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Balance Sheet Components | 6 Months Ended
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Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Components | Balance Sheet Components Cash and Cash Equivalents, Restricted Cash, and Funds Held In Escrow, Including Funds In Transit The following table reconciles cash and cash equivalents, restricted cash, and funds held in escrow that are restricted as reported in the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024 to the total of the same amounts shown in the condensed consolidated statement of cash flows for the six months ended June 30, 2025:
(In thousands) | June 30, 2025 |  | December 31, 2024
Cash and cash equivalents | $ | 291,070 |  |  | $ | 305,757 |
Restricted cash | 3,800 |  |  | 4,100 |
Funds held in escrow, including funds in transit | 212,033 |  |  | 195,736 |
Total cash, cash equivalents, and restricted cash as shown in the condensed consolidated statement of cash flows | $ | 506,903 |  |  | $ | 505,593 |
Property and Equipment, Net Property and equipment, net consisted of the following as of the dates presented:
(In thousands) | June 30, 2025 |  | December 31, 2024
Internal-use software and platform development | $ | 69,092 |  |  | $ | 59,815 |
Computer equipment and software | 6,926 |  |  | 6,817 |
Leasehold improvements | 7,515 |  |  | 6,025 |
Office furniture and fixtures | 1,057 |  |  | 1,755 |
Total property and equipment | 84,590 |  |  | 74,412 |
Less: accumulated depreciation | (46,481) |  |  | (44,356) |
Property and equipment, net | $ | 38,109 |  |  | $ | 30,056 |
For the three months ended June 30, 2025 and 2024, depreciation expense related to property and equipment, excluding internal-use software and platform development, was $0.4 million and $0.6 million, respectively. For the six months ended June 30, 2025 and 2024, depreciation expense related to property and equipment, excluding internal-use software and platform development, was $0.8 million and $1.3 million, respectively. For the three months ended June 30, 2025 and 2024, the Company capitalized $5.9 million and $3.6 million of internal-use software and platform development costs, respectively. For the six months ended June 30, 2025 and 2024, the Company capitalized $10.5 million and $6.1 million of internal-use software and platform development costs, respectively. For the three months ended June 30, 2025 and 2024, amortization expense related to the capitalized internal-use software and platform development costs was $3.8 million and $2.6 million, respectively. For the six months ended June 30, 2025 and 2024, amortization expense related to the capitalized internal-use software and platform development costs was $6.4 million and $4.7 million, respectively. Net Intangibles Assets The carrying value of intangible assets was as follows as of the dates presented:
| June 30, 2025 |  | December 31, 2024
(In thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Developed technology | $ | 11,000 |  |  | $ | 2,139 |  |  | $ | 8,861 |  |  | $ | 11,000 |  |  | $ | 305 |  |  | $ | 10,695 |
Assembled workforce | 3,188 |  |  | 2,524 |  |  | 664 |  |  | 3,188 |  |  | 1,727 |  |  | 1,461 |
Customer relationships | 1,000 |  |  | 1,000 |  |  | — |  |  | 1,000 |  |  | 167 |  |  | 833 |
Total | $ | 15,188 |  |  | $ | 5,663 |  |  | $ | 9,525 |  |  | $ | 15,188 |  |  | $ | 2,199 |  |  | $ | 12,989 |
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following as of the dates presented:
(In thousands) | June 30, 2025 |  | December 31, 2024
Accrued compensation and related benefits | $ | 25,910 |  |  | $ | 30,666 |
Accrued taxes | 12,385 |  |  | 11,394 |
Accrued vendor expenses | 10,813 |  |  | 9,485 |
Accrued payment processing fees | 4,780 |  |  | 4,478 |
Operating lease liability, current | 1,648 |  |  | 1,624 |
Accrued talent costs | 2,403 |  |  | 801 |
Other | 823 |  |  | 852 |
Total accrued expenses and other current liabilities | $ | 58,762 |  |  | $ | 59,300 |
Stockholders’ Equity 2025 PSU Awards During the three months ended March 31, 2025, the compensation committee of the Company’s board of directors, which is referred to as the compensation committee, approved the grant of performance stock unit awards, which are referred to as PSUs, to certain members of the Company’s leadership team under the Company’s 2018 Equity Incentive Plan, which awards are referred to as the 2025 PSU Awards. These awards were granted on March 18, 2025, which is referred to as the 2025 PSU Grant Date. Up to 50% of the maximum number of shares subject to the 2025 PSU Awards are eligible to vest based on the Company’s achievement of certain financial performance targets over the two-year performance period consisting of the Company’s fiscal years ending December 31, 2025 and 2026, and up to the remaining 50% of the maximum number of shares subject to the 2025 PSU Awards are eligible to vest based on the Company’s achievement of certain financial performance targets over the three-year performance period consisting of the Company’s fiscal years ending December 31, 2025, 2026, and 2027. For each performance period, the number of PSUs that become earned and eligible to vest is based on the Company’s achievement of pre-established financial and market-based performance targets established by the compensation committee at the time of grant, which is referred to as the PSU Performance Condition. Following the completion of a performance period, the compensation committee will certify the Company’s achievement of the PSU Performance Condition with respect to such performance period. The dates on which such certifications take place are referred to as Certification Dates. In order for any PSUs to be earned and vest, a recipient must be in continuous service with the Company on the applicable Certification Date, which is referred to as the PSU Service Condition. The Company classifies the 2025 PSU Awards as equity awards. Stock-based compensation expense related to the 2025 PSU Awards is a component of operating expenses in the Company’s condensed consolidated statements of operations and comprehensive income and is recognized over the longer of the expected achievement period for the PSU Performance Condition and the PSU Service Condition, which is 23 months and 35 months for the shares eligible to vest under the 2025 PSU Awards based on performance in each of the performance periods ending December 31, 2026 and 2027, respectively. The grant date fair value of the 2025 PSU Awards was determined using valuation models that incorporate the impact of market-based conditions. At each reporting date prior to the Certification Dates, the number of 2025 PSU Awards that are probable of vesting will be reassessed and any changes are reflected in stock-based compensation expense for the period. Share Repurchase Program In October 2024, the Company’s board of directors authorized a share repurchase program for the repurchase of up to $100.0 million of shares of the Company’s outstanding common stock, which is referred to as the 2024 Share Repurchase Authorization. Repurchases of the Company’s common stock under the 2024 Share Repurchase Authorization may be made from time to time on the open market (including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act of 1934, as amended), in privately negotiated transactions, or by other methods, at the Company’s discretion, and in accordance with applicable securities laws and other restrictions. The 2024 Share Repurchase Authorization has no expiration date and will continue until otherwise suspended, terminated, or modified at any time for any reason. The 2024 Share Repurchase Authorization does not obligate the Company to repurchase any dollar amount or number of shares, and the timing and amount of any repurchases will depend on market and business conditions. During the three and six months ended June 30, 2025, the Company repurchased and subsequently retired 2.9 million and 5.2 million shares of its common stock for an aggregate amount of $37.9 million and $70.9 million at an average price of $13.00 and $13.52 per share, including fees associated with the repurchases and excluding excise tax, respectively. As of June 30, 2025, the Company had $29.1 million available for repurchases under the 2024 Share Repurchase Authorization. The Company previously repurchased $100.0 million of common stock under the share repurchase program authorized by the Company’s board of directors in November 2023. These repurchases were completed between February 2024 and April 2024, and the program was fully utilized as of December 31, 2024.

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