Segments

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segments

Segment

The Company determines its operating segments based on how its chief operating decision maker ("CODM") manages the business, allocates resources, makes operating decisions and evaluates operating performance. The Company’s CODM is its Chief Executive Officer.

As disclosed in Note 1 – Description of Business and Summary of Significant Accounting Policies and Note 2 – Discontinued Operations, on June 30, 2025, the Company completed the divestiture of its Apps Business, which constituted the former Apps segment. Following the divestiture, the Company has determined that it currently operates the remaining business as a single operating and reportable segment at the consolidated level. Accordingly, the Company classified the Apps Business as discontinued operations in its condensed consolidated statements of operations and excluded the Apps Business from both continuing operations and segment results for all periods presented. The Company’s single segment provides end-to-end advertising solutions including AppDiscovery, MAX, Adjust, and Wurl, that allow businesses to reach, monetize and grow their global audiences. Revenue is primarily generated from fees paid by advertisers for the placement of ads on mobile applications owned by Publishers.

As a single reportable segment entity, the Company has determined that its measure of profit or loss is net income from continuing operations, which is the measure most consistent with U.S. GAAP. The CODM uses net income from continuing operations to allocate resources during the annual budgeting and forecasting process, evaluate operating strategies, and assess performance across periods.

The table below is a summary of the segment net income from continuing operations, including significant segment expenses (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenue	$	1,258,754	$	711,015	$	2,417,728	$	1,389,385
Less:
Datacenter costs	128,898		89,800		251,256		183,933
Personnel related expenses	50,764		70,405		105,955		131,688
Interest expense	51,409		74,418		104,297		148,343
Provision for income taxes	112,148		16,894		183,216		49,147
Amortization, depreciation and write-offs	31,064		31,242		63,010		62,159
Stock-based compensation	34,552		93,559		93,667		182,503
Other expenses1	78,063		33,715		120,933		71,273
Net income from continuing operations	$	771,856	$	300,982	$	1,495,394	$	560,339

1 Other expenses include professional services costs, facilities costs, advertising costs, software costs, and other individually insignificant costs.