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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income (loss) $ 7,280 $ (19,636)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 8,730 7,336
Noncash operating lease cost 6,900 5,667
Equity-based compensation 75,059 82,126
Amortization of deferred contract acquisition costs 3,573 3,563
Amortization of debt issuance costs, included in interest expense 209 210
Deferred tax benefit (3,076) (524)
Accretion of discount on investments (1,732) (901)
Realized (gain) loss on investments 24 (89)
Changes in operating assets and liabilities:    
Accounts receivable, net (7,875) (18,864)
Prepaid expenses and other assets 2,561 4,219
Deferred contract acquisition costs (3,416) (2,662)
Accounts payable 1,586 109
Accrued expenses and other liabilities 3,763 (6,171)
Tax receivable agreement liability 9,934 6,122
Net cash provided by operating activities 103,520 60,505
INVESTING ACTIVITIES    
Purchases of property and equipment (4,437) (4,062)
Purchase of held to maturity investments (3,009) 0
Purchases of available-for-sale investments (93,968) (111,018)
Proceeds from sale of available-for-sale investments 0 5,950
Proceeds from maturities of investments 86,867 13,517
Acquisition of business, net of cash acquired (40,121) 0
Payment of initial direct costs for operating leases (104) 0
Net cash used in investing activities (54,772) (95,613)
FINANCING ACTIVITIES    
Proceeds from exercise of options 210 4,465
Taxes paid related to net share settlement of equity awards (42,663) (14,887)
Repayments of borrowings (2,062) (2,062)
Payment of business acquisition holdback liability (780) 0
Proceeds from employee stock purchase plan 2,795 2,595
Payment of tax distributions (25) (35)
Net cash used in financing activities (42,525) (9,924)
Effect of exchange rate changes on cash and cash equivalents 706 (27)
Change in cash and cash equivalents during the period 6,929 (45,059)
Cash and cash equivalents, beginning of period 221,765 250,724
Cash and cash equivalents, end of period 228,694 205,665
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 2,627 2,530
Cash paid for income taxes 1,179 1,484
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Purchase of property and equipment included in accounts payable and accrued expense 25 2
Tax distributions payable to Continuing Equity Owners included in accrued expenses $ 3,889 $ 3,838