XML 27 R8.htm IDEA: XBRL DOCUMENT v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (75,548) $ (133,805) $ (195,405)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 2,131 1,788 1,585
Share-based compensation expense 39,158 44,960 38,909
Commercial agreement asset amortization 148,594 150,451 149,047
Intangible assets amortization 18,812 20,434 27,833
Unrealized loss (gain) on foreign currency 4,468 (1,901) 7,843
Changes in accrued interest and exchange rate on short-term deposits (1,329) (416) (291)
Changes in accrued interest and exchange rate on long-term deposits 200 (255) (931)
Realized losses from marketable securities 0 0 73
Changes in operating assets and liabilities:      
Decrease (increase) in accounts receivable (13,330) (11,417) 2,662
Increase in prepaid expenses and other assets (18,019) (11,735) (2,685)
Decrease (increase) in funds receivable (3,205) (11,074) 17,097
Decrease (increase) in other assets, noncurrent 551 (339) (1,279)
Increase in funds payable to customers 11,752 33,107 17,736
Decrease in operating lease ROU assets 3,691 3,230 3,253
Increase in deferred contract acquisition costs (1,382) (1,207) (761)
Increase (decrease) in accounts payable (including an increase of related party payables of $12,651, $711, $19,706 for the years ended December 31, 2022, 2023 and 2024, respectively) 28,617 (1,277) 16,648
Increase in accrued expenses and other liabilities (including an increase of related party payables of $2,362, $1,173, $3,387 for the years ended December 31, 2022, 2023 and 2024, respectively) 34,272 30,625 20,531
Increase (decrease) in deferred taxes (6,507) 120 (8,178)
Decrease in operating lease liabilities (3,533) (3,067) (4,359)
Net cash provided by operating activities 169,393 108,222 89,328
Cash flows from investing activities:      
Acquisition of a business, net of cash acquired (see note 6) 0 0 (317,483)
Investment in marketable securities (21,128) (3,728) (8,298)
Proceeds from marketable securities 4,988 671 8,110
Purchases of short-term and long-term investments (267,213) (175,319) (78,478)
Proceeds from short-term and long-term deposits 180,572 125,078 74,400
Purchases of property and equipment (2,335) (1,741) (8,352)
Net cash used in investing activities (105,116) (55,039) (330,101)
Cash flows from financing activities:      
Proceeds from exercise of share options 3,271 1,969 1,166
Proceeds from exercise of warrants to ordinary shares 5 22 73
Net cash provided by financing activities 3,276 1,991 1,239
Exchange rate differences on balances of cash, cash equivalents and restricted cash (4,468) 1,901 (7,843)
Net increase (decrease) in cash, cash equivalents, and restricted cash 63,085 57,075 (247,377)
Cash and cash equivalents and restricted cash—beginning of period 268,597 211,522 458,899
Cash and cash equivalents and restricted cash—end of period 331,682 268,597 211,522
Supplemental disclosures of cash flow information:      
Cash paid for income taxes 2,601 729 249
Supplemental disclosures of noncash investing and financing activities:      
ROU assets and lease liabilities created during the period 5,068 6,565 2,862
Recognition of Commercial agreement asset $ 22,400 $ 60,206 $ 235,467