v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net income (loss) $ 22 $ (51)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Depreciation and amortization 163 29
Stock-based compensation 108 31
Deferred income taxes (402) (4)
Equity in income of unconsolidated entities (5) (1)
Bad debt expense 8 0
Change in acquisition-related contingent consideration 1 1
Changes in operating assets and liabilities:    
Accounts receivable (8) (4)
Relocation receivables (4) (11)
Other current and non-current assets (2) (5)
Operating lease right-of-use assets and operating lease liabilities (6) (2)
Accounts payable (5) 1
Commissions payable 36 12
Accrued expenses and other liabilities (63) 27
Net cash (used in) provided by operating activities (157) 23
Investing Activities    
Capital expenditures (11) (4)
Payments for acquisitions, net of cash acquired (345) (161)
Net cash used in investing activities (356) (165)
Financing Activities    
Proceeds from exercise of stock options 11 6
Proceeds from issuance of common stock under Employee Stock Purchase Plan 2 1
Taxes paid related to net share settlement of equity awards (77) (14)
Net change in Securitization obligations (10) 2
Proceeds from issuance of convertible notes, net of issuance costs 977 0
Purchase of capped call for convertible notes (97) 0
Proceeds from drawdowns on Revolving Credit Facility 0 50
Other (8) 0
Net cash provided by financing activities 798 45
Net increase (decrease) in cash and cash equivalents 285 (97)
Cash and cash equivalents at beginning of period 199 224
Cash and cash equivalents at end of period 484 127
Supplemental disclosures of cash flow information:    
Cash paid for interest 20 1
Income tax refunds, net 3 0
Supplemental non-cash information:    
Issuance of common stock for acquisitions $ 1,987 $ 250

Source

10-Q XBRL Zip