v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net income (loss) $ (40,254) $ 427,585 $ (23,083)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 85,541 12,181 9,929
Noncash operating lease cost 16,682 9,221 7,619
Equity-based compensation 127,896 103,201 104,447
Amortization of deferred contract acquisition costs 11,487 5,265 4,763
Amortization of debt issuance costs, included in interest expense 2,770 280 280
Debt extinguishment costs 419 0 0
Provision for bad debt 2,165 0 0
Deferred tax benefit (12,607) (460,032) (1,665)
Accretion of discount on investments (284) (2,185) (1,474)
Realized gain on investments (112) (35) (89)
Changes in operating assets and liabilities, excluding the impact of business acquisitions:      
Accounts receivable, net (11,148) (13,648) (19,298)
Prepaid expenses and other assets (11,159) 5,627 1,151
Deferred contract acquisition costs (17,036) (6,242) (5,067)
Accounts payable (1,341) 269 (115)
Accrued expenses and other liabilities 22,449 11,693 1,204
Tax receivable agreement liability (35) (18,859) 6,000
Other long-term liabilities 463 0 0
Net cash provided by operating activities 175,896 74,321 84,602
INVESTING ACTIVITIES      
Purchases of property, equipment and software (11,554) (5,259) (5,624)
Purchases of intangible assets (10,239) 0 0
Purchase of held to maturity investments (4,686) (3,009) (3,004)
Purchase of available-for-sale investments 0 (114,572) (124,178)
Proceeds from sale of available-for-sale investments 89,479 0 5,950
Proceeds from maturities of investments 23,716 107,417 31,801
Acquisition of business, net of cash acquired (1,074,754) (40,121) 0
Payment of initial direct costs for operating lease (89) (104) 0
Net cash used in investing activities (988,127) (55,648) (95,055)
FINANCING ACTIVITIES      
Proceeds from exercise of options 168 248 4,738
Taxes paid related to net share settlement of equity awards (33,749) (55,301) (20,784)
Repurchase of common stock (18,054) 0 0
Proceeds from borrowings, net of payment of debt issuance costs 924,475 0 0
Repayments of borrowings (154,063) (2,750) (2,749)
Proceeds from employee stock purchase plan 6,636 4,693 4,588
Payment of tax distributions 0 (3,873) (2,184)
Payment of business acquisition holdback liability 0 (4,685) (2,900)
Net cash provided by (used in) financing activities 725,413 (61,668) (19,291)
Effect of exchange rate changes on cash and cash equivalents 713 (1,420) 785
Change in cash and cash equivalents during the period (86,105) (44,415) (28,959)
Cash and cash equivalents, beginning of period 177,350 221,765 250,724
Cash and cash equivalents, end of period 91,245 177,350 221,765
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash paid for interest 31,142 3,464 3,454
Cash paid for income taxes 3,486 1,979 2,432
NON-CASH INVESTING AND FINANCING ACTIVITIES      
Purchase of property and equipment included in accounts payable and accrued expense 210 38 435
Acquisition of Bistro intangible assets paid in common stock 102,729 0 0
Tax distributions payable to Continuing Equity Owners included in accrued expenses $ 3 $ 23 $ 2,945