| Schedule of Segment Net Income (Loss) |
The following table presents the calculation of segment net income (loss): | | | | | | | | | | | | | | | | | | | Year ended December 31, | | 2025 | | 2024 | | 2023 | | (in thousands) | | Revenue | $ | 2,202,506 | | | $ | 1,300,205 | | | $ | 804,029 | | Adjusted cost of revenue(1) | 193,341 | | | 122,975 | | | 110,758 | | | Adjusted gross profit | 2,009,165 | | | 1,177,230 | | | 693,271 | | | | | | | | Adjusted operating expenses(2) | 1,164,092 | | | 879,223 | | | 762,546 | | | Stock-based compensation and related taxes | 387,141 | | | 842,932 | | | 49,086 | | | Depreciation and amortization | 15,948 | | | 15,643 | | | 13,702 | | | Interest (income) expense, net | (86,722) | | | (78,121) | | | (53,281) | | | Income tax expense (benefit) | (1,031) | | | (931) | | | 3,801 | | Other segment expenses(3) | 16 | | | 2,760 | | | 8,241 | | | Segment net income (loss) | $ | 529,721 | | | $ | (484,276) | | | $ | (90,824) | | | | | | | | | Consolidated net income (loss) | $ | 529,721 | | | $ | (484,276) | | | $ | (90,824) | |
________________ (1)Adjusted cost of revenue is cost of revenue adjusted for stock-based compensation and related taxes and depreciation and amortization as follows: | | | | | | | | | | | | | | | | | | | Year ended December 31, | | 2025 | | 2024 | | 2023 | | (in thousands) | | Cost of revenue | $ | 194,216 | | | $ | 123,595 | | | $ | 111,011 | | | Less: | | | | | | | Stock-based compensation and related taxes | 875 | | | 620 | | | 101 | | | Depreciation and amortization | — | | | — | | | 152 | | | Adjusted cost of revenue | $ | 193,341 | | | $ | 122,975 | | | $ | 110,758 | |
(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, depreciation and amortization, and restructuring costs as follows: | | | | | | | | | | | | | | | | | | | Year ended December 31, | | 2025 | | 2024 | | 2023 | | (in thousands) | | Operating expenses | $ | 1,566,306 | | | $ | 1,737,178 | | | $ | 833,179 | | | Less: | | | | | | | Stock-based compensation and related taxes | 386,266 | | | 842,312 | | | 48,985 | | | Depreciation and amortization | 15,948 | | | 15,643 | | | 13,550 | | | Restructuring costs | — | | | — | | | 8,098 | | | Adjusted operating expenses | $ | 1,164,092 | | | $ | 879,223 | | | $ | 762,546 | |
(3)Other segment expenses primarily includes restructuring costs, realized gains and losses on sales of marketable securities, and foreign currency transaction gains and losses.
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