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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating activities          
Net loss $ (42,843) $ (552,212) $ (110,880) $ (616,955)  
Adjustments to reconcile net loss to net cash used in operating activities          
Change in fair value of warrant liability     0 (900)  
Stock-based compensation     45,429 488,313  
Gain on warrant exercise     0 (173)  
Gain on marketable equity securities (37,812) 3,705 (6,007) (2,541)  
Deferred income taxes     (46,216) 0  
Loss from equity-method investments 2,100 0 3,983 0  
Amortization of original issue discount     1,169 691  
Amortization of deferred financing fees     332 255  
Change in fair value of contingent consideration     0 165  
Change in fair value of holdback liability     312 0  
Amortization of warrant contract asset     0 2,422  
Depreciation and amortization     48,385 18,348  
Provision for bad debt expense     625 327  
Change in fair value of warrant asset     0 7,700  
Non-cash operating lease costs     4,573 3,252  
Minimum accretion expense     108 92  
PIK interest added to principal     7,157 4,366  
Change in assets and liabilities          
Accounts receivable     (49,155) (23,971)  
Inventory     1,974 (3,845)  
Prepaid expenses and other current assets     (188) (12,409)  
Investments and other assets     (11,073) 1,294  
Accounts payable     7,025 (33,371)  
Deferred revenue [1]     36,836 (28,669)  
Deferred other income     (7,977) 0  
Accrued data licensing fees     3,957 (2,749)  
Accrued expenses & other     6,991 (2,805)  
Interest payable     7,122 7,287  
Operating lease liabilities     (5,942) (4,582)  
Net cash used in operating activities     (61,460) (198,458)  
Investing activities          
Purchases of property and equipment     (9,588) (14,116)  
Proceeds from sale of marketable equity securities     8,316 23,098  
Business combinations, net of cash acquired     (380,762) 0  
Purchases of capitalized software     (3,295) 0  
Net cash (used in) provided by investing activities     (385,329) 8,982  
Financing activities          
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions     0 381,951  
Tax withholding related to net share settlement of restricted stock units     0 (69,918)  
Issuance of Series G-5 Preferred Stock     0 199,750  
Payment of deferred offering costs     0 (2,714)  
Dividends paid     0 (5,625)  
Proceeds from revolving credit facility, net of original issue discount     98,000 0  
Proceeds from long-term debt, net of original issue discount     196,000 0  
Payment of deferred financing fees     (958) 0  
Payment of indemnity holdback related to acquisition     0 (813)  
Net cash provided by financing activities     293,042 502,631  
Effect of foreign exchange rates on cash     (37) (90)  
Net (decrease) increase in Cash, Cash Equivalents and Restricted Cash     (153,784) 313,065  
Cash, cash equivalents and restricted cash, beginning of period     341,835 166,607 $ 166,607
Cash, cash equivalents and restricted cash, end of period 188,051 479,672 188,051 479,672 341,835
Cash, Cash Equivalents and Restricted Cash are Comprised of:          
Cash and cash equivalents 186,310 478,811 186,310 478,811 340,954
Restricted cash and cash equivalents 1,741 861 1,741 861  
Total cash, cash equivalents and restricted cash $ 188,051 $ 479,672 188,051 479,672 $ 341,835
Supplemental disclosure of cash flow information          
Cash paid during the year for interest     23,980 13,921  
Cash paid for income taxes     136 89  
Supplemental disclosure of noncash investing and financing activities          
Dividends Payable     0 5,487  
Purchases of property and equipment, accrued but not paid     6,863 1,108  
Redemption of convertible promissory note     14,338 12,476  
Non-voting common stock issued in connection with business combinations     0 344  
Deferred financing fees, accrued but not yet paid     545 0  
Deferred offering costs, accrued but not yet paid     95 6,051  
Operating lease liabilities arising from obtaining right-of-use assets     606 0  
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering     0 1,348,809  
Taxes related to net share settlement of restricted stock units not yet paid     0 164  
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering     0 12,347  
Class A Voting Common Stock issued in connection with business combinations     310,320 0  
Convertible promissory note principal reset due to amendment     72,488 0  
Series G-3 Redeemable Convertible Preferred Stock [Member]          
Supplemental disclosure of noncash investing and financing activities          
Issuance of Series     0 3,809  
Series G-4 Redeemable Convertible Preferred Stock [Member]          
Supplemental disclosure of noncash investing and financing activities          
Issuance of Series     $ 0 $ 611  
[1] Includes increase in related party deferred revenue of $36,685 and $0 as of June 30, 2025 and December 31, 2024, respectively.