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BALANCE SHEET COMPONENTS
 9 Months Ended
Sep. 30, 2025
Balance Sheet Related Disclosures [Abstract]  
BALANCE SHEET COMPONENTS
6. BALANCE SHEET COMPONENTS
Accounts Receivable, net: Accounts receivable, net consisted of the following (in thousands):
 As of
 September 30, 2025December 31, 2024
Accounts receivable, gross$805,750 $885,167 
Less: Allowances
Allowance for sales returns4,129 6,427 
Allowance for sales incentives51,584 63,367 
Allowance for doubtful accounts3,473 1,895 
Other allowances1,159 968 
Total allowances60,345 72,657 
Accounts receivable, net$745,405 $812,510 
Property and Equipment, net: Property and equipment, net consisted of the following (in thousands):
 As of
 September 30, 2025December 31, 2024
Computers and equipment$51,996 $51,741 
Leasehold improvements287,245 286,585 
Internal-use software5,916 5,916 
Office equipment and furniture36,414 35,691 
Property and equipment, gross381,571 379,933 
Less: Accumulated depreciation and amortization(198,762)(166,243)
Property and equipment, net$182,809 $213,690 
Depreciation and amortization expense for property and equipment assets was approximately $11.5 million and $11.8 million for the three months ended September 30, 2025 and 2024, respectively, and $34.6 million and $36.9 million for the nine months ended September 30, 2025 and 2024, respectively.
During the three and nine months ended September 30, 2024, the Company recorded impairment charges of $6.5 million and $7.0 million, respectively, related to property and equipment associated with the leased office facilities that are part of its restructuring efforts. See Note 17 to the condensed consolidated financial statements for additional details. There were no impairment charges related to property and equipment during the three and nine months ended September 30, 2025.
Accrued Liabilities: Accrued liabilities consisted of the following (in thousands):
As of
September 30, 2025December 31, 2024
Revenue share payable$280,845 $267,163 
Accrued cost of revenue156,999 149,135 
Marketing, retail, and merchandising expenses104,992 112,001 
Operating lease liability, current86,379 79,221 
Content liability, current45,778 69,710 
Other accrued expenses258,724 175,569 
Total Accrued liabilities$933,717 $852,799 
Deferred Revenue: Deferred revenue consisted of the following (in thousands):
 As of
 September 30, 2025December 31, 2024
Platform, current$91,890 $75,026 
Devices, current30,419 30,692 
Total deferred revenue, current122,309 105,718 
Platform, non-current2,560 — 
Devices, non-current25,486 25,050 
Total deferred revenue, non-current28,046 25,050 
Total Deferred revenue$150,355 $130,768 
Other Long-term Liabilities: Other Long-term liabilities consisted of the following (in thousands):
As of
September 30, 2025December 31, 2024
Content liability, non-current$4,202 $18,453 
Other long-term liabilities15,392 22,485 
Contingent consideration, non-current51,673 — 
Total Other long-term liabilities$71,267 $40,938