v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities        
Net income (loss) $ 162,663 $ 29,853 $ 278,118 $ (555,312)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation and amortization 3,900 3,969 11,797 11,482
Non-cash operating lease cost 1,537 1,453 4,519 4,041
Amortization of premium (accretion of discount) on marketable securities, net (6,779) (12,393) (22,354) (31,884)
Stock-based compensation expense 83,518 74,758 258,002 716,532
Other adjustments 709 (4,665) 668 (4,039)
Changes in operating assets and liabilities:        
Accounts receivable (80,997) (44,108) (138,754) (38,914)
Prepaid expenses and other assets 2,934 8,416 (23,424) (11,766)
Operating lease right-of-use assets and liabilities (2,038) (1,378) (5,407) (2,688)
Accounts payable 7,995 442 26,940 16,484
Accrued expenses and other liabilities 11,717 15,275 33,963 28,135
Net cash provided by (used in) operating activities 185,159 71,622 424,068 132,071
Cash flows from investing activities        
Purchases of property and equipment (2,058) (1,353) (3,542) (5,406)
Purchases of marketable securities (544,101) (428,225) (1,605,404) (1,425,737)
Maturities of marketable securities 563,460 447,302 1,581,054 1,043,361
Proceeds from sale of marketable securities 0 0 12,372 0
Cash paid for acquisitions, net of cash acquired 0 (17,137) 0 (17,137)
Other investing activities (788) 7,356 2,455 7,329
Net cash provided by (used in) investing activities 16,513 7,943 (13,065) (397,590)
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 0 600,022
Proceeds from exercise of employee stock options 6,013 38,001 20,500 62,933
Taxes paid related to net share settlement of restricted stock units (28,595) (65,800) (80,495) (268,106)
Payments of initial public offering costs 0 (2,162) 0 (8,500)
Other financing activities (1,497) (1,661) (1,497) (6,111)
Net cash provided by (used in) financing activities (24,079) (31,622) (61,492) 380,238
Net increase (decrease) in cash, cash equivalents, and restricted cash 177,593 47,943 349,511 114,719
Cash, cash equivalents, and restricted cash at the beginning of the period 734,060 468,002 562,142 401,226
Cash, cash equivalents, and restricted cash at the end of the period 911,653 515,945 911,653 515,945
Cash and cash equivalents 911,653 515,895 911,653 515,895
Restricted cash 0 50 0 50
Total cash, cash equivalents, and restricted cash 911,653 515,945 911,653 515,945
Supplemental disclosure of noncash financing and investing activities        
Conversion of convertible preferred stock to common stock upon initial public offering 0 0 0 1,853,492
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering $ 0 $ 0 $ 0 $ 23,754