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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income (loss) $ 26,158 $ (575,066)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 3,963 3,743
Non-cash operating lease cost 1,468 1,253
Amortization of premium (accretion of discount) on marketable securities, net (8,884) (8,129)
Stock-based compensation expense 85,414 577,508
Other adjustments (138) 485
Changes in operating assets and liabilities:    
Accounts receivable 23,359 29,987
Prepaid expenses and other assets (17,006) (13,912)
Operating lease right-of-use assets and liabilities (1,780) (530)
Accounts payable (1,046) (2,178)
Accrued expenses and other liabilities 16,070 18,903
Net cash provided by (used in) operating activities 127,578 32,064
Cash flows from investing activities    
Purchases of property and equipment (979) (2,851)
Purchases of marketable securities (504,846) (135,685)
Maturities of marketable securities 465,062 252,655
Proceeds from sale of marketable securities 12,372 0
Other investing activities 889 (15)
Net cash provided by (used in) investing activities (27,502) 114,104
Cash flows from financing activities    
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions 0 600,022
Proceeds from exercise of employee stock options 10,184 23,089
Taxes paid related to net share settlement of restricted stock units (36,675) (194,737)
Payments of initial public offering costs 0 (2,753)
Payments of deferred consideration and holdbacks for acquisitions 0 (4,450)
Net cash provided by (used in) financing activities (26,491) 421,171
Net increase (decrease) in cash, cash equivalents, and restricted cash 73,585 567,339
Cash, cash equivalents, and restricted cash at the beginning of the period 562,142 401,226
Cash, cash equivalents, and restricted cash at the end of the period 635,727 968,565
Cash and cash equivalents 635,727 968,515
Restricted cash 0 50
Total cash, cash equivalents, and restricted cash 635,727 968,565
Supplemental disclosure of noncash financing and investing activities    
Conversion of convertible preferred stock to common stock upon initial public offering 0 1,853,492
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering $ 0 $ 23,754