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Consolidated Statements of Cash Flows (in thousands) (unaudited) 19Q1 2026 • Letter to Shareholders Three months ended March 31, 2026 2025 Cash flows from operating activities Net income $ 203,981 $ 26,158 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 4,210 3,963 Non-cash operating lease cost 1,676 1,468 Amortization of premium (accretion of discount) on marketable securities, net (4,297) (8,884) Stock-based compensation expense 68,336 85,414 Other adjustments (691) (138) Changes in operating assets and liabilities: Accounts receivable 67,957 23,359 Prepaid expenses and other assets (23,752) (17,006) Operating lease right-of-use assets and liabilities (1,815) (1,780) Accounts payable (10,983) (1,046) Accrued expenses and other liabilities 7,631 16,070 Net cash provided by (used in) operating activities $ 312,253 $ 127,578 Cash flows from investing activities Purchases of property and equipment (1,090) (979) Purchases of marketable securities (364,929) (504,846) Maturities of marketable securities 474,468 465,062 Proceeds from sale of marketable securities 17,989 12,372 Other investing activities (1,616) 889 Net cash provided by (used in) investing activities $ 124,822 $ (27,502) Cash flows from financing activities Proceeds from exercise of employee stock options 4,899 10,184 Taxes paid related to net share settlement of restricted stock units (16,196) (36,675) Repurchases of Class A common stock (4,999) — Net cash provided by (used in) financing activities $ (16,296) $ (26,491) Net increase (decrease) in cash and cash equivalents 420,779 73,585 Cash and cash equivalents at the beginning of the period 953,569 562,142 Cash and cash equivalents at the end of the period $ 1,374,348 $ 635,727 Reddit, Inc.