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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net income (loss) $ (79,700) $ (75,261) $ (102,193)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 36,808 19,285 11,378
Stock-based compensation expense, net of amounts capitalized 68,010 49,648 39,324
Provision for bad debt 9,989 10,923 11,048
Other non-cash, net 741 (1,464) (57)
Changes in operating assets and liabilities, net of effects from purchases of businesses:      
Trade receivables 17,466 14,406 47,170
Other operating assets (424) (310) (1,354)
Accounts payable 16,167 (34,612) (73,087)
Other operating liabilities (3,660) (500) (7,404)
Net cash provided by (used in) operating activities 65,397 (17,885) (75,175)
Cash Flows from Investing Activities      
Net increase in finance receivables (22,005) (45,273) (37,982)
Purchases of property and equipment (4,539) (2,330) (3,211)
Proceeds from sale of real estate 14,083 0 0
Capitalization of software costs (29,702) (25,840) (20,185)
Purchases of marketable securities (35,979) (146,032) (269,678)
Maturities and redemptions of marketable securities 88,664 135,724 66,990
Sales of marketable securities 130,090 2,402 0
Acquisition of businesses (net of cash acquired) (156,475) (29,623) (18,913)
Net cash provided by (used in) investing activities (15,863) (110,972) (282,979)
Cash Flows from Financing Activities      
Proceeds from long term debt 491,500 420,000 275,000
Payments towards long term debt (483,500) (380,500) (200,000)
Proceeds from exercise of stock options 9,436 4,265 1,210
Payments for debt issuance and other financing costs (2,023) 0 0
Payment of RSU tax withholdings in exchange for common shares surrendered by RSU holders (27,131) (16,025) (5,458)
Proceeds from employee stock purchase plan 3,910 3,062 2,181
Other financing activities (66) (169) 0
Net cash provided by (used in) financing activities (7,874) 30,633 72,933
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (166) 43 (21)
Net increase (decrease) in cash, cash equivalents, and restricted cash 41,494 (98,181) (285,242)
Cash, cash equivalents, and restricted cash, beginning of period 182,571 280,752 565,994
Cash, cash equivalents, and restricted cash, end of period 224,065 182,571 280,752
Cash paid during the period for:      
Interest expense 3,050 989 493
Income taxes 769 715 388
Non-cash investing and financing activities:      
Stock-based compensation included in capitalized software development costs $ 5,516 $ 3,383 $ 2,013

Source

10-K PDF
XBRL