Segment

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment

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 Axon Advertising, 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue	$	1,405,045	$	835,186	$	3,822,773	$	2,224,571
Less:
Datacenter costs	141,046		87,978		392,302		271,911
Personnel related expenses	50,011		64,998		155,966		196,686
Interest expense	51,429		74,937		155,726		223,280
Provision for income taxes	185,401		34,656		368,617		83,803
Amortization, depreciation and write-offs	34,978		32,369		97,988		94,528
Stock-based compensation	33,767		77,402		127,434		259,905
Other expenses1	72,868		29,773		193,801		101,046
Net income from continuing operations	$	835,545	$	433,073	$	2,330,939	$	993,412

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