v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenue $ 625.7 $ 634.5 $ 1,250.4 $ 1,265.8
Cost of revenue [1],[2] 123.7 107.0 240.4 212.8
Gross profit 502.0 527.5 1,010.0 1,053.0
Operating expenses:        
Research and development [1],[2] 184.4 227.1 362.8 446.2
Sales and marketing [1],[2] 87.8 112.5 179.8 221.3
General and administrative [1],[2] 58.8 60.9 112.6 115.0
Net loss on real estate assets [3] 2.6 0.0 2.6 0.0
Total operating expenses 333.6 400.5 657.8 782.5
Income from operations 168.4 127.0 352.2 270.5
Interest (expense) income, net (18.6) 4.7 (33.2) 12.0
Other (expense) income, net (2.0) 1.9 (1.7) 2.2
Income before income taxes 147.8 133.6 317.3 284.7
Provision for income taxes (22.2) (23.1) (41.4) (41.9)
Net income $ 125.6 $ 110.5 $ 275.9 $ 242.8
Basic net income per share (in dollars per share) $ 0.46 $ 0.34 $ 0.98 $ 0.74
Diluted net income per share (in dollars per share) $ 0.45 $ 0.34 $ 0.96 $ 0.73
Weighted-average shares used in computing net income per share attributable to common stockholders, basic (in shares) 272.4 322.4 281.3 328.6
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted (in shares) 276.7 323.7 286.1 332.4
[1] Includes expenses related to the Company's 2024 reduction in workforce such as severance, benefits and other related items during the three and six months ended June 30, 2025. See Note 1, "Description of the Business and Summary of Significant Accounting Policies - Reduction in Workforce" for additional information.
[2] Includes stock-based compensation as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Cost of revenue$5.6 $6.0 $10.5 $11.2 
Research and development53.8 64.2 100.5 119.6 
Sales and marketing5.7 6.2 10.7 11.3 
General and administrative12.6 14.1 23.1 26.4 
Total stock-based compensation$77.7 $90.5 $144.8 $168.5 
[3] Includes impairment charges related to real estate assets as a result of our Virtual First work model.