Applovin(NASDAQ:APP) 
AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps worldwide. The company's software solutions include AppDiscovery, a solution to automate, optimize, and manage user acquisition investments for busines...
Website: http://www.applovin.com
Founded: 2012
Full Time Employees: 1,707 (Dec 2022)
Founder: Adam Foroughi, John Krystynak, and Andrew Karam
CEO: Adam Foroughi
Sector: Technology
Industry: Software—Application
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At a glance:
- AXON Engine Continues to Drive Ad Monetization Gains: AppLovin’s AI-driven AXON optimization has been a key driver of improving ad targeting and bidding efficiency, supporting stronger monetization and advertiser ROI.
- Shift Toward Higher-Margin Software/Ads Mix: Results have increasingly reflected a mix shift toward the advertising software platform, which generally carries higher margins than game publishing, supporting profitability expansion.
- Gaming Segment More Focused and Cash-Generative: The company has streamlined its games portfolio and emphasized cash generation and operating discipline, reducing the drag from lower-growth or lower-return titles.
- Continued Operating Leverage Supports Earnings Expansion: With revenue growing faster than operating costs in key areas, AppLovin has shown meaningful operating leverage, contributing to higher EBITDA and margin resilience.
- Key Risks: Ad Cyclicality, Platform Policy Changes, and Competition: Performance remains exposed to macro-driven ad budget swings, mobile platform privacy/policy shifts, and intense competition in ad tech, all of which can pressure growth and pricing.
Bull Thesis:
- AXON Platform's AI-Driven Performance: AppLovin's proprietary AXON platform, particularly AXON 2.0, leverages advanced AI and machine learning to optimize ad campaign performance and user acquisition for developers. This technology provides a significant competitive advantage by delivering superior ROI for clients, attracting more ad spend, and driving platform stickiness.
- Expanding Beyond Core Gaming Market: While historically strong in mobile gaming, AppLovin is successfully expanding its reach into non-gaming app verticals such as e-commerce, fintech, and entertainment. This diversification reduces reliance on a single market segment, opens up new large addressable markets, and provides more stable, long-term growth opportunities.
- Strong Financial Performance and Profitability: AppLovin has demonstrated robust revenue growth and improving profitability metrics, including strong adjusted EBITDA margins and positive free cash flow generation. This financial strength indicates efficient operations, scalability of its platform, and resilience in varying market conditions, providing capital for reinvestment and shareholder returns.
Bear Thesis:
- Sensitivity to Macroeconomic Ad Spend: AppLovin's revenue is highly dependent on advertising budgets from app developers, which are cyclical and sensitive to broader economic conditions. A significant economic downturn or recession could lead to reduced ad spending, directly impacting AppLovin's top-line growth and profitability.
- Persistent Privacy Regulation Headwinds: Ongoing and evolving privacy changes, such as Apple's App Tracking Transparency (ATT) and Google's Privacy Sandbox initiatives, continue to challenge the ad tech industry. While AppLovin has adapted, these changes could increase operational costs, reduce the effectiveness of targeted advertising, or necessitate further significant R&D investments to maintain performance.
- Intense Competition in Ad Tech Market: The mobile ad tech market is highly competitive, featuring large incumbents like Google and Meta, as well as numerous specialized ad networks and platforms. AppLovin faces constant pressure to innovate, maintain its technological edge, and compete on pricing and performance, which could impact margins and market share.
- Concentration Risk in Gaming Segment: Despite diversification efforts, a substantial portion of AppLovin's revenue still originates from the mobile gaming sector. Shifts in gaming trends, increased competition among game developers, or a slowdown in overall mobile gaming growth could disproportionately affect AppLovin's performance.
Main Competitors:
- Unity Technologies ($U) (Unity Ads, ironSource platform), Directly competes with AppLovin's ad tech platform (MAX, AppDiscovery) for mobile app monetization and user acquisition. Unity also provides game development engines, creating a comprehensive ecosystem for developers that rivals AppLovin's full-stack approach.
- Alphabet Inc. ($GOOGL) (AdMob, Google Ads), Competes in mobile app monetization through AdMob and user acquisition via Google Ads, leveraging its vast advertising network, search data, and the Android ecosystem to attract app developers and advertisers.
- Meta Platforms Inc. ($META) (Facebook Audience Network, Meta Ads), Competes in mobile app monetization with Facebook Audience Network and user acquisition through Meta Ads, utilizing its massive social media user base and extensive advertising platform to reach mobile users.
- Take-Two Interactive Software, Inc. ($TTWO) (Zynga mobile games), Competes directly with AppLovin's owned and published mobile game studios (e.g., Lion Studios, Machine Zone) for player engagement, in-app purchases, and ad revenue within the highly competitive mobile gaming market.
- Roblox Corporation ($RBLX) (Roblox Platform), Competes for user engagement and developer talent in the broader mobile entertainment and gaming space. Its user-generated content platform offers an alternative to traditional mobile games, potentially diverting users and developers from AppLovin's gaming portfolio.
Moat:
AppLovin operates in a highly competitive landscape, facing established tech giants like Google and Meta for ad spend and user acquisition, as well as specialized ad tech providers like Unity (including ironSource) for its full-stack platform. In mobile gaming, it competes with major publishers like Take-Two's Zynga and innovative platforms like Roblox for user attention and developer talent. AppLovin's competitive advantages lie in its integrated full-stack platform (MAX, AppDiscovery), proprietary AI-driven optimization, and first-party data derived from its own gaming studios, which creates a powerful feedback loop for its ad tech.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 1,405,045,000 | 1,258,754,000 | 1,484,021,000 | 1,372,779,000 | 1,198,235,000 | 1,080,119,000 | 1,058,115,000 | 953,261,000 | 864,256,000 | 750,165,000 | 715,405,000 | 702,307,000 | 713,099,000 | 776,231,000 | 625,421,000 | 793,470,000 | 726,951,000 | 668,806,000 | 603,877,000 |
yoy | 17.26% | 16.54% | 40.25% | 44.01% | 38.64% | 43.98% | 47.90% | 35.73% | 21.20% | -3.36% | 14.39% | -11.49% | -1.91% | 16.06% | 3.57% | ||||
qoq | 11.62% | -15.18% | 8.10% | 14.57% | 10.94% | 2.08% | 11.00% | 10.30% | 15.21% | 4.86% | 1.86% | -1.51% | -8.13% | 24.11% | -21.18% | 9.15% | 8.69% | 10.75% | |
costs and expenses: | |||||||||||||||||||
cost of revenue | 174,855,000 | 155,076,000 | 271,232,000 | 320,452,000 | 269,659,000 | 282,547,000 | 294,148,000 | 273,607,000 | 265,049,000 | 258,575,000 | 261,960,000 | 369,368,000 | 300,988,000 | 303,929,000 | 281,780,000 | 265,129,000 | 254,052,000 | 245,853,000 | 223,061,000 |
sales and marketing | 48,575,000 | 46,917,000 | 182,956,000 | 214,662,000 | 205,753,000 | 202,107,000 | 226,687,000 | 222,963,000 | 212,352,000 | 192,427,000 | 202,976,000 | 200,536,000 | 196,785,000 | 232,096,000 | 290,133,000 | 313,692,000 | 285,224,000 | 265,463,000 | 265,513,000 |
research and development | 43,852,000 | 44,032,000 | 122,918,000 | 169,480,000 | 149,990,000 | 163,896,000 | 155,323,000 | 150,823,000 | 159,288,000 | 137,424,000 | 144,851,000 | 118,190,000 | 122,059,000 | 141,108,000 | 126,250,000 | 119,541,000 | 108,523,000 | 77,462,000 | 60,876,000 |
general and administrative | 58,756,000 | 55,047,000 | 54,501,000 | 60,205,000 | 37,899,000 | 40,583,000 | 42,398,000 | 36,354,000 | 41,249,000 | 30,411,000 | 44,571,000 | 36,639,000 | 44,000,000 | 45,743,000 | 55,245,000 | 36,583,000 | 34,104,000 | 45,050,000 | 42,962,000 |
total costs and expenses | 326,038,000 | 301,072,000 | 820,550,000 | 764,799,000 | 663,301,000 | 689,133,000 | 718,556,000 | 683,747,000 | 677,938,000 | 618,837,000 | 654,358,000 | 724,733,000 | 663,832,000 | 722,876,000 | 753,408,000 | 734,945,000 | 681,903,000 | 633,828,000 | 592,412,000 |
income from operations | 1,079,007,000 | 957,682,000 | 663,471,000 | 607,980,000 | 534,934,000 | 390,986,000 | 339,559,000 | 269,514,000 | 186,318,000 | 131,328,000 | 61,047,000 | -22,426,000 | 49,267,000 | 53,355,000 | -127,987,000 | 58,525,000 | 45,048,000 | 34,978,000 | 11,465,000 |
yoy | 101.71% | 144.94% | 95.39% | 125.58% | 187.11% | 197.72% | 456.23% | -1301.79% | 278.18% | 146.14% | -147.70% | -138.32% | 9.37% | 52.54% | -1216.33% | ||||
qoq | 12.67% | 44.34% | 9.13% | 13.66% | 36.82% | 15.15% | 25.99% | 44.65% | 41.87% | 115.13% | -372.22% | -145.52% | -7.66% | -141.69% | -318.69% | 29.92% | 28.79% | 205.09% | |
operating margin % | 76.80% | 76.08% | 44.71% | 44.29% | 44.64% | 36.20% | 32.09% | 28.27% | 21.56% | 17.51% | 8.53% | -3.19% | 6.91% | 6.87% | -20.46% | 7.38% | 6.20% | 5.23% | 1.90% |
other income: | |||||||||||||||||||
interest expense and loss on settlement of debt | -51,429,000 | -51,409,000 | -52,888,000 | -94,199,000 | -75,213,000 | -74,666,000 | -74,182,000 | -71,584,000 | -78,583,000 | -50,987,000 | -74,511,000 | -54,722,000 | -48,627,000 | -36,505,000 | -32,009,000 | -30,374,000 | -18,756,000 | -19,030,000 | -35,010,000 |
interest income and other | -6,632,000 | -22,269,000 | 7,811,000 | 1,343,000 | 7,948,000 | 8,947,000 | 2,568,000 | -19,034,000 | 1,490,000 | 15,461,000 | 10,111,000 | 10,976,000 | 969,000 | 518,000 | 2,014,000 | 462,000 | -9,217,000 | -1,570,000 | 9,790,000 |
total other expense | -58,061,000 | -73,678,000 | -45,077,000 | -92,856,000 | -67,265,000 | -65,719,000 | -71,614,000 | -90,618,000 | -77,093,000 | -35,526,000 | -64,400,000 | -43,746,000 | -47,658,000 | -35,987,000 | -29,995,000 | -29,912,000 | -27,973,000 | -25,220,000 | |
income before income taxes | 1,020,946,000 | 884,004,000 | 618,394,000 | 515,124,000 | 467,669,000 | 325,267,000 | 267,945,000 | 178,896,000 | 109,225,000 | 95,802,000 | -3,353,000 | -66,172,000 | 1,609,000 | 17,368,000 | -157,982,000 | 28,613,000 | 17,075,000 | 14,378,000 | -13,755,000 |
provision for income taxes | 185,401,000 | 112,148,000 | 41,975,000 | -84,080,000 | 33,249,000 | 15,298,000 | 31,762,000 | 6,663,000 | 586,000 | 15,445,000 | 1,165,000 | 13,340,000 | -22,053,000 | 39,167,000 | -2,794,000 | 16,933,000 | 14,000 | -3,180,000 | |
net income from continuing operations | 835,545,000 | 771,856,000 | |||||||||||||||||
income from discontinued operations, net of income taxes | 47,675,000 | ||||||||||||||||||
net income | 835,545,000 | 819,531,000 | 576,419,000 | 599,204,000 | 434,420,000 | 309,969,000 | 236,183,000 | 172,233,000 | 108,639,000 | 80,357,000 | -4,518,000 | -79,512,000 | 23,662,000 | -21,799,000 | -115,298,000 | 31,407,000 | 142,000 | 14,364,000 | -10,575,000 |
yoy | 92.34% | 164.39% | 144.06% | 247.90% | 299.87% | 285.74% | -5327.60% | -316.61% | 359.13% | -468.63% | -96.08% | -353.17% | 16563.38% | -251.76% | 990.29% | ||||
qoq | 1.95% | 42.18% | -3.80% | 37.93% | 40.15% | 31.24% | 37.13% | 58.54% | 35.20% | -1878.60% | -94.32% | -436.03% | -208.55% | -81.09% | -467.11% | 22017.61% | -99.01% | -235.83% | |
net income margin % | 59.47% | 65.11% | 38.84% | 43.65% | 36.25% | 28.70% | 22.32% | 18.07% | 12.57% | 10.71% | -0.63% | -11.32% | 3.32% | -2.81% | -18.44% | 3.96% | 0.02% | 2.15% | -1.75% |
net income per share | -0.01 | -0.31 | |||||||||||||||||
continuing operations | 2.47 | 2.28 | |||||||||||||||||
discontinued operations | 0.14 | ||||||||||||||||||
basic net income per share | 2.47 | 2.42 | |||||||||||||||||
diluted net income per share | 2.45 | 2.39 | |||||||||||||||||
weighted-average common shares used to compute net income per share attributable to class a and class b common stockholders: | |||||||||||||||||||
basic | 338,531 | 338,617,184 | 339,837,238 | 336,921,483 | 336,931,269 | 335,681,788 | 335,794,739 | 351,952,187 | 341,435,759 | 356,957,059 | 371,568,011 | 369,389,170 | 373,912,724 | 324,836,076 | 368,427,532 | 335,619,207 | 222,408,568 | ||
diluted | 340,974 | 342,194,433 | 344,877,542 | 347,807,555 | 348,225,463 | 347,964,201 | 348,596,295 | 362,589,246 | 356,906,222 | 366,340,275 | 371,568,011 | 378,462,207 | 373,912,724 | 342,763,632 | 384,324,785 | 353,857,814 | 222,408,568 | ||
goodwill impairment | 188,943,000 | ||||||||||||||||||
less: net income attributable to participating securities | 144,000 | 545,000 | 110,000 | 79,000 | 1,451,000 | 806,000 | 804,000 | -318,000 | -122,000 | -3,175,000 | -1,000 | -1,128,000 | |||||||
net income attributable to common stock—basic | 576,275,000 | 598,659,000 | 434,310,000 | 309,890,000 | 234,732,000 | -79,512,000 | 23,649,000 | -21,748,000 | 28,191,000 | 177,000 | 13,295,000 | -10,521,000 | |||||||
net income attributable to common stock—diluted | 576,277,000 | 598,669,000 | 434,314,000 | 309,893,000 | 234,784,000 | -79,512,000 | 23,653,000 | -21,748,000 | 28,340,000 | 177,000 | 13,349,000 | -10,521,000 | |||||||
net income per share | -0.01 | -0.31 | |||||||||||||||||
basic | 1.7 | 1.77 | 1.29 | 0.92 | 0.7 | 0.5 | 0.32 | 0.22 | -0.22 | 0.06 | -0.06 | 0.09 | 0.04 | -0.05 | |||||
diluted | 1.67 | 1.72 | 1.25 | 0.89 | 0.67 | 0.48 | 0.3 | 0.22 | -0.22 | 0.06 | -0.06 | 0.08 | 0.04 | -0.05 | |||||
less: net loss attributable to noncontrolling interest | |||||||||||||||||||
net income attributable to applovin | 172,233,000 | 108,639,000 | 80,357,000 | -79,512,000 | 23,771,000 | -21,748,000 | 31,366,000 | 178,000 | 14,423,000 | -10,521,000 | |||||||||
net income attributable to applovin common stockholders: | |||||||||||||||||||
basic | 45,878,750 | 107,835,000 | 80,039,000 | ||||||||||||||||
diluted | 45,886,250 | 107,869,000 | 80,047,000 | ||||||||||||||||
weighted-average common shares used to compute net income per share attributable to applovin common stockholders: | |||||||||||||||||||
basic | 338,531 | 338,617,184 | 339,837,238 | 336,921,483 | 336,931,269 | 335,681,788 | 335,794,739 | 351,952,187 | 341,435,759 | 356,957,059 | 371,568,011 | 369,389,170 | 373,912,724 | 324,836,076 | 368,427,532 | 335,619,207 | 222,408,568 | ||
diluted | 340,974 | 342,194,433 | 344,877,542 | 347,807,555 | 348,225,463 | 347,964,201 | 348,596,295 | 362,589,246 | 356,906,222 | 366,340,275 | 371,568,011 | 378,462,207 | 373,912,724 | 342,763,632 | 384,324,785 | 353,857,814 | 222,408,568 | ||
net loss attributable to applovin | -4,518,000 | -115,257,000 | |||||||||||||||||
weighted-average common shares used to compute net loss per share attributable to applovin common stockholders —basic and diluted | 373,160,029 | ||||||||||||||||||
add: net loss attributable to noncontrolling interest | 109,000 | 51,000 | 41,000 | -41,000 | 36,000 | 59,000 | 54,000 | ||||||||||||
weighted-average common shares used to compute net income per share attributable to common stock: | |||||||||||||||||||
basic | 338,531 | 338,617,184 | 339,837,238 | 336,921,483 | 336,931,269 | 335,681,788 | 335,794,739 | 351,952,187 | 341,435,759 | 356,957,059 | 371,568,011 | 369,389,170 | 373,912,724 | 324,836,076 | 368,427,532 | 335,619,207 | 222,408,568 | ||
diluted | 340,974 | 342,194,433 | 344,877,542 | 347,807,555 | 348,225,463 | 347,964,201 | 348,596,295 | 362,589,246 | 356,906,222 | 366,340,275 | 371,568,011 | 378,462,207 | 373,912,724 | 342,763,632 | 384,324,785 | 353,857,814 | 222,408,568 | ||
benefit from income taxes | -42,684,000 | ||||||||||||||||||
weighted-average common shares used to compute net loss per share attributable to common stockholders, basic and diluted | 371,967,881 | ||||||||||||||||||
lease modification and abandonment of leasehold improvements | |||||||||||||||||||
extinguishments of acquisition-related contingent consideration | |||||||||||||||||||
weighted-average common shares used to compute net income per share attributable to common stockholders: | |||||||||||||||||||
basic | 338,531 | 338,617,184 | 339,837,238 | 336,921,483 | 336,931,269 | 335,681,788 | 335,794,739 | 351,952,187 | 341,435,759 | 356,957,059 | 371,568,011 | 369,389,170 | 373,912,724 | 324,836,076 | 368,427,532 | 335,619,207 | 222,408,568 | ||
diluted | 340,974 | 342,194,433 | 344,877,542 | 347,807,555 | 348,225,463 | 347,964,201 | 348,596,295 | 362,589,246 | 356,906,222 | 366,340,275 | 371,568,011 | 378,462,207 | 373,912,724 | 342,763,632 | 384,324,785 | 353,857,814 | 222,408,568 | ||
total other income | -20,600,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||
current assets: | |||||||||||||||||||
cash and cash equivalents | 1,666,899,000 | 1,192,608,000 | 551,024,000 | 741,411,000 | 567,596,000 | 460,449,000 | 436,336,000 | 502,152,000 | 332,491,000 | 876,227,000 | 1,245,893,000 | 1,080,484,000 | 943,508,000 | 951,560,000 | 1,413,256,000 | 1,520,504,000 | 1,049,617,000 | 1,183,743,000 | 761,075,000 |
accounts receivable | 1,603,953,000 | 1,581,679,000 | 1,577,812,000 | 1,414,246,000 | 1,187,431,000 | 1,074,342,000 | 1,035,372,000 | 953,810,000 | 849,140,000 | 669,785,000 | 637,605,000 | 702,814,000 | 665,462,000 | 690,911,000 | 684,461,000 | 514,520,000 | 412,884,000 | 383,133,000 | 340,881,000 |
prepaid expenses and other current assets | 216,714,000 | 218,402,000 | 238,498,000 | 156,533,000 | 120,393,000 | 125,479,000 | 136,180,000 | 160,201,000 | 119,161,000 | 150,256,000 | 164,859,000 | 155,785,000 | 215,279,000 | 174,826,000 | 200,384,000 | 150,040,000 | 163,864,000 | 149,969,000 | 82,865,000 |
current assets of discontinued operations | |||||||||||||||||||
total current assets | 3,487,566,000 | 2,992,689,000 | 2,367,334,000 | 2,312,190,000 | 1,875,420,000 | 1,660,270,000 | 1,607,888,000 | 1,616,163,000 | 1,300,792,000 | 1,696,268,000 | 2,048,357,000 | 1,939,083,000 | 1,824,249,000 | 1,817,297,000 | 2,298,101,000 | 3,235,064,000 | 1,626,365,000 | 1,716,845,000 | 1,184,821,000 |
property and equipment | 130,815,000 | 129,600,000 | 161,655,000 | 160,530,000 | 177,052,000 | 169,209,000 | 172,994,000 | 173,331,000 | 102,156,000 | 115,391,000 | 118,572,000 | 78,543,000 | 71,345,000 | 62,431,000 | 63,716,000 | 63,608,000 | 62,910,000 | 62,986,000 | 22,167,000 |
goodwill | 1,540,889,000 | 1,539,301,000 | 1,639,796,000 | 1,803,426,000 | 1,852,299,000 | 1,821,913,000 | 1,827,197,000 | 1,842,850,000 | 1,813,567,000 | 1,830,710,000 | 1,833,699,000 | 1,823,755,000 | 1,763,170,000 | 1,803,167,000 | 1,584,928,000 | 966,427,000 | 997,661,000 | 1,016,074,000 | 249,385,000 |
intangible assets | 421,868,000 | 448,179,000 | 855,046,000 | 896,677,000 | 1,023,643,000 | 1,101,935,000 | 1,198,122,000 | 1,292,635,000 | 1,386,591,000 | 1,493,996,000 | 1,574,547,000 | 1,677,660,000 | 1,889,163,000 | 2,028,974,000 | 2,018,098,000 | 1,709,347,000 | 1,758,796,000 | 1,675,669,000 | 1,036,800,000 |
other non-current assets | 761,897,000 | 849,728,000 | |||||||||||||||||
non-current assets of discontinued operations | |||||||||||||||||||
total assets | 6,343,035,000 | 5,959,497,000 | 5,706,701,000 | 5,869,259,000 | 5,442,484,000 | 5,269,466,000 | 5,262,517,000 | 5,359,187,000 | 5,005,228,000 | 5,482,120,000 | 5,915,840,000 | 5,847,846,000 | 5,805,398,000 | 5,930,828,000 | 6,167,193,000 | 6,163,579,000 | 4,567,760,000 | 4,599,571,000 | 2,621,399,000 |
liabilities and stockholders’ equity | |||||||||||||||||||
current liabilities: | |||||||||||||||||||
accounts payable | 516,438,000 | 553,692,000 | 595,219,000 | 563,427,000 | 427,817,000 | 387,507,000 | 390,079,000 | 371,702,000 | 281,103,000 | 260,847,000 | 282,948,000 | 273,196,000 | 261,515,000 | 283,397,000 | 369,659,000 | 258,220,000 | 208,539,000 | 192,658,000 | 158,023,000 |
accrued and other current liabilities | 510,947,000 | 495,218,000 | 541,381,000 | 409,392,000 | 240,275,000 | 232,334,000 | 256,402,000 | 252,202,000 | 181,679,000 | ||||||||||
deferred revenue | 45,748,000 | 44,975,000 | 72,624,000 | 69,839,000 | 75,881,000 | 74,187,000 | 80,480,000 | 78,559,000 | 77,899,000 | 74,307,000 | 66,898,000 | 64,018,000 | 65,433,000 | 68,925,000 | 76,115,000 | 78,930,000 | 84,884,000 | 90,054,000 | 85,892,000 |
current liabilities of discontinued operations | |||||||||||||||||||
total current liabilities | 1,073,133,000 | 1,093,885,000 | 1,409,224,000 | 1,057,472,000 | 779,536,000 | 729,591,000 | 762,524,000 | 944,122,000 | 805,474,000 | 591,940,000 | 619,570,000 | 578,958,000 | 543,633,000 | 644,589,000 | 785,117,000 | 640,097,000 | 569,768,000 | 603,179,000 | 486,596,000 |
long-term debt | 3,511,965,000 | 3,510,958,000 | 3,509,964,000 | 3,508,983,000 | 3,474,456,000 | 3,482,166,000 | 3,489,891,000 | 2,905,906,000 | 2,912,302,000 | 3,166,759,000 | 3,172,563,000 | 3,178,412,000 | 3,184,221,000 | 3,190,047,000 | 3,195,919,000 | 3,201,834,000 | 1,731,020,000 | 1,733,676,000 | 2,137,612,000 |
other non-current liabilities | 284,017,000 | 187,527,000 | 212,092,000 | 180,378,000 | 250,286,000 | 242,873,000 | 249,898,000 | 209,925,000 | 132,981,000 | 143,092,000 | 159,117,000 | 106,676,000 | 141,491,000 | 132,565,000 | 113,831,000 | 112,820,000 | 152,048,000 | 199,708,000 | 60,309,000 |
non-current liabilities of discontinued operations | |||||||||||||||||||
total liabilities | 4,869,115,000 | 4,792,370,000 | 5,131,280,000 | 4,779,441,000 | 4,504,278,000 | 4,454,630,000 | 4,502,313,000 | 4,102,858,000 | 3,909,438,000 | 3,964,720,000 | 4,017,260,000 | 3,945,169,000 | 3,923,496,000 | 4,023,544,000 | 4,154,738,000 | 4,025,288,000 | 2,518,541,000 | 2,601,934,000 | 2,751,121,000 |
commitments and contingencies | |||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||
preferred stock, 0.00003 par value—100,000 shares authorized, no shares issued and outstanding as of september 30, 2025 and december 31, 2024 | |||||||||||||||||||
class a, class b, and class c common stock, 0.00003 par value—1,850,000 (class a 1,500,000, class b 200,000, class c 150,000) shares authorized, 338,533 (class a 308,176, class b 30,358, class c nil) and 340,042 (class a 309,353, class b 30,689, class c nil) shares issued and outstanding as of september 30, 2025 and december 31, 2024, respectively | 11,000 | ||||||||||||||||||
additional paid-in capital | 427,998,000 | 448,899,000 | 474,642,000 | 593,699,000 | 992,588,000 | 1,172,290,000 | 1,420,895,000 | 2,134,581,000 | 2,174,658,000 | 2,687,780,000 | 3,146,163,000 | 3,155,748,000 | 3,112,224,000 | 3,149,474,000 | 3,163,481,000 | 3,160,487,000 | 3,084,928,000 | 3,015,233,000 | 493,465,000 |
accumulated other comprehensive loss | -2,659,000 | -5,149,000 | -73,185,000 | -103,096,000 | -54,393,000 | -90,628,000 | -83,896,000 | -65,274,000 | -93,657,000 | -76,530,000 | -73,376,000 | -83,382,000 | -140,145,000 | -128,351,000 | -58,986,000 | ||||
retained earnings | 1,048,570,000 | 723,366,000 | 173,953,000 | 599,204,000 | |||||||||||||||
total stockholders’ equity | 1,473,920,000 | 1,167,127,000 | 575,421,000 | 1,089,818,000 | 938,206,000 | 814,836,000 | 760,204,000 | 1,256,329,000 | 1,095,790,000 | 1,517,400,000 | 1,898,580,000 | 1,902,677,000 | 1,881,902,000 | 1,907,175,000 | 2,012,295,000 | 2,138,090,000 | 2,049,059,000 | 1,997,441,000 | |
total liabilities and stockholders’ equity | 6,343,035,000 | 5,959,497,000 | 5,706,701,000 | 5,869,259,000 | 5,442,484,000 | 5,269,466,000 | 5,262,517,000 | 5,005,228,000 | 5,482,120,000 | 5,915,840,000 | |||||||||
preferred stock, 0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of june 30, 2025 and december 31, 2024 | |||||||||||||||||||
class a, class b, and class c common stock, 0.00003 par value—1,850,000,000 (class a 1,500,000,000, class b 200,000,000, class c 150,000,000) shares authorized, 338,782,503 (class a 308,168,962, class b 30,613,541, class c nil) and 340,041,739 (class a 309,353,198, class b 30,688,541, class c nil) shares issued and outstanding as of june 30, 2025 and december 31, 2024, respectively | 11,000 | ||||||||||||||||||
other assets | 682,870,000 | 658,367,000 | 514,070,000 | 516,139,000 | 456,316,000 | 385,998,000 | 349,124,000 | 288,365,000 | 280,683,000 | 268,426,000 | 198,000,000 | 157,832,000 | 136,165,000 | 118,158,000 | 44,593,000 | 47,905,000 | 49,686,000 | ||
short-term debt | 200,000,000 | 35,563,000 | 35,563,000 | 35,563,000 | 215,000,000 | 215,000,000 | 33,310,000 | 33,310,000 | 33,310,000 | 33,310,000 | 33,310,000 | 29,560,000 | 25,810,000 | 18,310,000 | 18,310,000 | 18,310,000 | |||
preferred stock, 0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of march 31, 2025 and december 31, 2024 | |||||||||||||||||||
class a, class b, and class c common stock, 0.00003 par value—1,850,000,000 (class a 1,500,000,000, class b 200,000,000, class c 150,000,000) shares authorized, 338,361,559 (class a 307,673,018, class b 30,688,541, class c nil) and 340,041,739 (class a 309,353,198, class b 30,688,541, class c nil) shares issued and outstanding as of march 31, 2025 and december 31, 2024, respectively | 11,000 | ||||||||||||||||||
operating lease right-of-use assets | 38,069,000 | 48,210,000 | 52,998,000 | 57,390,000 | 59,982,000 | 60,379,000 | 59,471,000 | 61,127,000 | 66,185,000 | 70,975,000 | 77,435,000 | 80,092,000 | 78,540,000 | ||||||
operating lease liabilities, current | 14,814,000 | ||||||||||||||||||
operating lease liabilities, non-current | 32,608,000 | 42,905,000 | 46,887,000 | 51,292,000 | 53,948,000 | 54,153,000 | 54,151,000 | 56,343,000 | 59,871,000 | 62,498,000 | 65,705,000 | ||||||||
preferred stock, 0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of december 31, 2024 and 2023 | |||||||||||||||||||
class a, class b, and class c common stock, 0.00003 par value—1,850,000,000 (class a 1,500,000,000, class b 200,000,000, class c 150,000,000) shares authorized, 340,041,739 (class a 309,353,198, class b 30,688,541, class c nil) and 339,886,712 (class a 268,774,090, class b 71,112,622, class c nil) shares issued and outstanding as of december 31, 2024 and 2023, respectively | 11,000 | ||||||||||||||||||
preferred stock, 0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of september 30, 2024 and december 31, 2023 | |||||||||||||||||||
class a and class b common | 11,000 | 11,000 | 11,000 | 11,000 | 11,000 | 11,000 | 11,000 | 11,000 | 11,000 | ||||||||||
preferred stock, 0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of june 30, 2024 and december 31, 2023 | |||||||||||||||||||
accumulated deficit | -266,837,000 | -576,806,000 | -812,989,000 | -985,222,000 | -1,093,861,000 | -1,174,218,000 | -1,169,700,000 | -1,090,188,000 | -1,113,959,000 | -1,092,211,000 | -976,954,000 | -1,008,320,000 | -1,008,498,000 | -1,022,921,000 | |||||
preferred stock, 0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of march 31, 2024 and december 31, 2023 | |||||||||||||||||||
liabilities, redeemable noncontrolling interest, and stockholders’ equity | |||||||||||||||||||
licensed asset obligation | 13,054,000 | 13,389,000 | 13,819,000 | 14,993,000 | 15,254,000 | 6,790,000 | 7,058,000 | 7,735,000 | 17,374,000 | 17,808,000 | 17,856,000 | 17,666,000 | |||||||
operating lease liabilities | 13,605,000 | 13,800,000 | 14,104,000 | 14,119,000 | 14,334,000 | 13,587,000 | 13,202,000 | 15,936,000 | 18,392,000 | 21,278,000 | 24,536,000 | 21,726,000 | |||||||
deferred acquisition costs, current | 22,604,000 | 36,396,000 | 41,718,000 | 31,045,000 | 25,721,000 | 75,719,000 | 125,691,000 | 107,601,000 | 87,072,000 | 129,280,000 | 89,877,000 | ||||||||
non-current liabilities: | |||||||||||||||||||
licensed asset obligation, non-current | 11,794,000 | 11,637,000 | 12,062,000 | 26,970,000 | 8,039,000 | ||||||||||||||
redeemable noncontrolling interest | 109,000 | 160,000 | 201,000 | 160,000 | 196,000 | 255,000 | |||||||||||||
preferred stock, 0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of december 31, 2023 and 2022 | |||||||||||||||||||
class a, class b and class f common stock, 0.00003 par value—1,700,000,000 (class a 1,500,000,000, class b 200,000,000, class f nil) and 1,700,000,000 (class a 1,500,000,000, class b 200,000,000, class f nil) shares authorized, 339,886,712 (class a 268,774,090, class b 71,112,622, class f nil) and 373,873,683 (class a 302,711,061, class b 71,162,622, class f nil) shares issued and outstanding as of december 31, 2023 and 2022, respectively | 11,000 | ||||||||||||||||||
total liabilities, redeemable noncontrolling interest, and stockholders’ equity | 5,359,187,000 | 5,847,846,000 | 5,805,398,000 | 5,930,828,000 | 6,167,193,000 | 6,163,579,000 | 4,567,760,000 | 4,599,571,000 | |||||||||||
preferred stock, 0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of september 30, 2023 and december 31, 2022 | |||||||||||||||||||
accrued liabilities | 159,157,000 | 165,584,000 | 147,801,000 | 137,277,000 | 162,978,000 | 160,421,000 | 133,770,000 | 131,877,000 | 130,485,000 | 95,102,000 | |||||||||
preferred stock, 0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of june 30, 2023 and december 31, 2022 | |||||||||||||||||||
preferred stock, 0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of march 31, 2023 and december 31, 2022 | |||||||||||||||||||
restricted cash equivalents | 1,050,000,000 | ||||||||||||||||||
preferred stock, 0.00003 par value—100,000,000 shares authorized, nil shares issued and outstanding as of december 31, 2022 and 2021 | |||||||||||||||||||
class a, class b and class f common stock, 0.00003 par value—1,700,000,000 (class a 1,500,000,000, class b 200,000,000, class f nil) and 1,700,000,000 (class a 1,500,000,000, class b 200,000,000, class f nil) shares authorized, 373,873,683 (class a 302,711,061, class b 71,162,622, class f nil) and 375,089,360 (class a 296,426,738, class b 78,662,622, class f nil) shares issued and outstanding as of december 31, 2022 and 2021, respectively | 11,000 | ||||||||||||||||||
convertible preferred stock,100,000,000 shares authorized, no shares issued and outstanding at september 30, 2022 and december 31, 2021, respectively | |||||||||||||||||||
convertible preferred stock,100,000,000 shares authorized, no shares issued and outstanding at june 30, 2022 and december 31, 2021, respectively | |||||||||||||||||||
convertible preferred stock,100,000,000 shares authorized, no shares issued and outstanding at march 31, 2022 and december 31, 2021, respectively | |||||||||||||||||||
stockholders’ equity | |||||||||||||||||||
convertible preferred stock, 100,000,000 and 109,090,908 shares authorized, nil and 109,090,908 shares issued and outstanding as of december 31, 2021 and 2020; respectively | |||||||||||||||||||
class a, class b and class f common stock, 0.00003 par value—1,700,000,000 (class a 1,500,000,000, class b 200,000,000, class f nil) and 429,600,000 (class a 386,400,000, class b nil, class f 43,200,000) shares authorized, 375,089,360 (class a 296,426,738, class b 78,662,622, class f nil) and 226,364,401 (class a 183,800,251, class b nil, class f 42,564,150) shares issued and outstanding as of december 31, 2021 and 2020, respectively | 11,000 | ||||||||||||||||||
accumulated other comprehensive income | -45,454,000 | -27,560,000 | -9,305,000 | -117,000 | |||||||||||||||
convertible preferred stock, 100,000,000 and 109,090,908 shares authorized, nil and 109,090,908 shares issued and outstanding at september 30, 2021 and december 31, 2020, respectively | |||||||||||||||||||
class a, class b and class f common stock, 0.00003 par value—1,700,000,000 (class a 1,500,000,000, class b 200,000,000, class f nil) and 429,600,000 (class a 386,400,000, class b nil, class f 43,200,000) shares authorized, 373,641,135 (class a 225,833,513, class b 147,807,622, class f nil) and 226,364,401 (class a 183,800,251, class b nil, class f 42,564,150) shares issued and outstanding as of september 30, 2021 and december 31, 2020, respectively | 11,000 | ||||||||||||||||||
operating lease liabilities, noncurrent | 65,371,000 | 66,604,000 | |||||||||||||||||
convertible preferred stock, 100,000,000 and 109,090,908 shares authorized, nil and 109,090,908 shares issued and outstanding at june 30, 2021 and december 31, 2020, respectively | |||||||||||||||||||
class a, class b and class f common stock, 0.00003 par value—1,700,000,000 (class a 1,500,000,000, class b 200,000,000, class f nil) and 429,600,000 (class a 386,400,000, class b nil, class f 43,200,000) shares authorized, 372,165,319 (class a 224,357,697, class b 147,807,622, class f nil) and 226,364,401 (class a 183,800,251, class b nil, class f 42,564,150) shares issued and outstanding as of june 30, 2021 and december 31, 2020, respectively | 11,000 | ||||||||||||||||||
liabilities, redeemable noncontrolling interest, and stockholders’ deficit | |||||||||||||||||||
contingencies | |||||||||||||||||||
stockholders’ deficit: | |||||||||||||||||||
convertible preferred stock, 109,090,908 shares authorized, issued, and outstanding at march 31, 2021 and december 31, 2020; respectively | 399,589,000 | ||||||||||||||||||
common stock a, 0.00003 par value—386,400,000 shares authorized, 184,817,898 and 183,800,251 shares issued and outstanding at march 31, 2021 and december 31, 2020, respectively | 6,000 | ||||||||||||||||||
common stock f, 0.00003 par value—43,200,000 shares authorized, 42,564,150 shares issued and outstanding at march 31, 2021 and december 31, 2020, respectively | 1,000 | ||||||||||||||||||
total stockholders’ deficit | -129,977,000 | ||||||||||||||||||
total liabilities, redeemable noncontrolling interest, and stockholders’ deficit | 2,621,399,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||||||
net income | 835,545,000 | 819,531,000 | 576,419,000 | 599,204,000 | 434,420,000 | 309,969,000 | 236,183,000 | 172,233,000 | 108,639,000 | -79,512,000 | 23,662,000 | 31,407,000 | 142,000 | 14,364,000 | -10,575,000 | ||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||
amortization, depreciation and write-offs | 35,102,000 | 47,053,000 | 79,887,000 | 127,837,000 | 99,635,000 | 108,541,000 | 112,667,000 | 119,111,000 | 121,797,000 | 119,892,000 | 128,208,000 | 101,577,000 | 163,830,000 | 152,688,000 | 128,989,000 | 115,654,000 | 119,436,000 | 107,156,000 | 88,817,000 |
goodwill impairment | 0 | 0 | 188,943,000 | ||||||||||||||||
stock-based compensation | 33,141,000 | 35,745,000 | 61,281,000 | 93,833,000 | 81,557,000 | 98,724,000 | 95,253,000 | 88,049,000 | 110,839,000 | 81,253,000 | 82,966,000 | 47,669,000 | 42,147,000 | 57,156,000 | 44,640,000 | 41,349,000 | 34,725,000 | 27,144,000 | 29,959,000 |
gain on divestiture, net of transaction costs | 0 | ||||||||||||||||||
other | 39,270,000 | 33,531,000 | 8,086,000 | -14,672,000 | 6,929,000 | 1,760,000 | 8,540,000 | 10,106,000 | -2,889,000 | -3,446,000 | 2,429,000 | -347,000 | |||||||
changes in operating assets and liabilities: | |||||||||||||||||||
accounts receivable | -35,196,000 | -124,169,000 | -167,382,000 | -229,498,000 | -112,345,000 | -40,349,000 | -84,836,000 | -114,483,000 | -180,067,000 | -32,343,000 | 65,614,000 | -35,479,000 | 24,066,000 | 6,834,000 | -170,250,000 | -101,949,000 | -30,118,000 | -25,964,000 | -43,917,000 |
prepaid expenses and other assets | 63,783,000 | 72,552,000 | -51,861,000 | 7,038,000 | -652,000 | 26,813,000 | |||||||||||||
accounts payable | -36,971,000 | 6,495,000 | 32,545,000 | 134,010,000 | 40,122,000 | -2,603,000 | 18,056,000 | 90,619,000 | 20,220,000 | -21,987,000 | 9,722,000 | 11,360,000 | -21,654,000 | -97,831,000 | 111,604,000 | 49,267,000 | 15,409,000 | 24,566,000 | 9,370,000 |
accrued and other liabilities | 118,748,000 | -12,283,000 | 103,794,000 | 181,388,000 | -6,654,000 | -20,863,000 | -19,897,000 | 60,338,000 | 33,449,000 | -17,027,000 | 15,994,000 | -3,767,000 | -10,440,000 | -13,343,000 | 21,138,000 | -8,148,000 | 4,459,000 | 8,091,000 | -1,339,000 |
net cash from operating activities | 1,053,422,000 | 772,226,000 | 831,712,000 | 701,003,000 | 550,702,000 | 454,527,000 | 392,779,000 | 343,988,000 | 199,066,000 | 229,794,000 | 288,662,000 | 163,199,000 | 174,482,000 | 106,811,000 | -31,719,000 | 85,015,000 | 124,560,000 | 90,457,000 | 61,819,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -244,000 | -2,273,000 | -6,055,000 | -2,197,000 | -1,444,000 | -2,159,000 | -1,065,000 | -1,943,000 | -1,636,000 | -1,651,000 | -532,000 | -121,000 |
free cash flows | 1,053,422,000 | 772,226,000 | 831,712,000 | 701,003,000 | 550,702,000 | 454,527,000 | 392,779,000 | 343,744,000 | 196,793,000 | 223,739,000 | 286,465,000 | 161,755,000 | 172,323,000 | 105,746,000 | -33,662,000 | 83,379,000 | 122,909,000 | 89,925,000 | 61,698,000 |
investing activities | |||||||||||||||||||
proceeds from divestiture, net of cash divested | -17,405,000 | ||||||||||||||||||
purchase of non-marketable equity securities | -1,500,000 | 0 | -18,678,000 | 0 | -650,000 | -48,000,000 | -28,333,000 | -100,000 | 0 | -16,834,000 | |||||||||
other investing activities | -723,000 | -23,154,000 | -3,986,000 | -2,546,000 | -5,267,000 | -3,302,000 | |||||||||||||
net cash from investing activities | -19,628,000 | 401,548,000 | -22,664,000 | -367,000 | -6,396,000 | -68,356,000 | -31,635,000 | -6,804,000 | -15,833,000 | -42,217,000 | -12,975,000 | 22,286,000 | -42,010,000 | -292,001,000 | -1,059,743,000 | -8,678,000 | -183,070,000 | -1,004,909,000 | -18,273,000 |
financing activities | |||||||||||||||||||
repurchases of common stock | -501,900,000 | -271,518,000 | -1,000,911,000 | ||||||||||||||||
payment of withholding taxes related to net share settlement | -60,232,000 | -70,983,000 | -185,667,000 | -80,144,000 | -59,243,000 | ||||||||||||||
principal repayments of debt | 0 | -3,538,469,000 | -8,891,000 | -8,891,000 | -668,972,000 | -7,500,000 | -473,838,000 | -8,329,000 | -8,327,000 | ||||||||||
payments of licensed asset obligation | 0 | 0 | -13,532,000 | -11,856,000 | 0 | 0 | -15,254,000 | 0 | 0 | 0 | -17,374,000 | ||||||||
proceeds from issuance of debt | 0 | 0 | 200,000,000 | 3,542,511,000 | 0 | 0 | 1,072,330,000 | ||||||||||||
proceeds from issuance of common stock upon exercise of stock options and purchase of espp shares | 6,190,000 | 12,998,000 | 9,702,000 | ||||||||||||||||
other financing activities | -4,318,000 | -4,371,000 | -7,436,000 | -5,476,000 | -5,089,000 | -5,384,000 | |||||||||||||
net cash from financing activities | -560,260,000 | -537,377,000 | -1,002,217,000 | -523,157,000 | -441,075,000 | -361,000,000 | -424,612,000 | -170,524,000 | -724,154,000 | -556,698,000 | -111,415,000 | -55,411,000 | -136,391,000 | -269,622,000 | -65,424,000 | 1,446,939,000 | -75,159,000 | 1,337,392,000 | 400,374,000 |
effect of foreign exchange rate on cash and cash equivalents | 757,000 | 5,187,000 | 2,782,000 | 3,916,000 | -1,058,000 | -2,348,000 | -2,815,000 | -545,000 | 1,137,000 | -4,133,000 | -6,884,000 | -362,000 | -457,000 | -272,000 | -80,000 | ||||
net increase in cash and cash equivalents, including cash classified within current assets of discontinued operations | 474,291,000 | ||||||||||||||||||
less: net decrease in cash classified within current assets of discontinued operations | |||||||||||||||||||
net increase in cash and cash equivalents | 474,291,000 | -65,816,000 | 165,409,000 | -8,052,000 | -461,696,000 | -1,157,248,000 | -134,126,000 | 422,668,000 | 443,840,000 | ||||||||||
cash and cash equivalents at beginning of the period | 0 | -44,381,000 | 741,411,000 | 0 | 0 | 502,152,000 | 2,570,504,000 | 0 | 0 | 317,235,000 | |||||||||
cash and cash equivalents at end of the period | 474,291,000 | 641,584,000 | 551,024,000 | 173,815,000 | 107,147,000 | 24,113,000 | 436,336,000 | -543,736,000 | -369,666,000 | 1,245,893,000 | -8,052,000 | -461,696,000 | 1,413,256,000 | -134,126,000 | 422,668,000 | 761,075,000 | |||
less: net (decrease) in cash classified within current assets of discontinued operations | |||||||||||||||||||
adjustments to reconcile net income to operating activities: | |||||||||||||||||||
proceeds from exercise of stock options | 5,329,000 | 9,782,000 | 3,125,000 | 11,272,000 | 3,629,000 | 2,906,000 | 3,754,000 | 5,860,000 | 7,763,000 | 8,110,000 | 5,670,000 | 7,598,000 | 5,006,000 | 12,882,000 | |||||
net decrease in cash and cash equivalents | -190,387,000 | ||||||||||||||||||
impairment of investments | |||||||||||||||||||
loss on settlement of debt | 1,384,000 | 0 | 0 | 16,852,000 | |||||||||||||||
change in operating right-of-use assets | |||||||||||||||||||
amortization of debt issuance costs and discount | -300,000 | 3,080,000 | 3,333,000 | 3,250,000 | 2,993,000 | 2,865,000 | 3,574,000 | 3,246,000 | 3,845,000 | 2,600,000 | 2,077,000 | 4,303,000 | |||||||
loss on disposal of long-lived assets | |||||||||||||||||||
prepaid expenses and other current assets | -40,975,000 | 30,806,000 | 14,302,000 | -16,413,000 | 66,517,000 | -41,249,000 | 25,468,000 | -54,461,000 | 10,137,000 | -14,610,000 | -74,076,000 | -18,775,000 | |||||||
other assets | -63,509,000 | -55,162,000 | -1,881,000 | -1,136,000 | -72,727,000 | -7,649,000 | 1,935,000 | 1,098,000 | -53,667,000 | 2,460,000 | 4,797,000 | 472,000 | |||||||
operating lease liabilities | -6,359,000 | -5,149,000 | -3,617,000 | -3,487,000 | -3,553,000 | -3,299,000 | -6,000,000 | -6,046,000 | -8,584,000 | -6,187,000 | -6,452,000 | -5,631,000 | |||||||
deferred revenue | -568,000 | 4,327,000 | 7,525,000 | 2,573,000 | -2,806,000 | -2,619,000 | -6,656,000 | -2,630,000 | -6,604,000 | -4,976,000 | -1,333,000 | -994,000 | |||||||
acquisitions of businesses and intangible assets | |||||||||||||||||||
purchase of property and equipment | -244,000 | -183,000 | -3,749,000 | -70,000 | -41,000 | -221,000 | -115,000 | -285,000 | -428,000 | -309,000 | -532,000 | -121,000 | |||||||
proceeds from sale of assets and other | |||||||||||||||||||
payments of withholding taxes related to net share settlement | |||||||||||||||||||
payments of deferred acquisition costs | -22,400,000 | -10,274,000 | 0 | -1,229,000 | -19,186,000 | -33,286,000 | -70,002,000 | -1,710,000 | -2,404,000 | -74,099,000 | -5,320,000 | -152,245,000 | |||||||
payments of debt issuance cost | |||||||||||||||||||
principal payments of finance leases | |||||||||||||||||||
effect of foreign exchange rate on cash, cash equivalents, and restricted cash equivalents | |||||||||||||||||||
net increase in cash, cash equivalents, and restricted cash equivalents | |||||||||||||||||||
cash, cash equivalents, and restricted cash equivalents at beginning of the period | |||||||||||||||||||
acquisition of intangible assets | -3,200,000 | ||||||||||||||||||
repurchases of stock | -228,448,000 | 0 | -752,224,000 | -581,492,000 | -507,204,000 | -64,897,000 | |||||||||||||
payment of withholding taxes related to net share settlement of equity awards | -207,962,000 | ||||||||||||||||||
change in operating right-of-use asset | 6,110,000 | 4,839,000 | 3,433,000 | 3,460,000 | 3,382,000 | 3,167,000 | 4,807,000 | 5,751,000 | 8,114,000 | 5,932,000 | 6,471,000 | 5,796,000 | |||||||
impairment and loss in connection with sale of long-lived assets | |||||||||||||||||||
purchase of investments and other | |||||||||||||||||||
proceeds from debt issuance | |||||||||||||||||||
proceeds from the issuance of common stock through espp | |||||||||||||||||||
proceeds from issuance of common stock in initial public offering, net of issuance costs as adjusted for cost reimbursement | 0 | 988,000 | |||||||||||||||||
payments of related party notes | |||||||||||||||||||
effect of foreign exchange rate on cash, cash equivalents and restricted cash equivalents | |||||||||||||||||||
net increase in cash, cash equivalents and restricted cash equivalents | |||||||||||||||||||
cash, cash equivalents and restricted cash equivalents at beginning of the period | 0 | 0 | 0 | 1,080,484,000 | 0 | 0 | |||||||||||||
cash, cash equivalents and restricted cash equivalents at end of the period | |||||||||||||||||||
changes in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||
acquisitions, net of cash acquired | -13,460,000 | -36,162,000 | -2,194,000 | -4,129,000 | -41,346,000 | -248,536,000 | -1,045,816,000 | -7,693,000 | -181,777,000 | -1,012,860,000 | -4,152,000 | ||||||||
capitalized software development costs | -2,090,000 | -2,306,000 | -2,127,000 | -1,403,000 | -1,938,000 | -950,000 | -1,658,000 | -1,208,000 | -1,342,000 | ||||||||||
proceeds from sale of assets | 0 | 0 | 8,250,000 | ||||||||||||||||
principal payments on finance leases | -5,276,000 | -5,468,000 | -5,447,000 | ||||||||||||||||
payment of debt issuance cost | -584,000 | ||||||||||||||||||
proceeds from revolving credit facility | |||||||||||||||||||
proceeds from the issuance of common stock under the employee stock purchase plan | 0 | 0 | |||||||||||||||||
net (decrease) in cash and cash equivalents | |||||||||||||||||||
net loss | -4,518,000 | -115,298,000 | |||||||||||||||||
adjustments to reconcile net loss to operating activities: | |||||||||||||||||||
payment of withholding taxes related to net share settlement of restricted stock units | -19,167,000 | ||||||||||||||||||
lease modification and abandonment of leasehold improvements | |||||||||||||||||||
loss on extinguishments of acquisition related contingent consideration | |||||||||||||||||||
purchase of non-marketable investments and other | -9,796,000 | 0 | -42,400,000 | -14,146,000 | 0 | -1,000,000 | 0 | -14,000,000 | |||||||||||
proceeds from other investing activities | 655,000 | 1,495,000 | 0 | 2,162,000 | 651,000 | 1,358,000 | |||||||||||||
proceeds from sale of long-lived assets | |||||||||||||||||||
proceeds from debt issuance, net of issuance costs | 1,484,330,000 | 0 | 0 | 844,729,000 | |||||||||||||||
payments of debt principal | -8,328,000 | -8,327,000 | -4,578,000 | -4,577,000 | -8,328,000 | -4,577,000 | -404,578,000 | -302,327,000 | |||||||||||
proceeds from issuance of common stock | |||||||||||||||||||
proceeds from the issuance of class a common stock under employee stock purchase plan | |||||||||||||||||||
payments of deferred ipo costs | -1,825,000 | ||||||||||||||||||
proceeds from issuance of common stock in initial public offering, including cost reimbursement | |||||||||||||||||||
payments of finance leases | -5,773,000 | -6,150,000 | -6,176,000 | -5,581,000 | -5,069,000 | -3,781,000 | -840,000 | ||||||||||||
net unrealized loss on fair value remeasurements | |||||||||||||||||||
net loss on foreign currency remeasurements | |||||||||||||||||||
repurchases of stock - repurchase program | -200,318,000 | -43,697,000 | |||||||||||||||||
net unrealized gains on fair value remeasurements | 957,000 | ||||||||||||||||||
net gain on foreign currency remeasurement | -457,000 | 2,257,000 | -1,305,000 | ||||||||||||||||
change in fair value of contingent consideration | 0 | ||||||||||||||||||
net unrealized gains on fair value remeasurement of financial instruments | 464,000 | 550,000 | 1,359,000 | -11,214,000 | |||||||||||||||
net loss on foreign currency remeasurement | 2,346,000 |