Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Net Income (Loss)

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

	Three months ended March 31,
	2025		2024
	(in thousands)
Revenue	$	392,361	$	242,963
Adjusted cost of revenue(1)	36,872		27,358
Adjusted gross profit	355,489		215,605
Adjusted operating expenses(2)	240,218		205,580
Stock-based compensation and related taxes	107,405		595,537
Depreciation and amortization	3,963		3,743
Interest (income) expense, net	(20,414)		(15,447)
Income tax expense (benefit)	(1,721)		365
Other segment expenses(3)	(120)		893
Segment net income (loss)	$	26,158	$	(575,066)
Consolidated net income (loss)	$	26,158	$	(575,066)

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

	Three months ended March 31,
	2025		2024
	(in thousands)
Cost of revenue	$	37,089	$	27,616
Less:
Stock-based compensation and related taxes	217		258
Adjusted cost of revenue	$	36,872	$	27,358

(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 and depreciation and amortization as follows:

	Three months ended March 31,
	2025		2024
	(in thousands)
Operating expenses	$	351,369	$	804,602
Less:
Stock-based compensation and related taxes	107,188		595,279
Depreciation and amortization	3,963		3,743
Adjusted operating expenses	$	240,218	$	205,580

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