7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 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 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 
      
    		                                    
      operating activities:
    		                                    
      net income
    		115,547,000 90,129,000 50,678,000 182,229,000 94,158,000 85,029,000 31,660,000 97,323,000 39,352,000 32,939,000 9,326,000 71,187,000 15,869,000 -19,073,000 -14,598,000 8,039,000 59,384,000 47,697,000 22,642,000 151,902,000 41,247,000 25,111,000 24,057,000 50,945,000 19,422,000 27,800,000 10,151,000 39,435,000 20,292,000 19,343,000 9,070,000 16,811,000 10,229,000 18,849,000 4,909,000 10,280,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                    
      depreciation and amortization
    		33,135,000 26,704,000 23,985,000 24,112,000 20,754,000 20,882,000 21,742,000 20,529,000 20,530,000 20,066,000 19,293,000 16,844,000 12,957,000 12,274,000 12,350,000 12,250,000 8,952,000 11,006,000 10,011,000 7,855,000 7,517,000 6,783,000 6,477,000 6,416,000 5,969,000 4,821,000 4,456,000 3,715,000 3,277,000 2,579,000 2,251,000 2,052,000 1,968,000 1,696,000 1,493,000 1,186,000 
      stock-based compensation
    		121,316,000 128,885,000 128,253,000 129,229,000 128,510,000 126,340,000 110,620,000 121,435,000 139,633,000 117,083,000 113,470,000 127,531,000 121,003,000 125,213,000 124,895,000 205,403,000 34,459,000 45,197,000 52,354,000 38,024,000 26,852,000 23,934,000 22,965,000 24,390,000 19,442,000 21,057,000 15,869,000 14,252,000 11,417,000 9,258,000 7,283,000 8,911,000 5,893,000 4,191,000 2,322,000 4,008,000 
      deferred income taxes
    		           -12,111,000 -951,000 6,859,000 -5,304,000 -21,821,000 0   -10,240,000 -9,281,000                
      noncash lease expense
    		16,981,000 17,291,000 16,962,000 15,881,000 15,062,000 13,709,000 12,751,000 12,283,000 12,347,000 12,408,000 11,917,000   10,828,000 10,515,000 10,401,000 10,361,000 10,102,000 9,451,000 9,217,000 8,227,000 8,423,000 7,402,000 6,500,000 6,459,000 4,514,000 4,421,000          
      benefit from expected credit losses on accounts receivable
    		321,000 685,000 492,000 16,000 704,000 93,000 40,000                              
      other
    		58,000 -2,023,000 -11,876,000 4,020,000 -7,784,000 -5,242,000 1,125,000 -12,067,000 111,000 -7,113,000 -1,310,000 -3,072,000 -2,936,000 5,632,000 998,000 -927,000 -2,335,000 4,160,000 4,905,000 948,000 3,627,000 -5,594,000 3,209,000 1,006,000 -889,000 -2,659,000 603,000 509,000 -329,000 2,735,000 -10,000 9,000 -344,000 -694,000 -274,000 2,240,000 
      changes in operating assets and liabilities:
    		                                    
      accounts receivable
    		-229,086,000 -202,303,000 282,336,000 -348,516,000 -76,390,000 -287,468,000 238,147,000 -423,362,000 -95,282,000 -293,533,000 258,165,000 -316,652,000 -87,440,000 -147,138,000 259,483,000 -395,705,000 -98,439,000 -159,045,000 208,847,000 -439,117,000 -272,514,000 83,025,000 210,552,000 -328,630,000 -7,726,000 -122,245,000 127,232,000 -195,165,000 5,612,000 -92,735,000 42,387,000 -129,421,000 -88,362,000 -66,043,000 59,190,000  
      prepaid expenses and other current and non-current assets
    		-73,293,000 -38,299,000 20,018,000 29,707,000 -16,426,000 -55,395,000 3,331,000 -15,445,000 -7,711,000 1,822,000 -5,481,000 7,742,000 13,895,000                        
      accounts payable
    		140,220,000 214,827,000 -234,666,000 211,744,000 100,422,000 206,949,000 -220,196,000 349,802,000 74,666,000 251,696,000 -200,701,000 255,877,000 61,095,000 116,084,000 -245,937,000 353,515,000 89,405,000 67,068,000 -200,578,000 433,585,000 262,124,000 -8,429,000 -205,967,000 213,164,000 30,536,000 86,949,000 -138,886,000 180,479,000 -14,024,000 60,918,000 -49,698,000 119,938,000 80,382,000 59,413,000 -87,940,000 115,131,000 
      accrued expenses and other current and non-current liabilities
    		-2,717,000 -53,186,000 29,105,000 37,718,000 18,835,000 -9,885,000 -104,000 17,242,000 18,040,000 4,708,000 -4,309,000 26,946,000 3,412,000                        
      operating lease liabilities
    		-15,959,000 -17,697,000 -13,854,000 -9,836,000 -4,521,000 -13,753,000 -13,644,000 -16,172,000 -11,639,000 -11,989,000 -13,113,000 -12,615,000 -11,702,000 -12,039,000 -11,990,000 -12,104,000 -7,891,000 -13,101,000 -10,894,000 -6,707,000 -5,653,000 -2,062,000 -2,673,000 -1,874,000 -2,620,000 -2,782,000 -3,066,000          
      net cash from operating activities
    		224,686,000 165,013,000 291,433,000 199,401,000 273,324,000 81,259,000 185,472,000 91,120,000 191,540,000 128,089,000 187,573,000 173,480,000 137,296,000 91,766,000 146,192,000 163,394,000 129,678,000 10,371,000 75,070,000 167,598,000 88,461,000 96,302,000 52,708,000 -28,068,000 67,467,000 11,095,000 9,711,000 48,058,000 26,136,000 602,000 11,807,000 24,193,000 19,002,000 10,769,000 -22,740,000 36,044,000 
      capex
    		-69,690,000 -48,318,000 -61,773,000 -22,306,000 -50,993,000 -24,581,000 -9,182,000 -27,329,000 -7,720,000 -9,348,000 -10,623,000 -50,658,000 -25,460,000 -5,752,000 -10,015,000 -12,369,000 -26,430,000 -6,992,000 -14,182,000 -18,147,000 -21,930,000 -20,762,000 -19,275,000 -15,096,000 -6,086,000 -11,920,000 -7,502,000 -10,468,000 -5,366,000 -6,701,000 -2,656,000 -2,228,000 -2,318,000 -4,269,000 -4,249,000 0 
      free cash flows
    		154,996,000 116,695,000 229,660,000 177,095,000 222,331,000 56,678,000 176,290,000 63,791,000 183,820,000 118,741,000 176,950,000 122,822,000 111,836,000 86,014,000 136,177,000 151,025,000 103,248,000 3,379,000 60,888,000 149,451,000 66,531,000 75,540,000 33,433,000 -43,164,000 61,381,000 -825,000 2,209,000 37,590,000 20,770,000 -6,099,000 9,151,000 21,965,000 16,684,000 6,500,000 -26,989,000 36,044,000 
      investing activities:
    		                                    
      purchases of investments
    		-248,376,000 -346,254,000 -231,580,000 -192,943,000 -168,627,000 -158,238,000 -159,731,000 -160,128,000 -131,944,000 -171,586,000 -144,721,000 -174,089,000 -145,329,000 -112,656,000 -121,221,000 -44,960,000 -69,396,000 -74,677,000 -89,354,000 -103,642,000 -37,428,000 -53,984,000 -35,705,000 -34,597,000 -55,747,000 -48,482,000 -73,950,000          
      maturities of investments
    		251,293,000 181,006,000 165,114,000 154,066,000 160,424,000 166,804,000 147,794,000 130,406,000 150,999,000 147,670,000 126,731,000 86,130,000 98,607,000 89,959,000 64,133,000 61,367,000 75,308,000 54,099,000 62,670,000 39,287,000 43,132,000 46,003,000 39,180,000 33,720,000 33,395,000            
      purchases of property and equipment
    		-66,336,000 -45,239,000 -59,113,000 -20,190,000 -48,709,000 -22,115,000 -7,224,000 -25,196,000 -5,038,000 -7,400,000 -9,156,000 -47,766,000 -23,853,000 -4,140,000 -8,401,000 -10,884,000 -25,421,000 -5,379,000 -13,120,000 -16,340,000 -20,001,000 -19,410,000 -18,310,000 -14,034,000 -4,657,000 -10,917,000 -6,085,000 -9,412,000 -3,798,000 -4,787,000 -1,798,000 -1,753,000 -1,650,000 -3,105,000 -3,602,000  
      capitalized software development costs
    		-3,354,000 -3,079,000 -2,660,000 -2,116,000 -2,284,000 -2,466,000 -1,958,000 -2,133,000 -2,682,000 -1,948,000 -1,467,000 -2,892,000 -1,607,000 -1,612,000 -1,614,000 -1,485,000 -1,009,000 -1,613,000 -1,062,000 -1,807,000 -1,929,000 -1,352,000 -965,000 -1,062,000 -1,429,000 -1,003,000 -1,417,000 -1,056,000 -1,568,000 -1,914,000 -858,000 -475,000 -668,000 -1,164,000 -647,000  
      business acquisition
    		0 0 -4,350,000             0                     
      net cash from investing activities
    		-66,773,000 -213,566,000 -132,589,000 -61,183,000 -59,196,000 -16,015,000 -21,119,000 -57,051,000 11,335,000 -33,264,000 -28,613,000 -138,617,000 -72,182,000 -26,472,000 -67,103,000 4,038,000 -33,779,000 -27,570,000 -36,327,000 -82,502,000 -16,226,000 -28,743,000 -15,800,000 -15,973,000 -28,438,000 -37,978,000 -81,452,000 -10,468,000 -5,366,000 -6,701,000 -2,656,000 -5,228,000 -2,318,000 -4,269,000 -4,249,000  
      financing activities:
    		                                    
      repurchases of class a common stock
    		-310,447,000 -260,843,000 -386,250,000 -57,356,000 -52,148,000 0 -125,280,000 -219,913,000 -90,190,000 -44,960,000 -291,534,000                          
      proceeds from exercise of stock options
    		6,202,000 6,145,000 7,940,000 88,591,000 89,526,000 27,360,000 10,804,000 15,162,000 17,591,000 17,407,000 10,365,000 4,813,000 10,917,000 7,387,000 24,408,000 21,917,000 13,220,000 13,718,000 12,621,000 22,204,000 12,247,000 22,375,000 19,320,000 7,963,000 4,936,000 7,473,000 9,502,000 2,856,000 3,956,000 1,997,000 1,212,000 797,000 644,000 849,000 275,000 55,000 
      proceeds from employee stock purchase plan
    		-4,000   19,867,000 0   17,166,000 0   7,515,000 0   6,471,000 0   6,636,000 0   8,098,000 0   6,791,000 0   4,703,000 0    
      taxes paid relating to net settlement of restricted stock awards
    		-22,678,000 -25,596,000 -31,452,000                                  
      net cash from financing activities
    		-401,166,000 -173,605,000 -409,762,000 9,770,000 -2,016,000 25,919,000 -141,282,000 -210,704,000 -96,942,000 -21,696,000 -296,764,000 987,000 -3,141,000 23,166,000 10,980,000 9,806,000 4,110,000 22,469,000 -4,459,000 -82,114,000 -64,208,000 33,574,000 157,427,000 1,471,000 3,827,000 13,632,000 8,350,000 3,293,000 3,898,000 8,828,000 -26,149,000 4,187,000 255,000 2,786,000 162,000 -22,703,000 
      increase in cash and cash equivalents
    		-243,253,000 -222,158,000 -250,918,000 147,988,000 212,112,000 91,163,000 23,071,000 -176,635,000 105,933,000 73,129,000 -137,804,000 35,850,000 61,973,000 88,460,000 90,069,000 177,238,000 100,009,000 5,270,000 34,284,000 2,982,000 8,027,000 101,133,000 194,335,000 -42,570,000    40,883,000    23,152,000     
      cash and cash equivalents—beginning of period
    		0 0 1,369,463,000  0 0 895,129,000  0 0 1,030,506,000  0 0 754,154,000  0 0 437,353,000  0 0 130,876,000  0 0 207,232,000  0 0 155,950,000      
      cash and cash equivalents—end of period
    		-243,253,000 -222,158,000 1,118,545,000  212,112,000 91,163,000 918,200,000  105,933,000 73,129,000 892,702,000  61,973,000 88,460,000 844,223,000  100,009,000 5,270,000 471,637,000  8,027,000 101,133,000 325,211,000  42,856,000 -13,251,000 143,841,000  24,668,000 2,729,000 138,952,000      
      supplemental cash flow information:
    		                                    
      cash paid for operating lease liabilities
    		20,921,000 19,123,000 16,819,000 19,854,000 15,252,000 17,556,000 15,716,000 18,420,000 13,966,000 15,528,000 15,342,000 14,941,000 14,691,000 14,200,000 14,030,000                      
      operating lease assets obtained in exchange for operating lease liabilities
    		34,458,000 9,290,000 32,304,000 37,640,000 36,277,000 41,258,000 16,875,000 1,456,000 8,814,000 12,968,000 3,999,000 1,152,000 16,740,000 7,257,000 4,732,000                      
      capitalized assets financed by accounts payable
    		-27,051,000 35,551,000 22,011,000 10,291,000 -27,710,000 34,792,000 3,135,000 -1,254,000 2,905,000 -2,181,000 5,214,000 -27,411,000 11,725,000 16,015,000 1,837,000 -3,027,000 -7,677,000 14,190,000 2,421,000 -6,076,000 1,527,000 1,115,000 10,200,000 7,284,000 1,274,000 -793,000 1,487,000 -4,680,000 4,034,000 1,777,000 813,000 -244,000 17,000 -759,000 1,687,000 1,687,000 
      repurchases of class a common stock in accrued expenses and other current liabilities
    		7,189,000                                    
      tenant improvements paid by lessor
    		5,800,000 3,435,000 5,144,000        1,552,000 1,028,000 0             0 413,000 794,000 770,000   0 0 0 640,000  
      assets acquired in a business combination, included in other assets, non-current, in exchange for class a common stock
    		0 0 10,299,000                                  
      stock-based compensation included in capitalized software development costs
    		2,165,000 1,937,000 1,697,000 1,307,000 1,415,000 1,473,000 1,428,000 1,514,000 1,728,000 1,321,000 765,000 1,346,000 726,000 1,422,000 520,000 1,244,000 627,000 818,000 631,000 851,000 514,000 582,000 298,000 319,000 481,000 333,000 455,000 293,000 434,000 614,000 144,000 90,000     
      proceeds from short-term borrowings
    		                                    
      repurchases of class a common stock in accrued expenses and other current and non-current liabilities
    		  16,059,000                                  
      sales of investments
    		           0 0   0 0 0 4,539,000                  
      taxes paid related to net settlement of restricted stock awards
    		   -41,332,000 -39,394,000 -31,563,000 -26,806,000 -23,119,000 -24,343,000 -15,459,000 -15,595,000 -11,341,000 -14,058,000 -9,768,000 -13,428,000 -18,582,000 -9,038,000 -12,155,000 -17,080,000 -38,954,000 -6,455,000 -2,836,000 -4,893,000 -14,590,000 -1,110,000 -2,488,000 -1,146,000 -6,075,000 -58,000 -183,000 -361,000  0    
      cash and cash equivalents—beginning of year
    		                                    
      cash and cash equivalents—end of year
    		                                    
      cash paid for income taxes
    		                                   6,386,000 
      cash paid for interest
    		                                   317,000 
      payment of debt financing costs
    		               0 -72,000       0 1,000 -1,000 -6,000     -1,000 -33,000    
      asset retirement obligation
    		       159,000    0 265,000   96,000 1,017,000 -33,000 625,000 448,000 0 1,536,000 65,000 0 2,928,000 489,000 126,000 521,000 45,000 0 341,000     0 
      allowance for credit losses on accounts receivable
    		        1,493,000 2,000 316,000 242,000 883,000 1,353,000 725,000 936,000 281,000 36,000 203,000 427,000 338,000 1,074,000 1,310,000              
      proceeds from line of credit
    		                   0 0 0 143,000,000             0 
      repayment on line of credit
    		                   -72,000,000 -70,000,000       0 0 0 -27,000,000      
      non-cash lease expense
    		                                    
      prepaid expenses and other assets
    		              23,743,000 -18,979,000 27,439,000 9,368,000 -16,180,000 -42,736,000 7,449,000 -15,577,000 -15,791,000 -573,000 -7,064,000 -5,380,000 -6,580,000 46,000 -7,895,000 -1,927,000 -775,000 2,263,000 4,347,000 -6,626,000 -5,017,000  
      accrued expenses and other liabilities
    		              -8,688,000 22,386,000 8,062,000 -17,161,000 -5,691,000 24,440,000 18,541,000 -8,427,000 892,000 10,023,000 3,134,000 -1,823,000 -4,489,000 9,500,000 7,298,000 -439,000 930,000 4,865,000 4,406,000 -130,000 -770,000 9,470,000 
      cash paid for amounts included in the measurement of lease liabilities included in operating cash flows
    		                11,831,000 12,068,000 15,107,000 9,746,000 7,625,000 5,175,000 4,902,000 4,655,000 4,559,000 3,917,000 3,792,000          
      right-of-use assets obtained in exchange for operating lease liabilities
    		                7,185,000    6,287,000 11,796,000 34,155,000  99,072,000 12,136,000 36,474,000          
      increase in right-of-use assets obtained in exchange for operating lease liabilities
    		                  -937,000                  
      investment credit loss
    		                     -262,000 275,000              
      bad debt expense
    		                       1,055,000 804,000   388,000 488,000 870,000 369,000 346,000 483,000 113,000 3,347,000  
      payment of financing obligations
    		                               -324,000 -356,000 -208,000 -113,000  
      debt financing costs included in debt
    		                               0 0    
      decrease in cash and cash equivalents
    		                         -13,251,000 -63,391,000   2,729,000 -16,998,000      
      change in fair value of preferred stock warrant liabilities
    		                                   0 
      repayment of term debt
    		                                    
      proceeds from issuance of series c convertible preferred stock
    		                                   0 
      repurchase of preferred stock and common stock
    		                                    
      payment of stock repurchase costs
    		                                    
      payment of series c convertible preferred stock offering cost
    		                                    
      proceeds from the issuance of class a common stock in initial public offering, net of underwriting commissions
    		                                    
      payment of offering costs—initial public offering
    		                                    
      conversion of convertible preferred stock to class b common stock
    		                                   0 
      conversion of warrant for convertible preferred stock to a warrant for class b common stock and net exercise of warrant to purchase class b common stock
    		                                   0 
      net exercise of warrants to purchase series seed convertible preferred stock
    		                                   0 
      debt financing costs included in accounts payable
    		                                    
      redemption of short-term investment
    		                                    
      proceeds from term debt
    		                                    
      taxes paid related to net settlement of restricted stock
    		                                    
      deferred initial public offering costs and stock repurchase costs included in accounts payable
    		                                    
      payment of series c convertible preferred stock offering costs
    		                                    
      deferred initial public offering costs included in accounts payable
    		                                    
      increase in cash
    		                                 9,286,000 -26,827,000 9,432,000 
      cash—beginning of period
    		                                 0 133,400,000  
      cash—end of period
    		                                 9,286,000 106,573,000  
      stock-based compensation included in capitalized development costs
    		                                 144,000 45,000 79,000 
      earnings per share—basic:
    		                                    
      numerator:
    		                                    
      less: income attributable to convertible preferred stock
    		                                    
      less: premium on repurchase of convertible preferred stock
    		                                    
      net income attributable to common stockholders—basic
    		                                 13,940,000 4,909,000  
      denominator:
    		                                    
      weighted-average shares outstanding
    		                                 879,000 39,167,000  
      earnings per share—basic
    		                                 340 130  
      earnings per share—diluted:
    		                                    
      net income attributable to common stockholders—diluted
    		                                 13,940,000 4,909,000  
      options to purchase common stock
    		                                 -644,000 4,178,000  
      employee stock purchase plan shares
    		                                 85,000 170,000  
      restricted stock
    		                                 67,000 42,000  
      weighted-average shares outstanding—diluted
    		                                 387,000 43,557,000  
      earnings per share—diluted
    		                                 320 110  
      stock repurchase costs and series c convertible preferred stock offering costs included in accounts payable
    		                                    
      purchase of property and equipment
    		                                    
      purchase of short-term investment
    		                                    
      proceeds from issuance of series b convertible preferred stock
    		                                    
      proceeds from the issuance of class a common stock in ipo, net of underwriting commissions
    		                                    
      payment of offering costs—ipo
    		                                    
      cash—beginning of year
    		                                    
      cash—end of year
    		                                    
      deferred ipo offering costs and stock repurchase costs included in accounts payable
    		                                    
      beginning balance
    		                                    
      add: bad debt expense
    		                                    
      less: write-offs, net of recoveries
    		                                    
      ending balance
    		                                    
      proceeds from the issuance of class a common stock in initial public offering, net of
    		                                    
      underwriting commissions
    		                                    
      supplemental disclosures of other cash flow information:
    		                                    
      add: preferred stock modification
    		                                    
      net income attributable to common stockholders
    		                                    
      weighted-average common shares outstanding
    		                                    
      add: income attributable to dilutive convertible preferred stock
    		                                    
      less: preferred stock modification
    		                                    
      dilutive convertible preferred stock
    		                                    
      espp shares
    		                                    
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.