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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income (loss) $ 11,052 $ (1,009)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 20,912 15,942
Amortization of debt issuance costs and discounts 430 837
Non-cash operating lease expense 1,086 895
Stock-based compensation expense 19,174 25,096
Loss on operating lease asset 4,409 0
Loss on operating lease asset 286 0
Changes in operating assets and liabilities:    
Accounts receivable (14,183) (1,161)
Prepaid expenses and other assets (13,487) 3,339
Accounts payable 286 (2,452)
Accrued expenses and other current liabilities (19,079) 924
Operating lease liabilities (1,628) (4)
Other liabilities 155 179
Net cash provided by operating activities 9,413 42,586
Cash flows from investing activities    
Purchase of property and equipment (142) (407)
Acquisition (30,000) 0
Capitalized software (21,734) (20,208)
Net cash used in investing activities (51,876) (20,615)
Cash flows from financing activities    
Payments on long-term debt (1,250) (3,516)
Repurchases of Class A common stock [1] (99,897) (153,226)
Proceeds from exercise of stock options 2 2,584
Employee taxes paid related to net share settlement of equity awards (3,757) (6,814)
Net cash used in financing activities (104,902) (160,972)
Net change in cash and cash equivalents (147,365) (139,001)
Cash and cash equivalents    
Beginning of period 448,346 672,296
End of period 300,981 533,295
Non cash investing and financing activities:    
Stock-based compensation included in capitalized software 4,138 3,795
Capitalized software included in accounts payable and accrued expenses and other current liabilities $ 5,311 $ 4,376
[1] Repurchases of Class A common stock for the three months ended March 31, 2025 and 2024 include 20.0 million
and 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 $84.9 million
and $151.4 million, respectively. See "Note 10. Stockholders' Equity" for additional information.