Hims & Hers Health, Inc(NYSE:HIMS) 
Hims & Hers Health, Inc. operates a multi-specialty telehealth platform that connects consumers to licensed healthcare professionals. The company offers a range of health and wellness products and services available for purchase on its websites directly by customers. It provides prescription medicat...
Website: http://www.forhims.com
Founded: 2017
IPO Price: $10 (Jan 19, 2021)
Full Time Employees: 651 (Dec 2022)
CEO / Founder: Andrew Dudum
Sector: Consumer Defensive
Industry: Household & Personal Products
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At a glance:
- Strong Revenue Growth Driven by Subscription Demand: Hims & Hers continues to scale its direct-to-consumer telehealth platform, with growth supported by expanding subscriber volume and increased product adoption across key categories.
- Improving Profitability Profile with Operating Leverage: As the business scales, operating expenses as a percentage of revenue can decline, supporting margin expansion and a clearer path toward sustained profitability.
- Customer Acquisition and Retention Remain Key Execution Metrics: Marketing efficiency, payback periods, and churn/retention trends are central to maintaining growth; shifts in ad pricing or conversion rates can materially impact results.
- Category Expansion and New Offerings Support Longer-Term Upside: Broader product portfolios and cross-sell opportunities (e.g., adding new conditions, personalization, and premium services) can increase average revenue per user and lifetime value.
- Regulatory, Clinical, and Supply Constraints Are Ongoing Risks: Telehealth and pharmacy-related regulations, clinical/quality oversight, and supply availability for certain therapies can affect product access, growth rates, and compliance costs.
Bull Thesis:
- Strong User Growth and Engagement: Hims & Hers continues to demonstrate robust growth in its subscriber base, indicating strong market acceptance and effective direct-to-consumer strategies. High retention rates and increasing average revenue per user (ARPU) further solidify its recurring revenue model and expand its market penetration.
- Expanding Service Offerings and Verticals: The company has successfully diversified beyond its initial offerings (e.g., ED, hair loss) into mental health, weight loss, primary care, and women's health. This expansion broadens its total addressable market (TAM), reduces reliance on specific conditions, and enhances cross-selling opportunities, driving future growth.
- Subscription-Based Recurring Revenue Model: Hims & Hers operates on a highly predictable subscription model, providing a stable and recurring revenue stream. This model fosters customer loyalty, offers clear revenue visibility, and is attractive to investors seeking consistent financial performance and long-term customer value.
- Clear Path to Profitability and Positive Adjusted EBITDA: The company has shown consistent improvement in its gross margins and operational efficiency, leading to a clear trajectory towards sustained profitability. Recent quarters have demonstrated positive adjusted EBITDA, signaling effective cost management and scalability of its platform as it grows.
Bear Thesis:
- Intense Competition and Market Saturation: The telehealth and direct-to-consumer health market is increasingly crowded with new startups, established healthcare providers expanding digital offerings, and specialized platforms. This intense competition could lead to pricing pressures, higher customer acquisition costs, and difficulty in maintaining market share.
- Regulatory Scrutiny and Healthcare Policy Risk: The telehealth industry is subject to evolving regulations, particularly concerning prescription practices, state licensing, and data privacy. Changes in healthcare policy or increased regulatory scrutiny, especially for certain conditions or controlled substances, could significantly impact Hims & Hers' business model and operational costs.
- Sustainability of Customer Acquisition Costs (CAC): While Hims & Hers has achieved strong growth, maintaining this momentum often requires substantial marketing and advertising spend. There's a risk that customer acquisition costs (CAC) could rise significantly in a competitive environment, potentially eroding future profitability if not offset by higher lifetime value (LTV).
- Valuation Concerns and Path to Consistent Free Cash Flow: Despite strong revenue growth, the company's valuation might be considered high relative to its current profitability and consistent positive free cash flow generation. While adjusted EBITDA is positive, achieving sustained positive free cash flow could take longer, potentially requiring further capital or facing investor skepticism in a higher interest rate environment.
Main Competitors:
- Ro Health, Inc. (Roman, Rory, Zero, Plenity), A leading direct competitor offering a comprehensive suite of telehealth and direct-to-consumer pharmacy services across men's health (Roman), women's health (Rory), weight management, and mental health, mirroring Hims & Hers' multi-vertical strategy.
- 23andMe Holding Co. ($ME) (Lemonaid Health), Provides online doctor consultations and prescription delivery for a wide range of common conditions, including mental health, sexual health, and general wellness, directly competing with Hims & Hers' core offerings.
- Thirty Madison (acquired by Walgreens) (Keeps, Nurx, Cove, Picnic, Facet, Evens), Operates a portfolio of specialized direct-to-consumer telehealth brands, each focusing on a specific chronic condition (e.g., Keeps for hair loss, Nurx for women's health, Cove for migraines). Collectively, these brands compete across many of Hims & Hers' key verticals.
- Teladoc Health, Inc. ($TDOC) (BetterHelp), A dominant player in online mental health therapy and psychiatry, directly competing with Hims & Hers' growing mental health services for anxiety, depression, and other conditions.
Moat:
Hims & Hers operates in a highly competitive direct-to-consumer (DTC) telehealth and online pharmacy market. Its moat includes strong brand recognition, a user-friendly platform, and a focus on destigmatizing sensitive health conditions. Competition stems from other broad DTC telehealth providers, specialized condition-specific brands, and larger traditional healthcare players expanding into digital services. Key competitive factors include customer acquisition, service breadth, pricing, and the ability to offer a seamless, discreet patient experience.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 598,976,000 | 544,833,000 | 586,010,000 | 246,619,000 | 226,699,000 | 207,912,000 | 190,770,000 | 167,203,000 | 144,836,000 | 113,563,000 | 101,314,000 | 84,699,000 | 74,173,000 | 60,692,000 | 52,314,000 | ||||||||||
yoy | 47.50% | 56.52% | 83.08% | 88.30% | 97.41% | 95.27% | 87.11% | 93.67% | |||||||||||||||||
qoq | 9.94% | -7.03% | 8.79% | 9.04% | 8.99% | 14.09% | 15.44% | 27.54% | 12.09% | 19.62% | 14.19% | 22.21% | 16.01% | ||||||||||||
cost of revenue | 156,918,000 | 128,637,000 | 155,321,000 | 42,561,000 | 39,391,000 | 37,754,000 | 37,345,000 | 34,866,000 | 30,383,000 | 26,387,000 | 26,558,000 | 22,601,000 | 19,301,000 | 13,415,000 | 12,067,000 | ||||||||||
gross profit | 442,058,000 | 416,196,000 | 430,689,000 | 204,058,000 | 187,308,000 | 170,158,000 | 153,425,000 | 132,337,000 | 114,453,000 | 87,176,000 | 74,756,000 | 62,098,000 | 54,872,000 | 47,277,000 | 40,247,000 | ||||||||||
yoy | 54.20% | 63.65% | 95.19% | 105.23% | 113.11% | 108.58% | 84.39% | 85.74% | |||||||||||||||||
qoq | 6.21% | -3.37% | 8.94% | 10.08% | 10.91% | 15.94% | 15.63% | 31.29% | 16.61% | 20.38% | 13.17% | 16.06% | 17.47% | ||||||||||||
gross margin % | 73.80% | 76.39% | 73.50% | NaN% | NaN% | NaN% | NaN% | 82.74% | 82.62% | 81.84% | 80.42% | 79.15% | 79.02% | 76.76% | 73.79% | 73.32% | 73.98% | 77.90% | 76.93% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% |
operating expenses: | |||||||||||||||||||||||||
marketing | 232,150,000 | 217,862,000 | 231,235,000 | 672,089,000 | 2,458,000 | 2,393,000 | 1,904,000 | 125,895,000 | 116,076,000 | 107,219,000 | 97,245,000 | 85,542,000 | 78,462,000 | 60,490,000 | 48,093,000 | 42,707,000 | 38,293,000 | 27,944,000 | 26,958,000 | ||||||
operations and support | 76,848,000 | 66,490,000 | 63,033,000 | 178,340,000 | 2,605,000 | 2,702,000 | 2,155,000 | 32,839,000 | 31,609,000 | 29,227,000 | 26,182,000 | 22,521,000 | 21,751,000 | ||||||||||||
technology and development | 40,577,000 | 37,848,000 | 29,914,000 | 70,109,000 | 3,310,000 | 3,195,000 | 2,205,000 | 13,405,000 | 12,270,000 | 11,804,000 | 10,748,000 | 8,311,000 | 7,977,000 | ||||||||||||
general and administrative | 80,676,000 | 67,273,000 | 48,610,000 | 122,721,000 | 16,526,000 | 15,752,000 | 12,768,000 | 32,319,000 | 35,907,000 | 31,144,000 | 30,513,000 | 27,568,000 | 26,246,000 | ||||||||||||
total operating expenses | 430,251,000 | 389,473,000 | 372,792,000 | 204,458,000 | 195,862,000 | 179,394,000 | 164,688,000 | 143,942,000 | 134,436,000 | 107,366,000 | 91,675,000 | 83,663,000 | 82,533,000 | 64,684,000 | 88,656,000 | ||||||||||
income from operations | 11,807,000 | 26,723,000 | 57,897,000 | -400,000 | -8,554,000 | -9,236,000 | -11,263,000 | -11,605,000 | -19,983,000 | -20,190,000 | -16,919,000 | -21,565,000 | -27,661,000 | -17,407,000 | -48,409,000 | -2,453,723 | -2,338,004 | -123,634 | -246,783 | -449,938 | |||||
yoy | -96.55% | -57.19% | -54.25% | -33.43% | -46.19% | -27.76% | 15.99% | -65.05% | 778.87% | 1083.10% | 13979.46% | 19516.02% | 419.63% | ||||||||||||
qoq | -55.82% | -53.84% | -95.32% | -7.38% | -18.00% | -2.95% | -41.93% | -1.03% | 19.33% | -21.54% | -22.04% | 58.91% | -64.04% | 1872.88% | 4.95% | 1791.07% | -49.90% | ||||||||
operating margin % | 1.97% | 4.90% | 9.88% | NaN% | NaN% | NaN% | NaN% | -0.16% | -3.77% | -4.44% | -5.90% | -6.94% | -13.80% | -17.78% | -16.70% | -25.46% | -37.29% | -28.68% | -92.54% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | NaN% | -Infinity% |
other income: | |||||||||||||||||||||||||
change in fair value of liabilities | -7,626,000 | -19,000 | -588,000 | -173,000 | -295,000 | -942,000 | 450,000 | 121,000 | 441,000 | -9,808,000 | 8,328,000 | 7,963,000 | |||||||||||||
other income | 8,042,000 | 2,615,000 | 2,226,000 | 2,239,000 | 1,877,000 | 1,519,000 | 677,000 | 402,000 | 320,000 | 125,000 | 219,000 | 325,000 | -2,905,000 | ||||||||||||
total other income | 416,000 | 2,596,000 | 1,638,000 | 2,066,000 | 1,582,000 | 577,000 | 1,127,000 | 523,000 | 761,000 | -9,683,000 | 8,547,000 | 8,288,000 | |||||||||||||
income before income taxes | 12,223,000 | 32,853,000 | 60,495,000 | 2,196,000 | -6,916,000 | -7,170,000 | -9,681,000 | -11,028,000 | -18,856,000 | -19,667,000 | -16,158,000 | -31,248,000 | -19,114,000 | ||||||||||||
benefit from income taxes | 3,551,000 | -11,010,000 | -12,000 | -94,000 | -90,000 | ||||||||||||||||||||
net income | 15,774,000 | 42,505,000 | 49,485,000 | 1,245,000 | -7,567,000 | -7,157,000 | -10,067,000 | -10,907,000 | -18,840,000 | -19,679,000 | -16,252,000 | -31,161,000 | -15,941,000 | -9,153,000 | -51,404,000 | -792,242 | -2,256,772 | -86,776 | 1,334,022 | 436,045 | |||||
yoy | -111.41% | -59.84% | -63.63% | -38.06% | -65.00% | 18.19% | 115.00% | -68.38% | 3833.27% | 606.36% | 10447.85% | -3953.31% | -617.55% | ||||||||||||
qoq | -62.89% | -14.11% | -116.45% | 5.73% | -28.91% | -7.70% | -42.11% | -4.26% | 21.09% | -47.85% | 95.48% | 74.16% | -82.19% | 6388.42% | -64.89% | 2500.69% | -106.50% | ||||||||
net income margin % | 2.63% | 7.80% | 8.44% | NaN% | NaN% | NaN% | NaN% | 0.50% | -3.34% | -3.44% | -5.28% | -6.52% | -13.01% | -17.33% | -16.04% | -36.79% | -21.49% | -15.08% | -98.26% | -Infinity% | -Infinity% | -Infinity% | Infinity% | NaN% | Infinity% |
other comprehensive income | 99,000 | 986,000 | 160,000 | 9,000 | 125,000 | -147,000 | 166,000 | -81,250 | 6,000 | -145,000 | -85,000 | -12,000 | 32,000 | ||||||||||||
total comprehensive income | 15,873,000 | 43,491,000 | 49,645,000 | ||||||||||||||||||||||
net income per share | |||||||||||||||||||||||||
basic | 0.07 | 0.19 | 0.22 | ||||||||||||||||||||||
diluted | 0.06 | 0.17 | 0.2 | ||||||||||||||||||||||
weighted-average shares outstanding, class a and class v: | |||||||||||||||||||||||||
basic | 226,346,815 | 224,373,375 | 221,989,327 | 215,939,037 | |||||||||||||||||||||
diluted | 248,675,710 | 256,779,292 | 246,610,232 | 236,808,876 | |||||||||||||||||||||
other income and expense | 6,130,000 | 2,598,000 | |||||||||||||||||||||||
benefit for income taxes | 9,652,000 | -951,000 | -651,000 | 13,000 | 121,000 | 16,000 | 87,000 | 3,173,000 | |||||||||||||||||
balance as of december 31, 2024 | 220,837,209 | ||||||||||||||||||||||||
issuance of common stock upon vesting of rsus, net of shares withheld for taxes | 1,179,653 | 751,486 | 751,486 | 320,296 | |||||||||||||||||||||
payments for taxes related to net share settlement of equity awards | -101 | ||||||||||||||||||||||||
exercise of vested stock options | 1,274,229 | 131,246 | 131,246 | 222.5 | 768,727 | ||||||||||||||||||||
issuance of common stock for acquisition of assets | 292,806 | ||||||||||||||||||||||||
common stock to be issued for asset acquisition indemnification holdback | |||||||||||||||||||||||||
stock-based compensation | 2,252.25 | ||||||||||||||||||||||||
balance as of march 31, 2025 | 223,583,897 | ||||||||||||||||||||||||
issuance of common stock under employee stock purchase plan | 251,818 | 256,946 | 138.25 | 185,103 | |||||||||||||||||||||
purchases of capped calls related to convertible senior notes, net of tax | |||||||||||||||||||||||||
balance as of june 30, 2025 | 225,759,057 | ||||||||||||||||||||||||
total stock-based compensation expense | 16,993,250 | 24,899,000 | 24,042,000 | 19,032,000 | |||||||||||||||||||||
class a | |||||||||||||||||||||||||
numerator: | |||||||||||||||||||||||||
net income attributable to common stockholders, basic | |||||||||||||||||||||||||
reallocation of undistributed earnings | |||||||||||||||||||||||||
net income attributable to common stockholders, diluted | |||||||||||||||||||||||||
denominator: | |||||||||||||||||||||||||
weighted-average shares outstanding, basic | |||||||||||||||||||||||||
effect of dilutive potential common shares | |||||||||||||||||||||||||
weighted-average shares outstanding, diluted | |||||||||||||||||||||||||
basic net income per share | |||||||||||||||||||||||||
diluted net income per share | |||||||||||||||||||||||||
net income attributable to common stockholders | |||||||||||||||||||||||||
total comprehensive loss | 1,254,000 | -7,442,000 | -7,304,000 | -9,901,000 | -10,722,000 | -18,834,000 | -19,824,000 | -16,438,000 | -31,246,000 | -15,953,000 | -9,121,000 | -51,465,000 | |||||||||||||
net income per share | |||||||||||||||||||||||||
basic and diluted | 0.01 | -0.04 | -0.03 | -0.05 | -0.05 | -0.09 | -0.1 | -0.08 | -0.16 | -0.08 | -0.05 | -0.34 | |||||||||||||
weighted-average shares outstanding: | |||||||||||||||||||||||||
basic and diluted | 209,344,712 | 210,134,681 | 208,422,825 | 207,140,298 | 204,516,120 | 205,232,967 | 203,949,535 | 202,695,970 | 186,781,537 | 200,038,761 | 191,922,517 | 153,080,538 | |||||||||||||
balance as of december 31, 2022 | 208,429,312 | 208,429,312 | |||||||||||||||||||||||
balance as of march 31, 2023 | 209,312,044 | 209,312,044 | |||||||||||||||||||||||
other comprehensive loss | -186,000 | -61,000 | |||||||||||||||||||||||
balance as of june 30, 2023 | 210,797,121 | ||||||||||||||||||||||||
provision for income taxes | -386,000 | -34,000 | |||||||||||||||||||||||
balance as of december 31, 2021 | 153,421.75 | 204,791,986 | |||||||||||||||||||||||
vesting of early exercised stock options | 9.5 | ||||||||||||||||||||||||
balance as of march 31, 2022 | 155,805 | 205,881,009 | |||||||||||||||||||||||
balance as of june 30, 2022 | 158,597 | 206,850,227 | |||||||||||||||||||||||
balance as of september 30, 2022 | 161,277.25 | 207,687,203 | |||||||||||||||||||||||
selling, general, and administrative | 46,876,000 | 43,582,000 | 40,956,000 | 44,240,000 | 36,740,000 | 61,698,000 | |||||||||||||||||||
interest expense | |||||||||||||||||||||||||
income before provision for income taxes | -9,119,000 | ||||||||||||||||||||||||
balance as of december 31, 2020 | 206,031,290 | ||||||||||||||||||||||||
recapitalization | -112,703,172 | ||||||||||||||||||||||||
pre-closing stock repurchase, net of exercise of vested options | -206,511 | ||||||||||||||||||||||||
conversion of preferred stock to common stock | -93,121,607 | ||||||||||||||||||||||||
repayment of related-party promissory notes associated with vested shares | |||||||||||||||||||||||||
forfeiture of related-party promissory notes | |||||||||||||||||||||||||
conversion of series d preferred stock warrants to class a common warrants | |||||||||||||||||||||||||
exercise of class a common stock warrants | |||||||||||||||||||||||||
issuance of common stock upon merger, net of transaction costs of 16.2 million | |||||||||||||||||||||||||
issuance of pipe shares | |||||||||||||||||||||||||
issuance of earn-out shares to common stockholders | |||||||||||||||||||||||||
warrant expense in connection with merger | |||||||||||||||||||||||||
balance as of march 31, 2021 | |||||||||||||||||||||||||
issuance of common stock for merger transaction costs of 2.5 million | |||||||||||||||||||||||||
issuance of common stock for acquisition of business | |||||||||||||||||||||||||
issuance of common stock upon vesting of rsus, net of tax withholdings | |||||||||||||||||||||||||
vesting of early exercised stock options, net of cancelations | |||||||||||||||||||||||||
balance as of june 30, 2021 | |||||||||||||||||||||||||
income before benefit from income taxes | -51,314,000 | ||||||||||||||||||||||||
general and administrative expenses | 2,453,723 | 2,338,004 | 123,634 | 246,783 | 449,938 | ||||||||||||||||||||
gain on investments (net), dividends and interest, held in trust account | 1,661,481 | 81,232 | |||||||||||||||||||||||
basic and diluted weighted-average shares outstanding of class a ordinary shares | 20,125,000 | 20,125,000 | 20,125,000 | 20,125,000 | 20,125,000 | 20,125,000 | |||||||||||||||||||
basic and diluted net income per share, class a | 0.08 | 0.04 | |||||||||||||||||||||||
basic and diluted weighted-average shares outstanding of class b ordinary shares | 5,031,250 | 5,031,250 | 5,031,250 | 5,031,250 | 5,031,250 | 5,031,250 | |||||||||||||||||||
basic and diluted net loss per share, class b | -0.115 | -0.46 | -0.02 | -0.05 | -0.09 | ||||||||||||||||||||
interest earned on marketable securities held in trust account | 36,858 | 1,580,805 | 885,983 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||
current assets: | |||||||||||||||||||||||||
cash and cash equivalents | 222,266,000 | 228,616,000 | 345,778,000 | 1,124,582,000 | 273,736,000 | 220,584,000 | 165,518,000 | 129,295,000 | 105,237,000 | 96,663,000 | 57,996,000 | 65,417,000 | 48,745,000 | 46,772,000 | 57,964,000 | 55,033,000 | 48,284,000 | 71,784,000 | 64,772,000 | 107,145,000 | 88,169,000 | 1,058,267 | 1,257,601 | ||
short-term available-for-sale investments | 528,609,000 | 348,876,000 | |||||||||||||||||||||||
receivables | 149,620,000 | ||||||||||||||||||||||||
inventory | 79,073,000 | 80,128,000 | 105,989,000 | 141,800,000 | 76,096,000 | 64,427,000 | 49,110,000 | 40,588,000 | 29,826,000 | 22,464,000 | 21,992,000 | 21,417,000 | 20,697,000 | 21,562,000 | 22,347,000 | 19,673,000 | 12,143,000 | 13,558,000 | 10,858,000 | 6,590,000 | 4,523,000 | ||||
prepaid expenses and other current assets | 65,795,000 | 110,018,000 | 109,527,000 | 69,151,000 | 48,197,000 | 31,153,000 | 23,194,000 | 23,038,000 | 28,316,000 | 21,608,000 | 15,730,000 | 20,089,000 | 20,435,000 | 15,408,000 | 12,717,000 | 15,835,000 | 16,750,000 | 9,073,000 | 10,950,000 | 12,429,000 | 12,407,000 | ||||
total current assets | 1,045,363,000 | 767,638,000 | 845,260,000 | 1,355,566,000 | 446,964,000 | 395,831,000 | 326,375,000 | 290,918,000 | 261,734,000 | 265,053,000 | 250,219,000 | 234,648,000 | 225,525,000 | 216,595,000 | 233,455,000 | 230,485,000 | 231,946,000 | 269,905,000 | 274,233,000 | 336,342,000 | 340,196,000 | 1,108,367 | 1,332,751 | 1,475,732 | 1,599,052 |
long-term available-for-sale investments | 351,263,000 | ||||||||||||||||||||||||
goodwill | 342,838,000 | 278,325,000 | 259,236,000 | 117,753,000 | 117,753,000 | 112,728,000 | 112,728,000 | 110,881,000 | 110,881,000 | 110,881,000 | 110,881,000 | 110,881,000 | 110,881,000 | 110,881,000 | 110,881,000 | 110,881,000 | 110,881,000 | 110,881,000 | 110,881,000 | 2,739,000 | |||||
property, equipment, and software | 333,845,000 | 311,930,000 | 267,438,000 | 205,480,000 | 155,707,000 | 82,083,000 | 52,144,000 | 49,540,000 | 45,212,000 | 36,143,000 | 28,238,000 | ||||||||||||||
intangible assets | 261,034,000 | 196,116,000 | 194,931,000 | 40,657,000 | 43,431,000 | 43,410,000 | 44,818,000 | 17,133,000 | 17,863,000 | 18,574,000 | |||||||||||||||
operating lease right-of-use assets | 144,247,000 | 137,046,000 | 139,297,000 | 71,661,000 | 62,198,000 | 10,881,000 | 10,884,000 | 11,034,000 | 11,422,000 | 9,588,000 | 4,302,000 | 4,735,000 | 4,548,000 | 4,936,000 | 5,318,000 | 4,459,000 | 4,787,000 | 5,111,000 | |||||||
deferred tax assets | 92,091,000 | 82,707,000 | 84,925,000 | 84,229,000 | 62,493,000 | 61,603,000 | 54,318,000 | ||||||||||||||||||
other long-term assets | 47,625,000 | 29,680,000 | 3,877,000 | 1,868,000 | 1,942,000 | 147,000 | 138,000 | 138,000 | 138,000 | 91,000 | 72,000 | 18,802,000 | 13,587,000 | 11,232,000 | 10,227,000 | 9,478,000 | 8,721,000 | 7,942,000 | 7,167,000 | 7,762,000 | 4,848,000 | ||||
total assets | 2,267,043,000 | 2,154,705,000 | 2,233,304,000 | 1,877,582,000 | 891,711,000 | 707,539,000 | 602,261,000 | 480,500,000 | 448,106,000 | 441,186,000 | 413,865,000 | 389,884,000 | 376,306,000 | 366,341,000 | 382,827,000 | 379,965,000 | 382,039,000 | 420,585,000 | 420,069,000 | 347,699,000 | 345,900,000 | 205,633,422 | 205,813,988 | 206,200,737 | 206,287,199 |
liabilities and stockholders' equity | |||||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||||
accounts payable | 306,865,000 | 143,278,000 | 198,413,000 | 105,009,000 | 108,919,000 | 91,180,000 | 75,444,000 | 57,099,000 | 43,919,000 | 43,070,000 | 42,001,000 | 38,267,000 | 37,609,000 | 32,363,000 | 32,972,000 | 27,093,000 | 23,906,000 | 19,640,000 | 16,094,000 | 15,564,000 | 13,233,000 | 48,194 | 24,713 | 21,656 | 74,554 |
accrued liabilities | 90,743,000 | 78,518,000 | 80,131,000 | 65,671,000 | 56,942,000 | 53,013,000 | 43,224,000 | 28,948,000 | 26,714,000 | 28,972,000 | 27,360,000 | 19,607,000 | 14,121,000 | 12,448,000 | 17,145,000 | 11,809,000 | 9,089,000 | 12,194,000 | 11,206,000 | 10,761,000 | 5,823,000 | ||||
deferred revenue | 165,132,000 | 127,160,000 | 118,458,000 | 98,417,000 | 110,765,000 | 75,285,000 | 32,184,000 | 20,990,000 | 13,735,000 | 7,733,000 | 4,392,000 | 2,058,000 | 2,866,000 | 1,472,000 | 2,124,000 | 2,337,000 | 1,145,000 | 3,188,000 | 1,993,000 | 1,019,000 | 624,000 | ||||
earn-out payable | 40,096,000 | 46,986,000 | 7,412,000 | 7,412,000 | 12,972,000 | 12,972,000 | 12,972,000 | 42,834,000 | |||||||||||||||||
earn-out liabilities | 10,362,000 | 3,646,000 | 50,361,000 | 6,862,000 | 4,776,000 | 3,977,000 | 2,975,000 | 739,000 | 1,510,000 | 1,544,000 | 1,999,000 | 23,205,000 | |||||||||||||
operating lease liabilities | 5,579,000 | 4,843,000 | 3,422,000 | 3,135,000 | 3,736,000 | 1,889,000 | 1,793,000 | 1,634,000 | 1,544,000 | 1,281,000 | 1,930,000 | 1,839,000 | 1,687,000 | 1,658,000 | 1,605,000 | 1,412,000 | 1,388,000 | 1,365,000 | |||||||
total current liabilities | 618,777,000 | 404,431,000 | 450,785,000 | 272,232,000 | 280,362,000 | 221,367,000 | 152,645,000 | 108,671,000 | 93,324,000 | 88,468,000 | 82,545,000 | 66,547,000 | 56,283,000 | 47,941,000 | 66,818,000 | 55,623,000 | 48,500,000 | 79,221,000 | 52,498,000 | 27,344,000 | 19,680,000 | 4,896,647 | 3,037,725 | 1,167,702 | 1,167,388 |
convertible senior notes | 974,106,000 | 972,580,000 | 971,023,000 | 969,467,000 | |||||||||||||||||||||
deferred tax liabilities | 23,511,000 | 28,856,000 | 31,208,000 | ||||||||||||||||||||||
other long-term liabilities | 12,899,000 | 11,734,000 | 6,105,000 | 1,401,000 | 2,440,000 | 22,000 | 21,000 | 22,000 | 5,000 | 14,000 | 84,000 | 35,000 | 249,000 | 371,000 | 517,000 | 629,000 | 1,218,000 | 1,895,000 | |||||||
total liabilities | 1,820,876,000 | 1,613,777,000 | 1,652,322,000 | 1,314,886,000 | 342,450,000 | 230,823,000 | 162,210,000 | 118,534,000 | 103,624,000 | 97,157,000 | 85,303,000 | 69,813,000 | 63,561,000 | 54,600,000 | 71,881,000 | 60,906,000 | 54,324,000 | 85,966,000 | 64,916,000 | 54,645,000 | 53,434,000 | 12,090,397 | 10,231,475 | 8,361,452 | 8,361,138 |
commitments and contingencies | |||||||||||||||||||||||||
stockholders' equity: | |||||||||||||||||||||||||
common stock – class a shares, par value 0.0001... | 23,000 | 23,000 | 23,000 | 23,000 | 22,000 | 22,000 | 22,000 | 22,000 | 21,000 | 21,000 | 21,000 | 21,000 | 21,000 | 21,000 | 21,000 | 21,000 | 21,000 | 20,000 | 20,000 | 19,000 | 18,000 | ||||
additional paid-in capital | 656,436,000 | 652,383,000 | 714,411,000 | 711,998,000 | 742,055,000 | 719,155,000 | 707,962,000 | 705,862,000 | 701,670,000 | 712,307,000 | 698,094,000 | 682,161,000 | 667,531,000 | 656,626,000 | 645,109,000 | 634,388,000 | 623,220,000 | 613,687,000 | 602,975,000 | 524,924,000 | 515,216,000 | 6,901,127 | 4,861,657 | 2,604,910 | 2,518,131 |
accumulated other comprehensive income | -4,405,000 | 2,294,000 | 921,000 | 822,000 | 229,000 | ||||||||||||||||||||
accumulated deficit | -205,887,000 | -113,772,000 | -134,373,000 | -150,147,000 | -192,652,000 | -242,137,000 | -268,162,000 | -343,750,000 | -357,047,000 | -368,175,000 | -369,420,000 | -361,853,000 | -354,696,000 | -344,629,000 | -333,722,000 | -314,882,000 | -295,203,000 | -278,951,000 | -247,790,000 | -231,849,000 | -222,696,000 | ||||
total stockholders' equity | 446,167,000 | 540,928,000 | 580,982,000 | 562,696,000 | 549,261,000 | 476,716,000 | 440,051,000 | 361,966,000 | 344,482,000 | 344,029,000 | 328,562,000 | 320,071,000 | 312,745,000 | 311,741,000 | 310,946,000 | 319,059,000 | 327,715,000 | 334,619,000 | 355,153,000 | 293,054,000 | 292,466,000 | ||||
total liabilities and stockholders' equity | 2,267,043,000 | 2,154,705,000 | 2,233,304,000 | 1,877,582,000 | 891,711,000 | 707,539,000 | 602,261,000 | 480,500,000 | 448,106,000 | 441,186,000 | 413,865,000 | 389,884,000 | 376,306,000 | 366,341,000 | 382,827,000 | 379,965,000 | 382,039,000 | ||||||||
restricted cash | 368,000 | 1,223,000 | 856,000 | 856,000 | 856,000 | 856,000 | 856,000 | 856,000 | 856,000 | 856,000 | 856,000 | 856,000 | 856,000 | 856,000 | 856,000 | 856,000 | 856,000 | ||||||||
short-term investments | 283,966,000 | 20,033,000 | 48,935,000 | 79,667,000 | 88,553,000 | 97,997,000 | 98,355,000 | 124,318,000 | 154,501,000 | 127,725,000 | 135,648,000 | 132,853,000 | 140,427,000 | 139,944,000 | 154,769,000 | 175,490,000 | 187,653,000 | 210,178,000 | 235,097,000 | ||||||
long-term investments | 438,340,000 | ||||||||||||||||||||||||
accumulated other comprehensive loss | -164,000 | -324,000 | -168,000 | -162,000 | -124,000 | -133,000 | -258,000 | -111,000 | -277,000 | -462,000 | -468,000 | -323,000 | -137,000 | -52,000 | -40,000 | -72,000 | |||||||||
intangibles | 19,297,000 | 19,962,000 | 20,909,000 | 21,841,000 | 22,090,000 | 23,806,000 | 24,848,000 | 25,890,000 | 26,932,000 | ||||||||||||||||
deferred transaction costs | |||||||||||||||||||||||||
liabilities, mezzanine equity, and stockholders' equity | |||||||||||||||||||||||||
warrant liabilities | |||||||||||||||||||||||||
mezzanine equity: | |||||||||||||||||||||||||
redeemable convertible preferred stock par value 0.0001... | |||||||||||||||||||||||||
total mezzanine equity | |||||||||||||||||||||||||
stockholders' equity | |||||||||||||||||||||||||
total liabilities, mezzanine equity, and stockholders' equity | 420,585,000 | 420,069,000 | 347,699,000 | 345,900,000 | |||||||||||||||||||||
restricted cash, noncurrent | 856,000 | ||||||||||||||||||||||||
deferred rent, noncurrent | 384,000 | ||||||||||||||||||||||||
prepaid expenses | 50,100 | 75,150 | 90,200 | 117,350 | |||||||||||||||||||||
investments held in trust account | 204,525,055 | 204,481,237 | 204,725,005 | 204,688,147 | |||||||||||||||||||||
liabilities and shareholders’ equity | |||||||||||||||||||||||||
accrued expenses | 4,189,620 | 2,579,005 | 535,852 | 558,617 | |||||||||||||||||||||
accrued expenses – related party | 60,000 | ||||||||||||||||||||||||
due to related parties | 598,833 | 404,007 | 495,355 | 449,378 | |||||||||||||||||||||
deferred underwriting commissions | 7,043,750 | 7,043,750 | 7,043,750 | 7,043,750 | |||||||||||||||||||||
deferred legal fees | 150,000 | 150,000 | 150,000 | 150,000 | |||||||||||||||||||||
class a ordinary shares, 0.0001 par value... | 188,543,020 | 190,582,510 | 192,839,280 | 192,926,060 | |||||||||||||||||||||
shareholders’ equity: | |||||||||||||||||||||||||
preference shares, 0.0001 par value... | |||||||||||||||||||||||||
class b ordinary shares, 0.0001 par value... | 503 | 503 | 503 | 503 | |||||||||||||||||||||
(accumulated deficit) retained earnings | -1,901,752 | ||||||||||||||||||||||||
total shareholders’ equity | 5,000,005 | 5,000,003 | 5,000,005 | 5,000,001 | |||||||||||||||||||||
total liabilities and shareholders’ equity | 205,633,422 | 205,813,988 | 206,200,737 | 206,287,199 | |||||||||||||||||||||
accrued expenses—related party | 30,000 | ||||||||||||||||||||||||
retained earnings | 137,736 | 2,394,508 | 2,481,284 | ||||||||||||||||||||||
cash | 1,385,532 | 1,481,702 | |||||||||||||||||||||||
accrued expenses - related party | 114,839 | 84,839 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-04-09 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||||||||||||
net income | -92,115,000 | 20,601,000 | 15,774,000 | 42,505,000 | 49,485,000 | 26,025,000 | 75,588,000 | 13,297,000 | 11,128,000 | -2,039,488 | -2,256,772 | -86,776 | 1,334,022 | ||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||||
depreciation and amortization | 21,953,000 | 18,092,000 | 17,669,000 | 10,465,000 | 8,276,000 | 6,061,000 | 4,383,000 | 3,643,000 | 3,001,000 | 2,658,000 | 2,363,000 | 2,377,000 | 2,117,000 | 2,010,000 | 1,902,000 | 1,821,000 | 1,741,000 | 1,630,000 | 1,546,000 | 505,000 | 394,000 | ||||
stock-based compensation | 36,862,000 | 34,488,000 | 40,172,000 | 35,726,000 | 24,858,000 | 24,349,000 | 24,899,000 | 24,042,000 | 19,032,000 | 17,791,000 | 17,277,000 | 16,845,000 | 14,167,000 | 12,350,000 | 10,979,000 | 10,632,000 | 8,856,000 | 11,952,000 | 11,869,000 | 9,160,000 | 34,230,000 | ||||
change in fair value of equity securities | 9,682,000 | ||||||||||||||||||||||||
change in fair value of liabilities | 17,646,000 | 1,629,000 | 19,000 | 588,000 | 173,000 | 295,000 | 942,000 | -450,000 | -121,000 | -441,000 | 9,808,000 | -8,328,000 | |||||||||||||
net accretion on securities | -242,000 | -719,000 | -253,000 | -367,000 | -693,000 | -1,159,000 | -1,204,000 | -1,077,000 | |||||||||||||||||
benefit from deferred taxes | -13,975,000 | -3,477,000 | |||||||||||||||||||||||
amortization of debt discount and issuance costs | 1,701,000 | 1,739,000 | 1,743,000 | ||||||||||||||||||||||
non-cash operating lease cost | 4,582,000 | 4,508,000 | 3,311,000 | 2,689,000 | 1,905,000 | 671,000 | 654,000 | 647,000 | 574,000 | 510,000 | 498,000 | 466,000 | 448,000 | 449,000 | 401,000 | 378,000 | 377,000 | ||||||||
non-cash acquisition-related costs | 6,367,000 | 932,000 | 1,976,000 | 1,955,000 | 1,030,000 | 427,000 | 1,198,000 | 500,000 | 566,000 | ||||||||||||||||
non-cash restructuring and other related charges included within cost of revenue | 28,462,000 | ||||||||||||||||||||||||
non-cash other | 982,000 | -6,000 | -814,000 | -2,147,000 | 832,000 | -78,000 | 23,000 | 4,000 | 408,000 | 108,000 | 12,000 | 0 | 75,000 | -256,000 | 152,000 | -94,000 | -331,000 | -88,000 | |||||||
changes in operating assets and liabilities: | |||||||||||||||||||||||||
receivables | -116,247,000 | ||||||||||||||||||||||||
inventory | -20,303,000 | 26,381,000 | 37,270,000 | -65,704,000 | -11,669,000 | -15,317,000 | -8,171,000 | -10,762,000 | -7,362,000 | -472,000 | -575,000 | -720,000 | 865,000 | 785,000 | -2,674,000 | -7,530,000 | 1,415,000 | -2,700,000 | -3,881,000 | -2,067,000 | -980,000 | ||||
prepaid expenses and other current assets | 645,000 | 2,526,000 | -16,301,000 | -20,842,000 | -17,239,000 | -7,959,000 | -105,000 | 5,278,000 | -6,708,000 | -5,994,000 | 4,355,000 | 228,000 | -4,984,000 | -2,691,000 | 3,118,000 | 915,000 | -7,677,000 | 565,000 | 7,270,000 | 2,512,000 | -7,147,000 | ||||
other long-term assets | -8,364,000 | -513,000 | 5,000 | -83,000 | 73,000 | -9,000 | 0 | 0 | -47,000 | -19,000 | -7,000 | -37,000 | 5,000 | 10,000 | 34,000 | 3,000 | -30,000 | 0 | 0 | 0 | -58,000 | ||||
accounts payable | 167,643,000 | -45,801,000 | 70,952,000 | -9,327,000 | 14,473,000 | 8,658,000 | 18,896,000 | 12,554,000 | 3,602,000 | 2,923,000 | -1,037,000 | 1,483,000 | 3,955,000 | -609,000 | 5,879,000 | 3,187,000 | 4,266,000 | 3,547,000 | -1,047,000 | 2,236,000 | 5,117,000 | 23,481 | -33,307 | -52,898 | 56,079 |
accrued liabilities | 10,016,000 | -1,907,000 | -52,883,000 | 7,386,000 | 4,351,000 | 9,789,000 | 14,026,000 | 2,234,000 | -2,258,000 | 1,612,000 | 7,753,000 | 5,486,000 | 1,673,000 | -4,611,000 | 5,370,000 | 3,298,000 | -3,148,000 | 991,000 | -6,377,000 | 4,469,000 | 1,114,000 | ||||
deferred revenue | 37,980,000 | 8,525,000 | 19,947,000 | -12,348,000 | 35,480,000 | 43,101,000 | 11,194,000 | 7,255,000 | 6,002,000 | 3,341,000 | 2,334,000 | -808,000 | 1,394,000 | -652,000 | -213,000 | 1,192,000 | -2,043,000 | 1,195,000 | 470,000 | 395,000 | -648,000 | ||||
earn-out payable | -2,058,000 | 0 | 0 | -3,336,000 | 0 | 0 | -6,848,000 | ||||||||||||||||||
operating lease liabilities | -1,861,000 | -1,249,000 | 1,134,000 | -616,000 | -1,182,000 | -682,000 | -621,000 | -608,000 | -532,000 | -531,000 | -474,000 | -465,000 | -463,000 | -440,000 | -393,000 | -388,000 | -384,000 | ||||||||
net cash from operating activities | 89,356,000 | 61,312,000 | 148,721,000 | -19,117,000 | 109,090,000 | 86,385,000 | 85,267,000 | 53,594,000 | 25,838,000 | 21,983,000 | 25,191,000 | 16,826,000 | 9,483,000 | -6,719,000 | 5,985,000 | -6,394,000 | -19,403,000 | -3,105,000 | -15,960,000 | 601,000 | -15,948,000 | -199,334 | -452,931 | -96,170 | -28,639 |
capital expenditures | -21,016,000 | -70,985,000 | -45,378,000 | -40,130,000 | -44,308,000 | -17,443,000 | -3,894,000 | -2,550,000 | -9,987,000 | -10,485,000 | 1,494,000 | -5,501,000 | 655,000 | -1,400,000 | -1,038,000 | -176,000 | -100,000 | -553,000 | -157,000 | -59,000 | -63,000 | 0 | 0 | 0 | 0 |
free cash flows | 68,340,000 | -9,673,000 | 103,343,000 | -59,247,000 | 64,782,000 | 68,942,000 | 81,373,000 | 51,044,000 | 15,851,000 | 11,498,000 | 26,685,000 | 11,325,000 | 10,138,000 | -8,119,000 | 4,947,000 | -6,570,000 | -19,503,000 | -3,658,000 | -16,117,000 | 542,000 | -16,011,000 | -199,334 | -452,931 | -96,170 | -28,639 |
investing activities | |||||||||||||||||||||||||
maturities of available-for-sale investments | 93,253,000 | ||||||||||||||||||||||||
proceeds from sales of available-for-sale investments | 76,708,000 | ||||||||||||||||||||||||
purchases of property, equipment, and intangible assets | -29,844,000 | -59,388,000 | -65,265,000 | -46,065,000 | -55,327,000 | -24,520,000 | -3,342,000 | -3,212,000 | -10,581,000 | -8,631,000 | -3,277,000 | -4,677,000 | -635,000 | -1,400,000 | -1,038,000 | -176,000 | -100,000 | -553,000 | -157,000 | -59,000 | -63,000 | ||||
investment in website development and internal-use software | -6,480,000 | -4,493,000 | -4,092,000 | -4,250,000 | -3,711,000 | -2,539,000 | -2,814,000 | -3,377,000 | -1,197,000 | -933,000 | -1,409,000 | -1,093,000 | -740,000 | ||||||||||||
acquisition of businesses, net of cash acquired | -137,866,000 | -23,454,000 | 0 | ||||||||||||||||||||||
purchases of equity securities | -11,217,000 | ||||||||||||||||||||||||
net cash from investing activities | -15,446,000 | -83,676,000 | -887,398,000 | -21,088,000 | -32,796,000 | -17,206,000 | -10,414,000 | -4,470,000 | 13,042,000 | 20,695,000 | -31,061,000 | 2,373,000 | -4,113,000 | 6,003,000 | -2,576,000 | 12,819,000 | 18,453,000 | 10,242,000 | -25,922,000 | 22,736,000 | -163,324,000 | 0 | |||
financing activities | |||||||||||||||||||||||||
proceeds from exercise of vested stock options | 5,008,000 | 1,237,000 | 3,299,000 | 2,569,000 | 3,928,000 | 8,146,000 | 2,033,000 | 11,402,000 | 5,070,000 | 1,131,000 | 315,000 | 245,000 | |||||||||||||
payments for taxes related to net share settlement of equity awards | -39,206,000 | -21,714,000 | -32,480,000 | -36,764,000 | -25,711,000 | -19,405,000 | -10,815,000 | -14,967,000 | -7,314,000 | -3,995,000 | -2,690,000 | -3,754,000 | -3,657,000 | -1,537,000 | -1,181,000 | -779,000 | -404,000 | -764,000 | -776,000 | ||||||
payments for acquisition-related earn-out consideration | -43,682,000 | 0 | 0 | ||||||||||||||||||||||
payments for debt issuance costs | -34,000 | -349,000 | -1,806,000 | -1,235,000 | |||||||||||||||||||||
net cash from financing activities | -77,880,000 | -97,522,000 | -39,009,000 | 889,169,000 | -23,018,000 | -13,652,000 | -38,820,000 | -25,065,000 | -30,308,000 | -3,963,000 | -1,559,000 | -2,541,000 | -3,412,000 | -10,459,000 | -494,000 | 353,000 | -22,527,000 | -78,000 | -484,000 | -4,340,000 | 239,945,000 | ||||
foreign currency effect on cash and cash equivalents | -2,380,000 | 2,724,000 | -1,486,000 | 1,027,000 | 243,000 | -461,000 | 190,000 | -1,000 | 2,000 | -48,000 | 8,000 | 14,000 | 15,000 | -17,000 | 16,000 | -29,000 | -23,000 | -47,000 | -7,000 | -21,000 | 2,000 | ||||
increase in cash, cash equivalents, and restricted cash | -6,350,000 | -117,162,000 | -779,172,000 | 849,991,000 | 53,519,000 | 55,066,000 | 36,223,000 | 24,058,000 | 8,574,000 | 38,667,000 | -7,421,000 | 16,672,000 | 1,973,000 | -11,192,000 | 2,931,000 | 6,749,000 | -23,500,000 | 7,012,000 | -42,373,000 | 18,976,000 | 60,675,000 | ||||
cash, cash equivalents, and restricted cash at beginning of period | 228,616,000 | 0 | 0 | 0 | 221,440,000 | 0 | 0 | 0 | 97,519,000 | 0 | 0 | 0 | 47,628,000 | 0 | 0 | 0 | 72,640,000 | 0 | |||||||
cash, cash equivalents, and restricted cash at end of period | 222,266,000 | -117,162,000 | -779,172,000 | 849,991,000 | 274,959,000 | 55,066,000 | 36,223,000 | 24,058,000 | 106,093,000 | 38,667,000 | -7,421,000 | 16,672,000 | 49,601,000 | -11,192,000 | 2,931,000 | 6,749,000 | 49,140,000 | 7,012,000 | |||||||
reconciliation of cash, cash equivalents, and restricted cash | |||||||||||||||||||||||||
cash and cash equivalents | 222,266,000 | -117,162,000 | -778,804,000 | 850,846,000 | 273,736,000 | 55,066,000 | 36,223,000 | 24,058,000 | 105,237,000 | 38,667,000 | -7,421,000 | 16,672,000 | 48,745,000 | -11,192,000 | 2,931,000 | 6,749,000 | 48,284,000 | ||||||||
restricted cash | -855,000 | 1,223,000 | 0 | 0 | 0 | 856,000 | 0 | 0 | 0 | 856,000 | 0 | 0 | 0 | 856,000 | |||||||||||
total cash, cash equivalents, and restricted cash | 222,266,000 | -117,162,000 | -779,172,000 | 849,991,000 | 274,959,000 | 55,066,000 | 36,223,000 | 24,058,000 | 106,093,000 | 38,667,000 | -7,421,000 | 16,672,000 | 49,601,000 | -11,192,000 | 2,931,000 | 6,749,000 | 49,140,000 | ||||||||
supplemental disclosures of cash flow information | |||||||||||||||||||||||||
cash paid for taxes, net of refunds | -6,603,000 | ||||||||||||||||||||||||
cash paid for interest | 1,050,000 | ||||||||||||||||||||||||
non-cash investing and financing activities | |||||||||||||||||||||||||
purchases of property, equipment, and intangible assets included in accounts payable and accrued liabilities | 8,828,000 | ||||||||||||||||||||||||
right-of-use asset obtained in exchange for lease liability | 9,518,000 | 0 | 69,403,000 | 10,975,000 | 52,459,000 | 419,000 | 0 | 0 | 2,174,000 | 5,679,000 | 0 | 0 | |||||||||||||
contingent consideration and liabilities assumed in connection with acquisition of businesses | 24,068,000 | ||||||||||||||||||||||||
deferred debt issuance costs included in accounts payable and accrued liabilities | -384,000 | 633,000 | |||||||||||||||||||||||
issuance of common stock in connection with asset acquisition | 0 | 0 | 0 | 12,760,000 | |||||||||||||||||||||
common stock to be issued for asset acquisition indemnification holdback | 0 | 0 | 0 | 6,380,000 | |||||||||||||||||||||
impairment of long-lived assets | 0 | 0 | 0 | 39,000 | 75,000 | 0 | 0 | 0 | 429,000 | 0 | |||||||||||||||
purchases of available-for-sale investments | |||||||||||||||||||||||||
purchase of equity securities | |||||||||||||||||||||||||
proceeds from issuance of convertible senior notes, net of debt discount | 0 | 0 | |||||||||||||||||||||||
purchases of capped calls related to convertible senior notes | 0 | 0 | |||||||||||||||||||||||
repurchases of common stock | -80,481,000 | -5,005,000 | -30,038,000 | -19,932,000 | -28,064,000 | ||||||||||||||||||||
proceeds from employee stock purchase plan | 3,470,000 | 0 | 2,279,000 | 0 | 1,400,000 | 0 | 625,000 | 0 | |||||||||||||||||
proceeds from exercise of class a common stock warrants | 1,000 | 807,000 | |||||||||||||||||||||||
cash paid for taxes | -268,000 | 383,000 | 22,687,000 | 360,000 | 4,044,000 | 404,000 | 3,342,000 | 126,000 | 464,000 | 19,000 | 340,000 | 286,000 | 48,000 | 60,000 | 492,000 | 36,000 | 59,000 | 52,000 | 168,000 | 59,000 | |||||
purchases of property and equipment included in accounts payable and accrued liabilities | -11,597,000 | 19,887,000 | 5,935,000 | 11,019,000 | 7,077,000 | -552,000 | 662,000 | 594,000 | |||||||||||||||||
common stock issued, contingent consideration, additional consideration payable, and liabilities assumed in connection with acquisition of businesses | 6,377,000 | ||||||||||||||||||||||||
issuance of common stock for acquisition-related earn-out consideration | 0 | 0 | |||||||||||||||||||||||
purchases of investments | -9,969,000 | -53,056,000 | -26,839,000 | -70,700,000 | -20,824,000 | -71,039,000 | -24,689,000 | -40,687,000 | -50,884,000 | -47,670,000 | -4,265,000 | -84,881,000 | -47,272,000 | -31,840,000 | -15,500,000 | -172,021,000 | |||||||||
maturities of investments | 12,188,000 | 29,227,000 | 31,342,000 | 19,648,000 | 63,197,000 | 28,395,000 | 97,700,000 | 52,717,000 | 45,000,000 | 33,250,000 | 39,084,000 | 59,500,000 | 33,500,000 | 18,919,000 | 82,340,000 | 59,000,000 | 50,954,000 | 38,921,000 | 9,500,000 | ||||||
proceeds from sales of investments | 0 | 0 | 898,000 | 0 | 13,555,000 | 0 | 22,291,000 | 0 | 2,250,000 | ||||||||||||||||
benefit for deferred taxes | -9,456,000 | -890,000 | -7,309,000 | 17,000 | -10,000 | -214,000 | -122,000 | -146,000 | -112,000 | -210,000 | |||||||||||||||
acquisition of business, net of cash acquired | 0 | -5,100,000 | 0 | ||||||||||||||||||||||
net amortization on securities | -1,652,000 | -1,517,000 | -1,476,000 | -1,041,000 | -840,000 | 123,000 | -108,000 | 971,000 | 434,000 | ||||||||||||||||
investment in website and mobile application development and internal-use software | -2,567,000 | -2,643,000 | -2,187,000 | -1,875,000 | -1,213,000 | -923,000 | |||||||||||||||||||
deferred consideration paid for acquisitions | 0 | 0 | |||||||||||||||||||||||
vesting of early exercised stock options | 37,000 | 38,000 | 38,000 | 52,000 | 54,000 | ||||||||||||||||||||
issuance of common stock and liabilities assumed in connection with acquisition of business | 0 | ||||||||||||||||||||||||
net loss | 1,245,000 | -7,567,000 | -7,157,000 | -10,067,000 | -10,907,000 | -18,840,000 | -19,679,000 | -16,252,000 | -31,161,000 | -15,941,000 | -9,153,000 | -51,404,000 | |||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||||||
warrant expense in connection with merger | 0 | 0 | 0 | 154,000 | |||||||||||||||||||||
amortization of debt issuance costs | 0 | 0 | 0 | 144,000 | |||||||||||||||||||||
pre-closing stock repurchase | 0 | 0 | 0 | -22,027,000 | |||||||||||||||||||||
proceeds from issuance of common stock upon merger | 0 | 0 | 0 | 197,686,000 | |||||||||||||||||||||
proceeds from pipe | 0 | 0 | 0 | 75,000,000 | |||||||||||||||||||||
payments for transaction costs related to securities issuances | |||||||||||||||||||||||||
proceeds from repayment of promissory notes associated with vested and unvested shares | 0 | 0 | |||||||||||||||||||||||
proceeds from exercise of class a common stock warrants, net of redemption payments | 0 | ||||||||||||||||||||||||
proceeds from exercise of vested and unvested stock options, net of repurchases and cancelations | 89,000 | 687,000 | 686,000 | 313,000 | |||||||||||||||||||||
payments for earn-out consideration for acquisitions | -9,636,000 | 0 | 0 | -23,014,000 | |||||||||||||||||||||
recapitalization of redeemable convertible preferred stock from pre-closing stock repurchase | 0 | 0 | 0 | 125,000 | |||||||||||||||||||||
conversion of redeemable convertible preferred stock to common stock | 0 | 0 | 0 | 249,837,000 | |||||||||||||||||||||
assumption of merger warrants liability | 0 | 0 | 0 | 51,814,000 | |||||||||||||||||||||
redemption/exercise of class a common stock warrants | 0 | ||||||||||||||||||||||||
conversion of series d preferred stock warrants to class a common warrants | 0 | 0 | 0 | 1,160,000 | |||||||||||||||||||||
purchase of property and equipment included in accounts payable | -1,854,000 | 4,771,000 | -824,000 | 1,290,000 | |||||||||||||||||||||
vesting of early exercised stock options, net of cancelations | |||||||||||||||||||||||||
common stock issued, contingent consideration, and liabilities assumed in acquisition of businesses | 0 | ||||||||||||||||||||||||
provision for deferred taxes | 49,000 | ||||||||||||||||||||||||
lease termination expense | |||||||||||||||||||||||||
other long-term liabilities | -7,000 | ||||||||||||||||||||||||
proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | |||||||||||||||||||||||||
proceeds from exercise of series c preferred stock warrants | |||||||||||||||||||||||||
repayments of principal on term loan | |||||||||||||||||||||||||
expiration of class a common stock redemption right | |||||||||||||||||||||||||
exercise of convertible preferred stock warrants | |||||||||||||||||||||||||
vesting of early-exercised stock options, net of cancelations | |||||||||||||||||||||||||
recapitalization from redeemable convertible preferred stock pre-closing stock repurchase | |||||||||||||||||||||||||
common stock issued, contingent consideration, and payables for acquisition of businesses | |||||||||||||||||||||||||
exercise of private placement warrants and public warrants | 20,871,000 | ||||||||||||||||||||||||
common stock issued, contingent consideration, and payables for acquisition of business | |||||||||||||||||||||||||
proceeds from exercise of vested and unvested stock options | 891,000 | ||||||||||||||||||||||||
borrowings of principal on term loan | |||||||||||||||||||||||||
redeemable class a common stock reclassification | |||||||||||||||||||||||||
warrants issued for debt issuance costs | |||||||||||||||||||||||||
proceeds from issuance of redeemable convertible preferred stock | |||||||||||||||||||||||||
payments for transaction costs | 0 | -57,000 | -12,794,000 | ||||||||||||||||||||||
reclassification of deferred transaction costs | 0 | 0 | 3,929,000 | ||||||||||||||||||||||
deferred transaction costs payable | |||||||||||||||||||||||||
change in transaction costs payable | 0 | 57,000 | 511,000 | ||||||||||||||||||||||
vesting of early-exercised stock options | |||||||||||||||||||||||||
equity awards classified as prepaid expenses | 125,000 | ||||||||||||||||||||||||
cash, cash equivalents, and restricted cash at beginning of period* | |||||||||||||||||||||||||
cash, cash equivalents, and restricted cash at end of period* | |||||||||||||||||||||||||
exercise of class a common stock warrants | |||||||||||||||||||||||||
change in fair value of warrant liabilities | 2,681,000 | ||||||||||||||||||||||||
noncash other | 452,000 | ||||||||||||||||||||||||
deferred rent | 3,000 | ||||||||||||||||||||||||
payments for issuance costs of convertible preferred stock | |||||||||||||||||||||||||
repayment of promissory notes associated with vested and unvested shares | 1,193,000 | ||||||||||||||||||||||||
proceeds from exercise of vested and unvested stock options, net of repurchases | 80,000 | ||||||||||||||||||||||||
cash, cash equivalents, and restricted cash at beginning of the year | 28,350,000 | ||||||||||||||||||||||||
cash, cash equivalents, and restricted cash at end of the three-month period | 89,025,000 | ||||||||||||||||||||||||
noncash investing and financing activities | |||||||||||||||||||||||||
cash flows from operating activities: | |||||||||||||||||||||||||
adjustments to reconcile net income to net cash (used in) operating activities: | |||||||||||||||||||||||||
unrealized gain on investments (net), dividends and interest, held in trust account | -43,818 | ||||||||||||||||||||||||
prepaid expenses | 25,050 | 15,050 | 27,150 | 30,150 | |||||||||||||||||||||
accrued expenses | 1,610,615 | 2,503,255 | -22,765 | 80,040 | |||||||||||||||||||||
accrued expenses – related party | |||||||||||||||||||||||||
due to related parties | 194,826 | -91,348 | 45,977 | 21,875 | |||||||||||||||||||||
cash flows from investing activities: | |||||||||||||||||||||||||
proceeds received from sales; redemptions of marketable securities held in trust account | |||||||||||||||||||||||||
principal deposited in trust account | |||||||||||||||||||||||||
cash flows from financing activities: | |||||||||||||||||||||||||
proceeds received from initial public offering, gross | |||||||||||||||||||||||||
proceeds received from private placement | |||||||||||||||||||||||||
payment of offering costs | |||||||||||||||||||||||||
repayment of advances from related parties | |||||||||||||||||||||||||
net change in cash | |||||||||||||||||||||||||
cash, beginning of period | |||||||||||||||||||||||||
cash, end of period | |||||||||||||||||||||||||
non-cash investing and financing activities: | |||||||||||||||||||||||||
change in value of class a ordinary shares subject to possible redemption | -2,039,490 | -2,256,770 | -86,780 | 1,334,030 | |||||||||||||||||||||
offering costs included in accrued expenses | |||||||||||||||||||||||||
offering costs paid by related parties | |||||||||||||||||||||||||
deferred underwriting commissions in connection with the initial public offering | |||||||||||||||||||||||||
deferred legal fees in connection with the initial public offering | |||||||||||||||||||||||||
offering costs paid by sponsor in exchange for issuance of class b ordinary shares | |||||||||||||||||||||||||
• | |||||||||||||||||||||||||
accrued expenses—related party | |||||||||||||||||||||||||
proceeds received from sales, redemptions of marketable securities held in trust account | |||||||||||||||||||||||||
net change in cash and cash equivalents | |||||||||||||||||||||||||
cash and cash equivalents—beginning of the period | |||||||||||||||||||||||||
cash and cash equivalents—end of the period | |||||||||||||||||||||||||
supplemental disclosure of noncash investing and financing activities: | |||||||||||||||||||||||||
offering costs included in accounts payable | |||||||||||||||||||||||||
offering costs included in note payable—related party | |||||||||||||||||||||||||
interest earned on marketable securities held in trust account | -36,858 | -1,580,805 | |||||||||||||||||||||||
accrued expenses - related party | 30,000 | 30,000 | |||||||||||||||||||||||
net decrease in cash | -96,170 | -28,639 | |||||||||||||||||||||||
cash - beginning of the period | 0 | 1,510,341 | |||||||||||||||||||||||
cash - end of the period | -96,170 | 1,481,702 | |||||||||||||||||||||||
deferred offering costs included in accrued expenses | |||||||||||||||||||||||||
deferred offering costs included in accounts payable | |||||||||||||||||||||||||
deferred offering costs advanced by related party | |||||||||||||||||||||||||
deferred offering costs paid by sponsor in exchange for issuance of class b ordinary shares | |||||||||||||||||||||||||
net increase in cash | |||||||||||||||||||||||||
offering costs included in note payable - related party | |||||||||||||||||||||||||
value of class a ordinary shares subject to possible redemption | |||||||||||||||||||||||||
● |