v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net loss $ (139,587) $ (305,090)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 37,715 41,713
Stock-based compensation 247,338 263,752
Amortization of debt issuance costs and debt discount (premium) 7,642 1,742
Losses (gains) on debt and equity securities, net 15,800 8,968
Gain on extinguishment of debt (66,939) (8,850)
Other (805) (7,762)
Change in operating assets and liabilities, net of effect of acquisitions:    
Accounts receivable, net of allowance 194,216 162,207
Prepaid expenses and other current assets (22,828) (13,629)
Operating lease right-of-use assets 14,123 13,575
Other assets 9,010 (5,142)
Accounts payable 34,260 (34,089)
Accrued expenses and other current liabilities (162,568) (18,381)
Operating lease liabilities (16,993) (13,930)
Other liabilities 1,226 3,268
Net cash provided by (used in) operating activities 151,610 88,352
Cash flows from investing activities    
Purchases of property and equipment (37,214) (50,448)
Purchases of marketable securities (235,799) (465,672)
Sales of marketable securities 12,001 0
Maturities of marketable securities 263,766 384,928
Other 0 9
Net cash provided by (used in) investing activities 2,754 (131,183)
Cash flows from financing activities    
Debt, net of issuance costs 1,473,083 0
Proceeds from the exercise of stock options 0 69
Repurchases of Class A non-voting common stock (257,100) (235,114)
Deferred payments for acquisitions (57,977) 0
Repurchases of convertible notes (1,444,626) (440,706)
Other (1,899) 0
Net cash provided by (used in) financing activities (288,519) (675,751)
Change in cash, cash equivalents, and restricted cash (134,155) (718,582)
Cash, cash equivalents, and restricted cash, beginning of period 1,050,234 1,782,462
Cash, cash equivalents, and restricted cash, end of period $ 916,079 $ 1,063,880