v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 18,442 $ 17,167
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for transaction losses 796 3,712
Depreciation and amortization 3,146 2,024
Amortization of debt issuance costs 460 716
Accretion of discount on purchases of marketable securities, net (4,876) (3,487)
Amortization of operating lease asset 847 800
Tides Foundation common stock warrant expense 188 188
Stock-based compensation expense 16,942 19,900
Gain on early extinguishment of debt 0 (38,945)
Changes in operating assets and liabilities:    
Trade and client receivables (12,389) 1,990
Prepaid expenses and other assets (2,129) (1,360)
Operating lease liability (1,549) (1,419)
Accounts payable 782 (3,380)
Accrued expenses and other liabilities (10,897) (6,855)
Deferred revenue (4,107) 248
Net cash provided by (used in) operating activities 5,656 (8,701)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities (149,876) (156,128)
Proceeds from maturities of marketable securities 131,772 167,416
Proceeds from sale of marketable securities 26,909 143,709
Purchases of property and equipment (177) (158)
Internal-use software and platform development costs (2,488) (2,703)
Net cash provided by investing activities 6,140 152,136
CASH FLOWS FROM FINANCING ACTIVITIES:    
Changes in escrow funds payable 10,550 17,963
Proceeds from exercises of stock options 106 758
Repurchase of common stock (66,876) 0
Net cash paid for early extinguishment of debt 0 (170,752)
Net cash used in financing activities (56,220) (152,031)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (44,424) (8,596)
Cash, cash equivalents, and restricted cash—beginning of period 296,418 295,231
Cash, cash equivalents, and restricted cash—end of period 251,994 286,635
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 458 811
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING ACTIVITIES:    
Property and equipment purchased but not yet paid 160 79
Internal-use software and platform development costs incurred but not yet paid $ 30 $ 57