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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 70,456 $ 40,662
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for transaction losses 3,594 2,433
Depreciation and amortization 10,740 6,775
Amortization of debt issuance costs 921 921
Accretion of discount on purchases of marketable securities, net (3,504) (8,159)
Amortization of operating lease asset 385 1,706
Tides Foundation common stock warrant expense 375 375
Stock-based compensation expense 28,249 36,180
Deferred taxes 2,064 0
Changes in operating assets and liabilities:    
Trade and client receivables [1] 360 (5,087)
Prepaid expenses and other assets (3,338) (5,133)
Operating lease liability 808 (3,129)
Accounts payable (5,075) 701
Accrued expenses and other liabilities 2,911 (6,847)
Deferred revenue 533 (7,381)
Net cash provided by operating activities 109,479 54,017
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities (259,148) (194,299)
Proceeds from maturities of marketable securities 232,411 321,846
Proceeds from sale of marketable securities 3,537 35,394
Acquisition of business, net of cash acquired (20,410) 0
Purchases of property and equipment (4,853) (775)
Internal-use software and platform development costs (8,210) (5,637)
Net cash (used in) provided by investing activities (56,673) 156,529
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in escrow funds payable, net [1] 16,574 (4,802)
Proceeds from exercises of stock options and common stock warrants 653 770
Proceeds from employee stock purchase plan 2,199 2,917
Repurchase of common stock (70,922) (100,000)
Net cash used in financing activities (51,496) (101,115)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 1,310 109,431
Cash, cash equivalents, and restricted cash—beginning of period 505,593 296,418
Cash, cash equivalents, and restricted cash—end of period 506,903 405,849
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for income taxes 5,560 789
Cash paid for interest 451 463
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:    
Property and equipment purchased but not yet paid 51 118
Internal-use software and platform development costs incurred but not yet paid $ 479 $ 134
[1] Refer to “Note 2—Basis of Presentation and Summary of Significant Accounting Policies” for discussion of the change in the current period presentation.