v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net loss $ (346,927) $ (77,907)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 127,255 96,217
Stock-based compensation expense 77,165 98,790
Gain on repayment of convertible note 0 (42,744)
Impairment of intangible assets 270,506 0
Impairment of property and equipment 8,422 3,470
Impairment of investments 15,000 0
Other 1,469 (218)
Changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable, net (10,196) 21,022
Prepaid expenses and other (18,398) (10,602)
Other assets 9,334 10,023
Accounts payable (5,238) 2,198
Accrued expenses and other 13,960 (21,029)
Publisher payables (38,478) (55,155)
Other long-term liabilities (39,947) (10,919)
Deferred revenue 7,359 (120)
Net cash provided by operating activities 71,286 13,026
Investing activities    
Purchases of property and equipment (4,829) (5,718)
Net cash used in investing activities (4,829) (5,718)
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 11,643 21,611
Net cash provided by financing activities 11,643 12,248
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 3,688 4,197
Increase in cash, cash equivalents, and restricted cash 81,788 23,753
Cash, cash equivalents, and restricted cash, beginning of period 2,064,301 1,527,881
Cash, cash equivalents, and restricted cash, end of period 2,146,089 1,551,634
Supplemental disclosure of cash flow information:    
Cash paid for (refunded from) income taxes, net 6,313 (1,736)
Cash paid for operating leases 8,436 10,433
Supplemental disclosures of non‑cash investing and financing activities:    
Assets acquired under operating lease $ 1,821 $ 22