v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net income (loss) $ (248,009) $ (312,100)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 297,616 329,038
Stock-based compensation expense 219,884 292,362
Gain on repayment of convertible note 0 (42,744)
Impairment of intangible assets 270,506 0
Impairment of property and equipment 8,447 4,911
Impairment of investments 15,000 0
Other (489) (4,520)
Changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable, net (207,588) (25,834)
Prepaid expenses and other 21,855 10,087
Other assets 16,247 30,558
Accounts payable 4,380 5,899
Accrued expenses and other 15,260 4,289
Publisher payables 96,671 2,906
Other long-term liabilities (38,203) (31,656)
Deferred revenue 29,292 38,324
Net cash provided by operating activities 500,869 301,520
Investing activities    
Purchases of non-marketable investments 0 (2,000)
Proceeds from sale of business 37,152 0
Purchases of property and equipment (12,746) (16,271)
Net cash provided by (used in) investing activities 24,406 (18,271)
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 50,349 85,476
Net cash provided by financing activities 50,349 76,113
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 11,544 21,845
Increase in cash, cash equivalents, and restricted cash 587,168 381,207
Cash, cash equivalents, and restricted cash, beginning of period 2,064,301 1,527,881
Cash, cash equivalents, and restricted cash, end of period 2,651,469 1,909,088
Supplemental disclosure of cash flow information:    
Cash paid for interest 10,000 10,000
Cash paid for income taxes, net of refunds 2,550 6,868
Cash paid for operating leases 25,394 33,015
Supplemental disclosures of non‑cash investing and financing activities:    
Assets acquired under operating lease $ 14,550 $ 6,987