalents 562,092 401,176 435,810
Restricted cash 50 50 50
Total cash, cash equivalents, and restricted cash 562,142 401,226 435,860
Supplemental disclosure of noncash financing and investing activities      
Conversion of convertible preferred stock to common stock upon initial public offering 1,853,492 0 0
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering $ 23,754 $ 0 $ 0