v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities        
Net income (loss) $ 29,853 $ (7,383) $ (555,312) $ (109,358)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation and amortization 3,969 3,288 11,482 9,947
Non-cash operating lease cost 1,453 3,428 4,041 10,112
Amortization of premium (accretion of discount) on marketable securities, net (12,393) (7,613) (31,884) (18,895)
Stock-based compensation expense 74,758 9,392 716,532 31,975
Other adjustments (4,665) 199 (4,039) 365
Changes in operating assets and liabilities:        
Accounts receivable (44,108) (25,630) (38,914) (717)
Prepaid expenses and other assets 8,416 1,273 (11,766) 2,101
Operating lease right-of-use assets and liabilities (1,378) (2,168) (2,688) (5,250)
Accounts payable 442 2,010 16,484 2,393
Accrued expenses and other liabilities 15,275 15,501 28,135 19,646
Net cash provided by (used in) operating activities 71,622 (7,703) 132,071 (57,681)
Cash flows from investing activities        
Purchases of property and equipment (1,353) (3,936) (5,406) (5,122)
Proceeds from sale of cryptocurrency 6,869 0 6,869 0
Purchases of marketable securities (428,225) (313,823) (1,425,737) (928,035)
Maturities of marketable securities 447,302 320,337 1,043,361 955,214
Proceeds from sale of marketable securities 0 0 0 37,538
Cash paid for acquisitions, net of cash acquired (17,137) 0 (17,137) 0
Other investing activities 487 (3) 460 109
Net cash provided by (used in) investing activities 7,943 2,575 (397,590) 59,704
Cash flows from financing activities        
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions 0 0 600,022 0
Proceeds from exercise of employee stock options 38,001 794 62,933 2,585
Taxes paid related to net share settlement of restricted stock units (65,800) 0 (268,106) (4,229)
Payments of initial public offering costs (2,162) (38) (8,500) (896)
Payments of deferred consideration and holdbacks for acquisitions (1,661) (979) (6,111) (979)
Net cash provided by (used in) financing activities (31,622) (223) 380,238 (3,519)
Net increase (decrease) in cash, cash equivalents, and restricted cash 47,943 (5,351) 114,719 (1,496)
Cash, cash equivalents, and restricted cash at the beginning of the period 468,002 439,715 401,226 435,860
Cash, cash equivalents, and restricted cash at the end of the period 515,945 434,364 515,945 434,364
Cash and cash equivalents 515,895 434,314 515,895 434,314
Restricted cash 50 50 50 50
Total cash, cash equivalents, and restricted cash 515,945 434,364 515,945 434,364
Supplemental disclosures of cash flow information        
Cash paid for income taxes 1,427 667 4,152 1,519
Supplemental disclosure of noncash financing and investing activities        
Conversion of convertible preferred stock to common stock upon initial public offering 0 0 1,853,492 0
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering 0 0 23,754 0
Operating lease right-of-use assets recognized in exchange for lease liabilities $ 219 $ 0 $ 3,906 $ 12,014