Segments and Geographic Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segments and Geographic Information

Segments and Geographic Information

The Company determines its operating segments based on how its CODM manages the business, allocates resources, makes operating decisions and evaluates operating performance. Beginning in the second quarter of 2022, the Company's two operating and reportable segments are as follows:

•Software Platform: Software Platform generates revenue primarily from fees paid by advertisers for the placement of ads on mobile applications owned by Publishers.

•Apps: Apps generates revenue when a user of one of the Apps makes an in-app purchase ("IAP Revenue") and when clients purchase the digital advertising inventory of the Company's portfolio of Apps ("IAA Revenue").

The CODM evaluates the performance of each operating segment using revenue and segment adjusted EBITDA. The Company defines segment adjusted EBITDA as revenue less expenses, excluding depreciation and amortization and certain items that the Company does not believe are reflective of the operating segments’ core operations. Expenses include indirect costs that are allocated to operating segments based on a reasonable allocation methodology, which are generally related to sales and marketing activities and general and administrative overhead. Revenue and expenses exclude transactions between the Company's operating segments. The CODM does not evaluate operating segments using asset information, and, accordingly, the Company does not report asset information by segment.

The following table provides information about the Company's reportable segments and a reconciliation of the total segment adjusted EBITDA to consolidated income (loss) before income taxes (in thousands). For comparative purposes, amounts in prior periods have been recast:

	As of December 31,
	2023		2022		2021
Revenue:
Software Platform	$	1,841,762	$	1,049,167	$	673,952
Apps	1,441,325		1,767,891		2,119,152
Total Revenue	$	3,283,087	$	2,817,058	$	2,793,104
Segment Adjusted EBITDA:
Software Platform	$	1,275,705	$	808,415	$	457,302
Apps	226,953		254,795		269,512
Total Segment Adjusted EBITDA	$	1,502,658	$	1,063,210	$	726,814
Interest expense and loss on settlement of debt	$	(275,665)	$	(171,863)	$	(103,170)
Other income (expense), net	7,831		18,647		7,545
Amortization, depreciation and write-offs	(489,008)		(547,084)		(431,063)
Impairment and loss on disposal of long-lived assets	—		(127,892)		—
Non-operating foreign exchange gain	1,224		164		1,537
Stock-based compensation	(363,107)		(191,612)		(135,468)
Acquisition-related expense and transaction bonus	(1,047)		(21,279)		(16,887)
Publisher bonuses	—		(209,635)		(3,227)
MoPub acquisition transition services	—		(6,999)		—
Restructuring costs	(2,316)		(10,834)		—
Change in fair value of contingent consideration	—		—		230
Income (loss) before provision for tax	$	380,570	$	(205,177)	$	46,311

The following table presents long-lived assets by geographic area which consist of property and equipment, net (in thousands):

	As of December 31,
	2023		2022
United States	$	47,612	$	25,548
Germany	79,863		32,044
Netherlands	45,307		20,629
All other countries	549		322
Total property and equipment, net	$	173,331	$	78,543

For information regarding revenue disaggregated by geography, see Note 2 - Summary of Significant Accounting Policies