Pinterest, Inc(NYSE:PINS) 
Pinterest, Inc. provides visual discovery engine in the United States and internationally. The company's engine allows people to find inspiration for their lives, including recipes, style and home inspiration, DIY, and others. It shows them visual recommendations based on people personal taste and i...
Website: http://www.pinterest.com
Founded: 2009
IPO Price: $19 (Apr 18, 2019)
Full Time Employees: 3,987 (Dec 2022)
Co-Founder: Ben Silbermann
CEO: Bill Ready
Sector: Technology
Industry: Internet Content & Information
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At a glance:
- Revenue Growth Driven by Ad Demand and International Expansion: Pinterest’s top-line performance is supported by improving advertising demand, better monetization tools, and continued user and revenue expansion outside the U.S., where ARPU remains lower but has room to grow.
- Profitability and Margin Expansion Are Key Narrative Drivers: Investors are focused on operating leverage as the company scales; disciplined expense management alongside revenue growth can expand EBITDA and operating margins over time.
- User Engagement and Product Innovation Support Monetization: Continued product improvements (shopping features, AI-driven recommendations, and performance ad tools) are central to increasing engagement and conversion, which in turn can lift ARPU.
- Competitive Digital Ad Landscape Remains a Core Risk: Pinterest competes with larger platforms for ad budgets; shifts in ad pricing, targeting capabilities, or platform performance can pressure growth and margin progress.
- Macro Sensitivity and Measurement Changes Can Create Volatility: Advertising spend is sensitive to economic cycles, and ongoing changes in privacy/measurement frameworks can affect campaign performance, attribution, and near-term revenue trends.
Bull Thesis:
- Significant Untapped Monetization Potential (ARPU Growth): Pinterest's average revenue per user (ARPU), especially internationally, significantly lags behind its social media peers. Given the platform's high purchase intent and visual discovery nature, there's substantial room to increase ad load, improve ad targeting, and introduce new ad formats, driving ARPU growth without alienating users. The company is actively investing in these areas.
- Unique and Positive Platform Appeal Attracting Gen Z: Pinterest stands out as a 'positive' and 'inspirational' platform, contrasting with the often-negative sentiment associated with other social media. This unique positioning is increasingly appealing to younger demographics, particularly Gen Z, who are seeking creative outlets and planning tools. This demographic shift bodes well for long-term user engagement and relevance.
- Strong E-commerce Integration and Shopping Features: Pinterest is inherently a visual discovery engine for ideas and products, making it a natural fit for e-commerce. Continued investment in shoppable pins, merchant tools, direct checkout, and AI-powered visual search enhances the shopping experience, directly connecting user inspiration with purchasing intent and opening new revenue streams beyond traditional advertising.
- International Expansion and Monetization Runway: While Pinterest has a large international user base, its international ARPU is still a fraction of its U.S. counterpart. This presents a massive runway for growth as the company expands its sales force, localizes ad products, and improves advertiser tools in key international markets, gradually closing the ARPU gap and significantly boosting overall revenue.
Bear Thesis:
- Intense Competition for User Attention and Ad Spend: Pinterest faces fierce competition from established giants like Meta (Instagram, Facebook), Google (YouTube, Search), and emerging platforms like TikTok for both user engagement and advertiser budgets. These competitors often have larger user bases, more sophisticated ad tech, or rapidly growing short-form video formats that can divert attention and ad dollars.
- Slowing User Growth in Mature Markets: While international user growth continues, Pinterest has shown signs of saturation or slowing growth in its more mature and higher-monetizing markets, such as the U.S. and Canada. Sustaining overall user growth and engagement becomes more challenging, putting pressure on ARPU to drive revenue expansion.
- Macroeconomic Headwinds Impacting Ad Budgets: As an advertising-dependent platform, Pinterest is highly susceptible to macroeconomic downturns. Economic uncertainty often leads businesses to cut or reduce their marketing and advertising budgets, directly impacting Pinterest's revenue growth and profitability, especially for smaller businesses that might be more sensitive to economic shifts.
- Execution Risk on Product Innovation and Monetization Initiatives: Pinterest's bull case heavily relies on its ability to successfully innovate its product (e.g., video, AI, shopping features) and effectively monetize its user base. Failure to execute on these initiatives, whether due to technical challenges, user adoption issues, or competitive pressures, could hinder ARPU growth and overall financial performance.
Main Competitors:
- Meta Platforms, Inc. ($META) (Instagram), Instagram competes directly with Pinterest for visual discovery, lifestyle inspiration (fashion, home decor, food), and e-commerce intent. Its feed, Stories, Reels, and Shopping features offer similar avenues for users to find ideas, follow creators, and discover products, vying for both user engagement and advertiser spend.
- ByteDance Ltd. (TikTok), TikTok competes for user attention and content discovery, particularly among younger demographics. While primarily video-based, it has become a significant platform for trend discovery, product recommendations ('TikTok made me buy it'), DIYs, and visual inspiration, directly challenging Pinterest's role as a go-to for new ideas and trends.
- Alphabet Inc. ($GOOGL) (Google Images, Google Shopping), Google competes with Pinterest as a primary destination for visual search and product discovery. Google Images offers a direct alternative for finding visual inspiration, while Google Shopping directly competes for users looking to discover and purchase products, often bypassing Pinterest in the research phase.
- Alphabet Inc. ($GOOGL) (YouTube), YouTube competes for visual inspiration and 'how-to' content, which are key use cases for Pinterest. Users seeking tutorials, product reviews, home tours, or fashion hauls often turn to YouTube, directly competing for the time and attention of users looking for actionable ideas and visual guidance.
Moat:
Pinterest's primary moat lies in its unique intent-driven discovery model, where users actively seek inspiration and plan for future projects in a positive, aspirational environment. Its visual organization system (boards) fosters a strong sense of personal curation, differentiating it from more traditional social media. However, Pinterest faces intense competition across several fronts. Visual social platforms like Instagram and TikTok vie for user attention and increasingly offer similar discovery and e-commerce features. Traditional search engines like Google (especially Images and Shopping) remain powerful alternatives for finding ideas and products. The broader shift towards video content also presents a challenge, requiring Pinterest to continuously innovate its content formats and e-commerce integrations to maintain its distinct value proposition and capture advertiser spend.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 1,007,514,000 | 1,319,347,000 | 1,049,205,000 | 998,227,000 | 854,988,000 | 1,154,130,000 | 898,373,000 | 853,680,000 | 739,983,000 | 981,262,000 | 763,203,000 | 708,025,000 | 602,581,000 | 877,209,000 | 684,550,000 | 665,930,000 | 574,885,000 | 846,655,000 | 632,932,000 | 613,210,000 | 485,230,000 | 705,617,000 | 442,616,000 | 272,485,000 | 271,940,000 | 399,898,000 | 279,703,000 | 261,249,000 | 201,911,000 |
yoy | 17.84% | 14.32% | 16.79% | 16.93% | 15.54% | 17.62% | 17.71% | 20.57% | 22.80% | 11.86% | 11.49% | 6.32% | 4.82% | 3.61% | 8.16% | 8.60% | 18.48% | 19.99% | 43.00% | 125.04% | 78.43% | 76.45% | 58.24% | 4.30% | 34.68% | ||||
qoq | -23.64% | 25.75% | 5.11% | 16.75% | -25.92% | 28.47% | 5.24% | 15.36% | -24.59% | 28.57% | 7.79% | 17.50% | -31.31% | 28.14% | 2.80% | 15.84% | -32.10% | 33.77% | 3.22% | 26.38% | -31.23% | 59.42% | 62.44% | 0.20% | -32.00% | 42.97% | 7.06% | 29.39% | |
costs and expenses: | |||||||||||||||||||||||||||||
cost of revenue | 238,552,000 | 226,917,000 | 212,325,000 | 203,009,000 | 199,270,000 | 196,955,000 | 187,453,000 | 184,856,000 | 181,091,000 | 178,096,000 | 170,998,000 | 168,740,000 | 170,926,000 | 185,028,000 | 182,603,000 | 164,896,000 | 146,070,000 | 141,248,000 | 126,783,000 | 127,819,000 | 133,470,000 | 129,023,000 | 112,844,000 | 108,259,000 | 99,232,000 | 96,274,000 | 83,520,000 | 105,415,000 | 73,694,000 |
research and development | 380,789,000 | 364,905,000 | 371,253,000 | 359,624,000 | 331,665,000 | 320,773,000 | 326,679,000 | 312,837,000 | 280,275,000 | 267,981,000 | 264,698,000 | 269,391,000 | 266,346,000 | 265,240,000 | 254,684,000 | 233,508,000 | 195,548,000 | 240,856,000 | 185,949,000 | 181,731,000 | 171,728,000 | 163,710,000 | 160,187,000 | 136,593,000 | 145,704,000 | 165,033,000 | 167,703,000 | 801,879,000 | 72,444,000 |
sales and marketing | 317,851,000 | 303,031,000 | 296,679,000 | 313,075,000 | 253,920,000 | 271,096,000 | 249,033,000 | 265,354,000 | 226,289,000 | 240,867,000 | 225,929,000 | 243,239,000 | 201,131,000 | 317,270,000 | 229,873,000 | 212,037,000 | 173,953,000 | 190,525,000 | 156,092,000 | 164,340,000 | 130,322,000 | 120,766,000 | 118,531,000 | 86,483,000 | 117,027,000 | 127,537,000 | 110,740,000 | 296,919,000 | 76,394,000 |
general and administrative | 103,517,000 | 123,320,000 | 110,432,000 | 126,849,000 | 105,610,000 | 103,716,000 | 141,124,000 | 112,074,000 | 106,744,000 | 98,068,000 | 106,577,000 | 99,898,000 | 207,864,000 | 103,803,000 | 86,765,000 | 89,994,000 | 62,979,000 | 94,578,000 | 65,659,000 | 68,122,000 | 72,618,000 | 86,969,000 | 148,087,000 | 45,680,000 | 56,067,000 | 54,241,000 | 51,450,000 | 224,179,000 | 24,205,000 |
restructuring | 47,097,000 | ||||||||||||||||||||||||||||
total costs and expenses | 1,087,806,000 | 1,018,173,000 | 990,689,000 | 1,002,557,000 | 890,465,000 | 892,540,000 | 904,289,000 | 875,121,000 | 794,399,000 | 785,012,000 | 768,202,000 | 781,268,000 | 846,267,000 | 871,341,000 | 753,925,000 | 700,435,000 | 578,550,000 | 667,207,000 | 534,483,000 | 542,012,000 | 508,138,000 | 500,468,000 | 539,649,000 | 377,015,000 | 418,030,000 | 443,085,000 | 413,413,000 | 1,428,392,000 | 246,737,000 |
income from operations | -80,292,000 | 301,174,000 | 58,516,000 | -4,330,000 | -35,477,000 | 261,590,000 | -5,916,000 | -21,441,000 | -54,416,000 | 196,250,000 | -4,999,000 | -73,243,000 | -243,686,000 | 5,868,000 | -69,375,000 | -34,505,000 | -3,665,000 | 179,448,000 | 98,449,000 | 71,198,000 | -22,908,000 | 205,149,000 | -97,033,000 | -104,530,000 | -146,090,000 | -43,187,000 | -133,710,000 | -1,167,143,000 | -44,826,000 |
yoy | 126.32% | 15.13% | -1089.11% | -79.81% | -34.80% | 33.29% | 18.34% | -70.73% | -77.67% | 3244.41% | -92.79% | 112.27% | 6549.00% | -96.73% | -170.47% | -148.46% | -84.00% | -12.53% | -201.46% | -168.11% | -84.32% | -575.02% | -27.43% | -91.04% | 225.90% | ||||
qoq | -126.66% | 414.69% | -1451.41% | -87.79% | -113.56% | -4521.74% | -72.41% | -60.60% | -127.73% | -4025.79% | -93.17% | -69.94% | -4252.79% | -108.46% | 101.06% | 841.47% | -102.04% | 82.28% | 38.27% | -410.80% | -111.17% | -311.42% | -7.17% | -28.45% | 238.27% | -67.70% | -88.54% | 2503.72% | |
operating margin % | -7.97% | 22.83% | 5.58% | -0.43% | -4.15% | 22.67% | -0.66% | -2.51% | -7.35% | 20.00% | -0.66% | -10.34% | -40.44% | 0.67% | -10.13% | -5.18% | -0.64% | 21.19% | 15.55% | 11.61% | -4.72% | 29.07% | -21.92% | -38.36% | -53.72% | -10.80% | -47.80% | -446.76% | -22.20% |
interest income | 17,786,000 | 26,642,000 | 28,536,000 | 28,022,000 | 27,293,000 | 28,580,000 | 32,477,000 | 34,680,000 | 31,266,000 | 28,959,000 | 26,691,000 | 24,888,000 | 24,901,000 | 17,172,000 | 9,318,000 | 3,365,000 | 1,088,000 | 822,000 | 765,000 | 1,125,000 | 1,492,000 | 1,854,000 | 2,896,000 | 4,218,000 | 7,151,000 | 8,141,000 | 9,837,000 | 8,127,000 | 4,059,000 |
other income | -994,000 | -109,000 | 144,000 | 10,960,000 | 4,519,000 | -13,330,000 | 3,237,000 | -4,596,000 | -4,526,000 | 5,893,000 | -4,596,000 | 2,180,000 | 322,000 | ||||||||||||||||
income before provision for income taxes | -63,500,000 | 276,840,000 | 29,798,000 | 231,102,000 | 17,096,000 | -46,175,000 | -218,463,000 | 28,774,000 | -70,173,000 | -40,392,000 | -4,153,000 | 176,841,000 | 94,449,000 | 72,660,000 | -22,979,000 | 208,512,000 | -94,188,000 | -100,328,000 | -141,016,000 | -35,179,000 | -124,929,000 | -1,159,464,000 | -41,267,000 | ||||||
provision for income taxes | 10,087,000 | -1,570,635,000 | -758,000 | 29,924,000 | 10,363,000 | -11,233,000 | -9,884,000 | 11,283,000 | -4,992,000 | 2,684,000 | 1,128,000 | 2,142,000 | 453,000 | 3,243,000 | -1,305,000 | 671,000 | 32,000 | 420,000 | 180,000 | 539,000 | -197,000 | 37,000 | 153,000 | ||||||
net income | -73,587,000 | 277,070,000 | 92,108,000 | 38,755,000 | 8,922,000 | 1,847,475,000 | 30,556,000 | 8,887,000 | -24,812,000 | 201,178,000 | 6,733,000 | -34,942,000 | -208,579,000 | 17,491,000 | -65,181,000 | -43,076,000 | -5,281,000 | 174,699,000 | 93,996,000 | 69,417,000 | -21,674,000 | 207,841,000 | -94,220,000 | -100,748,000 | -141,196,000 | -35,718,000 | -124,732,000 | -1,159,501,000 | -41,420,000 |
yoy | -924.78% | -85.00% | 201.44% | 336.09% | -135.96% | 818.33% | 353.82% | -125.43% | -88.10% | 1050.18% | -110.33% | -18.88% | 3849.61% | -89.99% | -169.34% | -162.05% | -75.63% | -15.95% | -199.76% | -168.90% | -84.65% | -681.89% | -24.46% | -91.31% | 240.89% | ||||
qoq | -126.56% | 200.81% | 137.67% | 334.38% | -99.52% | 5946.19% | 243.83% | -135.82% | -112.33% | 2887.94% | -119.27% | -83.25% | -1292.49% | -126.83% | 51.32% | 715.68% | -103.02% | 85.86% | 35.41% | -420.28% | -110.43% | -320.59% | -6.48% | -28.65% | 295.31% | -71.36% | -89.24% | 2699.37% | |
net income margin % | -7.30% | 21.00% | 8.78% | 3.88% | 1.04% | 160.08% | 3.40% | 1.04% | -3.35% | 20.50% | 0.88% | -4.94% | -34.61% | 1.99% | -9.52% | -6.47% | -0.92% | 20.63% | 14.85% | 11.32% | -4.47% | 29.46% | -21.29% | -36.97% | -51.92% | -8.93% | -44.59% | -443.83% | -20.51% |
net income per share | -0.04 | -0.05 | -0.31 | -0.01 | -0.03 | 0.35 | -0.16 | -0.17 | -0.25 | 0.91 | -0.23 | -2.62 | -0.33 | ||||||||||||||||
basic | -0.12 | 0.41 | 0.14 | 0.06 | 0.01 | 2.72 | 0.05 | 0.01 | 0.3 | 0.01 | 0.03 | -0.1 | -0.07 | 0.27 | 0.15 | 0.11 | |||||||||||||
diluted | -0.12 | 0.41 | 0.13 | 0.06 | 0.01 | 2.65 | 0.04 | 0.01 | 0.3 | 0.01 | 0.03 | -0.1 | -0.07 | 0.26 | 0.14 | 0.1 | |||||||||||||
weighted-average shares used for eps calculation | 678,819 | 674,280 | 681,140 | 656,899 | 628,593 | 596,264 | 603,490 | 586,737 | 576,302 | 420,473 | 546,126 | 443,340 | 127,346 | ||||||||||||||||
basic | 636,586 | 674,706 | 677,819 | 676,852 | 676,523 | 678,831 | 678,496 | 683,171 | 674,641 | 669,261 | 665,732 | 669,171 | 662,242 | 640,030 | 643,979 | 636,190 | |||||||||||||
diluted | 636,586 | 687,771 | 694,532 | 689,837 | 689,358 | 698,376 | 695,483 | 708,258 | 674,641 | 687,101 | 665,732 | 669,171 | 662,242 | 691,651 | 691,853 | 692,364 | |||||||||||||
income before benefit from income taxes | 29,545,750 | 87,196,000 | 34,652,000 | 8,643,000 | |||||||||||||||||||||||||
benefit from income taxes | -5,400,500 | -4,912,000 | -4,103,000 | -12,587,000 | -244,000 | -2,864,000 | |||||||||||||||||||||||
loss before benefit from income taxes | -3,665,000 | -27,676,000 | |||||||||||||||||||||||||||
net income per share | -0.04 | -0.05 | -0.31 | -0.01 | -0.03 | 0.35 | -0.16 | -0.17 | -0.25 | 0.91 | -0.23 | -2.62 | -0.33 | ||||||||||||||||
weighted-average shares used for eps calculation | 678,819 | 674,280 | 681,140 | 656,899 | 628,593 | 596,264 | 603,490 | 586,737 | 576,302 | 420,473 | 546,126 | 443,340 | 127,346 | ||||||||||||||||
interest expense and other income | 5,734,000 | -10,116,000 | -9,252,000 | -1,576,000 | -3,429,000 | -4,765,000 | 337,000 | -1,563,000 | 1,509,000 | -51,000 | -16,000 | -2,077,000 | -133,000 | -1,056,000 | -448,000 | -500,000 | |||||||||||||
other income, net: |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||||||
current assets: | |||||||||||||||||||||||||||||
cash and cash equivalents | 378,077,000 | 969,342,000 | 1,132,400,000 | 1,216,941,000 | 1,252,310,000 | 1,136,460,000 | 1,035,565,000 | 1,376,681,000 | 1,632,149,000 | 1,361,936,000 | 1,168,419,000 | 1,179,852,000 | 1,651,242,000 | 1,611,063,000 | 1,671,320,000 | 1,641,509,000 | 1,683,792,000 | 1,419,630,000 | 1,231,931,000 | 1,012,928,000 | 913,740,000 | 669,230,000 | 652,723,000 | 863,620,000 | 740,833,000 | 649,666,000 | 1,033,871,000 | 1,408,739,000 | 134,648,000 |
marketable securities | 920,487,000 | 1,497,811,000 | 1,538,881,000 | 1,442,434,000 | 1,362,913,000 | 1,376,409,000 | 1,406,993,000 | 1,358,502,000 | 1,144,260,000 | 1,149,148,000 | 1,162,260,000 | 1,115,556,000 | 1,078,487,000 | 1,087,164,000 | 994,150,000 | 1,017,510,000 | 994,346,000 | 1,060,488,000 | 1,075,465,000 | 1,130,398,000 | 1,119,962,000 | 1,091,076,000 | 996,392,000 | 839,470,000 | 995,875,000 | 1,063,679,000 | 691,894,000 | 442,009,000 | 507,568,000 |
accounts receivable | 830,381,000 | 997,849,000 | 800,522,000 | 760,111,000 | 709,994,000 | 893,403,000 | 680,515,000 | 664,293,000 | 563,865,000 | 763,159,000 | 624,223,000 | 544,055,000 | 487,964,000 | 681,532,000 | 511,054,000 | 511,468,000 | 473,031,000 | 653,355,000 | 505,021,000 | 468,181,000 | 389,206,000 | 563,733,000 | 339,274,000 | 209,933,000 | 212,215,000 | 316,367,000 | 210,339,000 | 202,957,000 | |
prepaid expenses and other current assets | 113,776,000 | 90,735,000 | 93,615,000 | 98,928,000 | 77,041,000 | 78,435,000 | 109,324,000 | 93,270,000 | 73,497,000 | 64,316,000 | 84,365,000 | 101,680,000 | 80,695,000 | 74,918,000 | 85,528,000 | 75,583,000 | 56,183,000 | 48,090,000 | 58,705,000 | 52,204,000 | 34,267,000 | 33,502,000 | 44,537,000 | 45,170,000 | 32,565,000 | 37,522,000 | 46,424,000 | 52,711,000 | 43,623,000 |
total current assets | 2,242,721,000 | 3,555,737,000 | 3,565,418,000 | 3,518,414,000 | 3,402,258,000 | 3,484,707,000 | 3,232,397,000 | 3,492,746,000 | 3,413,771,000 | 3,338,559,000 | 3,039,267,000 | 2,941,143,000 | 3,298,388,000 | 3,454,677,000 | 3,262,052,000 | 3,246,070,000 | 3,207,352,000 | 3,181,563,000 | 2,871,122,000 | 2,663,711,000 | 2,457,175,000 | 2,357,541,000 | 2,032,926,000 | 1,958,193,000 | 1,981,488,000 | 2,067,234,000 | 1,982,528,000 | 2,106,416,000 | 846,947,000 |
property and equipment | 83,132,000 | 66,451,000 | 52,744,000 | 52,621,000 | 51,232,000 | 45,624,000 | 39,421,000 | 40,036,000 | 38,160,000 | 32,225,000 | 26,998,000 | 28,414,000 | 30,272,000 | 59,575,000 | 65,922,000 | 66,074,000 | 54,714,000 | 53,401,000 | 54,445,000 | 59,034,000 | 63,337,000 | 69,375,000 | 76,294,000 | 83,006,000 | 90,357,000 | 91,992,000 | 89,758,000 | 84,612,000 | 83,031,000 |
operating lease right-of-use assets | 152,336,000 | 150,399,000 | 132,513,000 | 75,074,000 | 79,475,000 | 85,867,000 | 86,172,000 | 83,941,000 | 85,069,000 | 92,119,000 | 105,300,000 | 93,580,000 | 97,606,000 | 206,253,000 | 207,312,000 | 218,325,000 | 222,751,000 | 227,912,000 | 203,055,000 | 136,900,000 | 146,150,000 | 155,916,000 | 164,803,000 | 165,250,000 | 172,927,000 | 188,251,000 | 164,922,000 | 153,618,000 | 160,802,000 |
intangible assets | 87,804,000 | ||||||||||||||||||||||||||||
goodwill | 475,290,000 | ||||||||||||||||||||||||||||
deferred tax assets | 1,581,738,000 | 1,592,153,000 | 1,639,056,000 | 1,631,225,000 | 1,624,944,000 | 1,602,539,000 | |||||||||||||||||||||||
other assets | 22,258,000 | 21,082,000 | 18,249,000 | 17,093,000 | 14,559,000 | 13,820,000 | 21,200,000 | 17,010,000 | 14,097,000 | 14,040,000 | 13,715,000 | 17,517,000 | 17,174,000 | 17,403,000 | 16,795,000 | 17,890,000 | 13,289,000 | 13,247,000 | 10,618,000 | 12,159,000 | 12,320,000 | 3,955,000 | 3,980,000 | 5,887,000 | 5,730,000 | 5,925,000 | 3,483,000 | 3,851,000 | 11,008,000 |
total assets | 4,645,279,000 | 5,492,132,000 | 5,515,410,000 | 5,402,987,000 | 5,282,696,000 | 5,342,660,000 | 3,491,133,000 | 3,747,516,000 | 3,666,719,000 | 3,594,405,000 | 3,304,582,000 | 3,201,796,000 | 3,566,422,000 | 3,862,730,000 | 3,692,209,000 | 3,694,032,000 | 3,558,190,000 | 3,537,238,000 | 3,152,790,000 | 2,885,646,000 | 2,692,292,000 | 2,609,459,000 | 2,301,038,000 | 2,249,624,000 | 2,288,612,000 | 2,393,317,000 | 2,280,472,000 | 2,387,176,000 | 1,141,240,000 |
liabilities and stockholders’ equity | |||||||||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||||||||
accounts payable | 74,976,000 | 129,810,000 | 90,589,000 | 91,867,000 | 96,691,000 | 84,026,000 | 88,876,000 | 73,924,000 | 83,654,000 | 79,058,000 | 71,490,000 | 64,080,000 | 77,284,000 | 87,920,000 | 88,601,000 | 57,906,000 | 12,546,000 | 17,675,000 | 57,612,000 | 48,038,000 | 48,585,000 | 49,491,000 | 41,703,000 | 43,705,000 | 37,749,000 | 34,334,000 | 31,509,000 | 30,524,000 | 30,320,000 |
accrued expenses and other current liabilities | 455,780,000 | 335,663,000 | 335,744,000 | 309,937,000 | 307,708,000 | 314,107,000 | 320,426,000 | 293,779,000 | 256,229,000 | 238,032,000 | 232,855,000 | 255,799,000 | 244,639,000 | 292,611,000 | 256,074,000 | 292,949,000 | 213,019,000 | 242,131,000 | 183,382,000 | 189,411,000 | 160,415,000 | 155,340,000 | 147,946,000 | 122,912,000 | 133,050,000 | 141,823,000 | 112,685,000 | 109,373,000 | 93,206,000 |
total current liabilities | 530,756,000 | 465,473,000 | 426,333,000 | 401,804,000 | 404,399,000 | 398,133,000 | 409,302,000 | 367,703,000 | 339,883,000 | 317,090,000 | 304,345,000 | 319,879,000 | 321,923,000 | 380,531,000 | 344,675,000 | 350,855,000 | 225,565,000 | 259,806,000 | 240,994,000 | 237,449,000 | 209,000,000 | 204,831,000 | 189,649,000 | 166,617,000 | 170,799,000 | 176,157,000 | 144,194,000 | 139,897,000 | 123,526,000 |
convertible notes | 980,169,000 | ||||||||||||||||||||||||||||
operating lease liabilities | 224,861,000 | 220,581,000 | 205,237,000 | 137,412,000 | 143,956,000 | 151,364,000 | 154,402,000 | 151,750,000 | 154,340,000 | 160,616,000 | 170,860,000 | 163,015,000 | 159,506,000 | 178,694,000 | 183,244,000 | 192,543,000 | 202,569,000 | 209,181,000 | 189,348,000 | 121,632,000 | 129,559,000 | 139,321,000 | 150,162,000 | 151,282,000 | 158,298,000 | 173,392,000 | 161,164,000 | 155,847,000 | 162,359,000 |
other liabilities | 58,909,000 | 60,840,000 | 58,872,000 | 51,818,000 | 45,872,000 | 42,009,000 | 33,550,000 | 30,010,000 | 28,654,000 | 26,019,000 | 22,735,000 | 25,820,000 | 25,254,000 | 21,851,000 | 19,748,000 | 14,545,000 | 30,396,000 | 29,508,000 | 24,081,000 | 22,638,000 | 24,910,000 | 22,936,000 | 26,623,000 | 25,095,000 | 21,035,000 | 20,063,000 | 18,713,000 | 18,192,000 | 23,945,000 |
total liabilities | 1,794,695,000 | 746,894,000 | 690,442,000 | 591,034,000 | 594,227,000 | 591,506,000 | 597,254,000 | 549,463,000 | 522,877,000 | 503,725,000 | 497,940,000 | 508,714,000 | 506,683,000 | 581,076,000 | 547,667,000 | 557,943,000 | 458,530,000 | 498,495,000 | 454,423,000 | 381,719,000 | 363,469,000 | 367,088,000 | 366,434,000 | 342,994,000 | 350,132,000 | 369,612,000 | 324,071,000 | 313,936,000 | 309,830,000 |
commitments and contingencies | |||||||||||||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||||||||||||
class a common stock, 0.00001 par value... | 6,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 5,000 | 5,000 | |
additional paid-in capital | 2,795,622,000 | 4,612,205,000 | 4,969,510,000 | 5,048,553,000 | 4,966,164,000 | 5,039,439,000 | 5,023,586,000 | 5,366,284,000 | 5,321,530,000 | 5,241,954,000 | 5,165,530,000 | 5,059,960,000 | 5,390,101,000 | 5,407,724,000 | 5,292,789,000 | 5,216,308,000 | 5,133,804,000 | 5,059,528,000 | 4,891,043,000 | 4,790,079,000 | 4,684,227,000 | 4,574,934,000 | 4,475,425,000 | 4,351,557,000 | 4,288,603,000 | 4,229,778,000 | 4,127,028,000 | 4,118,988,000 | 253,016,000 |
accumulated other comprehensive income | -150,000 | 4,333,000 | 3,828,000 | 3,878,000 | 1,538,000 | 5,923,000 | -2,181,000 | 627,000 | 1,148,000 | 1,313,000 | 2,480,000 | 2,063,000 | 3,737,000 | -2,207,000 | 647,000 | 376,000 | 523,000 | ||||||||||||
retained earnings | 55,106,000 | 128,693,000 | |||||||||||||||||||||||||||
total stockholders’ equity | 2,850,584,000 | 4,745,238,000 | 4,824,968,000 | 4,811,953,000 | 4,688,469,000 | 4,751,154,000 | 2,893,879,000 | 3,198,053,000 | 3,143,842,000 | 3,090,680,000 | 2,806,642,000 | 2,693,082,000 | 3,059,739,000 | 3,281,654,000 | 3,144,542,000 | 3,136,089,000 | 3,099,660,000 | 3,038,743,000 | 2,698,367,000 | 2,503,927,000 | 2,328,823,000 | 2,242,371,000 | 1,934,604,000 | 1,906,630,000 | 1,938,480,000 | 2,023,705,000 | 1,956,401,000 | 2,073,240,000 | -633,989,000 |
total liabilities and stockholders’ equity | 4,645,279,000 | 5,492,132,000 | 5,515,410,000 | 5,402,987,000 | 5,282,696,000 | 5,342,660,000 | 3,491,133,000 | 3,747,516,000 | 3,666,719,000 | 3,594,405,000 | 3,304,582,000 | 3,201,796,000 | 3,566,422,000 | 3,862,730,000 | 3,692,209,000 | 3,694,032,000 | 3,558,190,000 | 3,537,238,000 | 3,152,790,000 | 2,885,646,000 | 2,692,292,000 | 2,609,459,000 | 2,301,038,000 | 2,249,624,000 | 2,288,612,000 | ||||
goodwill and intangible assets | 106,310,000 | 107,430,000 | 108,560,000 | 110,228,000 | 110,103,000 | 111,943,000 | 113,783,000 | 115,622,000 | 117,462,000 | 119,302,000 | 121,142,000 | 122,982,000 | 124,822,000 | 140,128,000 | 145,673,000 | 60,084,000 | 61,115,000 | 13,550,000 | 13,842,000 | 13,310,000 | 13,562,000 | 13,814,000 | 14,067,000 | 14,319,000 | 14,576,000 | 14,959,000 | 15,364,000 | 13,728,000 | |
accumulated deficit | -148,377,000 | -240,485,000 | -279,240,000 | -288,162,000 | -2,135,637,000 | -2,166,193,000 | -2,175,080,000 | -2,150,268,000 | -2,351,446,000 | -2,358,179,000 | -2,323,237,000 | -2,114,658,000 | -2,132,149,000 | -2,066,968,000 | -2,023,892,000 | -2,018,611,000 | -2,193,310,000 | -2,287,306,000 | -2,356,723,000 | -2,335,049,000 | -2,542,890,000 | -2,448,670,000 | -2,347,922,000 | -2,206,726,000 | -2,171,008,000 | -2,046,276,000 | -886,775,000 | ||
accumulated other comprehensive loss | -130,000 | -2,045,000 | -2,615,000 | -1,013,000 | -7,449,000 | -8,706,000 | -7,132,000 | -11,419,000 | -16,105,000 | -13,258,000 | -10,259,000 | -231,000 | |||||||||||||||||
restricted cash | 9,110,000 | 9,221,000 | 23,221,000 | 23,791,000 | 25,339,000 | 24,822,000 | 23,315,000 | 25,724,000 | |||||||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders’ equity | |||||||||||||||||||||||||||||
redeemable convertible preferred stock, 0.00001 par value... | 1,465,399,000 | ||||||||||||||||||||||||||||
stockholders’ equity | |||||||||||||||||||||||||||||
common stock, 0.00001 par value... | 1,000 | ||||||||||||||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders’ equity | 2,393,317,000 | 2,280,472,000 | 2,387,176,000 | 1,141,240,000 | |||||||||||||||||||||||||
accounts receivable net of allowances of 2,600 and 3,097 as of march 31, 2019 and december 31, 2018, respectively | 161,108,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||||||||||||||||
net income | -73,587,000 | 277,070,000 | 92,108,000 | 38,755,000 | 8,922,000 | 1,847,475,000 | 17,491,000 | -65,181,000 | 174,699,000 | 93,996,000 | |||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||||||||
depreciation and amortization | 8,826,000 | 6,008,000 | 7,205,000 | 6,090,000 | 5,848,000 | 6,064,000 | 5,421,000 | 4,920,000 | 4,861,000 | 5,324,000 | 4,902,000 | 5,071,000 | 6,212,000 | 19,605,000 | 10,529,000 | 9,135,000 | 7,220,000 | 7,201,000 | 6,762,000 | 6,754,000 | 6,783,000 | 7,814,000 | 8,943,000 | 8,485,000 | 11,746,000 | 8,295,000 | 7,293,000 | 6,507,000 | 5,696,000 |
share-based compensation | 231,446,000 | 230,667,000 | 235,136,000 | 227,234,000 | 187,426,000 | 198,913,000 | 207,976,000 | 196,433,000 | 162,473,000 | 163,227,000 | 171,881,000 | 169,630,000 | 143,122,000 | 170,312,000 | 136,158,000 | 117,413,000 | 73,240,000 | 139,400,000 | 96,262,000 | 100,261,000 | 79,459,000 | 86,219,000 | 91,632,000 | 62,145,000 | 81,024,000 | 112,200,000 | 130,288,000 | 1,134,599,000 | 694,000 |
deferred income taxes | 5,334,000 | 46,746,000 | -8,279,000 | -5,925,000 | -22,074,000 | ||||||||||||||||||||||||
net amortization of investment premium and discount | -3,221,000 | -4,456,000 | -4,123,000 | -4,105,000 | -5,408,000 | -7,893,000 | -8,032,000 | -6,304,000 | -6,788,000 | ||||||||||||||||||||
other | -6,891,000 | -2,597,000 | -6,447,000 | 16,132,000 | 760,000 | -2,531,000 | 1,222,000 | 6,324,000 | -2,695,000 | 13,032,000 | -10,969,000 | -3,155,000 | -1,346,000 | -24,620,000 | -1,742,000 | 9,495,000 | 2,978,000 | 112,000 | 97,000 | 7,369,000 | 2,029,000 | 3,812,000 | 3,457,000 | 1,092,000 | 2,719,000 | -694,000 | -583,000 | -1,720,000 | -993,000 |
changes in assets and liabilities: | |||||||||||||||||||||||||||||
accounts receivable | 195,004,000 | -198,971,000 | -40,724,000 | -49,784,000 | 185,081,000 | -217,395,000 | -14,318,000 | -98,421,000 | 201,188,000 | -140,085,000 | -77,524,000 | -55,696,000 | 192,523,000 | -172,939,000 | 206,000 | -36,326,000 | 180,203,000 | -149,895,000 | -37,653,000 | -77,878,000 | 176,564,000 | -227,506,000 | -129,211,000 | 2,553,000 | 100,991,000 | -106,555,000 | -7,284,000 | -41,714,000 | 61,329,000 |
prepaid expenses and other assets | -21,975,000 | 1,468,000 | 17,883,000 | -23,814,000 | 961,000 | 36,829,000 | -18,294,000 | -25,482,000 | -10,240,000 | 20,410,000 | 20,740,000 | -17,275,000 | -5,773,000 | 7,746,000 | -6,903,000 | -22,772,000 | -8,285,000 | 6,414,000 | -2,799,000 | -18,251,000 | -91,000 | 10,312,000 | 996,000 | -13,804,000 | 6,624,000 | 8,663,000 | 4,672,000 | -6,684,000 | 510,000 |
operating lease right-of-use assets | 10,601,000 | 9,075,000 | 7,575,000 | 7,023,000 | 7,222,000 | 8,350,000 | 7,743,000 | 7,891,000 | 8,727,000 | 11,539,000 | 9,190,000 | 9,432,000 | 25,163,000 | 16,884,000 | 14,037,000 | 12,709,000 | 12,394,000 | 11,981,000 | 11,371,000 | 10,355,000 | 10,288,000 | 10,063,000 | 10,379,000 | 10,577,000 | 10,879,000 | 10,632,000 | 7,706,000 | 7,613,000 | 6,427,000 |
accounts payable | -83,569,000 | 35,291,000 | -1,141,000 | -4,284,000 | 13,036,000 | -6,105,000 | 14,901,000 | -9,607,000 | 4,639,000 | 7,450,000 | 7,584,000 | -13,264,000 | -11,031,000 | -826,000 | 31,046,000 | 45,195,000 | -4,638,000 | -41,313,000 | 9,360,000 | -781,000 | -717,000 | 8,032,000 | -2,091,000 | 7,167,000 | 2,613,000 | 2,739,000 | 1,708,000 | -292,000 | 7,481,000 |
accrued expenses and other liabilities | 76,864,000 | -2,149,000 | 31,793,000 | -3,883,000 | -10,402,000 | 1,917,000 | 29,034,000 | 30,993,000 | 29,688,000 | 11,236,000 | -23,117,000 | 11,996,000 | -43,659,000 | 38,479,000 | -28,457,000 | 42,225,000 | -31,620,000 | 51,765,000 | 5,008,000 | 17,364,000 | 8,298,000 | 3,256,000 | 28,134,000 | -2,838,000 | -4,905,000 | 18,757,000 | -2,177,000 | 17,334,000 | -2,024,000 |
operating lease liabilities | -10,809,000 | -6,939,000 | -9,334,000 | -9,241,000 | -7,666,000 | -11,195,000 | -8,182,000 | -9,208,000 | -10,895,000 | -13,134,000 | -13,805,000 | -13,459,000 | -26,109,000 | -13,842,000 | -12,238,000 | -13,930,000 | -12,822,000 | -13,402,000 | -16,662,000 | -9,796,000 | -10,850,000 | -9,147,000 | -10,656,000 | -11,152,000 | -13,205,000 | -8,761,000 | -9,417,000 | -5,639,000 | -4,578,000 |
net cash from operating activities | 328,023,000 | 391,213,000 | 321,652,000 | 207,693,000 | 363,706,000 | 253,995,000 | 248,027,000 | 106,426,000 | 356,146,000 | 258,280,000 | 108,505,000 | 62,719,000 | 183,457,000 | 58,290,000 | 77,455,000 | 120,068,000 | 213,389,000 | 211,772,000 | 165,742,000 | 104,814,000 | 270,579,000 | 100,696,000 | -92,637,000 | -36,523,000 | 57,290,000 | 9,558,000 | 7,474,000 | -49,497,000 | 33,122,000 |
capital expenditures | -16,341,000 | -10,845,000 | -3,231,000 | -11,010,000 | -7,289,000 | -3,793,000 | -3,916,000 | -4,784,000 | -12,113,000 | -4,283,000 | -980,000 | -810,000 | -1,990,000 | -1,053,000 | -8,015,000 | -13,014,000 | -6,902,000 | -3,694,000 | -1,909,000 | -2,177,000 | -1,251,000 | -3,369,000 | -2,707,000 | -4,320,000 | -7,005,000 | -13,350,000 | -8,519,000 | 0 | -3,706,000 |
free cash flows | 311,682,000 | 380,368,000 | 318,421,000 | 196,683,000 | 356,417,000 | 250,202,000 | 244,111,000 | 101,642,000 | 344,033,000 | 253,997,000 | 107,525,000 | 61,909,000 | 181,467,000 | 57,237,000 | 69,440,000 | 107,054,000 | 206,487,000 | 208,078,000 | 163,833,000 | 102,637,000 | 269,328,000 | 97,327,000 | -95,344,000 | -40,843,000 | 50,285,000 | -3,792,000 | -1,045,000 | -49,497,000 | 29,416,000 |
investing activities | |||||||||||||||||||||||||||||
purchases of property and equipment | -16,341,000 | -10,845,000 | -3,231,000 | -11,010,000 | -7,289,000 | -3,793,000 | -3,916,000 | -4,784,000 | -12,113,000 | -3,706,000 | |||||||||||||||||||
purchases of marketable securities | -228,649,000 | -332,498,000 | -356,135,000 | -462,975,000 | -415,336,000 | -313,456,000 | -384,864,000 | -475,171,000 | -336,522,000 | -242,575,000 | -411,096,000 | -322,741,000 | -331,608,000 | -340,334,000 | -320,340,000 | -212,625,000 | -155,181,000 | -225,622,000 | -307,249,000 | -308,046,000 | -263,170,000 | -408,080,000 | -499,568,000 | -51,019,000 | -257,593,000 | -547,976,000 | -368,584,000 | -45,363,000 | -113,952,000 |
sales of marketable securities | 403,890,000 | 8,827,000 | 9,758,000 | 10,540,000 | 2,350,000 | 12,322,000 | 1,969,000 | 4,750,000 | 2,999,000 | 4,141,000 | 2,438,000 | 0 | 29,271,000 | 3,249,000 | 0 | 0 | 4,168,000 | 61,003,000 | 59,065,000 | 74,755,000 | 79,831,000 | 91,380,000 | 60,858,000 | 41,141,000 | 72,043,000 | 68,809,000 | 33,150,000 | 31,286,000 | 28,953,000 |
maturities of marketable securities | 400,939,000 | 368,241,000 | 255,521,000 | 377,376,000 | 432,224,000 | 336,718,000 | 348,278,000 | 264,049,000 | 342,517,000 | 264,436,000 | 369,402,000 | 290,912,000 | 318,490,000 | 272,042,000 | 342,035,000 | 186,465,000 | 207,319,000 | 175,568,000 | 300,790,000 | 223,630,000 | 149,532,000 | 221,167,000 | 276,867,000 | 172,192,000 | 250,074,000 | 108,795,000 | 85,876,000 | 81,405,000 | 84,883,000 |
acquisition of business, net of cash acquired | -446,954,000 | 0 | 0 | ||||||||||||||||||||||||||
net cash from investing activities | 112,885,000 | 33,725,000 | -94,087,000 | -86,069,000 | 11,949,000 | 31,791,000 | -38,533,000 | -211,156,000 | -3,119,000 | 21,719,000 | -40,236,000 | -32,639,000 | 14,163,000 | -66,096,000 | 13,680,000 | -125,233,000 | 49,404,000 | -29,659,000 | 50,697,000 | -11,838,000 | -35,058,000 | -98,902,000 | -164,550,000 | 157,994,000 | 57,835,000 | -383,722,000 | -258,077,000 | 59,120,000 | -3,822,000 |
financing activities | |||||||||||||||||||||||||||||
proceeds from exercise of stock options | 0 | 0 | 0 | 8,053,000 | 1,867,000 | 1,011,000 | 2,499,000 | 16,756,000 | 3,592,000 | 1,448,000 | 816,000 | 2,400,000 | 8,075,000 | 727,000 | 3,044,000 | 1,036,000 | 4,275,000 | 4,702,000 | 5,591,000 | 9,344,000 | 13,290,000 | 32,243,000 | 12,402,000 | 20,347,000 | 40,600,000 | 42,000 | 592,000 | 110,000 | |
repurchases of class a common stock | -1,946,308,000 | -502,000,000 | -197,387,000 | -52,626,000 | -175,000,000 | -100,198,000 | -466,664,000 | 0 | 0 | -430,524,000 | -69,476,000 | ||||||||||||||||||
shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards | -68,899,000 | -84,722,000 | -114,792,000 | -105,714,000 | -93,754,000 | -84,735,000 | -86,058,000 | -119,753,000 | -99,708,000 | -91,093,000 | -80,723,000 | -71,695,000 | -91,508,000 | -63,452,000 | -60,404,000 | ||||||||||||||
proceeds from issuance of convertible notes, net of issuance costs | 984,985,000 | ||||||||||||||||||||||||||||
other financing activities | -1,890,000 | -3,279,000 | |||||||||||||||||||||||||||
net cash from financing activities | -1,032,112,000 | -586,722,000 | -312,179,000 | -158,340,000 | -260,701,000 | -183,066,000 | -551,711,000 | -150,590,000 | -82,952,000 | -87,501,000 | -79,275,000 | -501,403,000 | -158,584,000 | -55,377,000 | -59,677,000 | -34,909,000 | 1,036,000 | 4,275,000 | 2,952,000 | 5,591,000 | 9,344,000 | 13,290,000 | 30,486,000 | -395,000 | -23,743,000 | -9,476,000 | -123,450,000 | 1,264,293,000 | -3,169,000 |
effect of exchange rate changes on cash, cash equivalents and restricted cash | -72,000 | -54,000 | 77,000 | 1,376,000 | 902,000 | -1,901,000 | 816,000 | -775,000 | -709,000 | 1,019,000 | -427,000 | -67,000 | 1,142,000 | 2,124,000 | -1,611,000 | -2,280,000 | 333,000 | -365,000 | -388,000 | ||||||||||
net increase in cash, cash equivalents and restricted cash | -591,276,000 | -35,340,000 | 115,856,000 | -256,095,000 | 269,366,000 | 193,517,000 | -11,433,000 | -471,390,000 | 40,178,000 | -61,059,000 | 29,847,000 | -42,354,000 | 264,162,000 | 186,023,000 | 219,003,000 | ||||||||||||||
cash, cash equivalents and restricted cash, beginning of period | 975,362,000 | 0 | 0 | 0 | 1,141,221,000 | 0 | 0 | 0 | 1,368,532,000 | 0 | 0 | 0 | 1,617,660,000 | 0 | 0 | 0 | 1,427,064,000 | 0 | 0 | ||||||||||
cash, cash equivalents and restricted cash, end of period | 384,086,000 | -161,838,000 | -84,537,000 | -35,340,000 | 1,257,077,000 | 100,819,000 | -341,401,000 | -256,095,000 | 1,637,898,000 | 193,517,000 | -11,433,000 | -471,390,000 | 1,657,838,000 | -61,059,000 | 29,847,000 | -42,354,000 | 1,691,226,000 | 186,023,000 | 219,003,000 | ||||||||||
reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets | |||||||||||||||||||||||||||||
cash and cash equivalents | 378,077,000 | ||||||||||||||||||||||||||||
restricted cash included in other assets | 6,009,000 | ||||||||||||||||||||||||||||
total cash, cash equivalents and restricted cash | 384,086,000 | ||||||||||||||||||||||||||||
non-cash charitable contributions | 0 | 0 | 0 | 24,810,000 | 0 | 0 | 20,490,000 | ||||||||||||||||||||||
impairment and abandonment charges for leases and leasehold improvements | 0 | 0 | 4,381,000 | 112,934,000 | |||||||||||||||||||||||||
net decrease in cash, cash equivalents and restricted cash | -161,838,000 | ||||||||||||||||||||||||||||
supplemental cash flow information | |||||||||||||||||||||||||||||
cash paid for income taxes | 3,019,000 | 5,283,000 | 8,796,000 | 6,358,000 | 3,482,000 | ||||||||||||||||||||||||
non-cash investing and financing activities: | |||||||||||||||||||||||||||||
repurchases of class a common stock in accrued expenses and other current liabilities | 2,161,000 | ||||||||||||||||||||||||||||
operating lease right-of-use assets obtained in exchange for operating lease liabilities | 192,000 | 9,388,000 | 11,966,000 | 7,721,000 | 2,057,000 | -2,563,000 | 21,538,000 | 13,006,000 | 803,000 | 11,732,000 | 3,884,000 | 8,814,000 | 7,085,000 | 37,108,000 | 80,212,000 | 1,027,000 | 630,000 | 1,059,000 | 9,909,000 | 2,879,000 | 1,242,000 | 34,988,000 | 18,018,000 | ||||||
net loss | 8,887,000 | -24,812,000 | 6,733,000 | -34,942,000 | -208,579,000 | -5,281,000 | -21,674,000 | 207,841,000 | -94,220,000 | -100,748,000 | -141,196,000 | -35,718,000 | -124,732,000 | -1,159,501,000 | -41,420,000 | ||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||||||||||
amortization of investment premiums discount | |||||||||||||||||||||||||||||
purchases of property and equipment and intangible assets | -4,283,000 | -980,000 | -810,000 | -1,990,000 | -1,053,000 | -8,015,000 | -13,014,000 | -6,902,000 | -3,694,000 | -1,909,000 | -2,177,000 | -1,251,000 | -3,369,000 | -2,707,000 | -4,320,000 | -7,005,000 | -13,350,000 | -8,519,000 | |||||||||||
payment of deferred offering costs and other financing activities | 0 | -26,000 | -1,202,000 | ||||||||||||||||||||||||||
other investing activities | 0 | 0 | 0 | 316,000 | |||||||||||||||||||||||||
accrued property and equipment | -2,615,000 | 3,852,000 | 3,462,000 | 1,960,000 | 10,000 | 780,000 | 125,000 | -3,132,000 | -501,000 | -3,378,000 | 7,831,000 | -2,402,000 | 2,556,000 | ||||||||||||||||
proceeds from initial public offering, net of underwriters' discounts and commissions | 0 | 0 | |||||||||||||||||||||||||||
shares repurchased for tax withholdings on release of restricted stock units | 0 | -7,000 | -12,797,000 | -44,090,000 | -50,050,000 | -122,290,000 | |||||||||||||||||||||||
effect of exchange rate changes on cash, cash equivalents, and restricted cash | -355,000 | 413,000 | 64,000 | 64,000 | -214,000 | 281,000 | -165,000 | -25,000 | 8,000 | ||||||||||||||||||||
net increase in cash, cash equivalents, and restricted cash | 244,510,000 | 15,497,000 | -226,637,000 | 121,140,000 | 91,168,000 | -383,359,000 | -374,218,000 | 1,273,891,000 | 26,139,000 | ||||||||||||||||||||
cash, cash equivalents, and restricted cash, beginning of period | 678,911,000 | 0 | 0 | 0 | 677,743,000 | 0 | 0 | 0 | 135,290,000 | ||||||||||||||||||||
cash, cash equivalents, and restricted cash, end of period | 923,421,000 | 15,497,000 | -226,637,000 | 121,140,000 | 768,911,000 | -383,359,000 | -374,218,000 | 1,273,891,000 | 161,429,000 | ||||||||||||||||||||
fees paid for revolving credit facility | |||||||||||||||||||||||||||||
proceeds from issuance of redeemable convertible preferred stock, net of issuance costs |