v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income $ 76,458 $ 70,679
Adjustments to reconcile net income to net cash provided from operating activities:    
Depreciation of property and equipment 11,142 10,728
Amortization of intangible assets 2,158 1,805
Noncash lease expense 3,219 3,180
Impairment of strategic investment 4,719 0
Equity-based compensation 18,091 20,895
Deferred income tax 934 28
Amortization of revolver loan costs 66 136
Gain on divestiture of a business (635) 0
Premium amortization and (discount accretion), net on marketable securities (85) (4,489)
Changes in operating assets and liabilities:    
Accounts receivable (708) (598)
Prepaid expenses and other assets 6,683 (656)
Prepaid revenue share fee 795 1,811
Accounts payable (6,871) (2,624)
Accrued and other long term liabilities 112,439 85,030
Deferred revenue (824) 11,768
Operating lease liabilities (6,250) (2,760)
Net cash provided by operating activities 221,331 194,933
Investing activities:    
Purchases of marketable securities (242,914) (356,079)
Sales of marketable securities 269,466 391,044
Proceeds from divestiture 2,700 0
Purchase of strategic investment (514) (1,000)
Purchases of property and equipment (12,147) (7,216)
Purchases of intangible assets 0 (318)
Net cash provided by investing activities 16,591 26,431
Financing activities:    
Repurchase of Class A Common Stock (126,345) (150,000)
Payment of dividend (23,502) (17,820)
Payment of special dividend (25,316) (28,828)
Distributions to members (9,839) (15,582)
Tax distribution to members (25,986) (24,100)
Payment of taxes on net settled stock-based awards (4,939) (4,614)
Other financing activities (334) (153)
Net cash used in financing activities (216,261) (241,097)
Net increase (decrease) in cash, cash equivalents, and restricted cash 21,661 (19,733)
Cash, cash equivalents, and restricted cash, beginning of period 70,348 62,401
Exchange rate effect on cash and cash equivalents, and restricted cash 70 37
Cash, cash equivalents, and restricted cash, end of period $ 92,079 $ 42,705

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