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Segment and Geographic Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information
15. Segment and Geographic Information
Segment Information
We have one reportable segment as our chief operating decision maker, our Chief Executive Officer, reviews consolidated profitability measures in managing the business. Specifically, our chief operating decision maker uses consolidated net income
(loss) as the measure of segment profit or loss for evaluating performance and allocating resources through comparison of actual amounts against budgeted and prior period amounts in order to make strategic decisions.
The following table presents the calculation of segment net income (loss):
Three months ended June 30,Six months ended June 30,
2025202420252024
(in thousands)
Revenue$499,627 $281,184 $891,988 $524,147 
Adjusted cost of revenue(1)
45,696 29,440 82,568 56,798 
Adjusted gross profit453,931 251,744 809,420 467,349 
Adjusted operating expenses(2)
287,182 212,241 527,400 417,821 
Stock-based compensation and related taxes95,104 66,772 202,509 662,309 
Depreciation and amortization3,934 3,770 7,897 7,513 
Interest (income) expense, net(21,056)(20,941)(41,470)(36,388)
Income tax expense (benefit)(439)(216)(2,160)149 
Other segment expenses(3)
(91)217 (211)1,110 
Segment net income (loss)$89,297 $(10,099)$115,455 $(585,165)
Consolidated net income (loss)$89,297 $(10,099)$115,455 $(585,165)
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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 June 30,Six months ended June 30,
2025202420252024
(in thousands)
Cost of revenue$45,900 $29,501 $82,989 $57,117 
Less:
Stock-based compensation and related taxes204 61 421 319 
Adjusted cost of revenue$45,696 $29,440 $82,568 $56,798 
(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 June 30,Six months ended June 30,
2025202420252024
(in thousands)
Operating expenses$386,016 $282,722 $737,385 $1,087,324 
Less:
Stock-based compensation and related taxes94,900 66,711 202,088 661,990 
Depreciation and amortization3,934 3,770 7,897 7,513 
Adjusted operating expenses$287,182 $212,241 $527,400 $417,821 
(3)Other segment expenses primarily includes realized gains and losses on sales of marketable securities and foreign currency transaction gains and losses.