Snap Inc
(NYSE:SNAP)

Snap Inc. operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application with functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate through short videos and images. It also provides...

Website: http://www.snap.com

Founded: 2011

IPO Price: $17.5 (Mar 02, 2017)

Full Time Employees: 5,288 (Dec 2022)

CEO / Co-Founder: Evan Spiegel

Sector: Communication Services

Industry: Internet Content & Information

Social Network AR

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At a glance:

Ad Revenue Growth Tied to Brand Demand and Direct-Response Improvements: Snap’s top line is primarily driven by advertising, with performance influenced by brand-budget cycles and the effectiveness of its direct-response ad tools and measurement capabilities.
AR and Camera Platform as a Differentiated Engagement Driver: Augmented reality features (Lenses, AR tools) help support user engagement and provide unique ad formats, which can improve advertiser ROI and pricing power versus more commoditized inventory.
User Growth and Monetization (ARPU) Remain Core KPIs: Daily active users and average revenue per user are key indicators; outcomes depend on engagement trends, regional mix, and Snap’s ability to monetize newer surfaces like Spotlight and Maps.
Profitability and Cash Flow Leverage Dependent on Cost Discipline: Operating margin and free cash flow are sensitive to headcount, infrastructure costs, and content/partner spend; sustained profitability typically requires revenue growth outpacing expense growth.
Competitive and Platform Risks Persist (TikTok/Meta + Privacy Changes): Snap faces intense competition for user time and ad dollars, while privacy and tracking changes (e.g., mobile OS policies) can pressure targeting, measurement, and advertiser demand.

Bull Thesis:

Strong AR Innovation and Platform Leadership: Snap continues to lead in augmented reality technology, investing heavily in AR tools, lenses, and developer platforms. This positions them for future growth as AR becomes more mainstream, offering unique and engaging experiences that differentiate them from competitors and attract both users and advertisers.
Resilient Gen Z User Base and High Engagement: Snapchat maintains a strong hold on the coveted Gen Z demographic, demonstrating high user engagement and daily active user (DAU) growth, particularly in international markets. This young, influential audience is highly attractive to advertisers, providing a stable foundation for long-term monetization.
Improving Advertising Platform and Monetization Efficiency: Snap is making significant strides in improving its advertising platform, including better measurement tools, ad formats, and optimization capabilities. As the digital advertising market recovers, these enhancements are expected to drive higher average revenue per user (ARPU) and attract a broader range of advertisers, leading to accelerated revenue growth.
Clear Path to Sustained Profitability and Operational Efficiency: Following significant cost-cutting measures and a focus on operational efficiency, Snap is demonstrating a clearer path towards sustained profitability. Reduced expenses, disciplined hiring, and a focus on high-ROI initiatives are improving margins and moving the company closer to consistent positive free cash flow, enhancing investor confidence.

Bear Thesis:

Intense Competition for User Attention and Ad Dollars: Snap faces fierce competition from well-capitalized rivals like TikTok, Meta (Instagram/Facebook), and YouTube, all vying for the same user attention and advertising budgets. This intense competitive landscape makes it challenging for Snap to significantly expand its market share or pricing power.
Persistent Monetization Challenges and Lower ARPU: Despite a large and engaged user base, Snap continues to struggle with monetizing its users at the same level as competitors, particularly in international markets. Its average revenue per user (ARPU) remains significantly lower than peers, indicating ongoing challenges in converting user engagement into robust advertising revenue.
Volatility in the Digital Advertising Market and ATT Headwinds: Snap's revenue is highly dependent on the volatile digital advertising market, making it susceptible to macroeconomic downturns and shifts in advertiser spending. Furthermore, the lingering impact of Apple's App Tracking Transparency (ATT) changes continues to pose a significant headwind, complicating ad targeting and measurement.
Inconsistent Profitability and Negative Free Cash Flow: Snap has a history of inconsistent profitability and has frequently reported negative free cash flow, raising concerns about its long-term financial sustainability without further capital raises or significant operational improvements. The company's ability to generate consistent profits remains a key investor concern.

Main Competitors:

Meta Platforms Inc. ($META) (Instagram (Stories, Reels), Facebook (Stories), WhatsApp (Status)), Competes directly across multiple fronts including ephemeral content (Instagram Stories vs. Snapchat Stories), short-form video (Instagram Reels vs. Snapchat Spotlight), messaging, and advertising revenue. Instagram, in particular, has replicated many of Snapchat's core features and targets similar demographics.
ByteDance Ltd. (TikTok), A dominant competitor in short-form video content (TikTok vs. Snapchat Spotlight), user engagement, especially among younger demographics, and attracting creator talent and advertising spend. TikTok's viral content discovery mechanism poses a significant challenge to Snap's content strategy.
Alphabet Inc. ($GOOGL) (YouTube Shorts), Competes in the short-form video market (YouTube Shorts vs. Snapchat Spotlight) for user attention and advertising revenue. YouTube's vast content library and established creator ecosystem also compete for overall screen time and content consumption.
Apple Inc. ($AAPL) (iMessage, ARKit), Competes on the platform level, with iMessage serving as a default messaging app for iOS users, potentially reducing reliance on Snapchat for communication. Apple's ARKit also provides tools for developers to create AR experiences, competing with Snap's AR platform and Lenses for developer and user engagement in augmented reality.

Moat:

Snap Inc.'s primary competitive advantages lie in its innovative augmented reality (AR) technology, its unique communication style, and its strong brand loyalty among a younger demographic. However, it faces intense competition from larger tech giants who can replicate features, leverage vast existing user bases, and outspend Snap in R&D and marketing. The battle is fierce for user attention, creator talent, and advertising dollars across social media, short-form video, and emerging AR/metaverse spaces, making it challenging for Snap to maintain its growth trajectory and differentiate its offerings.

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	2017-06-30	2017-03-31

revenue	1,528,791,000	1,716,461,000	1,506,839,000	1,344,930,000	1,363,217,000	1,557,283,000	1,372,574,000	1,236,768,000	1,194,773,000	1,361,287,000	1,188,551,000	1,067,669,000	988,608,000	1,299,735,000	1,128,476,000	1,110,909,000	1,062,727,000	1,297,885,000	1,067,471,000	982,108,000	769,584,000	911,322,000	678,668,000	454,158,000	462,478,000	560,888,000	446,199,000	388,021,000	320,426,000	389,822,000	297,695,000	262,263,000	230,666,000	285,693,000	207,937,000	181,671,000	149,648,000
yoy	12.15%	10.22%	9.78%	8.75%	14.10%	14.40%	15.48%	15.84%	20.85%	4.74%	5.32%	-3.89%	-6.97%	0.14%	5.71%	13.11%	38.09%	42.42%	57.29%	116.25%	66.40%	62.48%	52.10%	17.04%	44.33%	43.88%	49.88%	47.95%	38.91%	36.45%	43.17%	44.36%	54.14%
qoq	-10.93%	13.91%	12.04%	-1.34%	-12.46%	13.46%	10.98%	3.51%	-12.23%	14.53%	11.32%	8.00%	-23.94%	15.18%	1.58%	4.53%	-18.12%	21.59%	8.69%	27.62%	-15.55%	34.28%	49.43%	-1.80%	-17.55%	25.70%	14.99%	21.10%	-17.80%	30.95%	13.51%	13.70%	-19.26%	37.39%	14.46%	21.40%
costs and expenses:
cost of revenue	665,241,000	702,443,000	674,220,000	653,333,000	639,579,000	671,660,000	638,907,000	588,921,000	574,749,000	621,504,000	555,753,000	496,874,000	439,986,000	481,311,000	466,757,000	446,377,000	420,897,000	449,151,000	443,473,000	445,021,000	412,601,000	385,546,000	293,095,000	250,454,000	253,410,000	253,439,000	223,140,000	215,492,000	203,767,000	212,948,000	197,554,000	191,565,000	196,798,000	191,246,000	210,710,000	152,148,000	163,358,000
research and development	478,296,000	472,693,000	453,418,000	443,325,000	424,165,000	422,937,000	412,791,000	406,196,000	449,759,000	483,528,000	494,559,000	477,663,000	455,112,000	584,942,000	564,258,000	505,037,000	455,563,000	434,195,000	412,021,000	370,671,000	348,580,000	318,446,000	283,639,000	260,863,000	238,613,000	219,526,000	211,599,000	236,199,000	216,185,000	164,443,000	203,510,000	203,246,000	200,986,000	233,838,000	239,442,000	255,735,000	805,848,000
sales and marketing	239,011,000	249,280,000	256,215,000	257,853,000	257,957,000	248,214,000	273,107,000	266,320,000	276,034,000	275,811,000	297,251,000	280,597,000	268,433,000	295,150,000	270,336,000	311,374,000	241,886,000	245,228,000	217,526,000	179,724,000	150,286,000	157,634,000	143,511,000	132,118,000	122,205,000	125,972,000	123,240,000	111,504,000	97,882,000	99,474,000	97,552,000	101,685,000	102,113,000	110,458,000	101,511,000	90,903,000	219,733,000
general and administrative	220,692,000	242,328,000	251,348,000	250,095,000	235,362,000	241,349,000	220,979,000	229,306,000	227,463,000	229,157,000	221,051,000	216,874,000	190,341,000	225,929,000	262,367,000	249,061,000	215,908,000	194,438,000	175,275,000	179,204,000	161,723,000	146,932,000	126,287,000	121,331,000	134,614,000	215,547,000	117,073,000	129,644,000	118,653,000	107,664,000	122,450,000	123,609,000	123,299,000	111,115,000	118,101,000	131,903,000	1,174,476,000
total costs and expenses	1,603,240,000	1,666,744,000	1,635,201,000	1,604,606,000	1,557,063,000	1,584,160,000	1,545,784,000	1,490,743,000	1,528,005,000	1,610,000,000	1,568,614,000	1,472,008,000	1,353,872,000	1,587,332,000	1,563,718,000	1,511,849,000	1,334,254,000	1,323,012,000	1,248,295,000	1,174,620,000	1,073,190,000	1,008,558,000	846,532,000	764,766,000	748,842,000	814,484,000	675,052,000	692,839,000	636,487,000	584,529,000	621,066,000	620,105,000	623,196,000	646,657,000	669,764,000	630,689,000	2,363,415,000
operating income	-74,449,000	49,717,000	-128,362,000	-259,676,000	-193,846,000	-26,877,000	-173,210,000	-253,975,000	-333,232,000	-248,713,000	-380,063,000	-404,339,000	-365,264,000	-287,597,000	-435,242,000	-400,940,000	-271,527,000	-25,127,000	-180,824,000	-192,512,000	-303,606,000	-97,236,000	-167,864,000	-310,608,000	-286,364,000	-253,596,000	-228,853,000	-304,818,000	-316,061,000	-194,707,000	-323,371,000
yoy	-61.59%	-284.98%	-25.89%	2.24%	-41.83%	-89.19%	-54.43%	-37.19%	-8.77%	-13.52%	-12.68%	0.85%	34.52%	1044.57%	140.70%	108.27%	-10.57%	-74.16%	7.72%	-38.02%	6.02%	-61.66%	-26.65%	1.90%	-9.40%	30.24%	-29.23%
qoq	-249.75%	-138.73%	-50.57%	33.96%	621.23%	-84.48%	-31.80%	-23.78%	33.98%	-34.56%	-6.00%	10.70%	27.01%	-33.92%	8.56%	47.66%	980.62%	-86.10%	-6.07%	-36.59%	212.24%	-42.07%	-45.96%	8.47%	12.92%	10.81%	-24.92%	-3.56%	62.33%	-39.79%
operating margin %	-4.87%	2.90%	-8.52%	-19.31%	-14.22%	-1.73%	-12.62%	-20.54%	-27.89%	-18.27%	-31.98%	-37.87%	-36.95%	-22.13%	-38.57%	-36.09%	-25.55%	-1.94%	-16.94%	-19.60%	-39.45%	-10.67%	-24.73%	-68.39%	-61.92%	-45.21%	-51.29%	-78.56%	-98.64%	-49.95%	-108.62%	0%	0%	0%	0%	0%	0%
interest income	26,459,000	31,687,000	32,255,000	33,199,000	37,018,000	38,573,000	38,533,000	36,462,000	39,898,000	43,463,000	43,839,000	43,144,000	37,948,000	28,698,000	18,445,000	8,331,000	3,123,000	1,554,000	1,257,000	1,251,000	1,137,000	1,969,000	2,801,000	4,768,000	8,589,000	10,463,000	10,317,000	7,446,000	7,816,000	7,513,000	7,011,000	6,600,000	6,104,000	6,070,000	6,253,000	6,349,000	2,424,000
interest expense	-36,756,000	-36,498,000	-34,494,000	-27,607,000	-23,399,000	-5,813,000	-5,883,000	-5,113,000	-4,743,000	-5,275,000	-5,521,000	-5,343,000	-5,885,000	-5,312,000	-5,425,000	-5,549,000	-5,173,000	-4,050,000	-4,031,000	-4,564,000	-5,031,000	-29,176,000	-28,212,000	-24,727,000	-15,113,000	-14,775,000	-8,654,000	-809,000	-756,000	-1,111,000	-919,000	-930,000	-934,000	-876,000	-887,000	-998,000	-695,000
other income	-1,014,000	-6,946,000	27,570,000	-823,000	49,069,000	8,382,000	-4,355,000	-20,792,000	-81,000	-34,447,000	-20,662,000	1,323,000	11,372,000	-20,043,000	71,961,000	-16,910,000	-77,537,000	63,204,000	112,631,000	42,282,000	22,058,000	29,471,000	-5,669,000	3,575,000	-12,389,000	17,536,000	-1,481,000	44,085,000	-1,127,000	-3,715,000	-7,625,000	-61,000	3,153,000	2,553,000	1,002,000	786,000	187,000
income before income taxes	-85,760,000	37,960,000	-103,031,000	-254,907,000	-131,158,000	14,265,000	-144,915,000	-243,418,000	-298,158,000	-244,972,000	-362,407,000	-365,215,000	-321,829,000	-284,254,000	-350,261,000	-415,068,000	-351,114,000	35,581,000	-70,967,000	-153,543,000	-285,442,000	-94,972,000	-198,944,000	-326,992,000	-305,277,000	-240,372,000	-228,671,000	-254,096,000	-310,128,000	-192,020,000	-324,904,000	-352,233,000	-384,207,000	-353,217,000	-455,459,000	-442,881,000	-2,211,851,000
income tax expense	-3,191,000																-8,510,000
net income	-88,951,000	45,209,000	-103,541,000	-262,570,000	-139,587,000	9,101,000	-153,247,000	-248,620,000	-305,090,000	-248,247,000	-368,256,000	-377,308,000	-328,674,000	-288,460,000	-359,502,000	-422,067,000	-359,624,000	22,550,000	-71,959,000	-151,664,000	-286,882,000	-113,099,000	-199,853,000	-325,951,000	-305,936,000	-240,704,000	-227,375,000	-255,174,000	-310,407,000	-191,668,000	-325,148,000	-353,310,000	-385,785,000	-349,977,000	-443,159,000	-443,093,000	-2,208,837,000
yoy	-36.28%	396.75%	-32.44%	5.61%	-54.25%	-103.67%	-58.39%	-34.11%	-7.18%	-13.94%	2.44%	-10.60%	-8.61%	-1379.20%	399.59%	178.29%	25.36%	-119.94%	-63.99%	-53.47%	-6.23%	-53.01%	-12.10%	27.74%	-1.44%	25.58%	-30.07%	-27.78%	-19.54%	-45.23%	-26.63%	-20.26%	-82.53%
qoq	-296.76%	-143.66%	-60.57%	88.10%	-1633.75%	-105.94%	-38.36%	-18.51%	22.90%	-32.59%	-2.40%	14.80%	13.94%	-19.76%	-14.82%	17.36%	-1694.78%	-131.34%	-52.55%	-47.13%	153.66%	-43.41%	-38.69%	6.54%	27.10%	5.86%	-10.89%	-17.79%	61.95%	-41.05%	-7.97%	-8.42%	10.23%	-21.03%	0.01%	-79.94%
net income margin %	-5.82%	2.63%	-6.87%	-19.52%	-10.24%	0.58%	-11.16%	-20.10%	-25.54%	-18.24%	-30.98%	-35.34%	-33.25%	-22.19%	-31.86%	-37.99%	-33.84%	1.74%	-6.74%	-15.44%	-37.28%	-12.41%	-29.45%	-71.77%	-66.15%	-42.91%	-50.96%	-65.76%	-96.87%	-49.17%	-109.22%	-134.72%	-167.25%	-122.50%	-213.12%	-243.90%	-1476.02%
net income per share
basic	-0.05	0.03	-0.06	-0.16	-0.08	0.01	-0.09	-0.15	-0.19	-0.15	-0.23	-0.24	-0.21	-0.19	-0.22	-0.26	-0.22	0.02	-0.05	-0.1	-0.19	-0.07	-0.14	-0.23	-0.21	-0.17	-0.16	-0.19	-0.23	-0.14	-0.25	-0.27	-0.3	-0.24	-0.36	-0.36	-2.31
diluted	-0.05	0.03	-0.06	-0.16	-0.08	0.01	-0.09	-0.15	-0.19	-0.15	-0.23	-0.24	-0.21	-0.19	-0.22	-0.26	-0.22	0.02	-0.05	-0.1	-0.19	-0.07	-0.14	-0.23	-0.21	-0.17	-0.16	-0.19	-0.23	-0.14	-0.25	-0.27	-0.3	-0.24	-0.36	-0.36	-2.31
weighted-average shares used for eps calculation
basic	1,687,650	1,694,598	1,696,542	1,674,854	1,696,353	1,659,147	1,663,011	1,644,736	1,647,387	1,612,504	1,625,917	1,603,172	1,581,370	1,608,304	1,608,523	1,632,140	1,619,113	1,558,997	1,580,966	1,547,234	1,501,636	1,455,693	1,466,420	1,447,022	1,426,305	1,375,462	1,393,358	1,362,544	1,340,615	1,300,568	1,309,918
diluted	1,687,650	1,694,598	1,696,542	1,674,854	1,696,353	1,659,147	1,663,011	1,644,736	1,647,387	1,612,504	1,625,917	1,603,172	1,581,370	1,608,304	1,608,523	1,632,140	1,619,113	1,558,997	1,580,966	1,547,234	1,501,636	1,455,693	1,466,420	1,447,022	1,426,305	1,375,462	1,393,358	1,362,544	1,340,615	1,300,568	1,309,918
income tax benefit		7,249,000	-510,000	-7,663,000	-8,429,000	-5,164,000	-8,332,000	-5,202,000	-6,932,000	-3,275,000	-5,849,000	-12,093,000	-6,845,000	-4,206,000	-9,241,000	-6,999,000		-13,031,000	-992,000	1,879,000	-1,440,000	-18,127,000	-909,000	1,041,000	-659,000	-332,000	1,296,000	-1,078,000	-279,000	352,000	-244,000	-1,077,000	-1,578,000	3,240,000	12,300,000	-212,000	3,014,000
income from operations																																-357,842,000	-392,530,000	-360,964,000	-461,827,000	-449,018,000	-2,213,767,000

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	2017-06-30	2017-03-31

assets
current assets
cash and cash equivalents	1,061,924,000	1,030,435,000	953,317,000	925,973,000	911,227,000	1,046,534,000	964,967,000	1,060,551,000	1,060,393,000	1,780,400,000	1,199,366,000	1,228,629,000	1,578,528,000	1,423,121,000	1,918,845,000	2,298,122,000	2,412,372,000	1,993,809,000	1,972,358,000	2,051,961,000	967,519,000	545,618,000	824,070,000	1,251,721,000	901,342,000	520,317,000	728,828,000	335,744,000	245,639,000	387,149,000	350,398,000	393,183,000	466,323,000	334,063,000	317,554,000	501,677,000	1,427,114,000
marketable securities	1,760,959,000	1,910,137,000	2,040,060,000	1,967,072,000	2,295,663,000	2,329,745,000	2,227,162,000	2,020,723,000	1,850,622,000	1,763,680,000	2,414,132,000	2,460,649,000	2,524,904,000	2,516,003,000	2,510,107,000	2,574,354,000	2,588,619,000	1,699,076,000	1,509,463,000	1,415,384,000	1,589,178,000	1,991,922,000	1,900,935,000	1,577,848,000	1,180,533,000	1,592,488,000	1,531,902,000	849,050,000	963,093,000	891,914,000	1,064,009,000	1,176,820,000	1,355,030,000	1,708,976,000	1,980,514,000	2,295,919,000	1,815,442,000
accounts receivable	1,187,181,000	1,372,237,000	1,248,011,000	1,164,874,000	1,157,615,000	1,348,472,000	1,195,701,000	1,141,849,000	1,108,357,000	1,278,176,000	1,116,511,000	996,082,000	892,511,000	1,183,092,000	992,747,000	1,015,607,000	941,715,000	1,068,873,000	913,539,000	797,146,000	612,757,000	744,288,000	529,872,000	379,046,000	394,053,000	492,194,000	374,090,000	313,504,000	282,407,000	354,965,000	261,833,000	244,815,000	231,409,000	279,473,000	194,971,000	171,525,000	147,677,000
prepaid expenses and other current assets	269,436,000	272,065,000	235,099,000	226,255,000	212,532,000	182,006,000	200,902,000	198,074,000	167,385,000	153,587,000	144,251,000	154,178,000	146,973,000	134,431,000	115,973,000	127,151,000	117,102,000	92,244,000	76,669,000	72,468,000	69,245,000	56,147,000	60,837,000	49,734,000	51,943,000	38,987,000	42,243,000	41,457,000	41,701,000	41,900,000	48,887,000	54,032,000	58,469,000	44,282,000	54,692,000	77,777,000	72,973,000
total current assets	4,279,500,000	4,584,874,000	4,476,487,000	4,284,174,000	4,577,037,000	4,906,757,000	4,588,732,000	4,421,197,000	4,186,757,000	4,975,843,000	4,874,260,000	4,839,538,000	5,142,916,000	5,256,647,000	5,537,672,000	6,015,234,000	6,059,808,000	4,854,002,000	4,472,029,000	4,336,959,000	3,238,699,000	3,337,975,000	3,315,714,000	3,258,349,000	2,527,871,000	2,643,986,000	2,677,063,000	1,539,755,000	1,532,840,000	1,675,928,000	1,725,127,000	1,868,850,000	2,111,231,000	2,366,794,000	2,547,731,000	3,046,898,000	3,463,206,000
property and equipment	580,827,000	578,075,000	557,418,000	544,226,000	501,353,000	489,088,000	466,397,000	444,485,000	426,363,000	410,326,000	377,320,000	330,010,000	303,022,000	271,777,000	240,752,000	232,476,000	214,441,000	202,644,000	189,946,000	183,229,000	177,071,000	178,709,000	175,199,000	175,125,000	173,751,000	173,667,000	177,073,000	185,440,000	195,302,000	212,560,000	216,609,000	214,230,000	191,043,000	166,762,000	143,112,000	128,031,000	116,132,000
operating lease right-of-use assets	563,775,000	506,216,000	520,187,000	534,084,000	528,270,000	530,441,000	516,959,000	521,101,000	511,117,000	516,862,000	344,681,000	348,970,000	355,062,000	370,952,000	383,037,000	416,169,000	426,027,000	322,252,000	291,181,000	295,266,000	269,023,000	269,728,000	269,141,000	259,564,000	267,479,000	275,447,000	250,225,000	271,745,000	284,486,000
intangible assets	93,865,000	66,613,000	77,257,000	88,791,000	74,822,000	86,363,000	98,920,000	112,808,000	127,658,000	146,303,000	183,866,000	202,671,000	186,724,000	204,480,000	229,128,000	234,261,000	292,310,000	277,654,000	261,131,000	264,161,000	132,483,000	105,929,000	91,796,000	87,285,000	83,900,000	92,121,000	72,371,000	79,811,000	115,386,000	126,054,000	136,473,000	147,197,000	156,525,000	166,473,000	164,612,000	136,005,000	79,781,000
goodwill	1,753,800,000	1,720,769,000	1,720,586,000	1,720,831,000	1,691,870,000	1,689,785,000	1,693,946,000	1,691,317,000	1,691,524,000	1,691,827,000	1,691,542,000	1,692,061,000	1,649,097,000	1,646,120,000	1,632,796,000	1,634,085,000	1,645,284,000	1,588,452,000	1,484,108,000	1,453,766,000	1,025,710,000	939,259,000	816,113,000	775,185,000	756,389,000	761,153,000	621,758,000	628,474,000	629,596,000	632,370,000	634,186,000	635,482,000	645,707,000	639,882,000	612,823,000	502,825,000	332,205,000
other assets	229,804,000	221,255,000	226,015,000	226,881,000	215,848,000	233,914,000	226,463,000	229,131,000	223,982,000	226,597,000	251,236,000	252,973,000	251,569,000	279,562,000	261,809,000	258,566,000	307,067,000	291,302,000	412,770,000	287,434,000	215,794,000	192,638,000	149,811,000	148,521,000	89,120,000	65,550,000	65,882,000	70,800,000	68,133,000	67,194,000	71,381,000	84,954,000	77,524,000	81,655,000	74,102,000	61,715,000	50,453,000
total assets	7,501,571,000	7,677,802,000	7,577,950,000	7,398,987,000	7,589,200,000	7,936,348,000	7,591,417,000	7,420,039,000	7,167,401,000	7,967,758,000	7,722,905,000	7,666,223,000	7,888,390,000	8,029,538,000	8,285,194,000	8,790,791,000	8,944,937,000	7,536,306,000	7,111,165,000	6,820,815,000	5,058,780,000	5,024,238,000	4,817,774,000	4,704,029,000	3,898,510,000	4,011,924,000	3,864,372,000	2,776,025,000	2,825,743,000	2,714,106,000	2,783,776,000	2,950,713,000	3,182,030,000	3,421,566,000	3,542,380,000	3,875,474,000	4,041,777,000
liabilities and stockholders’ equity
current liabilities
accounts payable	238,318,000	219,793,000	153,683,000	116,854,000	209,445,000	173,197,000	157,471,000	179,586,000	246,217,000	278,961,000	128,546,000	163,604,000	141,800,000	181,774,000	188,605,000	184,146,000	180,387,000	125,282,000	91,769,000	79,089,000	126,132,000	71,908,000	61,978,000	58,618,000	54,068,000	46,886,000	56,572,000	51,902,000	31,827,000	30,876,000	20,175,000	22,644,000	28,562,000	71,194,000	15,207,000	17,770,000	13,849,000
operating lease liabilities	33,340,000	48,479,000	43,468,000	32,156,000	22,501,000	24,885,000	21,311,000	21,279,000	36,649,000	49,321,000	62,111,000	57,893,000	50,787,000	46,485,000	57,913,000	48,978,000	51,684,000	52,396,000	56,191,000	54,121,000	44,872,000	41,077,000	40,994,000	42,755,000	40,189,000	42,179,000	49,725,000	47,100,000	46,078,000
accrued expenses and other current liabilities	895,357,000	971,627,000	976,547,000	954,010,000	796,258,000	1,009,254,000	921,393,000	875,119,000	829,579,000	805,836,000	818,915,000	716,167,000	898,897,000	987,340,000	893,414,000	830,843,000	610,728,000	674,108,000	660,536,000	614,937,000	580,924,000	554,342,000	507,134,000	442,239,000	428,934,000	410,610,000	262,766,000	240,935,000	244,999,000	261,815,000	265,345,000	256,698,000	272,795,000	275,062,000	280,957,000	240,539,000	228,436,000
short-term debt	46,988,000	46,969,000	46,951,000		36,233,000
total current liabilities	1,214,003,000	1,286,868,000	1,220,649,000	1,103,020,000	1,064,437,000	1,243,548,000	1,136,366,000	1,112,154,000	1,112,445,000	1,134,118,000	1,009,572,000	937,664,000	1,091,484,000	1,215,599,000	1,139,932,000	1,063,967,000	842,799,000	851,786,000	808,496,000	748,147,000	751,928,000	667,327,000	610,106,000	543,612,000	523,191,000	499,675,000	369,063,000	339,937,000	322,904,000	292,691,000	285,520,000	279,342,000	301,357,000	346,256,000	296,164,000	258,309,000	242,285,000
long-term debt	3,488,747,000	3,489,860,000	3,490,938,000	3,575,972,000	3,576,692,000
operating lease liabilities, noncurrent	632,504,000	557,823,000	572,240,000	583,867,000	575,427,000	575,082,000	577,912,000	579,896,000	553,741,000	546,279,000	346,508,000	356,929,000	368,526,000	386,271,000	384,495,000	416,501,000	426,834,000	325,509,000	292,506,000	301,580,000	281,849,000	287,292,000	287,105,000	278,073,000	289,754,000	303,178,000	284,798,000	311,663,000	329,293,000
other liabilities	82,044,000	61,756,000	66,773,000	66,771,000	61,309,000	59,240,000	61,927,000	58,704,000	68,401,000	123,849,000	126,127,000	120,714,000	105,703,000	104,450,000	119,701,000	127,472,000	375,425,000	315,756,000	317,968,000	312,258,000	73,622,000	64,474,000	71,546,000	61,936,000	57,319,000	57,382,000	5,705,000	7,727,000	7,669,000	110,416,000	114,164,000	87,303,000	88,825,000	82,983,000	70,946,000	76,258,000	63,974,000
total liabilities	5,417,298,000	5,396,307,000	5,350,600,000	5,329,630,000	5,277,865,000	5,485,587,000	5,381,342,000	5,353,317,000	5,036,053,000	5,553,646,000	5,229,884,000	5,161,263,000	5,309,950,000	5,448,840,000	5,384,932,000	5,347,032,000	5,381,901,000	3,746,138,000	3,671,049,000	3,912,814,000	3,352,602,000	2,694,262,000	2,619,003,000	2,509,364,000	1,773,603,000	1,752,011,000	1,539,957,000	659,327,000	659,866,000	403,107,000	399,684,000	366,645,000	390,182,000	429,239,000	367,110,000	334,567,000	306,259,000
commitments and contingencies
stockholders’ equity
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,487,384 shares issued, 1,443,120 shares outstanding at march 31, 2026, and 3,000,000 shares authorized, 1,502,073 shares issued, 1,457,403 shares outstanding at december 31, 2025.	15,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding at march 31, 2026 and december 31, 2025.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at march 31, 2026 and december 31, 2025.	2,000
treasury stock	-431,762,000	-435,722,000	-440,476,000	-444,573,000	-448,509,000	-460,620,000	-465,502,000	-470,999,000	-475,939,000	-479,903,000	-487,982,000	-492,500,000	-496,906,000	-500,514,000	-500,513,000
additional paid-in capital	16,887,594,000	16,637,324,000	16,383,575,000	16,127,309,000	15,879,359,000	15,644,132,000	15,391,284,000	15,126,248,000	14,873,261,000	14,613,404,000	14,287,664,000	13,934,244,000	13,620,326,000	13,309,828,000	12,859,689,000	12,529,743,000	12,211,123,000	12,069,097,000	11,737,338,000	11,129,196,000	9,777,646,000	10,200,141,000	9,968,707,000	9,773,857,000	9,380,435,000	9,205,256,000	9,036,801,000	8,592,434,000	8,388,608,000	8,220,417,000	8,098,519,000	7,971,610,000	7,813,325,000	7,634,825,000	7,470,272,000	7,400,842,000	7,157,585,000
accumulated deficit	-14,386,265,000	-13,946,816,000	-13,741,732,000	-13,638,191,000	-13,132,148,000	-12,735,461,000	-12,744,562,000	-12,591,315,000	-12,266,740,000	-11,726,536,000	-11,288,895,000	-10,920,639,000	-10,543,331,000	-10,214,657,000	-9,425,659,000	-9,066,157,000	-8,644,090,000	-8,284,466,000	-8,307,016,000	-8,235,057,000	-8,083,393,000	-7,891,542,000	-7,778,449,000	-7,578,597,000	-7,252,646,000	-6,945,930,000	-6,705,226,000	-6,477,851,000	-6,222,677,000	-5,912,578,000	-5,720,910,000	-5,395,762,000	-5,042,452,000	-4,656,667,000	-4,306,696,000	-3,863,537,000	-3,420,444,000
accumulated other comprehensive income	14,689,000	26,692,000	25,966,000	24,796,000	12,617,000	2,694,000	28,839,000	2,772,000	750,000	7,131,000	-17,782,000	-16,161,000	-1,664,000	-13,974,000	-33,271,000	-19,843,000	-4,013,000	5,521,000	9,779,000	13,847,000	11,910,000	21,363,000	8,499,000	-609,000	-2,896,000	573,000	-7,173,000	2,102,000	-68,000	3,147,000	6,470,000	8,207,000	20,963,000	14,157,000	11,682,000	3,590,000	-1,635,000
total stockholders’ equity	2,084,273,000	2,281,495,000	2,227,350,000	2,069,357,000	2,311,335,000	2,450,761,000	2,210,075,000	2,066,722,000	2,131,348,000	2,414,112,000	2,493,021,000	2,504,960,000	2,578,440,000	2,580,698,000	2,900,262,000	3,443,759,000	3,563,036,000	3,790,168,000	3,440,116,000	2,908,001,000	1,706,178,000	2,329,976,000	2,198,771,000	2,194,665,000	2,124,907,000	2,259,913,000	2,324,415,000	2,116,698,000	2,165,877,000	2,310,999,000	2,384,092,000	2,584,068,000	2,791,848,000	2,992,327,000	3,175,270,000	3,540,907,000	3,735,518,000
total liabilities and stockholders’ equity	7,501,571,000	7,677,802,000	7,577,950,000	7,398,987,000	7,589,200,000	7,936,348,000	7,591,417,000	7,420,039,000	7,167,401,000	7,967,758,000	7,722,905,000	7,666,223,000	7,888,390,000	8,029,538,000	8,285,194,000	8,790,791,000	8,944,937,000	7,536,306,000	7,111,165,000	6,820,815,000	5,058,780,000	5,024,238,000	4,817,774,000	4,704,029,000	3,898,510,000	4,011,924,000	3,864,372,000	2,776,025,000	2,825,743,000	2,714,106,000	2,783,776,000	2,950,713,000	3,182,030,000	3,421,566,000	3,542,380,000	3,875,474,000	4,041,777,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,502,073 shares issued, 1,457,403 shares outstanding as of december 31, 2025, and 3,000,000 shares authorized, 1,483,718 shares issued, 1,436,495 shares outstanding as of december 31, 2024.		15,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding as of december 31, 2025, and december 31, 2024.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding as of december 31, 2025 and december 31, 2024.		2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,501,916 shares issued, 1,456,759 shares outstanding at september 30, 2025, and 3,000,000 shares authorized, 1,483,718 shares issued, 1,436,495 shares outstanding at december 31, 2024.			15,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding at september 30, 2025 and december 31, 2024.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at september 30, 2025 and december 31, 2024.			2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,473,777 shares issued, 1,428,200 shares outstanding at june 30, 2025, and 3,000,000 shares authorized, 1,483,718 shares issued, 1,436,495 shares outstanding at december 31, 2024.				14,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding at june 30, 2025 and december 31, 2024.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at june 30, 2025 and december 31, 2024.				2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,478,508 shares issued, 1,432,528 shares outstanding at march 31, 2025, and 3,000,000 shares authorized, 1,483,718 shares issued, 1,436,495 shares outstanding at december 31, 2024.					14,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding at march 31, 2025 and december 31, 2024.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at march 31, 2025 and december 31, 2024.					2,000
convertible senior notes						36,212,000	36,191,000	36,170,000	3,301,466,000	3,749,400,000	3,747,677,000	3,745,956,000	3,744,237,000	3,742,520,000	3,740,804,000	3,739,092,000	3,736,843,000	2,253,087,000	2,252,079,000	2,550,829,000	2,245,203,000	1,675,169,000	1,650,246,000	1,625,743,000	903,339,000	891,776,000	880,391,000
long-term convertible senior notes						3,607,717,000	3,605,137,000	3,602,563,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,483,718 shares issued, 1,436,495 shares outstanding at december 31, 2024, and 3,000,000 shares authorized, 1,440,541 shares issued, 1,391,341 shares outstanding at december 31, 2023.						14,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding at december 31, 2024, and 700,000 shares authorized, 22,528 shares issued and outstanding at december 31, 2023.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at december 31, 2024 and december 31, 2023.						2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,465,785 shares issued, 1,418,062 shares outstanding at september 30, 2024, and 3,000,000 shares authorized, 1,440,541 shares issued, 1,391,341 shares outstanding at december 31, 2023.							14,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding at september 30, 2024, and 700,000 shares authorized, 22,528 shares issued and outstanding at december 31, 2023.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at september 30, 2024 and december 31, 2023.							2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,447,952 shares issued, 1,399,665 shares outstanding at june 30, 2024, and 3,000,000 shares authorized, 1,440,541 shares issued, 1,391,341 shares outstanding at december 31, 2023.								14,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,528 shares issued and outstanding at june 30, 2024 and december 31, 2023.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at june 30, 2024 and december 31, 2023.								2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,437,758 shares issued, 1,388,965 shares outstanding at march 31, 2024, and 3,000,000 shares authorized, 1,440,541 shares issued, 1,391,341 shares outstanding at december 31, 2023.									14,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,528 shares issued and outstanding at march 31, 2024 and december 31, 2023.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at march 31, 2024 and december 31, 2023.									2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,440,541 shares issued, 1,391,341 shares outstanding at december 31, 2023, and 3,000,000 shares authorized, 1,371,242 shares issued, 1,319,930 shares outstanding at december 31, 2022.										14,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,528 shares issued and outstanding at december 31, 2023, and 700,000 shares authorized, 22,529 shares issued and outstanding at december 31, 2022.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at december 31, 2023 and december 31, 2022.										2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,434,766 shares issued, 1,384,738 shares outstanding at september 30, 2023, and 3,000,000 shares authorized, 1,371,242 shares issued, 1,319,930 shares outstanding at december 31, 2022.											14,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,540 shares issued and outstanding at september 30, 2023, and 700,000 shares authorized, 22,529 shares issued and outstanding at december 31, 2022.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at september 30, 2023 and december 31, 2022.											2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,412,444 shares issued, 1,361,953 shares outstanding at june 30, 2023, and 3,000,000 shares authorized, 1,371,242 shares issued, 1,319,930 shares outstanding at december 31, 2022.												14,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,539 shares issued and outstanding at june 30, 2023, and 700,000 shares authorized, 22,529 shares issued and outstanding at december 31, 2022.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at june 30, 2023 and december 31, 2022.												2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,391,998 shares issued, 1,341,056 shares outstanding at march 31, 2023, and 3,000,000 shares authorized, 1,371,242 shares issued, 1,319,930 shares outstanding at december 31, 2022.													13,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,522 shares issued and outstanding at march 31, 2023, and 700,000 shares authorized, 22,529 shares issued and outstanding at december 31, 2022.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at march 31, 2023 and december 31, 2022.													2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,371,242 shares issued, 1,319,930 shares outstanding at december 31, 2022 and 3,000,000 shares authorized, 1,364,887 shares issued and outstanding at december 31, 2021.														13,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,529 shares issued and outstanding at december 31, 2022 and 700,000 shares authorized, 22,769 shares issued and outstanding at december 31, 2021.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at december 31, 2022 and 260,888 shares authorized, 231,627 shares issued and outstanding at december 31, 2021.														2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,402,916 shares issued, 1,351,604 shares outstanding at september 30, 2022, and 3,000,000 shares authorized, 1,364,887 shares issued and outstanding at december 31, 2021.															14,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,638 shares issued and outstanding at september 30, 2022, and 700,000 shares authorized, 22,769 shares issued and outstanding at december 31, 2021.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at september 30, 2022, and 260,888 shares authorized, 231,627 shares issued and outstanding at december 31, 2021.															2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,390,709 shares issued and outstanding at june 30, 2022, and 3,000,000 shares authorized, 1,364,887 shares issued and outstanding at december 31, 2021.																14,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,638 shares issued and outstanding at june 30, 2022, and 700,000 shares authorized, 22,769 shares issued and outstanding at december 31, 2021.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at june 30, 2022, and 260,888 shares authorized, 231,627 shares issued and outstanding at december 31, 2021.																2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,378,259 shares issued and outstanding at march 31, 2022, and 3,000,000 shares authorized, 1,364,887 shares issued and outstanding at december 31, 2021.																	14,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,677 shares issued and outstanding at march 31, 2022, and 700,000 shares authorized, 22,769 shares issued and outstanding at december 31, 2021.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at march 31, 2022, and 260,888 shares authorized, 231,627 shares issued and outstanding at december 31, 2021.																	2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,364,887 shares issued and outstanding at december 31, 2021 and 3,000,000 shares authorized, 1,248,010 shares issued and outstanding at december 31, 2020.																		14,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 22,769 shares issued and outstanding at december 31, 2021 and 700,000 shares authorized, 23,696 shares issued and outstanding at december 31, 2020.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at december 31, 2021 and 260,888 shares authorized, 231,627 shares issued and outstanding at december 31, 2020.																		2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,349,890 shares issued and outstanding at september 30, 2021, and 3,000,000 shares authorized, 1,248,010 shares issued and outstanding at december 31, 2020.																			13,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 23,636 shares issued and outstanding at september 30, 2021, and 700,000 shares authorized, 23,696 shares issued and outstanding at december 31, 2020.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at september 30, 2021, and 260,888 shares authorized, 231,627 shares issued and outstanding at december 31, 2020.																			2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,321,477 shares issued and outstanding at june 30, 2021, and 3,000,000 shares authorized, 1,248,010 shares issued and outstanding at december 31, 2020.																				13,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 23,640 shares issued and outstanding at june 30, 2021, and 700,000 shares authorized, 23,696 shares issued and outstanding at december 31, 2020.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at june 30, 2021, and 260,888 shares authorized, 231,627 shares issued and outstanding at december 31, 2020.																				2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,263,733 shares issued and outstanding at march 31, 2021, and 3,000,000 shares authorized, 1,248,010 shares issued and outstanding at december 31, 2020.																					13,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 23,640 shares issued and outstanding at march 31, 2021, and 700,000 shares authorized, 23,696 shares issued and outstanding at december 31, 2020.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at march 31, 2021, and 260,888 shares authorized, 231,627 shares issued and outstanding at december 31, 2020.																					2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,248,010 shares issued and outstanding at december 31, 2020 and 3,000,000 shares authorized, 1,160,127 shares issued and outstanding at december 31, 2019.																						12,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 23,696 shares issued and outstanding at december 31, 2020 and 700,000 shares authorized, 24,522 shares issued and outstanding at december 31, 2019.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at december 31, 2020 and 260,888 shares authorized, 231,147 shares issued and outstanding at december 31, 2019.																						2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,160,127 shares issued and outstanding at december 31, 2019, and 3,000,000 shares authorized, 1,229,446 shares issued and outstanding at september 30, 2020.																							12,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 24,522 shares issued and outstanding at december 31, 2019, and 700,000 shares authorized, 23,643 shares issued and outstanding at september 30, 2020.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,147 shares issued and outstanding at december 31, 2019, and 260,888 shares authorized, 231,627 shares issued and outstanding at september 30, 2020.																							2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,160,127 shares issued and outstanding at december 31, 2019, and 3,000,000 shares authorized, 1,204,957 shares issued and outstanding at june 30, 2020.																								12,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 24,522 shares issued and outstanding at december 31, 2019, and 700,000 shares authorized, 24,215 shares issued and outstanding at june 30, 2020.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,147 shares issued and outstanding at december 31, 2019, and 260,888 shares authorized, 234,448 shares issued and outstanding at june 30, 2020.																								2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,160,127 shares issued and outstanding at december 31, 2019, and 3,000,000 shares authorized, 1,182,527 shares issued and outstanding at march 31, 2020.																									12,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 24,522 shares issued and outstanding at december 31, 2019, and 700,000 shares authorized, 24,279 shares issued and outstanding at march 31, 2020.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,147 shares issued and outstanding at december 31, 2019, and 260,888 shares authorized, 232,783 shares issued and outstanding at march 31, 2020.																									2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 1,160,127 shares issued and outstanding at december 31, 2019 and 3,000,000 shares authorized, 999,304 shares issued and outstanding at december 31, 2018.																										12,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 24,522 shares issued and outstanding at december 31, 2019 and 700,000 shares authorized, 93,845 shares issued and outstanding at december 31, 2018.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 231,147 shares issued and outstanding at december 31, 2019 and 260,888 shares authorized, 224,611 shares issued and outstanding at december 31, 2018.																										2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 999,304 shares issued and outstanding at december 31, 2018, and 3,000,000 shares authorized, 1,132,915 shares issued and outstanding at september 30, 2019.																											11,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 93,846 shares issued and outstanding at december 31, 2018, and 700,000 shares authorized, 32,057 shares issued and outstanding at september 30, 2019.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 224,611 shares issued and outstanding at december 31, 2018, and 260,888 shares authorized, 229,564 shares issued and outstanding at september 30, 2019.																											2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 999,304 shares issued and outstanding at december 31, 2018, and 3,000,000 shares authorized, 1,096,653 shares issued and outstanding at june 30, 2019.																												11,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 93,846 shares issued and outstanding at december 31, 2018, and 700,000 shares authorized, 47,582 shares issued and outstanding at june 30, 2019.
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 224,611 shares issued and outstanding at december 31, 2018, and 260,888 shares authorized, 227,914 shares issued and outstanding at june 30, 2019.																												2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 999,304 shares issued and outstanding at december 31, 2018, and 3,000,000 shares authorized, 1,057,135 shares issued and outstanding at march 31, 2019.																													11,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 93,846 shares issued and outstanding at december 31, 2018, and 700,000 shares authorized, 51,510 shares issued and outstanding at march 31, 2019.																													1,000
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 224,611 shares issued and outstanding at december 31, 2018, and 260,888 shares authorized, 226,287 shares issued and outstanding at march 31, 2019.																													2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 883,022 shares issued and outstanding at december 31, 2017, and 3,000,000 shares authorized, 999,304 shares issued and outstanding at december 31, 2018.																														10,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 122,564 shares issued and outstanding at december 31, 2017, and 700,000 shares authorized, 93,845 shares issued and outstanding at december 31, 2018.																														1,000
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 216,616 shares issued and outstanding at december 31, 2017, and 260,888 shares authorized, 224,611 shares issued and outstanding at december 31, 2018.																														2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 883,022 shares issued and outstanding at december 31, 2017, and 3,000,000 shares authorized, 976,066 shares issued and outstanding at september 30, 2018.																															10,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 122,564 shares issued and outstanding at december 31, 2017, and 700,000 shares authorized, 93,660 shares issued and outstanding at september 30, 2018.																															1,000
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 216,616 shares issued and outstanding at december 31, 2017, and 260,888 shares authorized, 221,491 shares issued and outstanding at september 30, 2018.																															2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 958,801 shares issued and outstanding at june 30, 2018, and 3,000,000 shares authorized, 883,022 shares issued and outstanding at december 31, 2017.																																10,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 94,471 shares issued and outstanding at june 30, 2018, and 700,000 shares authorized, 122,564 shares issued and outstanding at december 31, 2017.																																1,000
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 219,891 shares issued and outstanding at june 30, 2018, and 260,888 shares authorized and 216,616 shares issued and outstanding at december 31, 2017.																																2,000
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 939,248 shares issued and outstanding at march 31, 2018, and 3,000,000 shares authorized, 883,022 shares issued and outstanding at december 31, 2017.																																	9,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 96,956 shares issued and outstanding at march 31, 2018, and 700,000 shares authorized, 122,564 shares issued and outstanding at december 31, 2017.																																	1,000
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 218,235 shares issued and outstanding at march 31, 2018, and 260,888 shares authorized and 216,616 shares issued and outstanding at december 31, 2017.																																	2,000
convertible voting preferred stock, series a, a-1, and b, 0.00001 par value. no shares and 146,962 shares authorized, issued, and outstanding at december 31, 2017 and december 31, 2016, respectively. liquidation preference of 95,175 at december 31, 2016.
convertible non-voting preferred stock, series c, 0.00001 par value. no shares and 16,000 shares authorized, issued, and outstanding at december 31, 2017 and december 31, 2016, respectively. liquidation preference of 54,543 at december 31, 2016.
convertible non-voting preferred stock, series d, e, and f, 0.00001 par value. no shares and 83,851 shares authorized, issued, and outstanding at december 31, 2017 and december 31, 2016, respectively.
series fp convertible voting preferred stock, 0.00001 par value. no shares and 260,888 shares authorized at december 31, 2017 and december 31, 2016, respectively. no shares and 215,888 shares issued and outstanding at december 31, 2017 and december 31, 2016, respectively.
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 883,022 shares issued and outstanding at december 31, 2017, and 1,500,000 shares authorized, 504,902 shares issued and outstanding at december 31, 2016.																																		9,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 122,564 shares issued and outstanding at december 31, 2017, and 1,500,000 shares authorized, 31,469 shares issued and outstanding at december 31, 2016.																																		1,000
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 216,616 shares issued and outstanding at december 31, 2017, and 260,888 shares authorized and no shares issued and outstanding at december 31, 2016.																																		2,000
convertible voting preferred stock, series a, a-1, and b, 0.00001 par value. no shares and 146,962 shares authorized, issued, and outstanding at september 30, 2017 and december 31, 2016, respectively. liquidation preference of 95,175 at december 31, 2016.
convertible non-voting preferred stock, series c, 0.00001 par value. no shares and 16,000 shares authorized, issued, and outstanding at september 30, 2017 and december 31, 2016, respectively. liquidation preference of 54,543 at december 31, 2016.
convertible non-voting preferred stock, series d, e, and f, 0.00001 par value. no shares and 83,851 shares authorized, issued, and outstanding at september 30, 2017 and december 31, 2016, respectively.
series fp convertible voting preferred stock, 0.00001 par value. no shares and 260,888 shares authorized at september 30, 2017 and december 31, 2016, respectively. no shares and 215,888 shares issued and outstanding at september 30, 2017 and december 31, 2016, respectively.
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 858,546 shares issued and outstanding at september 30, 2017, and 1,500,000 shares authorized, 504,902 shares issued and outstanding at december 31, 2016.																																			9,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 127,302 shares issued and outstanding at september 30, 2017, and 1,500,000 shares authorized, 31,469 shares issued and outstanding at december 31, 2016.																																			1,000
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 215,888 shares issued and outstanding at september 30, 2017, and 260,888 shares authorized and no shares issued and outstanding at december 31, 2016.																																			2,000
convertible voting preferred stock, series a, a-1, and b, 0.00001 par value. no shares and 146,962 shares authorized, issued, and outstanding at june 30, 2017 and december 31, 2016, respectively. liquidation preference of 95,175 at december 31, 2016.
convertible non-voting preferred stock, series c, 0.00001 par value. no shares and 16,000 shares authorized, issued, and outstanding at june 30, 2017 and december 31, 2016, respectively. liquidation preference of 54,543 at december 31, 2016.
convertible non-voting preferred stock, series d, e, and f, 0.00001 par value. no shares and 83,851 shares authorized, issued, and outstanding at june 30, 2017 and december 31, 2016, respectively.
series fp convertible voting preferred stock, 0.00001 par value. no shares and 260,888 shares authorized at june 30, 2017 and december 31, 2016, respectively. no shares and 215,888 shares issued and outstanding at june 30, 2017 and december 31, 2016, respectively.
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 682,588 shares issued and outstanding at june 30, 2017, and 1,500,000 shares authorized, 504,902 shares issued and outstanding at december 31, 2016.																																				7,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 281,526 shares issued and outstanding at june 30, 2017, and 1,500,000 shares authorized, 31,469 shares issued and outstanding at december 31, 2016.																																				3,000
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 215,888 shares issued and outstanding at june 30, 2017, and 260,888 shares authorized and no shares issued and outstanding at december 31, 2016.																																				2,000
convertible voting preferred stock, series a, a-1, and b, 0.00001 par value. no shares and 146,962 shares authorized, issued, and outstanding at march 31, 2017 and december 31, 2016, respectively. liquidation preference of 95,175 at december 31, 2016.
convertible non-voting preferred stock, series c, 0.00001 par value. no shares and 16,000 shares authorized, issued, and outstanding at march 31, 2017 and december 31, 2016, respectively. liquidation preference of 54,543 at december 31, 2016.
convertible non-voting preferred stock, series d, e, and f, 0.00001 par value. no shares and 83,851 shares authorized, issued, and outstanding at march 31, 2017 and december 31, 2016, respectively.
series fp convertible voting preferred stock, 0.00001 par value. no shares and 260,888 shares authorized at march 31, 2017 and december 31, 2016, respectively. no shares and 215,888 shares issued and outstanding at march 31, 2017 and december 31, 2016, respectively.
class a non-voting common stock, 0.00001 par value. 3,000,000 shares authorized, 681,994 shares issued and outstanding at march 31, 2017, and 1,500,000 shares authorized, 504,902 shares issued and outstanding at december 31, 2016.																																					7,000
class b voting common stock, 0.00001 par value. 700,000 shares authorized, 280,968 shares issued and outstanding at march 31, 2017, and 1,500,000 shares authorized, 31,469 shares issued and outstanding at december 31, 2016.																																					3,000
class c voting common stock, 0.00001 par value. 260,888 shares authorized, 215,888 shares issued and outstanding at march 31, 2017, and 260,888 shares authorized and no shares issued and outstanding at december 31, 2016.																																					2,000

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	2017-09-30	2017-06-30	2017-03-31

cash flows from operating activities
net loss	-88,951,000	-356,948,000	159,029,000	-122,983,000	-139,587,000	-544,609,000	95,373,000	56,470,000	-305,090,000	-954,229,000	9,052,000	-48,634,000	-328,674,000	-1,070,151,000	62,565,000	-62,443,000	-359,624,000	-415,996,000	79,705,000	135,218,000	-286,882,000	-744,986,000	126,098,000	-20,015,000	-305,936,000	-806,285,000	27,799,000	55,233,000	-310,407,000	-930,763,000	28,162,000	32,475,000	-385,785,000	-349,977,000	-443,159,000	-443,093,000	-2,208,837,000
adjustments to reconcile net loss to net cash from operating activities:
depreciation and amortization	44,696,000	121,119,000	2,491,000	2,308,000	37,715,000	119,224,000	920,000	-3,783,000	41,713,000	127,232,000	1,521,000	4,468,000	35,220,000	165,882,000	-43,000,000	41,191,000	38,100,000	86,631,000	4,240,000	4,772,000	23,498,000	64,940,000	879,000	-279,000	21,204,000	66,599,000	-2,014,000	-659,000	23,319,000	66,750,000	2,384,000	961,000	21,553,000	18,786,000	17,467,000	12,585,000	12,450,000
stock-based compensation	250,040,000	756,462,000	8,477,000	4,548,000	247,338,000	780,794,000	918,000	-4,441,000	263,752,000	966,071,000	39,990,000	3,012,000	314,931,000	1,044,828,000	24,149,000	43,366,000	275,444,000	791,237,000	44,298,000	19,527,000	237,073,000	578,102,000	5,909,000	14,122,000	172,049,000	524,785,000	-34,346,000	33,018,000	162,556,000	411,402,000	-29,562,000	23,113,000	133,258,000	181,044,000	221,702,000	245,028,000	1,992,121,000
amortization of debt issuance costs and debt discount	-931,000	6,194,000	1,236,000	-8,192,000	7,642,000
losses on debt and equity securities	845,000	15,758,000	2,390,000	-17,008,000	15,800,000	7,924,000	-2,126,000	-6,306,000	8,968,000	11,872,000	25,589,000	6,399,000	-10,833,000	112,616,000	-87,988,000	-66,917,000	79,127,000	-168,045,000
gain on extinguishment of debt					-66,939,000
other	5,126,000	23,134,000	-9,377,000	13,167,000	-805,000	-16,353,000	-8,383,000	27,195,000	-16,612,000	-22,563,000	11,912,000	-5,911,000	-10,396,000	3,463,000	9,054,000	1,954,000	1,125,000	9,375,000	-35,588,000	50,538,000	-15,682,000	-8,213,000	9,559,000	-12,731,000	10,424,000	-27,330,000	154,000	518,000	-1,917,000	-9,511,000	14,501,000	-2,501,000	-3,392,000	-2,642,000	-2,042,000	-3,564,000	1,892,000
change in operating assets and liabilities, net of effect of acquisitions:
accounts receivable, net of allowance	174,635,000	57,269,000	-86,008,000	-197,304,000	194,216,000	-42,064,000	-15,025,000	-199,123,000	162,207,000	30,845,000	-25,343,000	-392,002,000	288,373,000	-137,190,000	98,411,000	-207,028,000	126,027,000	-200,059,000	41,544,000	-303,768,000	129,316,000	-103,962,000	-167,510,000	-77,238,000	92,892,000	-85,007,000	-23,104,000	-111,621,000	71,870,000	-58,672,000	-4,908,000	-62,623,000	48,697,000	-79,844,000	-16,304,000	-21,653,000	13,444,000
prepaid expenses and other current assets	-16,270,000	-50,431,000	-9,255,000	15,770,000	-22,828,000	-48,458,000	46,440,000	-20,897,000	-13,629,000	-9,083,000	261,000	12,106,000	-13,204,000	-47,961,000	19,024,000	15,198,000	-27,178,000	-22,416,000	-5,256,000	13,501,000	-12,436,000	-3,979,000	-14,731,000	16,990,000	-12,867,000	-9,359,000	4,271,000	-5,032,000	271,000	2,029,000	-8,250,000	18,254,000	-10,439,000	9,182,000	-1,130,000	-4,399,000	-43,436,000
operating lease right-of-use assets	15,114,000	42,305,000	1,112,000	-326,000	14,123,000	41,396,000	-2,198,000	1,354,000	13,575,000	52,770,000	87,000	159,000	17,658,000	53,519,000	-377,000	1,315,000	16,984,000	35,788,000	-1,079,000	1,351,000	11,198,000	28,886,000	517,000	821,000	8,716,000
other assets	-240,000	7,544,000	2,278,000	-11,127,000	9,010,000	-13,042,000	4,045,000	4,187,000	-5,142,000	5,005,000	-1,492,000	-2,125,000	850,000	4,591,000	2,135,000	-6,922,000	-308,000	-6,712,000	-3,866,000	560,000	-898,000	-14,832,000	3,282,000	1,263,000	-1,155,000	-970,000	-630,000	3,137,000	-368,000	14,696,000	-1,932,000	4,817,000	4,204,000	3,774,000	1,563,000	-12,823,000	2,715,000
accounts payable	22,044,000	7,793,000	132,328,000	-128,463,000	34,260,000	-84,086,000	44,914,000	-27,467,000	-34,089,000	111,939,000	-25,377,000	45,398,000	-36,972,000	37,111,000	13,300,000	-58,899,000	54,980,000	42,495,000	61,243,000	-106,664,000	56,505,000	16,939,000	1,156,000	-3,455,000	5,734,000	16,454,000	-16,789,000	17,919,000	3,090,000	-35,616,000	11,737,000	27,416,000	-37,069,000	45,593,000	-5,214,000	3,698,000	5,619,000
accrued expenses and other current liabilities	-67,649,000	-11,112,000	-123,769,000	310,263,000	-162,568,000	131,060,000	-26,490,000	64,202,000	-18,381,000	-43,777,000	52,926,000	143,172,000	-90,191,000	11,670,000	74,428,000	48,436,000	-62,828,000	60,405,000	28,997,000	22,341,000	5,349,000	47,006,000	46,732,000	-3,047,000	17,910,000	122,820,000	15,508,000	22,058,000	-14,323,000	-29,166,000	34,197,000	-9,207,000	-10,149,000	-2,461,000	21,259,000	12,986,000	69,204,000
operating lease liabilities	-12,455,000	-35,754,000	9,817,000	8,501,000	-16,993,000	-46,279,000	-2,444,000	-10,000	-13,930,000	-51,826,000	1,611,000	758,000	-18,550,000	-56,770,000	4,383,000	1,317,000	-17,816,000	-35,383,000	-5,852,000	5,236,000	-13,295,000	-33,970,000	-4,775,000	3,009,000	-13,994,000	-24,836,000	-19,227,000	-6,311,000	-10,470,000
other liabilities	775,000	-6,712,000	-2,960,000	791,000	1,226,000	5,430,000	796,000	-1,576,000	3,268,000	3,965,000	3,977,000	159,000	1,054,000	2,031,000	3,887,000	-2,475,000	2,013,000	3,804,000	822,000	-748,000	2,096,000	9,495,000	-413,000	598,000	137,000	913,000	-1,980,000	-542,000	655,000	8,036,000	-8,725,000	149,000	6,905,000	3,555,000	2,480,000	1,938,000	1,319,000
net cash from operating activities	326,779,000	509,682,000	57,994,000	-63,116,000	151,610,000	297,608,000	137,249,000	-109,729,000	88,352,000	233,740,000	94,717,000	-233,038,000	151,102,000	128,669,000	180,026,000	-251,540,000	127,459,000	221,328,000	172,638,000	-237,972,000	136,886,000	-112,816,000	11,726,000	-72,837,000	6,283,000	-228,809,000	19,640,000	-29,611,000	-66,178,000	-557,381,000	66,803,000	32,635,000	-231,981,000	-176,083,000	-194,013,000	-209,574,000	-154,997,000
capital expenditures	-40,772,000	-165,937,000	11,657,000	-27,487,000	-37,214,000	-150,785,000	8,021,000	-1,614,000	-50,448,000	-138,292,000	-36,492,000	10,687,000	-47,630,000	-91,470,000	-14,466,000	-2,195,000	-21,175,000	-50,039,000	-5,213,000	-3,772,000	-10,851,000	-43,105,000	1,040,000	-4,876,000	-10,891,000	-28,540,000	-305,000	4,181,000	-11,814,000	-93,957,000	8,616,000	1,414,000	-36,315,000	-21,212,000	-25,948,000	-19,365,000	-17,993,000
free cash flows	286,007,000	343,745,000	69,651,000	-90,603,000	114,396,000	146,823,000	145,270,000	-111,343,000	37,904,000	95,448,000	58,225,000	-222,351,000	103,472,000	37,199,000	165,560,000	-253,735,000	106,284,000	171,289,000	167,425,000	-241,744,000	126,035,000	-155,921,000	12,766,000	-77,713,000	-4,608,000	-257,349,000	19,335,000	-25,430,000	-77,992,000	-651,338,000	75,419,000	34,049,000	-268,296,000	-197,295,000	-219,961,000	-228,939,000	-172,990,000
cash flows from investing activities
purchases of property and equipment	-40,772,000	-165,937,000	11,657,000	-27,487,000	-37,214,000	-150,785,000	8,021,000	-1,614,000	-50,448,000	-138,292,000	-36,492,000	10,687,000	-47,630,000	-91,470,000	-14,466,000	-2,195,000	-21,175,000	-50,039,000	-5,213,000	-3,772,000	-10,851,000	-43,105,000	1,040,000	-4,876,000	-10,891,000	-28,540,000	-305,000	4,181,000	-11,814,000	-93,957,000	8,616,000	1,414,000	-36,315,000	-21,212,000	-25,948,000	-19,365,000	-17,993,000
purchases of strategic investments	-5,934,000											1,190,000	-4,480,000	-20,346,000	200,000	-6,050,000	-150,000
cash paid for acquisitions, net of cash acquired	-39,370,000													-47,417,000	-8,430,000	-10,432,000	-788,000	-273,540,000	-7,071,000	78,608,000	-108,912,000	-135,342,000	-13,304,000											-33,604,000	-128,231,000	-206,163,000	-18,013,000
purchases of marketable securities	-302,360,000	-887,144,000	2,214,000	-155,067,000	-235,799,000	-1,582,602,000	69,786,000	-309,180,000	-465,672,000	-1,511,227,000	94,172,000	242,835,000	-874,053,000	-2,663,808,000	-253,775,000	774,326,000	-1,342,381,000	-1,829,807,000	155,195,000	-241,152,000	-523,219,000	-2,376,255,000	-272,471,000	-323,198,000	-552,675,000	-1,362,030,000	-831,838,000	242,000,000	-525,520,000	-1,209,549,000	-47,484,000	80,328,000	-477,213,000	-449,861,000	-670,406,000	-1,319,156,000	-1,423,214,000
sales of marketable securities	232,098,000	638,736,000	-322,627,000	413,156,000	12,001,000	166,557,000	21,197,000			443,030,000	-69,471,000	80,571,000	5,351,000	36,558,000	36,176,000	-6,795,000	9,777,000	359,556,000	-219,501,000	131,444,000	108,056,000	234,075,000			217,958,000	159,231,000	-52,541,000						45,007,000	69,979,000	203,994,000
maturities of marketable securities	213,600,000	756,956,000	-81,145,000	37,582,000	263,766,000	1,073,459,000	-109,168,000	62,225,000	384,928,000	1,867,138,000	-54,256,000	-312,488,000	924,323,000	1,601,344,000	369,845,000	211,481,000	342,545,000	2,043,804,000	-203,971,000	-120,039,000	816,931,000	2,068,593,000	192,369,000	-276,124,000	752,685,000	1,197,775,000	87,046,000	-134,594,000	458,627,000	1,877,741,000	-18,044,000	-209,319,000	787,828,000	651,898,000	783,848,000	602,432,000	445,047,000
net cash from investing activities	57,262,000	281,031,000	-323,352,000	212,685,000	2,754,000	-494,273,000	-8,513,000	-83,115,000	-131,183,000	602,562,000	-5,209,000	-32,237,000	5,838,000	-1,127,340,000	53,626,000	1,029,104,000	-1,017,665,000	245,429,000	-287,071,000	-148,686,000	280,555,000	-354,614,000	116,874,000	-863,701,000	371,577,000	-40,289,000	-873,034,000	265,643,000	-80,928,000	604,893,000	-33,647,000	-196,039,000	319,247,000	214,990,000	162,952,000	-709,883,000	-1,014,798,000
cash flows from financing activities
proceeds from issuance of notes, net of issuance costs		1,473,083,000			1,473,083,000
repurchases of class a non-voting common stock	-350,499,000			13,627,000	-257,100,000			159,159,000	-235,114,000					-500,539,000
deferred payments for acquisitions				48,415,000	-57,977,000					-259,992,000	231,647,000	-240,060,000	-2,028,000
repurchases of convertible notes		-1,444,626,000			-1,444,626,000			22,370,000	-440,706,000
net cash from financing activities	-352,100,000	-836,112,000	279,062,000	-2,556,000	-288,519,000	-438,928,000	-226,519,000	912,574,000	-675,751,000	-448,353,000	231,270,000	-239,707,000	-1,999,000	807,010,000	-498,678,000	-1,310,384,000	1,308,766,000	1,061,028,000	-1,049,614,000	1,049,206,000	4,453,000	920,357,000	-906,625,000	905,929,000	3,130,000	8,302,000	1,156,208,000	-4,254,000	5,596,000	47,295,000	-1,772,000	-43,344,000	45,258,000	-22,398,000	-153,062,000	-5,980,000	2,446,788,000
change in cash, cash equivalents, and restricted cash	31,941,000	-45,399,000	13,704,000	147,013,000	-134,155,000	-635,593,000	-97,783,000	719,730,000	-718,582,000	387,949,000	320,778,000	-504,982,000	154,941,000	-191,661,000	-265,026,000	-532,820,000	418,560,000	1,527,785,000	-1,164,047,000	662,548,000	421,894,000	452,927,000	-778,025,000	-30,609,000	380,990,000	-260,796,000	302,814,000	231,778,000	-141,510,000	94,807,000	31,384,000	-206,748,000	132,524,000
cash, cash equivalents, and restricted cash, beginning of period	1,031,397,000	121,297,000	12,858,000	-134,155,000	1,050,234,000	717,434,000	1,148,000	-718,582,000	1,782,462,000	195,100,000	-350,041,000	154,941,000	1,423,776,000	-304,300,000	-114,260,000	418,560,000	1,994,723,000	-1,506,336,000	1,084,442,000	421,894,000	546,543,000	-731,371,000	350,381,000	380,990,000	521,260,000	51,242,000	90,268,000	-141,510,000	388,974,000	-58,300,000	-74,224,000	132,524,000	337,007,000
cash, cash equivalents, and restricted cash, end of period	1,063,338,000	75,898,000	26,562,000	12,858,000	916,079,000	81,841,000	-96,635,000	1,148,000	1,063,880,000	583,049,000	-29,263,000	-350,041,000	1,578,717,000	-495,961,000	-379,286,000	-114,260,000	2,413,283,000	21,449,000	-79,605,000	1,084,442,000	968,437,000	-278,444,000	-427,644,000	350,381,000	902,250,000	-209,554,000	393,082,000	90,268,000	247,464,000	36,507,000	-42,840,000	-74,224,000	469,531,000
loss on extinguishment of debt		-66,939,000
sales of strategic investments		0				1,198,000	-449,000			2,408,000
purchase of capped calls																	-177,000,000									0
proceeds from termination of capped calls
proceeds from the exercise of stock options						2,494,000	7,879,000	2,356,000	69,000	1,033,000	-377,000	353,000	29,000	4,055,000	-1,171,000	-878,000	2,266,000	10,626,000	788,000	-1,196,000	4,453,000	31,775,000	-18,043,000	17,347,000	3,130,000	8,739,000	6,446,000	-4,254,000	5,596,000	47,846,000	-1,772,000	-43,895,000	45,809,000	4,524,000	6,072,000	189,000	594,000
repayment of convertible notes
supplemental disclosures
cash paid for income taxes										26,779,000	-1,917,000	-10,941,000	17,003,000	10,605,000	-3,366,000	2,212,000	2,636,000	23,393,000	-1,340,000	-7,728,000	11,008,000	2,383,000	747,000	-246,000	808,000	-487,000	1,042,000	-719,000	320,000	2,840,000	-648,000	415,000	991,000	789,000	-53,000	1,945,000	3,545,000
cash paid for interest										5,838,000	3,674,000	-3,689,000	4,421,000	4,687,000	3,635,000	-2,903,000	3,454,000	7,379,000	1,894,000	-3,513,000	5,127,000	6,906,000	4,747,000	-4,533,000	4,899,000
amortization of debt issuance costs						6,671,000	509,000	466,000	1,742,000	5,519,000	3,000	3,000	1,836,000		55,000	367,000	1,413,000
proceeds from issuance of convertible notes, net of issuance costs																	1,483,500,000									-437,000
payments of debt issuance costs
induced conversion expense related to convertible notes																		37,002,000
amortization of debt discount and issuance costs																		3,202,000	-39,000	104,000	1,044,000	56,898,000	4,091,000	8,849,000	11,563,000	11,385,000
gain on divestiture
proceeds from divestiture
supplemental disclosures of non-cash activities
net change in accounts payable and accrued expenses and other current liabilities related to property and equipment additions																														-1,486,000	-6,421,000	-302,000	445,000	17,294,000	-412,000	612,000	-4,355,000
strategic investments
non-marketable investments																				-78,590,000	-1,350,000	-108,086,000	52,841,000	-20,841,000	-35,500,000	-4,431,000	-600,000	1,800,000	-2,250,000	-22,245,000	20,760,000			-2,500,000	0	-6,905,000	-625,000
deferred income taxes																						-5,140,000	932,000	-1,724,000	-394,000	-661,000	-121,000	557,000	-266,000	-259,000	-141,000	-219,000	236,000	-3,093,000	-12,632,000	-277,000	-1,488,000
lease exit charges																														3,693,000
stock repurchases from employees for tax withholdings																																	-551,000	-26,922,000	-158,827,000
excess inventory reserve and related asset impairment																																		0
sales of property and equipment																													29,000
proceeds from issuance of class a common stock in initial public offering, net of underwriting commissions																																		0	0	0	2,657,797,000
payments of deferred offering costs
operating lease right-of-use asset																											23,824,000	1,997,000	9,812,000
purchases of intangible assets																																-2,445,000	-60,000	-82,000	-305,000
issuance of notes receivable from officers/stockholders
repayment of notes receivables from officers/stockholders
borrowings from revolving credit facility
principal payments on revolving credit facility
payments of initial public offering issuance costs																																			-307,000	-4,341,000	-5,024,000
repurchase of class b voting common stock and series fp voting preferred stock
proceeds from issuances of preferred stock, net of issuance costs
issuance of class b common stock related to acquisitions
assumed equity awards in acquisitions																																		0
purchase consideration liabilities related to acquisitions																																		4,714,000	530,000	9,341,000	1,901,000
repurchase of class b voting common stock and series fp voting preferred stock in exchange for notes receivable from officers/stockholders
recognition of leased facility asset and lease financing obligation
deferred offering costs accrued, unpaid
construction in progress related to financing lease obligations																															5,000	6,000	425,000	344,000	424,000	426,000	257,000
change in restricted cash																																		372,000	0
other investing activities
payments of initial public offering costs
change in cash and cash equivalents																																		16,509,000	-184,123,000	-925,437,000	1,276,993,000
cash and cash equivalents, beginning of period																																		0	0	0	150,121,000
cash and cash equivalents, end of period																																		16,509,000	-184,123,000	-925,437,000	1,427,114,000
issuance of class b voting common stock related to acquisitions
stock repurchases from employees for minimum tax withholdings																																					-206,579,000

Snap Inc(NYSE:SNAP)

Snap Inc
(NYSE:SNAP)