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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 203,981 $ 26,158
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 4,210 3,963
Non-cash operating lease cost 1,676 1,468
Amortization of premium (accretion of discount) on marketable securities, net (4,297) (8,884)
Stock-based compensation expense 68,336 85,414
Other adjustments (691) (138)
Changes in operating assets and liabilities:    
Accounts receivable 67,957 23,359
Prepaid expenses and other assets (23,752) (17,006)
Operating lease right-of-use assets and liabilities (1,815) (1,780)
Accounts payable (10,983) (1,046)
Accrued expenses and other liabilities 7,631 16,070
Net cash provided by (used in) operating activities 312,253 127,578
Cash flows from investing activities    
Purchases of property and equipment (1,090) (979)
Purchases of marketable securities (364,929) (504,846)
Maturities of marketable securities 474,468 465,062
Proceeds from sale of marketable securities 17,989 12,372
Other investing activities (1,616) 889
Net cash provided by (used in) investing activities 124,822 (27,502)
Cash flows from financing activities    
Proceeds from exercise of employee stock options 4,899 10,184
Taxes paid related to net share settlement of restricted stock units (16,196) (36,675)
Repurchases of Class A common stock (4,999) 0
Net cash provided by (used in) financing activities (16,296) (26,491)
Net increase (decrease) in cash and cash equivalents 420,779 73,585
Cash and cash equivalents at the beginning of the period 953,569 562,142
Cash and cash equivalents at the end of the period $ 1,374,348 $ 635,727