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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities        
Net income $ 41,574 $ 12,825 $ 102,973 $ 66,312
Adjustment to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 13,510 7,116 33,630 19,064
Deferred taxes     (17,073) (12,024)
Stock-based compensation expenses     46,173 48,429
Gain from change in fair value of Warrants   7,799 (2,767) (5,535)
Loss on Warrant repurchase/redemption 14,746   14,746  
Foreign currency re-measurement (gain) loss     (109) 761
Changes in operating assets and liabilities:        
Other current assets     (36,277) (5,891)
Trade payables     8,904 (6,948)
Deferred revenue     808 1,206
Accounts receivable, net     (1,255) 6,908
Capital advance extended to customers     (260,435) (207,075)
Capital advance collected from customers     248,980 195,074
Other payables     (6,619) (880)
Other long-term liabilities     (3,667) (1,429)
Operating lease right-of-use assets     9,802 7,262
Interest and amortization of discount on investments     (6,401)  
Other assets     (374) (3,906)
Net cash provided by operating activities     131,039 101,328
Cash Flows from Investing Activities        
Purchase of property, equipment and software     (4,449) (4,336)
Capitalization of internal use software     (39,666) (25,322)
Related Party asset acquisition       (3,600)
Severance pay fund distributions, net     12 151
Customer funds in transit, net     (80,098) (20,600)
Purchases of investments in available-for-sale debt securities     (1,255,686)  
Maturities and sales of investments in available-for-sale debt securities     214,000  
Purchases of investments in term deposits     (600,000)  
Cash paid in connection with acquisition, net of cash and customer funds acquired (refer to Note 3 for further information)     (48,219)  
Net cash inflow from acquisition of remaining interest in joint venture       5,953
Net cash used in investing activities     (1,814,106) (47,754)
Cash Flows from Financing Activities        
Proceeds from issuance of common stock in connection with stock-based compensation plan, net of taxes paid related to settlement of equity awards and proceeds from employee equity transactions to be remitted to employees     23,015 10,159
Outstanding operating balances, net     (314,764) (468,146)
Borrowings under related party facility (Refer to Notes 12 and 21 for further information)     15,120 19,309
Repayments under related party facility (Refer to Notes 12 and 21 for further information)     (20,312) (19,646)
Warrant repurchase/redemption (Refer to Note 14 for further information)     (19,534)  
Common stock repurchased     (120,457) (34,408)
Net cash used in financing activities     (436,932) (492,732)
Effect of exchange rate changes on cash and cash equivalents     109 (662)
Net change in cash, cash equivalents, restricted cash and customer funds     (2,119,890) (439,820)
Cash, cash equivalents, restricted cash and customer funds at beginning of period     7,018,367 6,386,720
Cash, cash equivalents, restricted cash and customer funds at end of period 4,898,477 5,946,900 4,898,477 5,946,900
Supplemental information of investing and financing activities not involving cash flows:        
Property, equipment, and software acquired but not paid     1,569 1,078
Internal use software capitalized but not paid     6,271 12,119
Common stock repurchased but not paid     150 350
Right of use assets obtained in exchange for new operating lease liabilities     6,533 4,398
Reconciliation of cash, cash equivalents, restricted cash and customer funds        
Cash and cash equivalents 534,170 590,565 534,170 590,565
Current restricted cash 4,994 2,872 4,994 2,872
Non-current restricted cash 16,848 6,518 16,848 6,518
Current customer funds 5,560,767 5,370,466 5,560,767 5,370,466
Non-current customer funds 525,000   525,000  
Customer funds shown in the condensed consolidated balance sheets 6,085,767 5,370,466 6,085,767 5,370,466
Less: Customer funds in transit (82,088) (23,521) (82,088) (23,521)
Less: Customer funds invested in available-for-sale debt securities (1,061,214)   (1,061,214)  
Less: Customer funds invested in term deposits (600,000)   (600,000)  
Net customer funds shown in the condensed consolidated statements of cash flows 4,342,465 5,346,945 4,342,465 5,346,945
Total cash, cash equivalents, restricted cash and customer funds shown in the condensed consolidated statements of cash flows $ 4,898,477 $ 5,946,900 $ 4,898,477 $ 5,946,900