v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows provided by (used in) operating activities:    
Net income (loss) $ 70,679 $ (239)
Adjustments to reconcile net loss to net cash provided from operating activities:    
Depreciation of property and equipment 10,728 8,516
Amortization of intangible assets 1,805 1,640
Noncash lease expense 3,180 3,315
Impairment of assets 0 3,707
Equity-based compensation 20,895 30,937
Deferred income tax 28 12
Amortization of revolver loan costs 136 164
Premium amortization and (discount accretion), net on marketable securities (4,489) (7,489)
Changes in operating assets and liabilities:    
Accounts receivable (598) 240
Prepaid expenses and other assets (656) (1,849)
Prepaid revenue share fee 1,811 (1,848)
Accounts payable (2,624) (2,663)
Accrued and other long term liabilities 85,030 64,196
Deferred revenue 11,768 37,177
Operating lease liabilities (2,760) (54)
Net cash provided by operating activities 194,933 135,762
Cash flows provided by (used in) investing activities:    
Purchases of marketable securities (356,079) (411,650)
Sales of marketable securities 391,044 377,528
Purchase of strategic investment (1,000) (6,000)
Purchases of property and equipment (7,216) (17,790)
Purchases of intangible assets (318) (89)
Net cash provided by (used in) investing activities 26,431 (58,001)
Cash flows used in financing activities:    
Repurchase of Class A Common Stock (150,000) (45,097)
Payment of dividend (17,820) 0
Payment of special dividend (28,828) (18,129)
Distributions to members (15,582) 0
Tax distribution to members (24,100) (13,929)
Debt issuance costs 0 (396)
Payment of taxes on net settled stock-based awards (4,614) (3,803)
Other financing activities (153) 0
Net cash used in financing activities (241,097) (81,354)
Net (decrease) increase in cash, cash equivalents, and restricted cash (19,733) (3,593)
Cash, cash equivalents, and restricted cash, beginning of period 62,401 68,884
Exchange rate effect on cash and cash equivalents, and restricted cash 37 51
Cash, cash equivalents, and restricted cash, end of period $ 42,705 $ 65,342

Source