v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net loss $ (401,493) $ (664,287) $ (826,322)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 460,944 408,980 563,916
Stock-based compensation expense 385,214 596,249 648,696
Gain on repayment of convertible note (42,744) (61,371) 0
Impairment of property and equipment 5,882 22,791 0
Other (3,683) 23,309 24,613
Changes in assets and liabilities, net of effects of acquisitions:      
Accounts receivable, net (69,078) 37,359 21,791
Prepaid expenses and other 24,071 (11,203) 20,314
Other assets 33,819 (2,746) 45,047
Accounts payable (545) 742 (6,313)
Accrued expenses and other 4,361 (6,671) (21,069)
Publisher payables 37,210 9,170 (60,509)
Other long-term liabilities (44,825) (47,963) (47,245)
Deferred revenue 33,822 11,194 (128,219)
Net cash provided by operating activities 422,955 315,553 234,700
Investing activities      
Purchases of short-term investments 0 0 (212)
Proceeds from principal repayments and maturities of short-term investments 0 0 102,673
Purchases of non-marketable investments (2,000) 0 (2,500)
Purchases of intangible assets (3,000) (12,860) 0
Purchases of property and equipment (19,024) (29,549) (55,921)
Net cash provided by (used in) investing activities (24,024) (42,409) 44,040
Financing activities      
Proceeds from issuance of convertible notes 690,000 0 0
Purchase of capped calls (44,436) 0 0
Payment of debt issuance costs (13,236) 0 0
Repayments of convertible note (641,691) (414,999) 0
Repurchase and retirement of common stock 0 0 (250,000)
Proceeds from issuance of common stock upon exercise of stock options and purchase of ESPP shares 119,454 76,692 75,985
Net cash provided by (used in) financing activities 110,091 (338,307) (174,015)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 27,398 (11,223) (6,146)
Increase (decrease) in cash, cash equivalents, and restricted cash 536,420 (76,386) 98,579
Cash, cash equivalents, and restricted cash, beginning of period 1,527,881 1,604,267 1,505,688
Cash, cash equivalents, and restricted cash, end of period 2,064,301 1,527,881 1,604,267
Supplemental disclosure of cash flow information:      
Cash paid for interest 20,000 20,000 20,389
Income Taxes Paid, Net 10,589 26,363 22,471
Cash paid for operating leases 46,328 49,974 42,905
Supplemental disclosures of non‑cash investing and financing activities:      
Assets acquired under operating lease $ 18,555 $ 24,459 $ 43,831