v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 162,982 $ 303,281 $ 307,568
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation expense 244,745 282,847 284,558
Depreciation and amortization expense 101,845 108,074 91,323
Provision for expected credit losses 9,006 11,950 19,634
Deferred provision (benefit) for income taxes 39,215 (14,445) (50,086)
Asset impairment charges 101,703 0 68,091
Other non-cash expense (income), net 34,610 (18,962) 8,129
Changes in operating assets and liabilities, net of sale of business:      
Accounts receivable (10,034) 3,573 (16,066)
Funds receivable and seller accounts (23,035) 69,093 (29,328)
Prepaid expenses and other current assets (33,814) 39,317 (47,490)
Other assets 4,560 (1,381) (2,409)
Accounts payable 2,496 (3,511) 2,582
Accrued and other current liabilities 27,660 34,240 34,439
Funds payable and amounts due to sellers 23,035 (69,093) 29,328
Deferred revenue 6,975 4,945 457
Other liabilities 1,465 2,541 4,783
Net cash provided by operating activities 693,414 752,469 705,513
Cash flows from investing activities      
Purchases of property and equipment (15,386) (14,208) (12,950)
Website and app development (39,278) (29,290) (26,958)
Purchases of investments (326,582) (330,763) (342,850)
Sales and maturities of investments 312,842 321,160 309,451
Proceeds from sale of business, net of cash 100,485 0 0
Net cash provided by (used in) investing activities 32,081 (53,101) (73,307)
Cash flows from financing activities      
Payment of tax obligations on vested equity awards (75,220) (61,588) (83,441)
Repurchase of stock (776,899) (723,899) (576,968)
Proceeds from exercise of stock options 17,667 3,907 14,228
Proceeds from issuance of convertible senior notes 700,000 0 0
Payment of debt issuance costs (11,339) 0 0
Payments on finance lease obligations (6,162) (6,091) (6,278)
Other financing, net (17,922) 503 (4,074)
Net cash used in financing activities (169,875) (787,168) (656,533)
Effect of exchange rate changes on cash 37,562 (15,345) 12,031
Net increase (decrease) in cash, cash equivalents, and restricted cash 593,182 (103,145) (12,296)
Cash and cash equivalents at beginning of period 811,178 914,323 926,619
Cash, cash equivalents, and restricted cash at end of period 1,404,360 811,178 914,323
Supplemental cash flow disclosures:      
Cash paid for interest 12,235 9,052 9,315
Supplemental non-cash disclosures:      
Stock-based compensation capitalized in website and app development 22,232 15,964 15,381
Excise tax payable 6,087 6,041 5,507
Lease assets obtained in exchange for new lease liabilities 0 5,472 7,751
Deferred consideration [1] $ 0 $ 1,413 $ 4,611
[1]
(1) See “Note 15—Stock-based Compensation” for more information on the settlement of deferred consideration.

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