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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income (loss) $ (1,009) $ (3,290)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 15,942 14,939
Amortization of debt issuance costs 837 849
Non-cash operating lease expense 895 1,042
Stock-based compensation expense 25,096 25,499
Deferred income taxes 0 35
Loss on minority equity interest investment 0 1,808
Changes in operating assets and liabilities    
Accounts receivable (1,161) 699
Prepaid expenses and other assets 3,339 (6,005)
Accounts payable (2,452) (4,737)
Accrued expenses and other current liabilities 924 1,184
Operating lease liabilities (4) (140)
Other liabilities 179 405
Net cash provided by operating activities 42,586 32,288
Cash flows from investing activities    
Purchase of property and equipment (407) (148)
Capitalized software (20,208) (14,140)
Net cash used in investing activities (20,615) (14,288)
Cash flows from financing activities    
Payments on long-term debt (3,516) (1,758)
Repurchase of class a common stock [1] (153,226) (9,517)
Proceeds from exercise of stock options 2,584 708
Employee taxes paid related to net share settlement of equity awards (6,814) (3,523)
Net cash used in financing activities (160,972) (14,090)
Net change in cash and cash equivalents (139,001) 3,910
Cash and cash equivalents    
Beginning of period 672,296 757,165
End of period 533,295 761,075
Non cash investing and financing activities:    
Stock-based compensation included in capitalized software 3,795 2,764
Capitalized software included in accounts payable and accrued expenses and other current liabilities 4,376 2,625
Capitalized software transferred from prepaid assets $ 0 $ 5,751
[1] Repurchases of Class A common stock for the three months ended March 31, 2024 include 20.9 million shares
repurchased from related parties (after giving effect to the automatic conversion of Class B common stock to Class
A common stock upon such repurchase) for an aggregate consideration of $151.4 million. See "Note 9.
Stockholders' Equity" for additional information.