Roku, Inc(NASDAQ:ROKU) 
Roku, Inc., together with its subsidiaries, operates a TV streaming platform. The company operates in two segments, Platform and Player. The company operates in two segment, Platform and Player. Its platform allows users to discover and access various movies and TV episodes, as well as live sports, ...
Website: http://www.roku.com
Founded: 2002
IPO Price: $14 (Sep 28, 2017)
Full Time Employees: 3,600 (Dec 2022)
CEO / Founder: Anthony Wood
Sector: Communication Services
Industry: Entertainment
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At a glance:
- Platform Revenue Drives Growth: Roku’s performance is increasingly tied to its higher-margin Platform segment (advertising, distribution, and subscription revenue share), which is the primary driver of overall revenue trends.
- Advertising Cycle Remains the Key Swing Factor: Ad demand and pricing—especially in connected TV—have an outsized impact on results, making macro ad-cycle conditions and upfront/scatter pricing important determinants of near-term performance.
- Profitability Path Depends on Operating Leverage: Margin improvement is closely linked to scaling platform revenue, moderating content and operating costs, and maintaining disciplined expense management to translate growth into sustainable profitability.
- Competitive Pressure in Streaming Ecosystem: Roku operates amid intense competition from TV OEM platforms and large ecosystem players, which can influence user engagement, ad inventory, and bargaining power with content and advertising partners.
- International Expansion Offers Upside with Execution Risk: International growth can broaden Roku’s user base and monetization opportunities, but it requires investment and faces market-by-market content, distribution, and advertising adoption challenges.
Bull Thesis:
- Dominant Platform Position and OS Adoption: Roku maintains a leading position in the Connected TV (CTV) market, particularly in North America, with its operating system (OS) being a top choice for smart TVs. This widespread adoption provides a large and growing installed base of users, giving Roku a significant advantage in attracting advertisers and content partners.
- Strong Growth in Platform Revenue (Advertising & Subscriptions): The ongoing shift of advertising dollars from traditional linear TV to CTV is a major tailwind for Roku. Its platform revenue, driven by advertising on The Roku Channel and third-party apps, as well as subscription revenue shares, continues to grow robustly. Roku's data and targeting capabilities make it an attractive partner for advertisers.
- Increasing Average Revenue Per User (ARPU): Roku has demonstrated an ability to increase the monetization of its user base. Through enhanced advertising capabilities, expansion of The Roku Channel's content library, and strategic partnerships, the company is effectively growing its ARPU, indicating a stronger ability to extract value from each active account over time.
- International Expansion Potential: While its primary market is the U.S., Roku has significant long-term potential for international expansion. As streaming adoption grows globally, Roku can leverage its established platform and business model to capture market share in new territories, replicating its domestic success and opening up new revenue streams.
Bear Thesis:
- Intense Competition from Tech Giants: Roku faces fierce competition from well-capitalized tech giants like Amazon (Fire TV), Google (Android TV/Google TV), Apple (Apple TV), and smart TV manufacturers (Samsung Tizen, LG webOS). These competitors have vast resources, integrated ecosystems, and direct relationships with consumers, potentially limiting Roku's market share growth and pricing power.
- Hardware Business Drag on Profitability: Roku's player business, while crucial for expanding its installed base, operates on thin margins and is susceptible to supply chain disruptions and aggressive pricing strategies from competitors. The low profitability of the hardware segment can weigh down overall company margins and free cash flow, especially during periods of high investment or economic pressure.
- Profitability and Free Cash Flow Concerns: Despite strong revenue growth in its platform segment, Roku has struggled with consistent overall profitability and positive free cash flow. High operating expenses, investments in content, and the low-margin hardware business have often led to net losses, raising questions about the company's long-term financial sustainability and ability to generate shareholder value.
- Vulnerability to Ad Market Volatility: A significant portion of Roku's platform revenue is derived from advertising. This makes the company highly susceptible to broader economic downturns, reduced ad spending by businesses, and shifts in advertiser sentiment. A slowdown in the advertising market could directly impact Roku's top-line growth and profitability.
Main Competitors:
- Amazon.com, Inc. ($AMZN) (Fire TV (devices and OS), Amazon Ads, Prime Video), Amazon competes directly with Roku through its Fire TV streaming devices and Fire OS platform, which powers smart TVs and streaming sticks. It also competes for CTV advertising dollars via Amazon Ads and offers its own content through Prime Video, vying for user engagement and subscription revenue.
- Alphabet Inc. ($GOOGL) (Google TV/Android TV (OS), Chromecast, YouTube), Google competes with Roku through its Google TV and Android TV operating systems, which are integrated into smart TVs and streaming devices like Chromecast. YouTube is a massive free content platform that competes for user attention and ad revenue, while Google's ad tech also vies for CTV advertising spend.
- Samsung Electronics Co., Ltd. (Tizen OS (smart TV platform), Samsung TV Plus, Samsung Smart TVs), Samsung is a major smart TV manufacturer that develops its own Tizen OS, directly competing with Roku OS for market share in smart TVs. It also offers its own free ad-supported streaming service (FAST), Samsung TV Plus, and sells its own smart TVs, reducing the need for external streaming devices.
- Apple Inc. ($AAPL) (Apple TV (streaming device and tvOS), Apple TV+, Apple TV app), Apple competes in the premium segment of the streaming market with its Apple TV hardware and tvOS platform. Its Apple TV app aggregates content from various services, and Apple TV+ offers exclusive subscription content, competing for user attention and subscription revenue.
Moat:
Roku's primary competitive advantage lies in its user-friendly operating system, broad content aggregation, and its position as a relatively neutral platform for streaming services. However, it faces intense competition from well-resourced tech giants like Amazon and Google, who offer competing streaming hardware, operating systems, and robust advertising platforms. Additionally, smart TV manufacturers such as Samsung and LG are increasingly developing their own proprietary operating systems and ad-supported content offerings, directly challenging Roku's market share in the smart TV segment. Competition is fierce across streaming device sales, smart TV OS adoption, user engagement, and the rapidly growing connected TV (CTV) advertising market.
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 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
net revenue: | |||||||||||||||||||||||||||||||||||
platform: | |||||||||||||||||||||||||||||||||||
advertising | 612,705,000 | ||||||||||||||||||||||||||||||||||
subscriptions | 518,525,000 | ||||||||||||||||||||||||||||||||||
total platform | 1,131,230,000 | ||||||||||||||||||||||||||||||||||
devices | 117,649,000 | 170,949,000 | 145,994,000 | 135,567,000 | 139,855,000 | 165,714,000 | 154,028,000 | 143,846,000 | 126,534,000 | 155,558,000 | 125,233,000 | 103,351,000 | 106,372,000 | ||||||||||||||||||||||
total net revenue | 1,248,879,000 | 1,394,903,000 | 1,210,638,000 | 1,111,038,000 | 1,020,672,000 | 1,201,047,000 | 1,062,203,000 | 968,179,000 | 881,469,000 | 984,425,000 | 912,018,000 | 847,186,000 | 740,990,000 | 867,056,000 | 761,373,000 | 764,406,000 | 733,699,000 | 865,329,000 | 679,953,000 | 645,119,000 | 574,183,000 | 649,886,000 | 451,663,000 | 356,073,000 | 320,766,000 | 411,230,000 | 260,928,000 | 250,101,000 | 206,662,000 | 275,739,000 | 173,381,000 | 156,810,000 | 136,576,000 | 188,261,000 | 124,782,000 |
yoy | 22.36% | 16.14% | 13.97% | 14.76% | 15.79% | 22.00% | 16.47% | 14.28% | 18.96% | 13.54% | 19.79% | 10.83% | 0.99% | 0.20% | 11.97% | 18.49% | 27.78% | 33.15% | 50.54% | 81.18% | 79.00% | 58.03% | 73.10% | 42.37% | 55.21% | 49.14% | 50.49% | 59.49% | 51.32% | 46.47% | 38.95% | ||||
qoq | -10.47% | 15.22% | 8.96% | 8.85% | -15.02% | 13.07% | 9.71% | 9.84% | -10.46% | 7.94% | 7.65% | 14.33% | -14.54% | 13.88% | -0.40% | 4.19% | -15.21% | 27.26% | 5.40% | 12.35% | -11.65% | 43.89% | 26.85% | 11.01% | -22.00% | 57.60% | 4.33% | 21.02% | -25.05% | 59.04% | 10.57% | 14.82% | -27.45% | 50.87% | |
cost of revenue: | |||||||||||||||||||||||||||||||||||
total cost of revenue | 683,943,000 | 788,081,000 | 685,739,000 | 613,380,000 | 575,627,000 | 688,468,000 | 582,128,000 | 543,479,000 | 493,178,000 | 546,501,000 | 543,195,000 | 468,915,000 | 403,393,000 | 502,677,000 | 404,586,000 | 409,257,000 | 368,892,000 | 485,685,000 | 316,034,000 | 306,853,000 | 247,412,000 | 344,428,000 | 236,839,000 | 209,237,000 | 179,665,000 | 249,583,000 | 142,451,000 | 135,892,000 | 105,771,000 | 163,448,000 | 94,388,000 | 79,058,000 | 73,464,000 | 114,800,000 | 74,887,000 |
gross profit: | |||||||||||||||||||||||||||||||||||
total gross profit | 564,936,000 | 606,822,000 | 524,899,000 | 497,658,000 | 445,045,000 | 512,579,000 | 480,075,000 | 424,700,000 | 388,291,000 | 437,924,000 | 368,823,000 | 378,271,000 | 337,597,000 | 364,379,000 | 356,787,000 | 355,149,000 | 364,807,000 | 379,644,000 | 363,919,000 | 338,266,000 | 326,771,000 | 305,458,000 | 214,824,000 | 146,836,000 | 141,101,000 | 161,647,000 | 118,477,000 | 114,209,000 | 100,891,000 | 112,291,000 | 78,993,000 | 77,752,000 | 63,112,000 | 73,461,000 | 49,895,000 |
yoy | 26.94% | 18.39% | 9.34% | 17.18% | 14.62% | 17.05% | 30.16% | 12.27% | 15.02% | 20.18% | 3.37% | 6.51% | -7.46% | -4.02% | -1.96% | 4.99% | 11.64% | 24.29% | 69.40% | 130.37% | 131.59% | 88.97% | 81.32% | 28.57% | 39.85% | 43.95% | 49.98% | 46.89% | 59.86% | 52.86% | 58.32% | ||||
qoq | -6.90% | 15.61% | 5.47% | 11.82% | -13.18% | 6.77% | 13.04% | 9.38% | -11.33% | 18.74% | -2.50% | 12.05% | -7.35% | 2.13% | 0.46% | -2.65% | -3.91% | 4.32% | 7.58% | 3.52% | 6.98% | 42.19% | 46.30% | 4.06% | -12.71% | 36.44% | 3.74% | 13.20% | -10.15% | 42.15% | 1.60% | 23.20% | -14.09% | 47.23% | |
gross margin % | 45.24% | 43.50% | 43.36% | 44.79% | 43.60% | 42.68% | 45.20% | 43.87% | 44.05% | 44.49% | 40.44% | 44.65% | 45.56% | 42.02% | 46.86% | 46.46% | 49.72% | 43.87% | 53.52% | 52.43% | 56.91% | 47.00% | 47.56% | 41.24% | 43.99% | 39.31% | 45.41% | 45.67% | 48.82% | 40.72% | 45.56% | 49.58% | 46.21% | 39.02% | 39.99% |
operating expenses: | |||||||||||||||||||||||||||||||||||
research and development | 189,492,000 | 184,646,000 | 182,235,000 | 178,017,000 | 184,579,000 | 185,407,000 | 178,798,000 | 175,481,000 | 180,459,000 | 183,801,000 | 282,201,000 | 192,387,000 | 220,085,000 | 220,670,000 | 207,608,000 | 196,637,000 | 163,998,000 | 126,438,000 | 120,307,000 | 113,276,000 | 101,581,000 | 94,731,000 | 88,388,000 | 84,387,000 | 88,278,000 | 78,792,000 | 68,487,000 | 61,994,000 | 55,738,000 | 51,000,000 | 45,370,000 | 40,196,000 | 34,126,000 | 31,295,000 | 28,532,000 |
sales and marketing | 221,221,000 | 255,329,000 | 242,077,000 | 243,256,000 | 223,693,000 | 271,885,000 | 237,047,000 | 221,656,000 | 202,124,000 | 264,554,000 | 307,694,000 | 227,192,000 | 233,919,000 | 297,562,000 | 209,364,000 | 184,971,000 | 146,522,000 | 163,350,000 | 109,700,000 | 93,678,000 | 88,873,000 | 96,089,000 | 70,956,000 | 64,164,000 | 68,248,000 | 61,814,000 | 46,666,000 | 36,568,000 | 33,807,000 | 34,600,000 | 25,603,000 | 22,259,000 | 20,318,000 | 19,131,000 | 16,216,000 |
general and administrative | 102,451,000 | 100,874,000 | 91,121,000 | 99,718,000 | 94,503,000 | 94,412,000 | 99,993,000 | 98,806,000 | 77,744,000 | 93,737,000 | 128,717,000 | 84,652,000 | 96,053,000 | 96,043,000 | 86,804,000 | 84,054,000 | 77,777,000 | 68,492,000 | 65,066,000 | 62,228,000 | 60,511,000 | 49,487,000 | 43,510,000 | 40,494,000 | 39,740,000 | 38,425,000 | 29,873,000 | 26,033,000 | 22,086,000 | 21,204,000 | 19,769,000 | 15,429,000 | 15,570,000 | 13,541,000 | 13,039,000 |
total operating expenses | 513,164,000 | 540,849,000 | 515,433,000 | 520,991,000 | 502,775,000 | 551,704,000 | 515,838,000 | 495,943,000 | 460,327,000 | 542,092,000 | 718,612,000 | 504,231,000 | 550,057,000 | 614,275,000 | 503,776,000 | 465,662,000 | 388,297,000 | 358,280,000 | 295,073,000 | 269,182,000 | 250,965,000 | 240,307,000 | 202,854,000 | 189,045,000 | 196,266,000 | 179,031,000 | 145,026,000 | 124,595,000 | 111,631,000 | 106,804,000 | 90,742,000 | 77,884,000 | 70,014,000 | 63,967,000 | 57,787,000 |
income from operations | 51,772,000 | 65,973,000 | 9,466,000 | -23,333,000 | -57,730,000 | -39,125,000 | -35,763,000 | -71,243,000 | -72,036,000 | -104,168,000 | -349,789,000 | -125,960,000 | -212,460,000 | -249,896,000 | -146,989,000 | -110,513,000 | -23,490,000 | 21,364,000 | 68,846,000 | 69,084,000 | 75,806,000 | 65,151,000 | 11,970,000 | -42,209,000 | -55,165,000 | -17,384,000 | -26,549,000 | -10,386,000 | -10,740,000 | 5,487,000 | -11,749,000 | -132,000 | -6,902,000 | 9,494,000 | -7,892,000 |
yoy | -189.68% | -268.62% | -126.47% | -67.25% | -19.86% | -62.44% | -89.78% | -43.44% | -66.09% | -58.32% | 137.97% | 13.98% | 804.47% | -1269.71% | -313.50% | -259.97% | -130.99% | -67.21% | 475.15% | -263.67% | -237.42% | -474.78% | -145.09% | 306.40% | 413.64% | -416.82% | 125.97% | 7768.18% | 55.61% | -42.21% | 48.87% | ||||
qoq | -21.53% | 596.95% | -140.57% | -59.58% | 47.55% | 9.40% | -49.80% | -1.10% | -30.85% | -70.22% | 177.70% | -40.71% | -14.98% | 70.01% | 33.01% | 370.47% | -209.95% | -68.97% | -0.34% | -8.87% | 16.35% | 444.29% | -128.36% | -23.49% | 217.33% | -34.52% | 155.62% | -3.30% | -295.74% | -146.70% | 8800.76% | -98.09% | -172.70% | -220.30% | |
operating margin % | 4.15% | 4.73% | 0.78% | -2.10% | -5.66% | -3.26% | -3.37% | -7.36% | -8.17% | -10.58% | -38.35% | -14.87% | -28.67% | -28.82% | -19.31% | -14.46% | -3.20% | 2.47% | 10.13% | 10.71% | 13.20% | 10.02% | 2.65% | -11.85% | -17.20% | -4.23% | -10.17% | -4.15% | -5.20% | 1.99% | -6.78% | -0.08% | -5.05% | 5.04% | -6.32% |
other income, net: | |||||||||||||||||||||||||||||||||||
interest expense | -624,000 | -558,000 | -455,000 | -460,000 | -433,000 | -10,000 | -35,000 | -10,000 | -4,000 | -681,000 | -1,888,000 | -1,157,000 | -1,059,000 | -1,057,000 | -749,000 | -743,000 | -746,000 | -742,000 | -762,000 | -773,000 | -1,034,000 | -863,000 | -930,000 | -767,000 | -571,000 | -98,000 | -126,000 | -112,000 | -57,000 | -51,000 | -326,000 | -815,000 | |||
other income | 37,497,000 | 26,294,000 | 29,019,000 | 28,466,000 | 17,649,000 | 13,665,000 | 30,880,000 | 28,129,000 | 25,956,000 | 27,665,000 | 22,912,000 | 19,999,000 | 23,101,000 | 13,614,000 | 27,914,000 | 1,829,000 | 409,000 | 2,006,000 | 500,000 | 1,520,000 | 441,000 | 2,213,000 | 1,202,000 | 557,000 | 1,261,000 | 2,234,000 | 2,065,000 | 1,240,000 | 967,000 | 1,338,000 | 2,162,000 | 361,000 | 448,000 | 282,000 | 212,000 |
total other income | 36,873,000 | 25,736,000 | 28,564,000 | 28,006,000 | 17,216,000 | 25,946,000 | 27,630,000 | 22,902,000 | 19,995,000 | 22,420,000 | 11,726,000 | 26,757,000 | 770,000 | -648,000 | 1,257,000 | -243,000 | 774,000 | -301,000 | 1,451,000 | 429,000 | -477,000 | 398,000 | 1,304,000 | 1,298,000 | 669,000 | 869,000 | 1,212,000 | 2,050,000 | 304,000 | 397,000 | -2,382,000 | -38,285,000 | |||
income before income taxes | 88,645,000 | 91,709,000 | 38,030,000 | 4,673,000 | -40,514,000 | -25,871,000 | -4,883,000 | -43,114,000 | -46,090,000 | -76,538,000 | -326,887,000 | -105,965,000 | -190,040,000 | -238,170,000 | -120,232,000 | -109,743,000 | -24,138,000 | 22,621,000 | 68,603,000 | 69,858,000 | 75,505,000 | 66,602,000 | 12,399,000 | -42,686,000 | -54,767,000 | -16,080,000 | -25,251,000 | -9,717,000 | -9,871,000 | 6,699,000 | -9,699,000 | 172,000 | -6,505,000 | 7,112,000 | -46,177,000 |
income tax expense | 2,945,000 | 11,232,000 | 13,218,000 | -13,083,000 | 9,677,000 | 4,147,000 | -9,161,000 | 4,765,000 | 1,753,000 | 3,184,000 | 1,630,000 | 3,564,000 | -975,000 | 1,951,000 | 2,578,000 | 2,168,000 | -3,609,000 | -791,000 | -704,000 | -548,000 | 462,000 | -384,000 | -139,000 | -79,000 | -172,000 | -354,000 | 129,000 | 171,000 | 58,000 | ||||||
net income | 85,700,000 | 80,477,000 | 24,812,000 | 10,503,000 | -27,431,000 | -35,548,000 | -9,030,000 | -33,953,000 | -50,855,000 | -78,291,000 | -330,071,000 | -107,595,000 | -193,604,000 | -237,195,000 | -122,183,000 | -112,321,000 | -26,306,000 | 23,687,000 | 68,935,000 | 73,467,000 | 76,296,000 | -21,203,250 | 12,947,000 | -43,148,000 | -54,612,000 | -11,055,000 | -25,155,000 | -9,333,000 | |||||||
yoy | -412.42% | -326.39% | -374.77% | -130.93% | -46.06% | -54.60% | -97.26% | -68.44% | -73.73% | -66.99% | 170.14% | -4.21% | 635.97% | -1101.37% | -277.24% | -252.89% | -134.48% | -211.71% | 432.44% | -270.27% | -239.71% | 91.80% | -151.47% | 362.32% | |||||||||||
qoq | 6.49% | 224.35% | 136.24% | -138.29% | -22.83% | 293.67% | -73.40% | -33.24% | -35.04% | -76.28% | 206.77% | -44.43% | -18.38% | 94.13% | 8.78% | 326.98% | -211.06% | -65.64% | -6.17% | -3.71% | -459.83% | -263.77% | -130.01% | -20.99% | 394.00% | -56.05% | 169.53% | ||||||||
net income margin % | 6.86% | 5.77% | 2.05% | 0.95% | -2.69% | -2.96% | -0.85% | -3.51% | -5.77% | -7.95% | -36.19% | -12.70% | -26.13% | -27.36% | -16.05% | -14.69% | -3.59% | 2.74% | 10.14% | 11.39% | 13.29% | -3.26% | 2.87% | -12.12% | -17.03% | -2.69% | -9.64% | -3.73% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
net income per share | 0.58 | 0.55 | 0.17 | 0.07 | -0.19 | -0.24 | -0.06 | -0.24 | -0.35 | -0.54 | -2.33 | -0.76 | -1.38 | -1.72 | -0.88 | -0.82 | -0.19 | 0.17 | 0.52 | 0.55 | 0.59 | 0.55 | 0.1 | -0.35 | -0.45 | -0.13 | -0.22 | -0.08 | -0.09 | 0.07 | -0.09 | 0.01 | -0.07 | 11.85 | -8.79 |
weighted-average common shares outstanding — basic | 147,510 | 147,154 | 147,466 | 146,888 | 141,572 | 137,668 | 138,571 | 136,849 | 135,539 | 132,710 | 133,685 | 132,705 | 129,674 | ||||||||||||||||||||||
weighted-average common shares outstanding — diluted | 151,024 | 150,912 | 151,580 | 149,675 | 141,572 | 137,668 | 138,571 | 136,849 | 135,539 | 141,668 | 142,286 | 142,122 | 140,328 | ||||||||||||||||||||||
platform | 1,223,954,000 | 1,064,644,000 | 975,471,000 | 880,817,000 | 1,035,333,000 | 908,175,000 | 824,333,000 | 754,935,000 | 828,867,000 | 786,785,000 | 743,835,000 | 634,618,000 | 720,973,000 | 670,401,000 | 673,163,000 | 646,904,000 | 703,582,000 | 582,514,000 | 532,303,000 | 466,526,000 | 471,179,000 | 319,231,000 | 244,777,000 | 232,557,000 | 259,619,000 | 179,322,000 | 167,682,000 | 134,153,000 | 151,395,000 | 100,050,000 | 90,341,000 | 75,077,000 | 85,437,000 | 57,528,000 | |
income tax benefit | -5,830,000 | -1,066,000 | -332,000 | -155,000 | -154,750 | -96,000 | |||||||||||||||||||||||||||||
weighted-average common shares outstanding — basic and diluted | 146,197 | 144,630 | 144,862 | 144,339 | 143,751 | 141,877 | 141,033 | 140,333 | |||||||||||||||||||||||||||
player | 67,252,500 | 90,972,000 | 91,243,000 | 86,795,000 | 161,747,000 | 97,439,000 | 112,816,000 | 107,657,000 | 178,707,000 | 132,432,000 | 111,296,000 | 88,209,000 | 151,611,000 | 81,606,000 | 82,419,000 | 72,509,000 | 124,344,000 | 73,331,000 | 66,469,000 | 61,499,000 | 102,824,000 | 67,254,000 | |||||||||||||
weighted-average shares used for eps calculation | 123,978 | 125,687 | 122,614 | 120,180 | 115,218 | 116,681 | 114,572 | 110,877 | 104,618 | 106,884 | 102,652 | 99,488 | 28,308 | 5,259,796 | |||||||||||||||||||||
net loss attributable to common stockholders | -9,732,000 | 6,778,000 | -9,527,000 | -6,634,000 | 6,941,000 | -46,235,000 | |||||||||||||||||||||||||||||
change in fair value of preferred stock warrant liability | -37,682,000 | ||||||||||||||||||||||||||||||||||
net income attributable to common stockholders | 526,000 |
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 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||||||||||||
current assets: | |||||||||||||||||||||||||||||||||||
cash and cash equivalents | 1,649,877,000 | 1,587,068,000 | 1,575,491,000 | 2,253,276,000 | 2,256,153,000 | 2,160,236,000 | 2,126,974,000 | 2,058,465,000 | 2,055,728,000 | 2,025,891,000 | 2,003,408,000 | 1,755,261,000 | 1,630,052,000 | 1,961,956,000 | 2,018,616,000 | 2,050,412,000 | 2,235,092,000 | 2,146,043,000 | 2,179,745,000 | 2,083,273,000 | 2,077,514,000 | 1,092,815,000 | 1,047,478,000 | 885,825,000 | 588,294,000 | 515,479,000 | 385,999,000 | 375,509,000 | 236,500,000 | 155,564,000 | 137,670,000 | 174,167,000 | |||
short-term investments | 730,342,000 | 730,213,000 | 726,875,000 | 1,496,000 | 10,987,000 | 27,401,000 | 42,146,000 | 42,057,000 | |||||||||||||||||||||||||||
accounts receivable | 752,586,000 | 879,871,000 | 745,405,000 | 628,475,000 | 650,187,000 | 812,510,000 | 729,911,000 | 669,136,000 | 716,727,000 | 816,337,000 | 720,398,000 | 707,684,000 | 703,422,000 | 760,793,000 | 719,187,000 | 714,606,000 | 675,705,000 | 752,393,000 | 595,911,000 | 587,481,000 | 496,173,000 | 523,852,000 | 391,277,000 | 306,719,000 | 295,361,000 | 332,673,000 | 196,044,000 | 204,037,000 | 174,195,000 | 183,078,000 | 133,895,000 | 123,612,000 | 106,094,000 | 120,553,000 | 84,840,000 |
inventories | 101,289,000 | 114,642,000 | 140,682,000 | 112,695,000 | 135,297,000 | 158,271,000 | 191,213,000 | 96,351,000 | 94,531,000 | 92,129,000 | 105,374,000 | 93,214,000 | 109,238,000 | 106,747,000 | 119,252,000 | 76,077,000 | 72,863,000 | 50,276,000 | 75,945,000 | 47,996,000 | 41,246,000 | 53,895,000 | 62,609,000 | 45,001,000 | 43,978,000 | 49,714,000 | 73,531,000 | 39,443,000 | 33,398,000 | 35,585,000 | 68,803,000 | 39,431,000 | 38,062,000 | 32,740,000 | 35,450,000 |
prepaid expenses and other current assets | 136,532,000 | 89,716,000 | 140,239,000 | 163,826,000 | 105,404,000 | 103,146,000 | 138,332,000 | 153,434,000 | 129,144,000 | 138,585,000 | 101,108,000 | 104,622,000 | 111,928,000 | 135,383,000 | 113,889,000 | 121,720,000 | 119,127,000 | 105,795,000 | 110,180,000 | 80,482,000 | 134,375,000 | 26,644,000 | 30,985,000 | 37,202,000 | 39,432,000 | 25,943,000 | 28,908,000 | 19,063,000 | 21,888,000 | 15,374,000 | 13,867,000 | 15,131,000 | 30,546,000 | 11,367,000 | 7,702,000 |
total current assets | 3,370,626,000 | 3,401,510,000 | 3,328,692,000 | 3,158,272,000 | 3,147,041,000 | 3,234,163,000 | 3,186,430,000 | 2,977,386,000 | 2,996,130,000 | 3,072,942,000 | 2,971,001,000 | 2,701,494,000 | 2,595,353,000 | 2,964,879,000 | 2,970,944,000 | 2,962,815,000 | 3,102,787,000 | 3,054,507,000 | 2,961,781,000 | 2,799,232,000 | 2,749,391,000 | 1,697,640,000 | 1,533,095,000 | 1,276,286,000 | 968,604,000 | 925,663,000 | 686,891,000 | 649,951,000 | 520,368,000 | 432,935,000 | 397,796,000 | 353,780,000 | 336,811,000 | 344,917,000 | 197,511,000 |
property and equipment | 162,257,000 | 173,577,000 | 182,809,000 | 193,765,000 | 203,619,000 | 213,690,000 | 222,999,000 | 240,035,000 | 251,487,000 | 264,556,000 | 278,723,000 | 357,603,000 | 359,543,000 | 335,031,000 | 272,193,000 | 217,558,000 | 186,308,000 | 177,567,000 | 170,606,000 | 160,544,000 | 155,001,000 | 155,197,000 | 158,634,000 | 152,747,000 | 148,064,000 | 103,262,000 | 61,878,000 | 48,402,000 | 30,777,000 | 25,264,000 | 23,260,000 | 20,212,000 | 16,835,000 | 14,736,000 | 12,807,000 |
operating lease right-of-use assets | 243,701,000 | 260,341,000 | 272,877,000 | 285,516,000 | 292,146,000 | 304,505,000 | 314,326,000 | 338,422,000 | 358,105,000 | 371,444,000 | 410,585,000 | 499,308,000 | 504,693,000 | 521,695,000 | 535,031,000 | 544,414,000 | 401,154,000 | 345,660,000 | 346,691,000 | 298,949,000 | 265,237,000 | 266,197,000 | 267,094,000 | 269,900,000 | 273,305,000 | 283,291,000 | 142,110,000 | 115,961,000 | 71,013,000 | ||||||
content assets | 161,904,000 | 167,908,000 | 175,126,000 | 197,416,000 | 227,862,000 | 237,321,000 | 247,379,000 | 240,596,000 | 249,526,000 | 257,395,000 | 238,015,000 | 300,419,000 | 297,849,000 | 292,766,000 | |||||||||||||||||||||
intangible assets | 46,202,000 | 50,207,000 | 56,540,000 | 64,496,000 | 23,976,000 | 27,501,000 | 31,026,000 | 34,551,000 | 38,076,000 | 41,753,000 | 45,662,000 | 50,068,000 | 54,475,000 | 58,881,000 | 70,787,000 | 75,193,000 | 79,659,000 | 84,126,000 | 92,534,000 | 97,218,000 | 79,255,000 | 62,181,000 | 65,737,000 | 69,292,000 | 72,913,000 | 76,668,000 | 1,061,000 | 1,200,000 | 1,338,000 | 1,477,000 | 1,615,000 | 1,754,000 | 1,892,000 | 2,030,000 | 2,215,000 |
goodwill | 309,406,000 | 309,406,000 | 309,406,000 | 309,406,000 | 161,519,000 | 161,519,000 | 161,519,000 | 161,519,000 | 161,519,000 | 161,519,000 | 161,519,000 | 161,519,000 | 161,519,000 | 161,519,000 | 161,519,000 | 161,519,000 | 161,519,000 | 161,519,000 | 146,784,000 | 146,784,000 | 125,684,000 | 73,058,000 | 73,058,000 | 73,058,000 | 73,058,000 | 74,116,000 | 1,382,000 | 1,382,000 | 1,382,000 | 1,382,000 | 1,382,000 | 1,382,000 | 1,382,000 | 1,382,000 | 1,554,000 |
other non-current assets | 58,538,000 | 70,534,000 | 71,835,000 | 73,084,000 | 123,711,000 | 125,234,000 | 139,737,000 | 111,865,000 | 96,912,000 | 92,183,000 | 85,274,000 | 86,341,000 | 81,972,000 | 77,830,000 | 381,730,000 | 352,035,000 | 294,821,000 | 258,766,000 | 193,907,000 | 135,831,000 | 112,577,000 | 16,269,000 | 6,392,000 | 5,139,000 | 5,765,000 | 7,234,000 | 3,983,000 | 3,929,000 | 3,254,000 | 3,939,000 | 4,305,000 | 4,540,000 | 3,560,000 | 3,429,000 | |
total assets | 4,352,634,000 | 4,433,483,000 | 4,397,285,000 | 4,281,955,000 | 4,179,874,000 | 4,303,933,000 | 4,303,416,000 | 4,104,374,000 | 4,151,755,000 | 4,261,792,000 | 4,190,779,000 | 4,156,752,000 | 4,055,404,000 | 4,412,601,000 | 4,392,204,000 | 4,313,534,000 | 4,226,248,000 | 4,082,145,000 | 3,912,303,000 | 3,638,558,000 | 3,487,145,000 | 2,270,542,000 | 2,104,010,000 | 1,846,422,000 | 1,541,709,000 | 1,470,234,000 | 897,305,000 | 820,825,000 | 628,132,000 | 464,997,000 | 428,358,000 | 381,668,000 | 360,480,000 | 371,897,000 | 225,502,000 |
liabilities and stockholders’ equity | |||||||||||||||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||||||||||||||
accounts payable | 123,093,000 | 158,640,000 | 159,455,000 | 165,963,000 | 194,576,000 | 273,985,000 | 327,038,000 | 276,118,000 | 385,656,000 | 385,330,000 | 312,279,000 | 212,915,000 | 86,879,000 | 164,800,000 | 175,026,000 | 113,768,000 | 137,550,000 | 124,921,000 | 131,818,000 | 132,483,000 | 96,468,000 | 112,314,000 | 115,227,000 | 56,576,000 | 56,413,000 | 49,171,000 | |||||||||
accrued liabilities | 911,199,000 | 957,983,000 | 933,717,000 | 818,597,000 | 788,758,000 | 852,799,000 | 820,165,000 | 724,467,000 | 672,440,000 | 788,040,000 | 797,229,000 | 638,480,000 | 646,360,000 | 750,810,000 | 625,836,000 | 575,277,000 | 574,848,000 | 549,055,000 | 482,057,000 | 423,253,000 | 477,402,000 | 347,668,000 | 198,347,000 | 91,986,000 | 72,344,000 | 65,498,000 | |||||||||
deferred revenue, current portion | 123,938,000 | 120,912,000 | 122,309,000 | 123,628,000 | 115,839,000 | 105,718,000 | 93,405,000 | 95,974,000 | 101,650,000 | 102,157,000 | 98,236,000 | 104,109,000 | 98,058,000 | 87,678,000 | 60,101,000 | 50,641,000 | 54,408,000 | 45,760,000 | 45,559,000 | 48,235,000 | 48,121,000 | 55,465,000 | 39,861,000 | 45,442,000 | 38,543,000 | 39,151,000 | 33,948,000 | 34,501,000 | 30,822,000 | ||||||
total current liabilities | 1,158,230,000 | 1,237,535,000 | 1,215,481,000 | 1,108,188,000 | 1,099,173,000 | 1,232,502,000 | 1,240,608,000 | 1,096,559,000 | 1,159,746,000 | 1,275,527,000 | 1,207,744,000 | 955,504,000 | 831,297,000 | 1,083,273,000 | 943,420,000 | 824,614,000 | 855,454,000 | 729,619,000 | 668,064,000 | 611,348,000 | 628,116,000 | 520,321,000 | 465,674,000 | 412,626,000 | 372,080,000 | 358,301,000 | 277,431,000 | 238,268,000 | 188,862,000 | 194,004,000 | 185,798,000 | 150,177,000 | 145,724,000 | 163,258,000 | 145,491,000 |
deferred revenue, non-current portion | 27,057,000 | 28,848,000 | 28,046,000 | 25,192,000 | 25,122,000 | 25,050,000 | 23,267,000 | 23,471,000 | 23,491,000 | 24,572,000 | 22,556,000 | 23,065,000 | 24,519,000 | 28,210,000 | 26,269,000 | 27,452,000 | 25,647,000 | 28,726,000 | 23,420,000 | 23,149,000 | 22,618,000 | 21,283,000 | 15,370,000 | 19,594,000 | 13,376,000 | 12,435,000 | 13,549,000 | 48,511,000 | |||||||
operating lease liability, non-current portion | 412,705,000 | 435,899,000 | 457,405,000 | 481,779,000 | 496,084,000 | 512,706,000 | 535,378,000 | 553,375,000 | 568,627,000 | 586,174,000 | 600,047,000 | 589,476,000 | 585,648,000 | 584,651,000 | 568,193,000 | 587,981,000 | 444,115,000 | 394,724,000 | 394,515,000 | 336,948,000 | 303,159,000 | 307,936,000 | |||||||||||||
other long-term liabilities | 83,578,000 | 73,256,000 | 71,267,000 | 76,244,000 | 33,786,000 | 40,938,000 | 43,653,000 | 40,180,000 | 44,062,000 | 49,186,000 | 52,965,000 | 55,432,000 | 63,298,000 | 69,911,000 | 76,395,000 | 77,595,000 | 87,867,000 | 82,485,000 | 60,216,000 | 21,157,000 | 4,542,000 | 3,119,000 | 1,668,000 | 1,945,000 | 3,667,000 | 1,701,000 | 1,031,000 | 2,473,000 | 3,089,000 | 6,748,000 | 7,308,000 | 7,291,000 | 7,731,000 | 7,849,000 | 8,604,000 |
total liabilities | 1,681,570,000 | 1,775,538,000 | 1,772,199,000 | 1,691,403,000 | 1,654,165,000 | 1,811,196,000 | 1,842,906,000 | 1,713,585,000 | 1,795,926,000 | 1,935,459,000 | 1,883,312,000 | 1,623,477,000 | 1,504,762,000 | 1,766,045,000 | 1,614,277,000 | 1,517,642,000 | 1,413,083,000 | 1,315,539,000 | 1,228,672,000 | 1,077,530,000 | 1,045,833,000 | 942,527,000 | 887,635,000 | 830,869,000 | 865,796,000 | 771,808,000 | 433,528,000 | 360,143,000 | 267,198,000 | 220,346,000 | 206,482,000 | 169,903,000 | 167,004,000 | 219,618,000 | 268,295,000 |
commitments and contingencies | |||||||||||||||||||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||||||||||||||||||
common stock | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 14,000 | 14,000 | 14,000 | 14,000 | 14,000 | 14,000 | 14,000 | 14,000 | 13,000 | 13,000 | 13,000 | 13,000 | 12,000 | 12,000 | 12,000 | 12,000 | 11,000 | 11,000 | 11,000 | 10,000 | 10,000 | 1,000 | ||||||||
additional paid-in capital | 4,174,436,000 | 4,145,485,000 | 4,092,846,000 | 4,033,004,000 | 3,980,854,000 | 3,921,432,000 | 3,851,967,000 | 3,773,831,000 | 3,704,435,000 | 3,623,747,000 | 3,526,915,000 | 3,422,415,000 | 3,332,223,000 | 3,234,860,000 | 3,129,818,000 | 3,024,897,000 | 2,929,519,000 | 2,856,572,000 | 2,797,297,000 | 2,743,629,000 | 2,697,380,000 | 1,660,379,000 | 1,616,045,000 | 1,428,171,000 | 1,045,383,000 | 1,012,218,000 | 761,883,000 | 733,627,000 | 624,550,000 | 498,553,000 | 482,546,000 | 462,901,000 | 445,139,000 | 435,607,000 | 34,305,000 |
accumulated other comprehensive income | -493,000 | 1,039,000 | 1,314,000 | 1,434,000 | -1,737,000 | -47,000 | -661,000 | -178,000 | 159,000 | -166,000 | 71,000 | 35,000 | -292,000 | -1,074,000 | -371,000 | -41,000 | 41,000 | 29,000 | 29,000 | 29,000 | 29,000 | 29,000 | 29,000 | 4,000 | 1,000 | ||||||||||
accumulated deficit | -1,502,894,000 | -1,488,594,000 | -1,469,089,000 | -1,443,901,000 | -1,454,404,000 | -1,426,973,000 | -1,391,425,000 | -1,382,395,000 | -1,348,442,000 | -1,297,587,000 | -1,219,296,000 | -889,225,000 | -781,630,000 | -588,026,000 | -350,831,000 | -228,648,000 | -116,327,000 | -90,021,000 | -113,708,000 | -182,643,000 | -256,110,000 | -332,406,000 | -399,712,000 | -412,659,000 | -369,511,000 | -313,833,000 | -298,116,000 | -272,961,000 | -263,628,000 | -253,896,000 | -260,674,000 | -251,147,000 | -251,673,000 | -283,338,000 | -290,279,000 |
total stockholders’ equity | 2,671,064,000 | 2,657,945,000 | 2,625,086,000 | 2,590,552,000 | 2,525,709,000 | 2,492,737,000 | 2,460,510,000 | 2,390,789,000 | 2,355,829,000 | 2,326,333,000 | 2,307,467,000 | 2,533,275,000 | 2,550,642,000 | 2,646,556,000 | 2,777,927,000 | 2,795,892,000 | 2,813,165,000 | 2,766,606,000 | 2,683,631,000 | 2,561,028,000 | 2,441,312,000 | 1,328,015,000 | 1,216,375,000 | 1,015,553,000 | 675,913,000 | 698,426,000 | 463,777,000 | 460,682,000 | 360,934,000 | 244,651,000 | 221,876,000 | 211,765,000 | 193,476,000 | 152,279,000 | |
total liabilities and stockholders’ equity | 4,352,634,000 | 4,433,483,000 | 4,397,285,000 | 4,281,955,000 | 4,179,874,000 | 4,303,933,000 | 4,303,416,000 | 4,104,374,000 | 4,151,755,000 | 4,261,792,000 | 4,190,779,000 | 4,156,752,000 | 4,055,404,000 | 4,412,601,000 | 4,392,204,000 | 4,313,534,000 | 4,226,248,000 | 4,082,145,000 | 3,912,303,000 | 3,638,558,000 | 3,487,145,000 | 2,270,542,000 | 2,104,010,000 | 1,846,422,000 | 1,541,709,000 | 1,470,234,000 | 897,305,000 | 820,825,000 | 628,132,000 | 464,997,000 | 428,358,000 | 381,668,000 | 360,480,000 | ||
common stock, 0.0001 par value... | 15,000 | 15,000 | 14,000 | 14,000 | 14,000 | 13,000 | 12,000 | 11,000 | |||||||||||||||||||||||||||
accumulated other comprehensive loss | -756,000 | 29,000 | 29,000 | -2,000 | -17,000 | -7,000 | |||||||||||||||||||||||||||||
1,150,000 (class a - 1,000,000 and class b - 150,000) shares authorized | |||||||||||||||||||||||||||||||||||
as of december 31, 2024 and 2023; | |||||||||||||||||||||||||||||||||||
145,910 (class a - 128,681 and class b - 17,229) shares and | |||||||||||||||||||||||||||||||||||
143,502 (class a - 126,118 and class b - 17,384) shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of december 31, 2024 and 2023, respectively | |||||||||||||||||||||||||||||||||||
september 30, 2024 and december 31, 2023, respectively | |||||||||||||||||||||||||||||||||||
june 30, 2024 and december 31, 2023, respectively | |||||||||||||||||||||||||||||||||||
march 31, 2024 and december 31, 2023, respectively | |||||||||||||||||||||||||||||||||||
december 31, 2023 and 2022, respectively | |||||||||||||||||||||||||||||||||||
current portion of long-term debt | 79,985,000 | 82,457,000 | 84,928,000 | 88,648,000 | 9,883,000 | 8,630,000 | 7,377,000 | 6,125,000 | 4,874,000 | 4,872,000 | 4,870,000 | 4,750,000 | 4,866,000 | ||||||||||||||||||||||
as of december 31, 2023 and 2022; | |||||||||||||||||||||||||||||||||||
143,502 (class a - 126,118 and class b - 17,384) shares and | |||||||||||||||||||||||||||||||||||
140,027 (class a - 122,602 and class b - 17,425) shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of december 31, 2023 and 2022, respectively | |||||||||||||||||||||||||||||||||||
restricted cash | 40,713,000 | 40,713,000 | 40,713,000 | 83,000 | 434,000 | 746,000 | 1,539,000 | 1,539,000 | 1,854,000 | 868,000 | 868,000 | 26,350,000 | |||||||||||||||||||||||
september 30, 2023 and december 31, 2022, respectively | |||||||||||||||||||||||||||||||||||
june 30, 2023 and december 31, 2022, respectively | |||||||||||||||||||||||||||||||||||
march 31, 2023 and december 31, 2022, respectively | |||||||||||||||||||||||||||||||||||
december 31, 2022 and 2021, respectively | |||||||||||||||||||||||||||||||||||
long-term debt, non-current portion | 79,985,000 | 82,457,000 | 84,928,000 | 87,398,000 | 89,868,000 | 94,742,000 | |||||||||||||||||||||||||||||
as of december 31, 2022 and 2021; | |||||||||||||||||||||||||||||||||||
140,027 (class a - 122,602 and class b - 17,425) shares and | |||||||||||||||||||||||||||||||||||
135,137 (class a - 118,767 and class b - 16,370) shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of december 31, 2022 and 2021, respectively | |||||||||||||||||||||||||||||||||||
september 30, 2022 and december 31, 2021, respectively | |||||||||||||||||||||||||||||||||||
june 30, 2022 and december 31, 2021, respectively | |||||||||||||||||||||||||||||||||||
march 31, 2022 and december 31, 2021, respectively | |||||||||||||||||||||||||||||||||||
december 31, 2021 and 2020, respectively | |||||||||||||||||||||||||||||||||||
as of december 31, 2021 and 2020; | |||||||||||||||||||||||||||||||||||
135,137 (class a - 118,767 and class b - 16,370) shares and | |||||||||||||||||||||||||||||||||||
128,004 (class a - 110,645 and class b - 17,359) shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of december 31, 2021 and 2020, respectively | |||||||||||||||||||||||||||||||||||
september 30, 2021 and december 31, 2020, respectively | |||||||||||||||||||||||||||||||||||
restricted cash, current | |||||||||||||||||||||||||||||||||||
june 30, 2021 and december 31, 2020, respectively | |||||||||||||||||||||||||||||||||||
march 31, 2021 and december 31, 2020, respectively | |||||||||||||||||||||||||||||||||||
december 31, 2020 and 2019, respectively | |||||||||||||||||||||||||||||||||||
as of december 31, 2020 and 2019; | |||||||||||||||||||||||||||||||||||
128,004 (class a - 110,645 and class b - 17,359) shares and | |||||||||||||||||||||||||||||||||||
119,897 (class a - 93,574 and class b - 26,323) shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of december 31, 2020 and 2019, respectively | |||||||||||||||||||||||||||||||||||
accounts payable and accrued liabilities | 412,798,000 | 363,816,000 | 328,873,000 | 241,519,000 | 201,732,000 | 146,923,000 | 147,255,000 | 111,026,000 | 111,776,000 | ||||||||||||||||||||||||||
deferred revenue, current | 48,004,000 | 43,940,000 | 38,457,000 | 35,912,000 | 36,536,000 | 41,939,000 | |||||||||||||||||||||||||||||
long-term debt, non-current | 91,087,000 | 92,305,000 | 162,626,000 | ||||||||||||||||||||||||||||||||
deferred revenue, non-current | 18,134,000 | 17,243,000 | 14,795,000 | 12,932,000 | 13,889,000 | 15,297,000 | |||||||||||||||||||||||||||||
operating lease liability, non-current | 311,072,000 | 306,750,000 | 312,628,000 | 301,694,000 | 142,134,000 | 105,513,000 | 59,950,000 | ||||||||||||||||||||||||||||
december 31, 2019 and 2018, respectively | |||||||||||||||||||||||||||||||||||
preferred stock, 0.0001 par value... | |||||||||||||||||||||||||||||||||||
10,000 shares authorized as of december 31, 2019 and 2018; | |||||||||||||||||||||||||||||||||||
no shares issued and outstanding as of december 31, 2019 and 2018 | |||||||||||||||||||||||||||||||||||
as of december 31, 2019 and 2018; | |||||||||||||||||||||||||||||||||||
119,897 (class a - 93,574 and class b - 26,323) shares and | |||||||||||||||||||||||||||||||||||
109,770 (class a - 77,820 and class b - 31,950) shares | |||||||||||||||||||||||||||||||||||
issued and outstanding as of december 31, 2019 and 2018, respectively | |||||||||||||||||||||||||||||||||||
deferred cost of revenue, current | 45,000 | 44,000 | 636,000 | ||||||||||||||||||||||||||||||||
december 31, 2018 and 2017, respectively | |||||||||||||||||||||||||||||||||||
deferred cost of revenue, current portion | 1,188,000 | 1,504,000 | 1,439,000 | 1,359,000 | |||||||||||||||||||||||||||||||
deferred cost of revenue, non-current portion | 5,403,000 | ||||||||||||||||||||||||||||||||||
10,000 shares authorized as of december 31, 2018 and 2017; no | |||||||||||||||||||||||||||||||||||
shares issued and outstanding as of december 31, 2018 and 2017 | |||||||||||||||||||||||||||||||||||
1,150,000 (class a - 1,000,000 and class b - 150,000) shares | |||||||||||||||||||||||||||||||||||
authorized as of december 31, 2018 and 2017; 109,770 | |||||||||||||||||||||||||||||||||||
(class a - 77,820 and class b - 31,950) shares and 99,157 | |||||||||||||||||||||||||||||||||||
(class a - 19,325 and class b - 79,832) shares issued and | |||||||||||||||||||||||||||||||||||
outstanding as of december 31, 2018 and 2017, respectively | |||||||||||||||||||||||||||||||||||
preferred stock, 0.0001 par value | |||||||||||||||||||||||||||||||||||
cash | 160,750,000 | 177,250,000 | 66,918,000 | ||||||||||||||||||||||||||||||||
deferred cost of revenue | 3,007,000 | 2,448,000 | |||||||||||||||||||||||||||||||||
liabilities, convertible preferred stock and stockholders’ equity | |||||||||||||||||||||||||||||||||||
preferred stock warrant liability | 52,355,000 | ||||||||||||||||||||||||||||||||||
convertible preferred stock: | |||||||||||||||||||||||||||||||||||
convertible preferred stock | 213,180,000 | ||||||||||||||||||||||||||||||||||
0 and 84,368 shares authorized as of december 31, 2017 and 2016, respectively | |||||||||||||||||||||||||||||||||||
0 and 80,844 shares issued and outstanding as of december 31, 2017 and 2016, respectively | |||||||||||||||||||||||||||||||||||
stockholders’ equity | |||||||||||||||||||||||||||||||||||
10,000 and 0 shares authorized as of december 31, 2017 and 2016, respectively | |||||||||||||||||||||||||||||||||||
no shares issued and outstanding as of december 31, 2017 and 2016, respectively | |||||||||||||||||||||||||||||||||||
1,150,000 (class a - 1,000,000 and class b - 150,000) shares and | |||||||||||||||||||||||||||||||||||
122,000 shares authorized as of december 31, 2017 and 2016, respectively | |||||||||||||||||||||||||||||||||||
99,157 (class a - 19,325 and class b - 79,832) shares and | |||||||||||||||||||||||||||||||||||
4,819 shares issued and outstanding as of december 31, 2017 and 2016, respectively | |||||||||||||||||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ equity | 371,897,000 | ||||||||||||||||||||||||||||||||||
receivable from related parties | 153,000 | ||||||||||||||||||||||||||||||||||
deferred cost of revenue, noncurrent portion | 4,975,000 | ||||||||||||||||||||||||||||||||||
other noncurrent assets | 6,440,000 | ||||||||||||||||||||||||||||||||||
liabilities, convertible preferred stock and stockholders’ deficit | |||||||||||||||||||||||||||||||||||
long-term debt, less current portion | 23,043,000 | ||||||||||||||||||||||||||||||||||
noncurrent deferred revenue | 38,802,000 | ||||||||||||||||||||||||||||||||||
stockholders’ deficit: | |||||||||||||||||||||||||||||||||||
total stockholders’ deficit | -255,973,000 | ||||||||||||||||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ deficit | 225,502,000 |
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 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||||||||||||||||||
net income | 85,700,000 | 80,477,000 | -237,195,000 | -122,183,000 | -112,321,000 | -26,306,000 | 23,687,000 | 68,935,000 | 73,467,000 | 76,296,000 | ||||||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||||||||||||
depreciation and amortization | 17,928,000 | 17,390,000 | 19,441,000 | 16,881,000 | 15,192,000 | 15,085,000 | 15,349,000 | 15,807,000 | 16,473,000 | 17,400,000 | 18,866,000 | 18,545,000 | 15,636,000 | 12,236,000 | 13,513,000 | 11,416,000 | 11,486,000 | 11,317,000 | 10,892,000 | 10,807,000 | 9,605,000 | 9,639,000 | 9,319,000 | 8,800,000 | 8,448,000 | 6,499,000 | 3,493,000 | 2,828,000 | 2,849,000 | 2,565,000 | 2,218,000 | 1,950,000 | 1,656,000 | 1,453,000 |
stock-based compensation expense | 78,682,000 | 86,004,000 | 88,031,000 | 84,640,000 | 95,494,000 | 101,538,000 | 100,096,000 | 88,396,000 | 94,632,000 | 92,774,000 | 91,305,000 | 89,579,000 | 96,472,000 | 104,277,000 | 99,050,000 | 87,024,000 | 69,580,000 | 54,053,000 | 50,396,000 | 42,546,000 | 40,537,000 | 38,728,000 | 34,907,000 | 30,036,000 | 30,405,000 | 26,022,000 | 22,618,000 | 18,671,000 | 17,864,000 | 16,437,000 | 11,499,000 | 5,309,000 | 4,429,000 | 3,436,000 |
amortization of right-of-use assets | 12,343,000 | 12,234,000 | 12,395,000 | 12,261,000 | 11,575,000 | 11,697,000 | 11,907,000 | 11,891,000 | 11,876,000 | 12,442,000 | 14,605,000 | 15,231,000 | 15,301,000 | 15,153,000 | 15,119,000 | 14,092,000 | 11,143,000 | 9,436,000 | 7,609,000 | 7,521,000 | 6,458,000 | |||||||||||||
amortization and write-off of content assets | 45,747,000 | 69,622,000 | 52,605,000 | 70,448,000 | 50,870,000 | |||||||||||||||||||||||||||||
foreign currency remeasurement losses | -385,000 | 921,000 | 308,000 | -355,000 | 243,000 | 5,773,000 | -1,711,000 | 1,388,000 | 997,000 | -2,012,000 | 1,709,000 | 365,000 | 1,395,000 | 3,922,000 | ||||||||||||||||||||
change in fair value of strategic investment in convertible promissory notes | -3,264,000 | -2,776,000 | -3,184,000 | 6,284,000 | 5,569,000 | |||||||||||||||||||||||||||||
impairment of assets | 4,920,000 | 0 | 0 | 0 | 2,870,000 | 0 | 17,612,000 | 10,655,000 | 851,000 | 34,237,000 | 230,827,000 | 0 | 4,338,000 | |||||||||||||||||||||
provision for credit losses | 71,000 | |||||||||||||||||||||||||||||||||
other items | -1,913,000 | 3,445,000 | -2,310,000 | 783,000 | -425,000 | -621,000 | -735,000 | -741,000 | -748,000 | -638,000 | -648,000 | -200,000 | -24,000 | 68,000 | 77,000 | -71,000 | -264,000 | 197,000 | -290,000 | -39,000 | 31,000 | 55,000 | 304,000 | -14,000 | ||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||
accounts receivable | 126,890,000 | -134,497,000 | -117,991,000 | 27,902,000 | 161,122,000 | -81,935,000 | -58,635,000 | 42,963,000 | 99,500,000 | -95,353,000 | -12,014,000 | -5,178,000 | 55,608,000 | -43,073,000 | -5,134,000 | -38,355,000 | 75,675,000 | -157,058,000 | -8,049,000 | -89,269,000 | 32,608,000 | -133,279,000 | -84,139,000 | -11,086,000 | 32,458,000 | -97,145,000 | 7,932,000 | -29,714,000 | 8,702,000 | -49,304,000 | -10,752,000 | -17,603,000 | 26,986,000 | -35,652,000 |
inventories | 13,353,000 | 26,040,000 | -27,987,000 | 22,602,000 | 22,974,000 | 32,942,000 | -94,862,000 | -1,820,000 | -2,402,000 | 13,352,000 | -12,160,000 | 16,024,000 | -2,491,000 | 12,505,000 | -43,175,000 | -3,214,000 | -22,587,000 | 25,669,000 | -27,949,000 | -6,750,000 | 12,649,000 | 8,714,000 | -17,608,000 | -1,023,000 | 5,736,000 | 23,817,000 | -34,088,000 | -6,045,000 | 2,187,000 | 33,218,000 | -29,372,000 | -1,369,000 | -5,430,000 | 2,710,000 |
prepaid expenses and other current assets | -44,074,000 | 3,290,000 | 20,074,000 | -8,734,000 | -12,381,000 | 29,653,000 | -15,940,000 | -31,677,000 | 6,665,000 | -945,000 | 12,267,000 | -1,228,000 | 4,964,000 | -764,000 | 4,566,000 | -3,992,000 | -15,751,000 | -3,838,000 | -33,167,000 | -11,234,000 | -19,001,000 | 145,000 | 1,627,000 | 8,592,000 | -13,814,000 | 3,704,000 | -9,893,000 | 2,739,000 | -8,116,000 | -1,663,000 | 1,048,000 | 11,952,000 | -11,643,000 | -3,647,000 |
content assets and liabilities | -47,856,000 | -60,996,000 | -32,100,000 | -48,248,000 | -43,113,000 | -51,701,000 | -50,119,000 | -41,167,000 | -50,059,000 | -75,674,000 | -70,959,000 | -64,983,000 | -55,539,000 | |||||||||||||||||||||
other non-current assets | 4,620,000 | 1,131,000 | 995,000 | 3,074,000 | 2,790,000 | 8,227,000 | -2,717,000 | -12,516,000 | -4,763,000 | -6,040,000 | 1,069,000 | 371,000 | 4,008,000 | 72,658,000 | -34,398,000 | -35,800,000 | -9,764,000 | -24,408,000 | -6,354,000 | -11,711,000 | -60,484,000 | |||||||||||||
accounts payable | -35,029,000 | -1,677,000 | -6,243,000 | -35,124,000 | -79,459,000 | -52,741,000 | 50,669,000 | -109,525,000 | 919,000 | 73,391,000 | 102,493,000 | 132,346,000 | -60,055,000 | -15,360,000 | 41,421,000 | -24,178,000 | 12,307,000 | -6,711,000 | -1,294,000 | 35,290,000 | -18,857,000 | 6,909,000 | ||||||||||||
accrued liabilities | -41,340,000 | 12,006,000 | 124,570,000 | 9,029,000 | -57,984,000 | 24,341,000 | 80,759,000 | 42,876,000 | -109,591,000 | -12,503,000 | 162,506,000 | 215,000 | -92,504,000 | 271,775,000 | -5,588,000 | -53,148,000 | -45,513,000 | 4,075,000 | 17,661,000 | -12,509,000 | 29,052,000 | 6,465,000 | ||||||||||||
operating lease liabilities | -21,728,000 | -20,155,000 | -21,815,000 | -19,740,000 | -18,783,000 | -18,069,000 | -18,015,000 | -15,047,000 | -12,704,000 | -13,485,000 | -8,547,000 | -4,157,000 | -1,597,000 | 11,271,000 | -4,391,000 | -6,932,000 | -9,193,000 | -5,618,000 | 3,929,000 | -5,958,000 | -12,436,000 | -5,117,000 | 5,421,000 | -865,000 | 13,560,000 | 10,802,000 | 5,261,000 | -1,914,000 | -2,491,000 | |||||
other long-term liabilities | -24,000 | 15,180,000 | -659,000 | -7,039,000 | 242,000 | 1,829,000 | 1,546,000 | 150,000 | 170,000 | -399,000 | 164,000 | -983,000 | -91,000 | -868,000 | 317,000 | 197,000 | -49,000 | -1,301,000 | 728,000 | -1,075,000 | 548,000 | 1,451,000 | -277,000 | -1,722,000 | 1,166,000 | -385,000 | -1,442,000 | -616,000 | -581,000 | -560,000 | 17,000 | -440,000 | -118,000 | -831,000 |
deferred revenue | 1,235,000 | -595,000 | -5,488,000 | -9,097,000 | 10,193,000 | 14,096,000 | -2,773,000 | -5,696,000 | -1,588,000 | 5,937,000 | -6,382,000 | 4,597,000 | 6,689,000 | 29,518,000 | 8,277,000 | -1,962,000 | 5,569,000 | 5,507,000 | -2,405,000 | 645,000 | -10,971,000 | 10,610,000 | 4,955,000 | 7,931,000 | -1,979,000 | 5,595,000 | -1,581,000 | -6,811,000 | -7,800,000 | 13,117,000 | 333,000 | 4,089,000 | -7,476,000 | 13,388,000 |
net cash from operating activities | 199,140,000 | 107,650,000 | 127,603,000 | 109,733,000 | 138,732,000 | 79,292,000 | 68,664,000 | 23,406,000 | 46,683,000 | 16,327,000 | 245,888,000 | 147,053,000 | -153,412,000 | 7,353,000 | 14,389,000 | -111,745,000 | 101,798,000 | -25,427,000 | 108,748,000 | 48,961,000 | 95,799,000 | 47,045,000 | 21,051,000 | 34,155,000 | 45,941,000 | -10,580,000 | 10,253,000 | 24,738,000 | -10,704,000 | 23,219,000 | 2,171,000 | 3,169,000 | -14,637,000 | 6,100,000 |
capital expenditures | -3,134,000 | -1,091,000 | -1,136,000 | -1,122,000 | -1,931,000 | -2,458,000 | -1,056,000 | -875,000 | -672,000 | -3,520,000 | -6,783,000 | -18,073,000 | -54,243,000 | -65,378,000 | -44,109,000 | -37,445,000 | -14,764,000 | 0 | -14,122,000 | -10,181,000 | -3,717,000 | -6,370,000 | -11,903,000 | -18,792,000 | -45,317,000 | -39,126,000 | -14,883,000 | -18,100,000 | -5,071,000 | -4,964,000 | -4,350,000 | -5,606,000 | -3,407,000 | -2,144,000 |
free cash flows | 196,006,000 | 106,559,000 | 126,467,000 | 108,611,000 | 136,801,000 | 76,834,000 | 67,608,000 | 22,531,000 | 46,011,000 | 12,807,000 | 239,105,000 | 128,980,000 | -207,655,000 | -58,025,000 | -29,720,000 | -149,190,000 | 87,034,000 | -25,427,000 | 94,626,000 | 38,780,000 | 92,082,000 | 40,675,000 | 9,148,000 | 15,363,000 | 624,000 | -49,706,000 | -4,630,000 | 6,638,000 | -15,775,000 | 18,255,000 | -2,179,000 | -2,437,000 | -18,044,000 | 3,956,000 |
cash flows from investing activities: | ||||||||||||||||||||||||||||||||||
purchases of property and equipment | -3,134,000 | -1,091,000 | -1,136,000 | -1,122,000 | -1,931,000 | -2,458,000 | -1,056,000 | -875,000 | -672,000 | -3,520,000 | -6,783,000 | -18,073,000 | -54,243,000 | -65,378,000 | -44,109,000 | -37,445,000 | -14,764,000 | -14,122,000 | -10,181,000 | -3,717,000 | ||||||||||||||
sale of strategic investment | 18,399,000 | |||||||||||||||||||||||||||||||||
purchases of short-term investments | -350,000,000 | 0 | 0 | 0 | 0 | -12,365,000 | -8,906,000 | |||||||||||||||||||||||||||
sales and maturities of short-term investments | 350,000,000 | |||||||||||||||||||||||||||||||||
net cash from investing activities | 15,265,000 | 38,909,000 | -726,136,000 | -86,212,000 | -8,931,000 | -2,458,000 | -21,056,000 | -875,000 | -672,000 | -3,520,000 | -6,783,000 | -65,378,000 | -44,109,000 | -77,445,000 | -14,764,000 | -12,021,000 | -14,122,000 | -44,155,000 | -106,521,000 | -6,370,000 | -11,903,000 | -18,792,000 | -44,259,000 | -113,186,000 | -5,383,000 | -1,600,000 | 9,874,000 | -4,870,000 | -46,250,000 | -5,606,000 | -3,407,000 | -2,669,000 | ||
cash flows from financing activities: | ||||||||||||||||||||||||||||||||||
proceeds from equity issued under incentive plans | 1,789,000 | 16,414,000 | 15,374,000 | 510,000 | 2,436,000 | 399,000 | 302,000 | 417,000 | 8,262,000 | 4,058,000 | 13,195,000 | 613,000 | 891,000 | 765,000 | 5,899,000 | 8,341,000 | 3,352,000 | 5,099,000 | 3,148,000 | 3,580,000 | 6,705,000 | 5,329,000 | 3,134,000 | 2,743,000 | 5,620,000 | 9,054,000 | 10,091,000 | |||||||
taxes paid related to net share settlement of equity awards | -51,520,000 | -49,779,000 | -43,563,000 | -33,000,000 | -38,508,000 | -32,472,000 | -22,261,000 | -19,417,000 | -22,206,000 | |||||||||||||||||||||||||
repurchases of common stock | -100,000,000 | -99,982,000 | ||||||||||||||||||||||||||||||||
net cash from financing activities | -149,731,000 | -133,347,000 | -78,189,000 | -32,490,000 | -36,072,000 | -32,471,000 | -23,788,000 | -19,000,000 | -13,944,000 | 4,058,000 | 13,195,000 | 613,000 | -79,109,000 | -1,735,000 | 3,399,000 | 4,591,000 | 2,102,000 | 3,849,000 | 1,898,000 | 2,330,000 | 995,070,000 | 4,350,000 | 151,712,000 | 282,168,000 | 70,818,000 | 254,203,000 | 5,620,000 | 90,389,000 | 108,116,000 | -455,000 | 7,582,000 | 15,854,000 | 1,544,000 | 106,901,000 |
net increase in cash, cash equivalents and restricted cash | 64,674,000 | 13,212,000 | -676,722,000 | -8,969,000 | 93,729,000 | 44,363,000 | 23,820,000 | 3,531,000 | 32,067,000 | 16,865,000 | -291,764,000 | -59,760,000 | -26,321,000 | -184,599,000 | 89,136,000 | -33,599,000 | 96,524,000 | 7,136,000 | 984,348,000 | 45,025,000 | 160,860,000 | 297,531,000 | 72,500,000 | 130,437,000 | 10,490,000 | 113,527,000 | 107,286,000 | |||||||
effect of exchange rate changes on cash, cash equivalents and restricted cash | -1,865,000 | -1,635,000 | -1,063,000 | 5,689,000 | 2,188,000 | -12,520,000 | 6,776,000 | -1,772,000 | -2,230,000 | 5,618,000 | -4,153,000 | 616,000 | 573,000 | 1,365,000 | -5,468,000 | 15,000 | -82,000 | |||||||||||||||||
cash, cash equivalents and restricted cash — beginning of period | 1,587,068,000 | |||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash — end of period | 1,649,877,000 | |||||||||||||||||||||||||||||||||
change in fair value of contingent consideration | 907,000 | 903,000 | ||||||||||||||||||||||||||||||||
purchase of business, net of cash acquired | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
purchases of strategic investments | 0 | |||||||||||||||||||||||||||||||||
repayments of convertible promissory notes | ||||||||||||||||||||||||||||||||||
repayments of borrowings | 0 | 0 | 0 | -80,000,000 | -2,500,000 | -2,500,000 | -3,750,000 | -1,250,000 | -1,250,000 | -1,250,000 | -1,250,000 | -1,250,000 | -25,446,000 | |||||||||||||||||||||
issuance costs related to credit agreement | -398,000 | |||||||||||||||||||||||||||||||||
provision for doubtful accounts | 838,000 | -1,291,000 | -2,263,000 | -985,000 | 1,072,000 | 1,890,000 | -54,000 | 704,000 | -419,000 | -272,000 | 3,788,000 | 590,000 | 61,000 | -128,000 | 181,000 | 121,000 | 469,000 | 85,000 | 201,000 | 87,000 | ||||||||||||||
repayment of convertible promissory note | 0 | |||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash—beginning of period | 0 | 0 | 2,160,639,000 | 0 | 0 | 517,333,000 | 0 | 0 | 155,564,000 | |||||||||||||||||||||||||
cash, cash equivalents and restricted cash—end of period | -677,785,000 | -3,280,000 | 2,256,556,000 | 160,860,000 | 297,531,000 | 589,833,000 | 10,490,000 | 113,527,000 | 262,850,000 | |||||||||||||||||||||||||
net loss | 10,503,000 | -27,431,000 | -35,548,000 | -9,030,000 | -33,953,000 | -50,855,000 | -330,071,000 | -107,595,000 | -193,604,000 | 67,306,000 | 12,947,000 | -43,148,000 | -54,612,000 | -15,717,000 | -25,155,000 | -9,333,000 | -9,732,000 | 6,778,000 | -9,527,000 | 526,000 | -6,634,000 | 6,941,000 | ||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||||||||||||||||||
purchase of strategic investments | 0 | -7,000,000 | 0 | |||||||||||||||||||||||||||||||
amortization of content assets | 48,044,000 | 47,891,000 | 53,051,000 | 52,487,000 | 52,912,000 | 49,402,000 | 71,234,000 | 62,624,000 | 56,045,000 | 44,452,000 | 38,990,000 | 28,487,000 | 18,275,000 | 9,818,000 | ||||||||||||||||||||
provision for (recoveries of) doubtful accounts | 1,285,000 | -7,000 | 1,612,000 | 2,000 | -546,000 | 1,013,000 | 576,000 | -381,000 | ||||||||||||||||||||||||||
cash, cash equivalents and restricted cash at end of period: | ||||||||||||||||||||||||||||||||||
cash and cash equivalents | 2,235,092,000 | -33,702,000 | 96,472,000 | 5,759,000 | 2,077,514,000 | 45,337,000 | 161,653,000 | 297,531,000 | 588,294,000 | 129,480,000 | 10,490,000 | 139,009,000 | 236,500,000 | |||||||||||||||||||||
restricted cash, current | ||||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash —beginning of period | 0 | 0 | 2,066,604,000 | 0 | 0 | 0 | 1,961,956,000 | 0 | 0 | 0 | 2,147,670,000 | 0 | 0 | 0 | 1,093,249,000 | |||||||||||||||||||
cash, cash equivalents and restricted cash —end of period | 30,596,000 | 1,759,000 | 2,096,441,000 | 22,483,000 | 248,147,000 | 125,209,000 | 1,670,765,000 | -58,395,000 | -31,789,000 | -184,584,000 | 2,236,724,000 | -33,587,000 | 96,524,000 | 7,136,000 | 2,077,597,000 | |||||||||||||||||||
change in fair value of the strategic investment | -3,060,000 | -574,000 | -644,000 | |||||||||||||||||||||||||||||||
purchase of strategic investment | 0 | 0 | -5,000,000 | -5,000,000 | 0 | 0 | ||||||||||||||||||||||||||||
change in fair value of strategic investment | -3,210,000 | 4,088,000 | ||||||||||||||||||||||||||||||||
acquisition of businesses, net of cash acquired | ||||||||||||||||||||||||||||||||||
proceeds from equity issued under at-the-market offerings, net of offering costs | 989,615,000 | |||||||||||||||||||||||||||||||||
restricted cash, non-current | 1,632,000 | 115,000 | 52,000 | |||||||||||||||||||||||||||||||
net decrease in cash, cash equivalents and restricted cash | ||||||||||||||||||||||||||||||||||
net cash used by investing activities | -59,243,000 | |||||||||||||||||||||||||||||||||
impairment of intangible assets | ||||||||||||||||||||||||||||||||||
proceeds from escrows associated with acquisition | 0 | |||||||||||||||||||||||||||||||||
proceeds from borrowings, net of issuance costs | ||||||||||||||||||||||||||||||||||
proceeds from equity issued under at-the-market offering, net of issuance costs | ||||||||||||||||||||||||||||||||||
deferred cost of revenue | 0 | -1,000 | 592,000 | 552,000 | 316,000 | -65,000 | -80,000 | 2,090,000 | -987,000 | |||||||||||||||||||||||||
purchase of property and equipment | -6,370,000 | -11,903,000 | -18,792,000 | -45,317,000 | -39,126,000 | -14,883,000 | -18,100,000 | -5,071,000 | -4,964,000 | -4,350,000 | -5,606,000 | -3,407,000 | -2,558,000 | |||||||||||||||||||||
purchase of intangible assets | ||||||||||||||||||||||||||||||||||
sales/maturities of short-term investments | 1,500,000 | 9,500,000 | 16,500,000 | 27,310,000 | 9,000,000 | |||||||||||||||||||||||||||||
acquisitions of businesses, net of cash acquired | 0 | -33,974,000 | -102,804,000 | |||||||||||||||||||||||||||||||
proceeds from equity issued under at-the-market offerings, net of issuance costs | 0 | |||||||||||||||||||||||||||||||||
restricted cash | 83,000 | -312,000 | -793,000 | 0 | 1,539,000 | 986,000 | 0 | -25,482,000 | 26,350,000 | |||||||||||||||||||||||||
other items net | ||||||||||||||||||||||||||||||||||
other noncurrent assets | -1,970,000 | -1,253,000 | 626,000 | 1,469,000 | -3,016,000 | -54,000 | -675,000 | 685,000 | 366,000 | 235,000 | -980,000 | -353,000 | 3,076,000 | |||||||||||||||||||||
holdback payment for a prior business acquisition | 0 | |||||||||||||||||||||||||||||||||
proceeds from equity issued under incentive plans, net of repurchases | -455,000 | 8,082,000 | ||||||||||||||||||||||||||||||||
amortization of operating lease right-of-use assets | 6,475,000 | |||||||||||||||||||||||||||||||||
amortization of content license assets | 4,949,000 | |||||||||||||||||||||||||||||||||
accounts payable and accrued liabilities | 44,092,000 | 17,066,000 | 10,117,000 | 37,193,000 | 50,861,000 | -18,606,000 | 35,943,000 | -526,000 | -18,474,000 | |||||||||||||||||||||||||
proceeds from borrowing, net of issuance costs | 0 | 0 | 69,325,000 | |||||||||||||||||||||||||||||||
repayments made on borrowings | -1,250,000 | -70,575,000 | -1,250,000 | |||||||||||||||||||||||||||||||
proceeds from equity issued under at-the-market program, net of issuance costs | 147,633,000 | |||||||||||||||||||||||||||||||||
supplemental disclosures of cash flow information: | ||||||||||||||||||||||||||||||||||
cash paid for interest | 680,000 | 1,051,000 | 1,067,000 | 1,255,000 | 418,000 | 542,000 | 38,000 | 454,000 | 566,000 | |||||||||||||||||||||||||
cash paid for income taxes | 142,000 | 244,000 | 238,000 | 47,000 | 79,000 | 557,000 | 160,000 | 55,000 | 169,000 | 180,000 | 60,000 | |||||||||||||||||||||||
supplemental disclosures of non-cash investing and financing activities: | ||||||||||||||||||||||||||||||||||
unpaid portion of property and equipment purchases | -252,000 | -8,930,000 | 14,148,000 | 1,947,000 | 2,215,000 | 4,769,000 | -211,000 | 785,000 | -417,000 | 1,460,000 | ||||||||||||||||||||||||
unpaid portion of at-the-market offering costs | -139,000 | 210,000 | 249,000 | |||||||||||||||||||||||||||||||
non-cash interest expense | 59,000 | 68,000 | 344,000 | |||||||||||||||||||||||||||||||
amortization of premiums on short-term investments | -2,000 | -15,000 | -83,000 | -182,000 | -193,000 | |||||||||||||||||||||||||||||
proceeds from resolution of purchase acquisition contingencies | 0 | 1,058,000 | ||||||||||||||||||||||||||||||||
unpaid portion of purchased intangibles | 0 | 400,000 | ||||||||||||||||||||||||||||||||
operating lease right-of-use assets | 9,213,000 | 8,725,000 | 5,865,000 | 4,298,000 | 3,440,000 | |||||||||||||||||||||||||||||
proceeds from equity issued under at-the-market program, net of offering costs | 151,179,000 | 0 | 81,335,000 | 98,025,000 | ||||||||||||||||||||||||||||||
change in fair value of preferred stock warrant liability | 0 | |||||||||||||||||||||||||||||||||
noncash interest expense | 126,000 | 116,000 | ||||||||||||||||||||||||||||||||
loss from exit of facilities and disposal of property and equipment | ||||||||||||||||||||||||||||||||||
loss from extinguishment of debt | ||||||||||||||||||||||||||||||||||
impairment of long-lived assets | ||||||||||||||||||||||||||||||||||
change in deposits | ||||||||||||||||||||||||||||||||||
proceeds from issuance of common stock pursuant to an initial public offering, net of issuance costs | ||||||||||||||||||||||||||||||||||
loss from exit of facilities | 670,000 | 65,000 | 256,000 | 129,000 | 293,000 | |||||||||||||||||||||||||||||
loss on disposals of property and equipment | 0 | 0 | ||||||||||||||||||||||||||||||||
write-off of deferred initial public offering costs | ||||||||||||||||||||||||||||||||||
payments of costs related to initial public offering | ||||||||||||||||||||||||||||||||||
proceeds from borrowings | 0 | |||||||||||||||||||||||||||||||||
proceeds from issuance of common stock pursuant to an initial public offering, net of issuance costs of 3.1 million | ||||||||||||||||||||||||||||||||||
net increase in cash | 17,894,000 | -36,497,000 | 13,417,000 | -16,500,000 | 110,332,000 | |||||||||||||||||||||||||||||
cash and cash equivalents—beginning of period | 0 | 0 | ||||||||||||||||||||||||||||||||
cash and cash equivalents—end of period | 17,894,000 | -36,497,000 | ||||||||||||||||||||||||||||||||
supplemental disclosures of noncash investing and financing activities: | ||||||||||||||||||||||||||||||||||
fair value of preferred stock warrants reclassified to additional paid in capital | ||||||||||||||||||||||||||||||||||
issuance of convertible preferred stock warrants in connection with debt | 0 | |||||||||||||||||||||||||||||||||
unpaid initial public offering cost | ||||||||||||||||||||||||||||||||||
proceeds from exercise of stock options, net of repurchases | 1,544,000 | 701,000 | ||||||||||||||||||||||||||||||||
cash—beginning of period | 177,250,000 | 0 | ||||||||||||||||||||||||||||||||
cash—end of period | 160,750,000 | 110,332,000 | ||||||||||||||||||||||||||||||||
proceeds from exercise of preferred stock warrants | ||||||||||||||||||||||||||||||||||
proceeds from issuance of convertible preferred stock | ||||||||||||||||||||||||||||||||||
issuance costs in connection with issuance of convertible preferred stock | ||||||||||||||||||||||||||||||||||
purchases of property and equipment recorded in accounts payable and accrued liabilities | 414,000 | |||||||||||||||||||||||||||||||||
due from related parties | ||||||||||||||||||||||||||||||||||
unpaid initial public offering costs |