v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 983,882 $ 1,127,545
Restricted cash 8,596 7,601
Cash reserved for users 395,030 469,449
Accounts receivable 82,079 105,577
Prepaid expenses and other current assets 107,436 104,837
Total current assets 1,577,023 1,815,009
Property and equipment, net 52,726 51,081
Intangible assets, net 837,441 889,201
Goodwill 1,597,647 1,597,647
Operating lease right-of-use assets 76,760 49,810
Equity method investments 30,312 18,938
Deposits and other non-current assets 105,470 109,098
Total assets 4,277,379 4,530,784
Current liabilities:    
Accounts payable and accrued expenses 689,247 785,441
Liabilities to users 840,261 935,001
Operating lease liabilities, current portion 9,735 9,795
Other current liabilities 11,445 25,234
Total current liabilities 1,550,688 1,755,471
Convertible notes, net of issuance costs 1,260,421 1,259,096
Term B Loan, net of issuance costs 574,574 576,544
Operating lease liabilities 71,279 44,391
Long-term income tax liabilities 100,959 91,618
Other long-term liabilities 150,030 172,203
Total liabilities 3,707,951 3,899,323
Commitments and contingent liabilities (Notes 5 and 13)
Stockholders’ equity:    
Treasury stock, at cost; 45,525 and 38,243 shares as of June 30, 2026 and December 31, 2025, respectively (1,590,131) (1,392,433)
Additional paid-in capital 8,607,037 8,424,833
Accumulated deficit (6,484,058) (6,437,518)
Accumulated other comprehensive income 36,488 36,488
Total stockholders’ equity 569,428 631,461
Total liabilities and stockholders’ equity 4,277,379 4,530,784
Class A Common Stock    
Stockholders’ equity:    
Common stock 53 52
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 39 $ 39