v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (369,599) $ (185,272)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 212,730 193,145
Stock-based compensation expense 157,113 200,394
Gain on repayment of convertible note 0 (42,744)
Impairment of intangible assets 270,506 0
Impairment of property and equipment 8,447 4,049
Impairment of investments 15,000 0
Other 2,566 (7,972)
Changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable, net (67,366) (22,061)
Prepaid expenses and other 26,155 13,771
Other assets 12,267 11,889
Accounts payable (3,211) (2,099)
Accrued expenses and other 7,532 (13,612)
Publisher payables 24,634 (21,565)
Other long-term liabilities (37,763) (12,861)
Deferred revenue 17,897 31,060
Net cash provided by operating activities 276,908 146,122
Investing activities    
Purchases of non-marketable investments 0 (2,000)
Purchases of property and equipment (8,492) (12,164)
Net cash used in investing activities (8,492) (14,164)
Financing activities    
Proceeds from issuance of convertible notes 0 690,000
Purchase of capped calls 0 (44,436)
Payment of debt issuance costs 0 (13,236)
Repayments of convertible note 0 (641,691)
Proceeds from issuance of common stock upon exercise of stock options and purchase of ESPP shares 16,194 31,394
Net cash provided by financing activities 16,194 22,031
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 8,210 19,637
Increase in cash, cash equivalents, and restricted cash 292,820 173,626
Cash, cash equivalents, and restricted cash, beginning of period 2,064,301 1,527,881
Cash, cash equivalents, and restricted cash, end of period 2,357,121 1,701,507
Supplemental disclosure of cash flow information:    
Cash paid for interest 10,000 10,000
Cash paid for (refunded from) income taxes, net 8,998 (3,079)
Cash paid for operating leases 16,979 20,915
Supplemental disclosures of non‑cash investing and financing activities:    
Assets acquired under operating lease $ 9,681 $ 5,406