
	Three months ended March 31,
	2026		2025
	(in thousands)
Revenue	$	663,411	$	392,361
Adjusted cost of revenue(1)	56,122		36,872
Adjusted gross profit	607,289		355,489

Adjusted operating expenses(2)	341,319		240,218
Stock-based compensation and related taxes	78,848		107,405
Depreciation and amortization	4,210		3,963
Interest (income) expense, net	(23,885)		(20,414)
Income tax expense (benefit)	1,747		(1,721)
Other segment expenses(3)	1,069		(120)
Segment net income	$	203,981	$	26,158
Consolidated net income	$	203,981	$	26,158

(1)Adjusted cost of revenue is cost of revenue adjusted for stock-based compensation and related taxes as follows:


	Three months ended March 31,
	2026		2025
	(in thousands)
Cost of revenue	$	56,267	$	37,089
Less:
Stock-based compensation and related taxes	145		217

Adjusted cost of revenue	$	56,122	$	36,872

(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 March 31,
	2026		2025
	(in thousands)
Operating expenses	$	424,232	$	351,369
Less:
Stock-based compensation and related taxes	78,703		107,188
Depreciation and amortization	4,210		3,963

Adjusted operating expenses	$	341,319	$	240,218

(3)Other segment expenses primarily includes realized gains and losses on sales of marketable securities and foreign currency transaction gains and losses.