v3.25.2
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,183,357 $ 811,178
Short-term investments 228,979 228,322
Accounts receivable, net of expected credit losses of $5,387 and $6,089 as of June 30, 2025 and December 31, 2024, respectively 6,474 8,702
Prepaid and other current assets 88,593 89,931
Funds receivable and seller accounts 140,596 189,558
Total current assets 1,647,999 1,327,691
Property and equipment, net of accumulated depreciation and amortization of $293,583 and $302,734 as of June 30, 2025 and December 31, 2024, respectively 230,233 236,706
Goodwill 38,072 137,089
Intangible assets, net of accumulated amortization of $123,611 and $161,495 as of June 30, 2025 and December 31, 2024, respectively 317,015 413,898
Deferred tax assets 156,124 145,630
Long-term investments 126,640 111,725
Other assets 41,066 45,043
Total assets 2,557,149 2,417,782
Current liabilities:    
Accounts payable 15,165 25,979
Accrued expenses 254,204 374,947
Finance lease obligations—current 6,295 6,148
Funds payable and amounts due to sellers 140,596 189,558
Deferred revenue 23,598 19,213
Other current liabilities 46,504 49,268
Total current liabilities 486,362 665,113
Finance lease obligations—net of current portion 90,302 93,482
Deferred tax liabilities 5,425 7,957
Long-term debt, net 2,978,971 2,288,083
Other liabilities 120,659 122,013
Total liabilities 3,681,719 3,176,648
Commitments and contingencies (Note 11)
Stockholders’ deficit:    
Common stock ($0.001 par value, 1,400,000 shares authorized as of June 30, 2025 and December 31, 2024; 99,608 and 108,540 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) 100 109
Preferred stock ($0.001 par value, 25,000 shares authorized as of June 30, 2025 and December 31, 2024) 0 0
Additional paid-in capital 1,431,154 1,322,809
Accumulated deficit (2,335,843) (1,784,037)
Accumulated other comprehensive loss (219,981) (297,747)
Total stockholders’ deficit (1,124,570) (758,866)
Total liabilities and stockholders’ deficit $ 2,557,149 $ 2,417,782