Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

The following table presents the calculation of segment net income (loss):


	Year ended December 31,
	2024		2023		2022
	(in thousands)
Revenue	$	1,300,205	$	804,029	$	666,701
Adjusted cost of revenue(1)	122,975		110,758		103,952
Adjusted gross profit	1,177,230		693,271		562,749

Adjusted operating expenses(2)	879,223		762,546		671,143
Stock-based compensation and related taxes	842,932		49,086		55,768
Depreciation and amortization	15,643		13,702		8,000
Interest (income) expense, net	(78,121)		(53,281)		(15,681)
Income tax expense (benefit)	(931)		3,801		622
Other segment expenses(3)	2,760		8,241		1,447
Segment net income (loss)	$	(484,276)	$	(90,824)	$	(158,550)

Consolidated net income (loss)	$	(484,276)	$	(90,824)	$	(158,550)

________________

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


	Year ended December 31,
	2024		2023		2022
	(in thousands)
Cost of revenue	$	123,595	$	111,011	$	104,799
Less:
Stock-based compensation and related taxes	620		101		133
Depreciation and amortization	—		152		714
Adjusted cost of revenue	$	122,975	$	110,758	$	103,952

(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, depreciation and amortization, and restructuring costs as follows:


	Year ended December 31,
	2024		2023		2022
	(in thousands)
Operating expenses	$	1,737,178	$	833,179	$	734,064
Less:
Stock-based compensation and related taxes	842,312		48,985		55,635
Depreciation and amortization	15,643		13,550		7,286
Restructuring costs	—		8,098		—
Adjusted operating expenses	$	879,223	$	762,546	$	671,143

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