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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues:      
Total revenues $ 463,456 $ 496,261 $ 499,264
Cost of revenues:      
Total cost of revenues 129,468 109,944 102,989
Gross profit 333,988 386,317 396,275
Operating expenses:      
Sales and marketing 138,081 149,671 146,882
Research and development 118,486 120,530 127,428
General and administrative 140,537 115,312 111,421
Digital asset impairment losses (gains on sale), net 1,789,862 115,851 1,286,286
Total operating expenses 2,186,966 501,364 1,672,017
Loss from operations (1,852,978) (115,047) (1,275,742)
Interest expense, net [1] (61,941) (48,960) (53,136)
(Loss) gain on debt extinguishment (22,933) 44,686 0
Other income (expense), net 3,506 (5,204) 6,413
Loss before income taxes (1,934,346) (124,525) (1,322,465)
(Benefit from) provision for income taxes [2] (767,685) (553,646) 147,332
Net (loss) income $ (1,166,661) $ 429,121 $ (1,469,797)
Basic (loss) earnings per share [3] $ (6.06) $ 3.14 $ (12.98)
Weighted average shares outstanding used in computing basic (loss) earnings per share 192,549 136,706 113,209
Diluted (loss) earnings per share [3] $ (6.06) $ 2.64 $ (12.98)
Weighted average shares outstanding used in computing diluted (loss) earnings per share 192,549 165,662 113,209
Total product licenses and subscription services      
Revenues:      
Total revenues $ 155,343 $ 156,530 $ 147,244
Cost of revenues:      
Total cost of revenues 45,500 33,705 26,442
Product licenses      
Revenues:      
Total revenues 48,567 75,351 86,498
Cost of revenues:      
Total cost of revenues 3,060 1,929 1,672
Subscription services      
Revenues:      
Total revenues 106,776 81,179 60,746
Cost of revenues:      
Total cost of revenues 42,440 31,776 24,770
Product support      
Revenues:      
Total revenues 243,805 263,888 266,521
Cost of revenues:      
Total cost of revenues 33,289 22,434 21,264
Other services      
Revenues:      
Total revenues 64,308 75,843 85,499
Cost of revenues:      
Total cost of revenues $ 50,679 $ 53,805 $ 55,283
[1] Interest expense, net is substantially related to interest expense on the Company’s long-term debt arrangements, the proceeds from which were primarily used to purchase bitcoin. All of the Company’s interest income and expense are presented in the Corporate & Other category.
[2] Income tax effects allocated to the Corporate & Other category are related solely to transactions involving the Company’s bitcoin or debt, including digital asset impairment, interest expense, gains and losses on debt extinguishments, and other third-party expenses.
[3] Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same.