v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (88,951) $ (139,587)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 44,696 37,715
Stock-based compensation 250,040 247,338
Amortization of debt issuance costs and debt discount (premium) (931) 7,642
Losses on debt and equity securities, net 845 15,800
Gain on extinguishment of debt 0 (66,939)
Other 5,126 (805)
Change in operating assets and liabilities, net of effect of acquisitions:    
Accounts receivable, net of allowance 174,635 194,216
Prepaid expenses and other current assets (16,270) (22,828)
Operating lease right-of-use assets 15,114 14,123
Other assets (240) 9,010
Accounts payable 22,044 34,260
Accrued expenses and other current liabilities (67,649) (162,568)
Operating lease liabilities (12,455) (16,993)
Other liabilities 775 1,226
Net cash provided by operating activities 326,779 151,610
Cash flows from investing activities    
Purchases of property and equipment (40,772) (37,214)
Purchases of strategic investments (5,934) 0
Cash paid for acquisitions, net of cash acquired (39,370) 0
Purchases of marketable securities (302,360) (235,799)
Sales of marketable securities 232,098 12,001
Maturities of marketable securities 213,600 263,766
Net cash provided by investing activities 57,262 2,754
Cash flows from financing activities    
Proceeds from issuance of notes, net of issuance costs 0 1,473,083
Repurchases of Class A non-voting common stock (350,499) (257,100)
Deferred payments for acquisitions 0 (57,977)
Repurchases of convertible notes 0 (1,444,626)
Other (1,601) (1,899)
Net cash used in financing activities (352,100) (288,519)
Change in cash, cash equivalents, and restricted cash 31,941 (134,155)
Cash, cash equivalents, and restricted cash, beginning of period 1,031,397 1,050,234
Cash, cash equivalents, and restricted cash, end of period $ 1,063,338 $ 916,079