v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows provided by (used in) operating activities:      
Net income (loss) $ 225,274 $ 49,888 $ (115,436)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation on property and equipment 21,749 18,215 15,524
Amortization on intangible assets 4,731 3,434 3,268
Noncash lease expense 6,607 6,468 3,769
Impairment of assets 723 4,975 3,068
Equity-based compensation 35,339 37,293 138,495
Deferred income tax expense (benefit) (165,773) (722) (2,471)
Amortization of revolver loan costs 202 339 440
Premium amortization (discount accretion) on marketable securities (7,319) (13,804) (2,958)
Changes in operating assets and liabilities:      
Accounts receivable 15 643 4,162
Prepaid expenses and other assets (6,526) (3,192) 991
Prepaid revenue share fee (250) (6,817) (7,313)
Accounts payable 2,198 4,525 (752)
Accrued and other long term liabilities 120,964 33,714 34,979
Deferred revenue 63,500 92,801 94,889
Operating lease liabilities (5,757) (2,727) (2,345)
Net cash provided by operating activities 295,677 225,033 168,310
Cash flows provided by (used in) investing activities:      
Business combinations, net of cash acquired 0 (3,750) 0
Purchases of marketable securities (971,097) (952,655) (1,462,550)
Proceeds from sales and maturities of marketable securities 1,098,201 973,032 1,134,864
Purchase of strategic investment (1,000) (6,000) 0
Purchases of property and equipment (12,009) (25,555) (31,362)
Purchases of intangible assets (318) (580) (545)
Net cash provided by (used in) investing activities 113,777 (15,508) (359,593)
Cash flows used in financing activities:      
Repurchase of Class A Common Stock (272,920) (69,673) (4,902)
Payment of dividend (39,402) (14,483) 0
Payment of special dividend (28,828) (68,038) (21,843)
Distributions to members (25,138) (42,674) (16,250)
Tax distribution to members (24,979) (13,929) (171)
Deferred consideration payment (1,246) 0 0
Payment of taxes on net settled stock-based awards (9,034) (6,814) (5,411)
Other financing activities 0 (396) (297)
Net cash used in financing activities (401,547) (216,007) (48,874)
Net increase (decrease) in cash, cash equivalents, and restricted cash 7,907 (6,482) (240,157)
Cash, cash equivalents, and restricted cash, beginning of period 62,401 68,884 309,126
Exchange rate effect on cash and cash equivalents, and restricted cash 40 (1) (85)
Cash, cash equivalents, and restricted cash, end of period $ 70,348 $ 62,401 $ 68,884

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