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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net loss $ (66,141) $ (79,700) $ (75,261)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 43,743 36,808 19,285
Stock-based compensation expense, net of amounts capitalized 56,862 68,010 49,648
Provision for bad debt 34,050 9,989 10,923
Other non-cash, net 3,542 741 (1,464)
Changes in operating assets and liabilities, net of effects from purchases of businesses:      
Trade receivables (31,022) 17,466 14,406
Other operating assets (10,541) (424) (310)
Accounts payable 46,823 16,167 (34,612)
Other operating liabilities 916 (3,660) (500)
Net cash provided by (used in) operating activities 78,232 65,397 (17,885)
Cash Flows from Investing Activities      
Net increase in finance receivables (75,799) (22,005) (45,273)
Purchases of property and equipment (9,098) (4,539) (2,330)
Proceeds from sale of real estate 0 14,083 0
Capitalization of software costs (35,555) (29,702) (25,840)
Purchases of marketable securities (28,921) (35,979) (146,032)
Maturities and redemptions of marketable securities 26,388 88,664 135,724
Sales of marketable securities 48,934 130,090 2,402
Acquisition of businesses (net of cash acquired) 0 (156,475) (29,623)
Net cash used in investing activities (74,051) (15,863) (110,972)
Cash Flows from Financing Activities      
Proceeds from long term debt 423,500 491,500 420,000
Payments towards long term debt (356,500) (483,500) (380,500)
Proceeds from exercise of stock options 1,441 9,436 4,265
Payments for debt issuance and other financing costs (3,265) (2,023) 0
Payment of RSU tax withholdings in exchange for common shares surrendered by RSU holders (26,868) (27,131) (16,025)
Proceeds from employee stock purchase plan 4,666 3,910 3,062
Other financing activities 0 (66) (169)
Net cash provided by (used in) financing activities 42,974 (7,874) 30,633
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 277 (166) 43
Net increase (decrease) in cash, cash equivalents, and restricted cash 47,432 41,494 (98,181)
Cash, cash equivalents, and restricted cash, beginning of period 224,065 182,571 280,752
Cash, cash equivalents, and restricted cash, end of period 271,497 224,065 182,571
Cash paid during the period for:      
Interest expense 7,863 3,050 989
Income taxes 764 769 715
Non-cash investing and financing activities:      
Stock-based compensation included in capitalized software development costs $ 7,602 $ 5,516 $ 3,383

Source

10-K PDF
XBRL