v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net income (loss) $ 114 $ (12)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 316 58
Stock-based compensation 149 86
Deferred income taxes (401) (4)
Equity in income of unconsolidated entities (15) (3)
Bad debt expense 10 1
Change in acquisition-related contingent consideration 2 (2)
Amortization of debt issuance costs, premiums, and discounts 1 1
Changes in operating assets and liabilities:    
Accounts receivable (69) (34)
Relocation receivables (58) (14)
Other current and non-current assets 3 0
Operating lease right-of-use assets and operating lease liabilities (8) (6)
Accounts payable 1 1
Commissions payable 115 65
Accrued expenses and other liabilities (126) (41)
Net cash provided by operating activities 34 96
Investing Activities    
Investment in unconsolidated entities 0 (2)
Capital expenditures (22) (9)
Payments for acquisitions, net of cash acquired (345) (171)
Other investing activities 1 0
Net cash used in investing activities (366) (182)
Financing Activities    
Proceeds from stock option exercises and Employee Stock Purchase Plan issuances 19 8
Taxes paid related to net share settlement of equity awards (79) (29)
Net change in Securitization obligations 25 8
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 70
Repayments of drawdowns on Revolving Credit Facility 0 (20)
Payments for financing leases (3) 0
Other (14) 2
Net cash provided by financing activities 828 39
Net increase (decrease) in cash and cash equivalents 496 (47)
Effect of changes in exchange rates on cash and cash equivalents (1) 0
Cash and cash equivalents at beginning of period 199 224
Cash and cash equivalents at end of period 694 177
Supplemental disclosures of cash flow information:    
Cash paid for interest 82 4
Supplemental non-cash information:    
Issuance of common stock for acquisitions $ 1,987 $ 253

Source

10-Q XBRL Zip