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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 25,014 $ 9,650
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 62,072 50,442
Loss on extinguishment of debt 0 2,077
Amortization of debt issuance costs and discounts 1,314 2,076
Non-cash operating lease expense 3,063 2,981
Stock-based compensation expense 58,707 78,067
Deferred income taxes 8,089 (642)
Loss on operating lease asset 4,409 0
Other 476 0
Changes in operating assets and liabilities:    
Accounts receivable (57,804) 12,805
Prepaid expenses and other assets (23,233) (12,268)
Accounts payable 14,625 (23,167)
Accrued expenses and other current liabilities 42,208 19,778
Operating lease liabilities (4,732) (3,250)
Other liabilities 808 600
Net cash provided by operating activities 135,016 139,149
Cash flows from investing activities    
Purchase of property and equipment (2,280) (1,078)
Acquisition (30,000) 0
Capitalized software (55,910) (52,625)
Net cash used in investing activities (88,190) (53,703)
Cash flows from financing activities    
Proceeds from long-term debt 0 472,033
Payments on long-term debt (3,750) (639,038)
Payments of debt issuance costs 0 (2,673)
Repurchases of Class A common stock [1] (206,942) (158,657)
Proceeds from exercise of stock options 61 18,435
Employee taxes paid related to net share settlement of equity awards (11,872) (24,922)
Proceeds from employee stock purchase plan 860 857
Net cash used in financing activities (221,643) (333,965)
Net change in cash and cash equivalents (174,817) (248,519)
Cash and cash equivalents    
Beginning of period 448,346 672,296
End of period 273,529 423,777
Non cash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease liabilities 9,098 1,894
Stock-based compensation included in capitalized software 12,145 12,313
Capitalized software included in accounts payable and accrued expenses and other current liabilities $ 8,206 $ 7,515
[1] Repurchases of Class A common stock for the nine months ended September 30, 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.