v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 38,583 $ 32,088
Adjustments to reconcile net income to net cash provided from operating activities:    
Depreciation of property and equipment 5,432 5,168
Amortization of intangible assets 1,100 924
Noncash lease expense 1,606 1,582
Equity-based compensation 7,798 10,665
Deferred income tax (790) 715
Amortization of revolver loan costs 32 87
Premium amortization and (discount accretion), net on marketable securities 256 (2,333)
Changes in operating assets and liabilities:    
Accounts receivable (1) (95)
Prepaid expenses and other assets 2,738 (2,261)
Prepaid revenue share fee (429) 439
Accounts payable (7,721) (4,189)
Accrued and other long term liabilities 55,683 37,418
Deferred revenue (4,256) 1,507
Operating lease liabilities (1,684) (1,366)
Net cash provided by operating activities 98,347 80,349
Investing activities:    
Purchases of marketable securities (97,381) (214,818)
Sales of marketable securities 197,748 245,036
Purchase of strategic investment 0 (1,000)
Purchases of property and equipment (7,084) (2,776)
Purchases of intangible assets 0 (215)
Net cash provided by investing activities 93,283 26,227
Financing activities:    
Repurchase of Class A Common Stock (101,740) (84,891)
Payment of dividend (11,720) (8,480)
Payment of special dividend (25,316) 0
Distributions to members (5,011) (5,077)
Tax distribution to members (24,542) (562)
Payment of taxes on net settled stock-based awards (2,621) (2,110)
Other financing activities (334) (154)
Net cash used in financing activities (171,284) (101,274)
Net increase in cash, cash equivalents, and restricted cash 20,346 5,302
Cash, cash equivalents, and restricted cash, beginning of period 70,348 62,401
Exchange rate effect on cash and cash equivalents, and restricted cash (11) 21
Cash, cash equivalents, and restricted cash, end of period $ 90,683 $ 67,724

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