v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net loss $ (185,272) $ (417,216)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 193,145 203,219
Stock-based compensation expense 200,394 381,276
Gain on repayment of convertible note (42,744) (61,371)
Impairment of property and equipment 4,049 21,918
Other (7,972) 15,383
Changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable, net (22,061) 38,066
Prepaid expenses and other 13,771 (19,815)
Other assets 11,889 (2,386)
Accounts payable (2,099) (460)
Accrued expenses and other (13,612) (40,301)
Publisher payables (21,565) 3,140
Other long-term liabilities (12,861) (34,636)
Deferred revenue 31,060 (5,814)
Net cash provided by operating activities 146,122 81,003
Investing activities    
Purchases of non-marketable investments (2,000) 0
Purchases of intangible assets 0 (360)
Purchases of property and equipment (12,164) (15,956)
Net cash used in investing activities (14,164) (16,316)
Financing activities    
Proceeds from issuance of convertible notes 690,000 0
Purchase of capped calls (44,436) 0
Payment of debt issuance costs (13,236) 0
Repayments of convertible note (641,691) (414,999)
Proceeds from issuance of common stock from employee equity plans 31,394 37,302
Net cash provided by (used in) financing activities 22,031 (377,697)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 19,637 (9,460)
Increase (decrease) in cash, cash equivalents, and restricted cash 173,626 (322,470)
Cash, cash equivalents, and restricted cash, beginning of period 1,527,881 1,604,267
Cash, cash equivalents, and restricted cash, end of period 1,701,507 1,281,797
Supplemental disclosure of cash flow information:    
Cash paid for interest 10,000 10,000
Cash paid for (refunded from) income taxes, net (3,079) 16,307
Cash paid for operating leases 20,915 26,658
Supplemental disclosures of non‑cash investing and financing activities:    
Assets acquired under operating lease $ 5,406 $ 13,859