v3.25.3
Segment and Geographic Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Net Income (Loss)
The following table presents the calculation of segment net income (loss):
Three months ended September 30,Nine months ended September 30,
2025202420252024
(in thousands)
Revenue$584,911 $348,351 $1,476,899 $872,498 
Adjusted cost of revenue(1)
52,297 34,563 134,865 91,361 
Adjusted gross profit532,614 313,788 1,342,034 781,137 
Adjusted operating expenses(2)
296,607 219,639 824,007 637,460 
Stock-based compensation and related taxes93,565 83,326 296,074 745,635 
Depreciation and amortization3,900 3,969 11,797 11,482 
Interest (income) expense, net(22,305)(21,155)(63,775)(57,543)
Income tax expense (benefit)(2,086)(31)(4,246)118 
Other segment expenses(3)
270 (1,813)59 (703)
Segment net income (loss)$162,663 $29,853 $278,118 $(555,312)
Consolidated net income (loss)$162,663 $29,853 $278,118 $(555,312)
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(1)Adjusted cost of revenue is cost of revenue adjusted for stock-based compensation and related taxes as follows:
Three months ended September 30,Nine months ended September 30,
2025202420252024
(in thousands)
Cost of revenue$52,509 $34,633 $135,498 $91,750 
Less:
Stock-based compensation and related taxes212 70 633 389 
Adjusted cost of revenue$52,297 $34,563 $134,865 $91,361 
(2)Adjusted operating expenses is operating expenses (comprised of research and development, sales and marketing, and general and administrative expenses) adjusted for stock-based compensation and related taxes and depreciation and amortization as follows:
Three months ended September 30,Nine months ended September 30,
2025202420252024
(in thousands)
Operating expenses$393,860 $306,864 $1,131,245 $1,394,188 
Less:
Stock-based compensation and related taxes93,353 83,256 295,441 745,246 
Depreciation and amortization3,900 3,969 11,797 11,482 
Adjusted operating expenses$296,607 $219,639 $824,007 $637,460 
(3)Other segment expenses primarily includes realized gains and losses on sales of marketable securities and foreign currency transaction gains and losses.