v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net Income (Loss) $ (288,084) $ (157,366)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 11,048 8,740
Amortization of debt discount and issuance costs 6,949 10,259
Amortization of discount on HTM investments (125) 0
Equity-based compensation expense 17,040 16,074
Goodwill impairment 70,636 85,000
Non-cash lease expense 1,954 553
Provision for doubtful accounts 351 220
Deferred income tax benefit 0 (37)
Loss on extinguishment of debt 2,577 0
Increase in fair value of derivatives 142,962 14,396
Changes in assets and liabilities:    
Decrease (increase) in accounts receivable 14,239 (5,396)
(Increase) decrease in contract assets (1,285) 3,078
(Increase) decrease in prepaid expenses and other assets (3,138) 1,540
Decrease in accounts payable (2,889) (8,224)
Increase in accrued expenses 6,514 7,610
Increase in contract liabilities 966 486
Increase (decrease) in other liabilities 168 (246)
Net cash used in operating activities (20,117) (23,313)
Cash flows from investing activities:    
Purchases of HTM investments (258,739) 0
Acquisition of business, net of cash acquired 0 13,935
Purchases of property and equipment (273) (304)
Capitalized software development costs (3,841) (7,396)
Net cash (used in) provided by investing activities (262,853) 6,235
Cash flows from financing activities:    
Proceeds from issuance of shares for exercised RDO and PIPE warrants 64,673 53,809
Payment of RDO and PIPE transaction costs (551) 0
Repayment of short-term borrowings (818) (1,229)
Proceeds from at-the-market offerings 637,073 0
Payment of transaction costs for at-the-market offerings (8,284) 0
Payment of debt issuance costs to third parties (4,679) 0
Issuance of common stock upon ESPP purchase 1,069 607
Proceeds from exercise of options 3,604 119
Payments of tax withholding from the issuance of common stock (2,037) (3,143)
Net cash provided by financing activities 690,050 50,163
Effect of foreign currency rate changes on cash and cash equivalents (641) (58)
Net increase in cash and cash equivalents 406,439 33,027
Cash and cash equivalents at the beginning of the period 50,141 32,557
Cash and cash equivalents at the end of the period 456,580 65,584
Supplemental schedule of non-cash investing and financing activities:    
Issuance of common stock upon conversion of 2029 Notes 135,597 0
Issuance of shares for paid-in-kind interest on 2029 Convertible Notes 4,095 0
Issuance of common stock as consideration for the acquisition of Pangiam $ 0 $ 210,757

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