The Trade Desk(NASDAQ:TTD) 
The Trade Desk, Inc. operates as a technology company in the United States and internationally. The company operates a self-service cloud-based platform that allows buyers to create, manage, and optimize data-driven digital advertising campaigns in various ad formats and channels, including display,...
Website: http://www.thetradedesk.com
Founded: 2009
IPO Price: $18 (Sep 21, 2016)
Full Time Employees: 2,770 (Dec 2022)
CEO / Founder: Jeff Green
Sector: Technology
Industry: Software-Application
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At a glance:
- Programmatic Ad Demand Remains Solid, Driven by CTV: The Trade Desk continues to benefit from secular shifts toward programmatic buying and connected TV, where advertisers are prioritizing measurable outcomes and premium inventory access.
- UID2 and Identity Strategy Support Competitive Positioning: With cookies deprecating more slowly but privacy pressure persisting, The Trade Desk’s identity efforts (including UID2) remain a key differentiator to help clients maintain addressability and measurement across the open internet.
- Kokai Platform and AI-Led Optimization Aim to Improve Performance: Ongoing rollout and adoption of Kokai is intended to enhance bidding, targeting, and measurement, supporting advertiser ROI and potentially strengthening retention and spend per customer.
- Margins and Operating Leverage Balanced Against Investment: The company typically maintains strong gross margins, but near-term operating margin trends can reflect increased investment in product development, CTV initiatives, and international expansion.
- Key Risks: Ad Cycle Volatility and Platform Concentration: Results remain sensitive to macro-driven advertising budgets, while competitive pressure from walled gardens and changes in platform policies (e.g., privacy rules, measurement standards) can affect growth and take rates.
Bull Thesis:
- Dominant Position in Programmatic & CTV Growth: The Trade Desk is a pure-play beneficiary of the secular shift of advertising spend from linear TV to Connected TV (CTV) and the broader programmatic advertising ecosystem. Its independent DSP is well-positioned to capture a significant share of this rapidly expanding market as advertisers seek more data-driven and measurable solutions.
- Champion of the Open Internet and Advertiser Control: TTD offers advertisers transparency, data-driven insights, and granular control over their campaigns outside of the 'walled gardens' of Google and Meta. This focus on the open internet resonates with brands seeking greater independence, verifiable ROI, and access to diverse inventory.
- Leadership in Identity Resolution (UID2): With the deprecation of third-party cookies, TTD's leadership in developing and promoting Unified ID 2.0 (UID2) positions it as a key player in the future of privacy-conscious, data-driven advertising. UID2 offers a robust, open-source alternative for identity resolution, fostering a more addressable and measurable internet.
- High Platform Stickiness and Expanding Client Spend: Once integrated, TTD's platform becomes a critical component of an advertiser's ad tech stack, leading to high client retention rates and increasing spend over time. As clients expand their programmatic advertising efforts across channels and geographies, TTD benefits from their growing investment.
Bear Thesis:
- Intense Competition and Walled Garden Dominance: The programmatic advertising space is highly competitive, with rivals like Google DV360, Amazon DSP, and other independent DSPs. Furthermore, the continued dominance of 'walled gardens' (Google, Meta, Amazon) in overall digital ad spend limits TTD's addressable market and creates persistent competitive pressure.
- Sensitivity to Macroeconomic Downturns: Advertising spend is highly cyclical and discretionary. A significant economic slowdown or recession could lead to reduced marketing budgets from advertisers, directly impacting TTD's revenue growth and profitability, as seen during previous economic uncertainties.
- Evolving Privacy Regulations and Browser Changes: Despite efforts like UID2, the constantly evolving landscape of global privacy regulations (e.g., GDPR, CCPA, new state laws) and browser changes (e.g., Google's Privacy Sandbox initiatives) could still introduce complexities or limitations to TTD's data collection and targeting capabilities, requiring continuous adaptation.
- Premium Valuation and High Growth Expectations: TTD consistently trades at a premium valuation relative to its peers and the broader market, reflecting high investor expectations for future growth. This high valuation makes the stock susceptible to sharp pullbacks if growth rates decelerate, market sentiment shifts, or any operational missteps occur.
Main Competitors:
- Google (Alphabet Inc.) ($GOOGL) (Display & Video 360 (DV360), Google Ads), Google competes directly with The Trade Desk through its comprehensive ad tech stack, including its demand-side platform (DV360), which allows advertisers to buy programmatic ads across Google's vast network and the open internet. Its walled garden properties (Search, YouTube) also capture significant ad spend that might otherwise go to independent DSPs. Google leverages its immense user data and market dominance to offer integrated advertising solutions.
- Amazon.com, Inc. ($AMZN) (Amazon DSP, Amazon Ads), Amazon competes by offering its own demand-side platform (Amazon DSP) that allows advertisers to programmatically buy ads on Amazon's owned and operated sites (e.g., Amazon.com, IMDb, Twitch) and third-party websites and apps. Its unique strength lies in its first-party retail data, enabling highly targeted advertising, especially for consumer packaged goods (CPG) and e-commerce brands, directly competing for ad budgets.
- Meta Platforms, Inc. ($META) (Facebook Ads Manager, Instagram Ads), Meta competes for ad spend through its powerful self-serve advertising platform, Facebook Ads Manager, which allows advertisers to target users across Facebook, Instagram, Messenger, and Audience Network. While primarily a walled garden, its extensive user data, reach, and sophisticated targeting capabilities make it a direct competitor for programmatic ad budgets, particularly for social and performance marketing campaigns.
- Microsoft Corporation (Xandr) ($MSFT) (Xandr Invest DSP), Microsoft, through its acquisition of Xandr (formerly AT&T AdWorks), operates Xandr Invest, a demand-side platform that competes with The Trade Desk for programmatic ad spend across various channels, including connected TV (CTV), video, and display. Xandr leverages its robust ad exchange and data capabilities, now backed by Microsoft's resources and potential integrations, to offer advertisers a transparent and efficient platform for media buying.
Moat:
The Trade Desk's primary moat lies in its independence, transparency, and advanced data-driven capabilities as a pure-play demand-side platform (DSP). Unlike walled gardens (Google, Meta, Amazon), TTD doesn't own media inventory, which fosters trust with advertisers seeking unbiased access to the open internet. Its Unified ID 2.0 (UID2) initiative aims to provide an open-source alternative to third-party cookies, further strengthening its position in a privacy-first world. Competition is fierce, primarily from: 1) Walled Gardens like Google (DV360), Amazon (Amazon DSP), and Meta (Facebook Ads Manager) which command massive ad budgets due to their proprietary data, vast user bases, and integrated ecosystems. 2) Other independent DSPs/ad tech providers, such as Microsoft's Xandr, which offer competing solutions, often with specialized strengths (e.g., CTV). The Trade Desk differentiates itself by focusing on the open internet, offering superior data activation, measurement, and a commitment to advertiser control and transparency, positioning itself as the leading alternative to the walled gardens for programmatic ad buying.
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 | 2016-12-31 | 2016-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 688,857,000 | 846,791,000 | 739,433,000 | 694,039,000 | 616,021,000 | 741,012,000 | 628,016,000 | 584,550,000 | 491,253,000 | 605,797,000 | 493,266,000 | 464,254,000 | 382,803,000 | 490,737,000 | 394,773,000 | 376,962,000 | 315,323,000 | 395,598,000 | 301,091,000 | 279,967,000 | 219,811,000 | 319,905,000 | 216,113,000 | 139,355,000 | 160,660,000 | 215,944,000 | 164,203,000 | 159,924,000 | 120,987,000 | 160,468,000 | 118,825,000 | 112,333,000 | 85,668,000 | 102,648,000 | 79,413,000 | 72,804,000 | 53,352,000 | 72,410,000 | 52,956,000 |
yoy | 11.82% | 14.27% | 17.74% | 18.73% | 25.40% | 22.32% | 27.32% | 25.91% | 28.33% | 23.45% | 24.95% | 23.16% | 21.40% | 24.05% | 31.11% | 34.65% | 43.45% | 23.66% | 39.32% | 100.90% | 36.82% | 48.14% | 31.61% | -12.86% | 32.79% | 34.57% | 38.19% | 42.37% | 41.23% | 56.33% | 49.63% | 54.30% | 60.57% | 41.76% | 49.96% | ||||
qoq | -18.65% | 14.52% | 6.54% | 12.66% | -16.87% | 17.99% | 7.44% | 18.99% | -18.91% | 22.81% | 6.25% | 21.28% | -21.99% | 24.31% | 4.72% | 19.55% | -20.29% | 31.39% | 7.55% | 27.37% | -31.29% | 48.03% | 55.08% | -13.26% | -25.60% | 31.51% | 2.68% | 32.18% | -24.60% | 35.05% | 5.78% | 31.13% | -16.54% | 29.26% | 9.08% | 36.46% | -26.32% | 36.74% | |
operating expenses: | |||||||||||||||||||||||||||||||||||||||
platform operations | 181,970,000 | 163,094,000 | 162,154,000 | 150,980,000 | 142,839,000 | 135,267,000 | 122,656,000 | 110,459,000 | 103,630,000 | 100,695,000 | 93,382,000 | 86,654,000 | 84,867,000 | 79,619,000 | 70,124,000 | 67,490,000 | 63,890,000 | 66,845,000 | 53,400,000 | 50,809,000 | 50,500,000 | 51,645,000 | 44,826,000 | 42,133,000 | 40,208,000 | 47,267,000 | 39,932,000 | 35,330,000 | 33,651,000 | 35,256,000 | 29,344,000 | 26,601,000 | 22,897,000 | 21,133,000 | 17,397,000 | 15,151,000 | 12,549,000 | 13,259,000 | 10,422,000 |
sales and marketing | 172,179,000 | 173,596,000 | 156,830,000 | 161,131,000 | 152,743,000 | 150,629,000 | 140,296,000 | 133,867,000 | 121,725,000 | 126,793,000 | 112,466,000 | 111,489,000 | 97,222,000 | 92,829,000 | 85,038,000 | 89,420,000 | 70,688,000 | 72,501,000 | 59,278,000 | 61,755,000 | 55,764,000 | 58,740,000 | 44,637,000 | 37,071,000 | 34,294,000 | 42,931,000 | 36,142,000 | 31,072,000 | 22,737,000 | 27,064,000 | 23,287,000 | 20,690,000 | 16,030,000 | 18,537,000 | 16,200,000 | 14,166,000 | 12,476,000 | 14,774,000 | 11,600,000 |
technology and development | 142,720,000 | 130,595,000 | 127,893,000 | 134,251,000 | 132,402,000 | 127,893,000 | 117,705,000 | 110,035,000 | 107,686,000 | 102,004,000 | 117,772,000 | 98,308,000 | 93,710,000 | 84,479,000 | 79,915,000 | 83,483,000 | 71,999,000 | 62,836,000 | 55,847,000 | 53,536,000 | 53,918,000 | 48,723,000 | 41,079,000 | 40,058,000 | 36,794,000 | 32,803,000 | 29,185,000 | 29,452,000 | 25,312,000 | 24,086,000 | 22,621,000 | 19,484,000 | 17,701,000 | 17,029,000 | 13,181,000 | 12,135,000 | 10,461,000 | 9,619,000 | 7,292,000 |
general and administrative | 125,341,000 | 122,633,000 | 131,337,000 | 130,900,000 | 133,585,000 | 131,914,000 | 138,878,000 | 135,469,000 | 129,555,000 | 131,867,000 | 131,969,000 | 126,130,000 | 130,312,000 | 133,650,000 | 130,892,000 | 134,826,000 | 125,799,000 | 218,777,000 | 52,120,000 | 51,919,000 | 51,845,000 | 54,365,000 | 42,789,000 | 35,865,000 | 38,598,000 | 40,293,000 | 37,017,000 | 32,121,000 | 33,617,000 | 25,094,000 | 21,310,000 | 19,396,000 | 19,110,000 | 16,631,000 | 14,227,000 | 11,658,000 | 15,930,000 | 10,721,000 | 8,591,000 |
total operating expenses | 622,210,000 | 589,918,000 | 578,214,000 | 577,262,000 | 561,569,000 | 545,703,000 | 519,535,000 | 489,830,000 | 462,596,000 | 461,359,000 | 455,589,000 | 422,581,000 | 406,111,000 | 390,577,000 | 365,969,000 | 375,219,000 | 332,376,000 | 420,959,000 | 220,645,000 | 218,019,000 | 212,027,000 | 213,473,000 | 173,331,000 | 155,127,000 | 149,894,000 | 163,294,000 | 142,276,000 | 127,975,000 | 115,317,000 | 111,500,000 | 96,562,000 | 86,171,000 | 75,738,000 | 73,330,000 | 61,005,000 | 53,110,000 | 51,416,000 | 48,373,000 | 37,905,000 |
income from operations | 66,647,000 | 256,873,000 | 161,219,000 | 116,777,000 | 54,452,000 | 195,309,000 | 108,481,000 | 94,720,000 | 28,657,000 | 144,438,000 | 37,677,000 | 41,673,000 | -23,308,000 | 100,160,000 | 28,804,000 | 1,743,000 | -17,053,000 | -25,361,000 | 80,446,000 | 61,948,000 | 7,784,000 | 106,432,000 | 42,782,000 | -15,772,000 | 10,766,000 | 52,650,000 | 21,927,000 | 31,949,000 | 5,670,000 | 48,968,000 | 22,263,000 | 26,162,000 | 9,930,000 | 29,318,000 | 18,408,000 | 19,694,000 | 1,936,000 | 24,037,000 | 15,051,000 |
yoy | 22.40% | 31.52% | 48.61% | 23.29% | 90.01% | 35.22% | 187.92% | 127.29% | -222.95% | 44.21% | 30.80% | 2290.88% | 36.68% | -494.94% | -64.19% | -97.19% | -319.08% | -123.83% | 88.04% | -492.77% | -27.70% | 102.15% | 95.11% | -149.37% | 89.88% | 7.52% | -1.51% | 22.12% | -42.90% | 67.02% | 20.94% | 32.84% | 412.91% | 21.97% | 22.30% | ||||
qoq | -74.05% | 59.33% | 38.06% | 114.46% | -72.12% | 80.04% | 14.53% | 230.53% | -80.16% | 283.36% | -9.59% | -278.79% | -123.27% | 247.73% | 1552.55% | -110.22% | -32.76% | -131.53% | 29.86% | 695.84% | -92.69% | 148.78% | -371.25% | -246.50% | -79.55% | 140.11% | -31.37% | 463.47% | -88.42% | 119.95% | -14.90% | 163.46% | -66.13% | 59.27% | -6.53% | 917.25% | -91.95% | 59.70% | |
operating margin % | 9.68% | 30.33% | 21.80% | 16.83% | 8.84% | 26.36% | 17.27% | 16.20% | 5.83% | 23.84% | 7.64% | 8.98% | -6.09% | 20.41% | 7.30% | 0.46% | -5.41% | -6.41% | 26.72% | 22.13% | 3.54% | 33.27% | 19.80% | -11.32% | 6.70% | 24.38% | 13.35% | 19.98% | 4.69% | 30.52% | 18.74% | 23.29% | 11.59% | 28.56% | 23.18% | 27.05% | 3.63% | 33.20% | 28.42% |
other expense: | |||||||||||||||||||||||||||||||||||||||
interest income | -13,369,000 | -14,060,000 | -16,490,000 | -18,035,000 | -20,132,000 | -24,956,000 | -19,408,000 | -17,817,000 | -16,661,000 | -18,952,000 | -17,626,000 | -17,507,000 | -14,423,000 | -11,434,000 | -1,741,000 | -656,000 | 1,076,000 | 474,000 | 317,000 | 194,000 | 45,000 | 84,000 | 235,000 | 104,000 | -1,092,000 | -956,000 | -1,480,000 | -1,286,000 | -997,000 | 1,663,000 | -237,000 | -32,000 | 156,000 | 501,000 | 513,000 | 413,000 | 364,000 | 411,000 | 1,347,000 |
foreign currency exchange loss | 1,058,000 | 667,000 | -1,810,000 | 1,611,000 | -1,334,000 | 711,000 | 45,000 | -715,000 | 2,714,000 | -1,697,000 | -747,000 | 723,000 | -526,000 | 43,000 | 317,000 | -795,000 | 747,000 | 1,153,000 | 204,000 | -353,000 | -613,000 | -12,000 | 352,000 | 1,234,000 | -89,000 | -412,000 | -134,000 | 1,330,000 | -116,000 | 395,000 | 1,096,000 | 544,000 | 781,000 | 1,841,000 | 890,000 | 428,000 | 662,000 | 87,000 | |
total other income | -12,311,000 | -13,393,000 | -18,300,000 | -16,424,000 | -21,317,000 | -26,290,000 | -18,697,000 | -17,772,000 | -17,376,000 | -12,819,250 | -19,323,000 | -18,254,000 | |||||||||||||||||||||||||||
income before income taxes | 78,958,000 | 270,266,000 | 179,519,000 | 133,201,000 | 75,769,000 | 221,599,000 | 127,178,000 | 112,492,000 | 46,033,000 | 160,676,000 | 57,000,000 | 59,927,000 | -9,608,000 | 112,120,000 | 30,502,000 | 2,082,000 | -17,334,000 | -26,582,000 | 78,976,000 | 61,550,000 | 8,092,000 | 106,961,000 | 42,559,000 | -15,966,000 | 10,349,000 | 53,695,000 | 23,819,000 | 33,369,000 | 5,337,000 | 49,304,000 | 22,105,000 | 25,098,000 | 9,230,000 | 28,036,000 | 16,054,000 | 18,391,000 | 1,144,000 | 22,964,000 | 8,964,000 |
provision for income taxes | 38,961,000 | 83,316,000 | 63,972,000 | 43,072,000 | 25,091,000 | 39,370,000 | 33,020,000 | 27,463,000 | 14,373,000 | 63,353,000 | 17,648,000 | 26,988,000 | 40,933,000 | 14,633,000 | 21,155,000 | -34,621,000 | 19,592,000 | 13,853,000 | -44,941,000 | 1,312,000 | -41,077,000 | 2,750,000 | 4,397,000 | 5,569,000 | -4,814,000 | 9,869,000 | 1,813,000 | 5,755,000 | 160,000 | 11,225,000 | 5,825,000 | -458,000 | 12,684,000 | 5,320,000 | |||||
net income | 39,997,000 | 186,950,000 | 115,547,000 | 90,129,000 | 50,678,000 | 182,229,000 | 94,158,000 | 85,029,000 | 31,660,000 | 97,323,000 | 39,352,000 | 32,939,000 | 9,326,000 | 71,187,000 | 15,869,000 | -19,073,000 | -14,598,000 | 8,039,000 | 59,384,000 | 47,697,000 | 22,642,000 | 151,902,000 | 41,247,000 | 25,111,000 | 24,057,000 | 50,945,000 | 19,422,000 | 27,800,000 | 10,151,000 | 39,435,000 | 20,292,000 | 19,343,000 | 9,070,000 | 16,811,000 | 10,229,000 | 18,849,000 | 4,909,000 | 10,280,000 | 3,644,000 |
yoy | -21.08% | 2.59% | 22.72% | 6.00% | 60.07% | 87.24% | 139.27% | 158.14% | 239.48% | 36.71% | 147.98% | -272.70% | -163.89% | 785.52% | -73.28% | -139.99% | -164.47% | -94.71% | 43.97% | 89.94% | -5.88% | 198.17% | 112.37% | -9.67% | 136.99% | 29.19% | -4.29% | 43.72% | 11.92% | 134.58% | 98.38% | 2.62% | 84.76% | 63.53% | 180.71% | ||||
qoq | -78.61% | 61.80% | 28.20% | 77.85% | -72.19% | 93.54% | 10.74% | 168.57% | -67.47% | 147.31% | 19.47% | 253.20% | -86.90% | 348.59% | -183.20% | 30.65% | -281.59% | -86.46% | 24.50% | 110.66% | -85.09% | 268.27% | 64.26% | 4.38% | -52.78% | 162.31% | -30.14% | 173.86% | -74.26% | 94.34% | 4.91% | 113.26% | -46.05% | 64.35% | -45.73% | 283.97% | -52.25% | 182.11% | |
net income margin % | 5.81% | 22.08% | 15.63% | 12.99% | 8.23% | 24.59% | 14.99% | 14.55% | 6.44% | 16.07% | 7.98% | 7.10% | 2.44% | 14.51% | 4.02% | -5.06% | -4.63% | 2.03% | 19.72% | 17.04% | 10.30% | 47.48% | 19.09% | 18.02% | 14.97% | 23.59% | 11.83% | 17.38% | 8.39% | 24.57% | 17.08% | 17.22% | 10.59% | 16.38% | 12.88% | 25.89% | 9.20% | 14.20% | 6.88% |
earnings per share: | |||||||||||||||||||||||||||||||||||||||
basic | 0.08 | 0.39 | 0.24 | 0.18 | 0.1 | 0.37 | 0.19 | 0.17 | 0.06 | 0.2 | 0.08 | 0.07 | 0.02 | 0.15 | 0.03 | -0.04 | -0.03 | 0.02 | 0.12 | 0.1 | 0.48 | 3.28 | 0.89 | 0.54 | 0.53 | 1.14 | 0.43 | 0.63 | 0.23 | 0.288 | 0.47 | 0.46 | 0.22 | 0.213 | 0.25 | 0.47 | 0.13 | -0.808 | 0.08 |
diluted | 0.08 | 0.38 | 0.23 | 0.18 | 0.1 | 0.36 | 0.19 | 0.17 | 0.06 | 0.2 | 0.08 | 0.07 | 0.02 | 0.15 | 0.03 | -0.04 | -0.03 | 0.02 | 0.12 | 0.1 | 0.45 | 3.09 | 0.84 | 0.52 | 0.5 | 1.07 | 0.4 | 0.58 | 0.21 | 0.268 | 0.44 | 0.43 | 0.2 | 0.193 | 0.23 | 0.43 | 0.11 | -0.808 | 0.06 |
weighted-average shares outstanding: | |||||||||||||||||||||||||||||||||||||||
basic | 474,663 | 488,278 | 487,729 | 490,631 | 494,927 | 490,879 | 491,614 | 489,353 | 488,551 | 489,261 | 489,447 | 488,431 | 489,712 | 486,937 | 487,963 | 486,310 | 484,190 | 476,851 | 478,101 | 475,512 | 47,282 | 46,287 | 46,582 | 46,136 | 45,501 | 44,533 | 44,771 | 44,404 | 43,906 | 42,442 | 42,721 | 42,174 | 41,629 | 40,262 | 40,700 | 40,046 | 39,167 | 18,280 | 12,629 |
diluted | 476,883 | 493,551 | 492,984 | 495,776 | 502,944 | 501,924 | 502,563 | 500,040 | 498,192 | 500,182 | 501,880 | 499,349 | 499,795 | 499,925 | 500,300 | 486,310 | 484,190 | 498,540 | 498,912 | 496,987 | 49,792 | 48,988 | 49,220 | 48,654 | 48,313 | 47,806 | 48,037 | 47,828 | 47,314 | 45,793 | 46,576 | 45,242 | 44,543 | 44,056 | 44,245 | 43,944 | 43,557 | 18,280 | 17,064 |
foreign currency exchange gain | -1,185,000 | ||||||||||||||||||||||||||||||||||||||
total other expense | -13,700,000 | -11,960,000 | -1,698,000 | -339,000 | 281,000 | 1,221,000 | 1,470,000 | 398,000 | -308,000 | -529,000 | 223,000 | 194,000 | 417,000 | -1,045,000 | -1,892,000 | -1,420,000 | 333,000 | -336,000 | 158,000 | 1,064,000 | 700,000 | 1,282,000 | 2,354,000 | 1,303,000 | 792,000 | 1,073,000 | 6,087,000 | ||||||||||||
benefit from income taxes | -18,934,000 | -2,736,000 | -14,550,000 | -13,708,000 | -3,765,000 | ||||||||||||||||||||||||||||||||||
credit loss expense on available-for-sale securities | -262,000 | 275,000 | |||||||||||||||||||||||||||||||||||||
change in fair value of preferred stock warrant liabilities | 4,653,000 | ||||||||||||||||||||||||||||||||||||||
net income attributable to common stockholders | 16,811,000 | 10,229,000 | 18,849,000 | 4,909,000 | |||||||||||||||||||||||||||||||||||
net income (loss) attributable to common stockholders | -9,251,750 | 972,000 |
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 | 2016-12-31 | 2016-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||||||||||||||||
current assets: | |||||||||||||||||||||||||||||||||||||||
cash and cash equivalents | 878,377,000 | 658,175,000 | 653,134,000 | 896,387,000 | 1,118,545,000 | 1,369,463,000 | 1,221,475,000 | 1,009,363,000 | 918,200,000 | 895,129,000 | 1,071,764,000 | 965,831,000 | 892,702,000 | 1,030,506,000 | 994,656,000 | 932,683,000 | 844,223,000 | 754,154,000 | 576,916,000 | 476,907,000 | 471,637,000 | 437,353,000 | 434,371,000 | 426,344,000 | 325,211,000 | 130,876,000 | 173,446,000 | 130,590,000 | 143,841,000 | 207,232,000 | 166,349,000 | 141,681,000 | 138,952,000 | 155,950,000 | 132,798,000 | ||||
short-term investments | 527,538,000 | 644,882,000 | 792,313,000 | 790,874,000 | 621,826,000 | 552,026,000 | 510,290,000 | 497,168,000 | 501,360,000 | 485,159,000 | 450,117,000 | 465,113,000 | 437,730,000 | 416,080,000 | 326,745,000 | 280,459,000 | 260,347,000 | 204,625,000 | 221,685,000 | 228,150,000 | 208,446,000 | 186,685,000 | 124,112,000 | 123,082,000 | 100,461,000 | 74,101,000 | |||||||||||||
accounts receivable | 3,323,673,000 | 3,770,194,000 | 3,478,338,000 | 3,254,908,000 | 3,051,928,000 | 3,330,343,000 | 2,989,387,000 | 2,905,533,000 | 2,619,280,000 | 2,870,313,000 | 2,434,047,000 | 2,346,070,000 | 2,086,332,000 | 2,347,195,000 | 2,026,929,000 | 1,902,504,000 | 1,760,985,000 | 2,020,720,000 | 1,624,759,000 | 1,527,651,000 | 1,368,668,000 | 1,584,109,000 | 1,139,860,000 | 869,064,000 | 947,973,000 | 1,166,376,000 | 835,958,000 | 830,646,000 | 707,740,000 | 834,764,000 | 640,098,000 | 645,555,000 | 556,733,000 | 599,565,000 | 470,452,000 | 382,209,000 | 315,283,000 | 377,240,000 | 274,008,000 |
prepaid expenses and other current assets | 132,075,000 | 187,753,000 | 196,501,000 | 111,546,000 | 64,036,000 | 84,626,000 | 117,221,000 | 110,776,000 | 57,579,000 | 63,353,000 | 57,878,000 | 54,749,000 | 59,101,000 | 51,836,000 | 67,033,000 | 80,531,000 | 89,784,000 | 112,150,000 | 92,557,000 | 114,558,000 | 121,398,000 | 102,170,000 | 58,847,000 | 67,437,000 | 48,002,000 | 27,857,000 | 26,641,000 | 22,319,000 | 18,927,000 | 14,527,000 | 18,614,000 | 13,170,000 | 10,837,000 | 10,298,000 | 12,712,000 | 17,250,000 | 10,825,000 | 5,763,000 | 5,536,000 |
total current assets | 4,861,663,000 | 5,261,004,000 | 5,120,286,000 | 5,053,715,000 | 4,856,335,000 | 5,336,458,000 | 4,838,373,000 | 4,522,840,000 | 4,096,419,000 | 4,313,954,000 | 4,013,806,000 | 3,831,763,000 | 3,475,865,000 | 3,845,617,000 | 3,415,363,000 | 3,196,177,000 | 2,955,339,000 | 3,091,649,000 | 2,515,917,000 | 2,347,266,000 | 2,170,149,000 | 2,310,317,000 | 1,755,987,000 | 1,491,819,000 | 1,441,811,000 | 1,449,221,000 | 1,159,127,000 | 1,084,016,000 | 944,609,000 | 1,056,523,000 | 825,061,000 | 800,406,000 | 706,522,000 | 765,813,000 | 615,962,000 | 515,318,000 | 432,681,000 | 516,403,000 | 403,512,000 |
property and equipment | 389,385,000 | 396,819,000 | 322,507,000 | 309,975,000 | 251,019,000 | 209,332,000 | 197,973,000 | 191,912,000 | 150,551,000 | 161,422,000 | 152,863,000 | 159,805,000 | 170,454,000 | 173,759,000 | 166,078,000 | 139,214,000 | 130,640,000 | 135,856,000 | 137,416,000 | 124,809,000 | 115,914,000 | 115,863,000 | 111,862,000 | 96,075,000 | 78,877,000 | 64,012,000 | 47,734,000 | 43,521,000 | 36,120,000 | 33,046,000 | 29,402,000 | 23,031,000 | 18,046,000 | 17,405,000 | 17,396,000 | 17,144,000 | 16,057,000 | 14,779,000 | 10,545,000 |
operating lease assets | 326,285,000 | 342,042,000 | 287,104,000 | 269,309,000 | 279,039,000 | 263,761,000 | 242,431,000 | 229,411,000 | 201,859,000 | 197,732,000 | 208,583,000 | 212,088,000 | 212,042,000 | 220,396,000 | 230,917,000 | 225,380,000 | 228,991,000 | 234,091,000 | 242,436,000 | 245,674,000 | 237,917,000 | 248,143,000 | 202,172,000 | 203,914,000 | 200,242,000 | 173,449,000 | 177,276,000 | 82,711,000 | 73,508,000 | ||||||||||
deferred income taxes | 55,700,000 | 55,700,000 | 110,514,000 | 228,948,000 | 228,948,000 | 230,214,000 | 154,849,000 | 154,849,000 | 154,849,000 | 154,849,000 | 94,028,000 | 94,028,000 | 94,028,000 | 94,028,000 | 67,640,000 | 66,689,000 | 73,548,000 | 68,244,000 | 46,405,000 | 45,124,000 | 50,168,000 | 50,168,000 | 39,928,000 | 30,648,000 | 18,950,000 | 18,950,000 | 8,460,000 | 8,460,000 | 8,460,000 | 8,460,000 | 3,359,000 | 3,359,000 | 3,359,000 | 3,359,000 | |||||
other assets, non-current | 101,351,000 | 97,655,000 | 99,990,000 | 95,862,000 | 90,100,000 | 72,186,000 | 71,699,000 | 60,910,000 | 60,119,000 | 60,730,000 | 51,152,000 | 49,284,000 | 47,249,000 | 46,879,000 | 43,956,000 | 45,286,000 | 44,203,000 | 47,500,000 | 46,581,000 | 30,075,000 | 28,551,000 | 29,154,000 | 28,479,000 | 26,515,000 | 27,324,000 | 23,129,000 | 22,442,000 | 20,743,000 | 19,680,000 | 19,843,000 | 15,891,000 | 12,609,000 | 11,129,000 | 10,587,000 | 7,495,000 | 7,018,000 | 4,751,000 | 4,636,000 | 4,492,000 |
total assets | 5,734,384,000 | 6,153,220,000 | 5,940,401,000 | 5,957,809,000 | 5,705,441,000 | 6,111,951,000 | 5,505,325,000 | 5,159,922,000 | 4,663,797,000 | 4,888,687,000 | 4,520,432,000 | 4,346,968,000 | 3,999,638,000 | 4,380,679,000 | 3,923,954,000 | 3,672,746,000 | 3,432,721,000 | 3,577,340,000 | 2,988,755,000 | 2,792,948,000 | 2,602,699,000 | 2,753,645,000 | 2,138,428,000 | 1,848,971,000 | 1,767,204,000 | 1,728,761,000 | 1,415,039,000 | 1,239,451,000 | 1,082,377,000 | 1,117,872,000 | 873,713,000 | 839,405,000 | 739,056,000 | 797,164,000 | 642,631,000 | 541,258,000 | 455,267,000 | 537,596,000 | 419,720,000 |
liabilities and stockholders’ equity | |||||||||||||||||||||||||||||||||||||||
liabilities | |||||||||||||||||||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||||||||||||||||||
accounts payable | 2,633,030,000 | 3,007,651,000 | 2,761,261,000 | 2,724,093,000 | 2,398,948,000 | 2,631,213,000 | 2,409,773,000 | 2,336,589,000 | 2,094,855,000 | 2,317,318,000 | 1,967,649,000 | 1,892,906,000 | 1,677,154,000 | 1,871,419,000 | 1,651,447,000 | 1,537,448,000 | 1,405,673,000 | 1,655,684,000 | 1,304,971,000 | 1,222,220,000 | 1,142,258,000 | 1,348,480,000 | 919,694,000 | 656,168,000 | 663,410,000 | 868,618,000 | 647,547,000 | 616,222,000 | 529,594,000 | 669,147,000 | 493,284,000 | 503,208,000 | 440,684,000 | 490,377,000 | 370,532,000 | 290,399,000 | 231,524,000 | 321,163,000 | 206,194,000 |
accrued expenses and other current liabilities | 179,907,000 | 181,991,000 | 160,381,000 | 152,477,000 | 210,813,000 | 177,760,000 | 142,459,000 | 120,218,000 | 131,287,000 | 137,996,000 | 121,616,000 | 103,285,000 | 100,146,000 | 105,474,000 | 82,768,000 | 79,339,000 | 92,903,000 | 101,472,000 | 77,323,000 | 66,759,000 | 83,530,000 | 88,335,000 | 57,724,000 | 43,147,000 | 48,437,000 | 47,178,000 | 40,553,000 | 37,429,000 | 39,218,000 | 44,844,000 | 35,927,000 | 28,376,000 | 29,057,000 | 28,155,000 | 25,405,000 | 21,110,000 | 21,371,000 | 22,973,000 | 14,007,000 |
operating lease liabilities | 77,505,000 | 76,355,000 | 73,129,000 | 72,414,000 | 72,301,000 | 64,492,000 | 62,858,000 | 61,579,000 | 57,208,000 | 55,524,000 | 57,890,000 | 54,793,000 | 53,054,000 | 52,430,000 | 51,025,000 | 48,287,000 | 47,226,000 | 46,149,000 | 45,603,000 | 39,594,000 | 37,688,000 | 37,868,000 | 34,735,000 | 31,385,000 | 22,527,000 | 14,577,000 | 15,938,000 | 16,822,000 | 14,448,000 | ||||||||||
total current liabilities | 2,890,442,000 | 3,265,997,000 | 2,994,771,000 | 2,948,984,000 | 2,682,062,000 | 2,873,465,000 | 2,615,090,000 | 2,518,386,000 | 2,283,350,000 | 2,510,838,000 | 2,147,155,000 | 2,050,984,000 | 1,830,354,000 | 2,029,323,000 | 1,785,240,000 | 1,665,074,000 | 1,545,802,000 | 1,803,305,000 | 1,427,897,000 | 1,328,573,000 | 1,263,476,000 | 1,474,683,000 | 1,012,153,000 | 730,700,000 | 734,374,000 | 930,373,000 | 704,038,000 | 670,473,000 | 583,260,000 | 713,991,000 | 529,211,000 | 531,584,000 | 469,741,000 | 518,532,000 | 395,937,000 | 311,509,000 | 252,895,000 | 344,136,000 | 220,922,000 |
operating lease liabilities, non-current | 346,070,000 | 359,975,000 | 302,848,000 | 271,135,000 | 262,667,000 | 247,723,000 | 230,355,000 | 202,769,000 | 180,456,000 | 180,369,000 | 190,207,000 | 198,075,000 | 200,728,000 | 208,527,000 | 215,728,000 | 219,341,000 | 229,489,000 | 238,449,000 | 247,923,000 | 252,995,000 | 245,899,000 | 254,562,000 | 205,408,000 | 205,556,000 | 204,688,000 | 174,873,000 | 167,668,000 | 71,699,000 | 65,168,000 | ||||||||||
other liabilities, non-current | 44,386,000 | 42,857,000 | 41,996,000 | 41,857,000 | 44,028,000 | 41,618,000 | 34,130,000 | 33,361,000 | 33,436,000 | 33,261,000 | 27,544,000 | 26,499,000 | 27,749,000 | 27,490,000 | 8,698,000 | 8,500,000 | 8,327,000 | 8,280,000 | 10,121,000 | 9,034,000 | 9,011,000 | 11,255,000 | 16,240,000 | 12,364,000 | 11,108,000 | 10,998,000 | 7,941,000 | 5,058,000 | 4,551,000 | 9,314,000 | 7,488,000 | 6,847,000 | 6,384,000 | 6,049,000 | 4,435,000 | 4,520,000 | 4,594,000 | 3,233,000 | 1,732,000 |
total liabilities | 3,280,898,000 | 3,668,829,000 | 3,339,615,000 | 3,261,976,000 | 2,988,757,000 | 3,162,806,000 | 2,879,575,000 | 2,754,516,000 | 2,497,242,000 | 2,724,468,000 | 2,364,906,000 | 2,275,558,000 | 2,058,831,000 | 2,265,340,000 | 2,009,666,000 | 1,892,915,000 | 1,783,618,000 | 2,050,034,000 | 1,685,941,000 | 1,590,602,000 | 1,518,386,000 | 1,740,500,000 | 1,305,801,000 | 1,090,620,000 | 1,093,170,000 | 1,116,244,000 | 879,647,000 | 747,230,000 | 652,979,000 | 723,305,000 | 536,699,000 | 538,431,000 | 476,125,000 | 551,581,000 | 427,372,000 | 343,029,000 | 283,336,000 | 373,216,000 | 273,986,000 |
commitments and contingencies | |||||||||||||||||||||||||||||||||||||||
stockholders’ equity | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of march 31, 2026 and december 31, 2025 | |||||||||||||||||||||||||||||||||||||||
common stock | |||||||||||||||||||||||||||||||||||||||
additional paid-in capital | 3,178,436,000 | 3,075,303,000 | 2,965,231,000 | 2,858,189,000 | 2,712,166,000 | 2,594,896,000 | 2,397,100,000 | 2,217,043,000 | 2,063,311,000 | 1,967,265,000 | 1,835,107,000 | 1,700,498,000 | 1,558,830,000 | 1,449,825,000 | 1,319,961,000 | 1,201,373,000 | 1,051,572,000 | 915,177,000 | 698,724,000 | 657,640,000 | 587,304,000 | 538,778,000 | 510,017,000 | 476,859,000 | 417,769,000 | 380,079,000 | 353,899,000 | 330,150,000 | 295,127,000 | 270,447,000 | 252,329,000 | 236,581,000 | 217,881,000 | 209,603,000 | 196,090,000 | 189,289,000 | 181,840,000 | 179,198,000 | 170,832,000 |
accumulated deficit | -724,950,000 | -9,909,000 | |||||||||||||||||||||||||||||||||||||
total stockholders’ equity | 2,453,486,000 | 2,484,391,000 | 2,600,786,000 | 2,695,833,000 | 2,716,684,000 | 2,949,145,000 | 2,625,750,000 | 2,405,406,000 | 2,166,555,000 | 2,164,219,000 | 2,155,526,000 | 2,071,410,000 | 1,940,807,000 | 2,115,339,000 | 1,914,288,000 | 1,779,831,000 | 1,649,103,000 | 1,527,306,000 | 1,302,814,000 | 1,202,346,000 | 1,084,313,000 | 1,013,145,000 | 832,627,000 | 758,351,000 | 674,034,000 | 612,517,000 | 535,392,000 | 492,221,000 | 429,398,000 | 394,567,000 | 337,014,000 | 300,974,000 | 262,931,000 | 245,583,000 | 215,259,000 | 198,229,000 | 171,931,000 | 164,380,000 | 145,734,000 |
total liabilities and stockholders’ equity | 5,734,384,000 | 6,153,220,000 | 5,940,401,000 | 5,957,809,000 | 5,705,441,000 | 6,111,951,000 | 5,505,325,000 | 5,159,922,000 | 4,663,797,000 | 4,888,687,000 | 4,520,432,000 | 4,346,968,000 | 3,999,638,000 | 4,380,679,000 | 3,923,954,000 | 3,672,746,000 | 3,432,721,000 | 3,577,340,000 | 2,988,755,000 | 2,792,948,000 | 2,602,699,000 | 2,753,645,000 | 2,138,428,000 | 1,848,971,000 | 1,767,204,000 | 1,728,761,000 | 1,415,039,000 | 1,239,451,000 | 1,082,377,000 | 1,117,872,000 | 873,713,000 | 839,405,000 | 739,056,000 | 797,164,000 | 642,631,000 | 541,258,000 | 455,267,000 | ||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of december 31, 2025 and 2024 | |||||||||||||||||||||||||||||||||||||||
retained earnings | -590,912,000 | -364,445,000 | -162,356,000 | 4,518,000 | 354,249,000 | 228,650,000 | 188,363,000 | 103,244,000 | 196,954,000 | 320,419,000 | 370,912,000 | 381,977,000 | 665,514,000 | 594,327,000 | 578,458,000 | 597,531,000 | 612,129,000 | 604,090,000 | 544,706,000 | 497,009,000 | 474,367,000 | 322,465,000 | 281,218,000 | 256,107,000 | 232,438,000 | 181,493,000 | 162,071,000 | 134,271,000 | 124,120,000 | 84,685,000 | 64,393,000 | 45,050,000 | 35,980,000 | 19,169,000 | 8,940,000 | -14,818,000 | |||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of september 30, 2025 and december 31, 2024 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of june 30, 2025 and december 31, 2024 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of march 31, 2025 and december 31, 2024 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of december 31, 2024 and 2023 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of september 30, 2024 and december 31, 2023 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of june 30, 2024 and december 31, 2023 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of march 31, 2024 and december 31, 2023 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of december 31, 2023 and 2022 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of september 30, 2023 and december 31, 2022 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of june 30, 2023 and december 31, 2022 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of march 31, 2023 and december 31, 2022 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of december 31, 2022 and 2021 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of september 30, 2022 and december 31, 2021 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of june 30, 2022 and december 31, 2021 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of march 31, 2022 and december 31, 2021 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of december 31, 2021 and 2020 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of september 30, 2021 and december 31, 2020 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of june 30, 2021 and december 31, 2020 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of march 31, 2021 and december 31, 2020 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of december 31, 2020 and 2019 | |||||||||||||||||||||||||||||||||||||||
short-term investments, net of allowance for credit losses of 11 and 0 as of september 30, 2020 and december 31, 2019, respectively | 122,909,000 | ||||||||||||||||||||||||||||||||||||||
debt | 72,000,000 | 142,000,000 | 143,000,000 | 27,000,000 | 27,000,000 | 27,000,000 | 25,847,000 | 25,847,000 | 50,847,000 | ||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of september 30, 2020 and december 31, 2019 | |||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive income | 145,000 | 274,000 | 158,000 | ||||||||||||||||||||||||||||||||||||
short-term investments, net of allowance for credit losses of 13 and 0 as of june 30, 2020 and december 31, 2019, respectively | 128,974,000 | ||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of june 30, 2020 and december 31, 2019 | |||||||||||||||||||||||||||||||||||||||
short-term investments, net of allowance for credit losses of 275 and 0 as of march 31, 2020 and december 31, 2019, respectively | 120,625,000 | ||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of march 31, 2020 and december 31, 2019 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of december 31, 2019 and 2018 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of september 30, 2019 and december 31, 2018 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of june 30, 2019 and december 31, 2018 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of march 31, 2019 and december 31, 2018 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of december 31, 2018 and 2017 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of september 30, 2018 and december 31, 2017 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of june 30, 2018 and december 31, 2017 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of march 31, 2018 and december 31, 2017 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of december 31, 2016 and 2017 | |||||||||||||||||||||||||||||||||||||||
deferred taxes | 1,778,000 | 1,778,000 | 1,778,000 | 1,778,000 | 1,171,000 | ||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of september 30, 2017 and december 31, 2016 | |||||||||||||||||||||||||||||||||||||||
cash | 115,859,000 | 106,573,000 | 133,400,000 | 123,968,000 | |||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of june 30, 2017 and december 31, 2016 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of march 31, 2017 and december 31, 2016 | |||||||||||||||||||||||||||||||||||||||
liabilities, convertible preferred stock and stockholders’ equity | |||||||||||||||||||||||||||||||||||||||
convertible preferred stock warrant liabilities | |||||||||||||||||||||||||||||||||||||||
convertible preferred stock, par value 0.000001; 68,521 shares authorized, 66,330 shares issued and outstanding as of december 31, 2015; liquidation preference of 27,997 as of december 31, 2015; zero shares authorized, issued and outstanding as of december 31, 2016 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; zero shares authorized, issued and outstanding as of december 31, 2015; 100,000 shares authorized, zero shares issued and outstanding as of december 31, 2016 | |||||||||||||||||||||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ equity | 537,596,000 | 419,720,000 | |||||||||||||||||||||||||||||||||||||
financing obligation, current portion | 721,000 | ||||||||||||||||||||||||||||||||||||||
financing obligation, non-current | 485,000 | ||||||||||||||||||||||||||||||||||||||
convertible preferred stock, par value 0.000001; zero shares authorized, issued and outstanding as of september 30, 2016; 68,521 shares authorized, 66,330 shares issued and outstanding as of december 31, 2015; liquidation preference of 27,997 as of december 31, 2015 | |||||||||||||||||||||||||||||||||||||||
preferred stock, par value 0.000001; 100,000 shares authorized, zero shares issued and outstanding as of september 30, 2016; zero shares authorized, issued and outstanding as of december 31, 2015 |
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 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities: | ||||||||||||||||||||||||||||||||||||||
net income | 39,997,000 | 186,950,000 | 115,547,000 | 90,129,000 | 50,678,000 | 182,229,000 | 94,158,000 | 85,029,000 | 31,660,000 | 97,323,000 | 39,352,000 | 32,939,000 | 9,326,000 | 71,187,000 | 15,869,000 | -19,073,000 | -14,598,000 | 8,039,000 | 59,384,000 | 47,697,000 | 22,642,000 | 151,902,000 | 41,247,000 | 25,111,000 | 24,057,000 | 50,945,000 | 19,422,000 | 27,800,000 | 10,151,000 | 39,435,000 | 20,292,000 | 19,343,000 | 9,070,000 | 16,811,000 | 10,229,000 | 18,849,000 | 4,909,000 | 10,280,000 |
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||||||||||||||||
depreciation and amortization expense | 31,431,000 | |||||||||||||||||||||||||||||||||||||
stock-based compensation expense | 109,046,000 | |||||||||||||||||||||||||||||||||||||
noncash lease expense | 18,640,000 | 18,448,000 | 16,981,000 | 17,291,000 | 16,962,000 | 15,881,000 | 15,062,000 | 13,709,000 | 12,751,000 | 12,283,000 | 12,347,000 | 12,408,000 | 11,917,000 | 10,828,000 | 10,515,000 | 10,401,000 | 10,361,000 | 10,102,000 | 9,451,000 | 9,217,000 | 8,227,000 | 8,423,000 | 7,402,000 | 6,500,000 | 6,459,000 | 4,514,000 | 4,421,000 | |||||||||||
provision for expected credit losses on accounts receivable | 4,026,000 | 321,000 | 685,000 | 492,000 | 16,000 | 704,000 | 93,000 | 40,000 | ||||||||||||||||||||||||||||||
other | 6,302,000 | -5,396,000 | 58,000 | -2,023,000 | -11,876,000 | 4,020,000 | -7,784,000 | -5,242,000 | 1,125,000 | -12,067,000 | 111,000 | -7,113,000 | -1,310,000 | -3,072,000 | -2,936,000 | 5,632,000 | 998,000 | -927,000 | -2,335,000 | 4,160,000 | 4,905,000 | 948,000 | 3,627,000 | -5,594,000 | 3,209,000 | 1,006,000 | -889,000 | -2,659,000 | 603,000 | 509,000 | -329,000 | 2,735,000 | -10,000 | 9,000 | -344,000 | -694,000 | -274,000 | 2,240,000 |
changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||
accounts receivable | 429,285,000 | -283,665,000 | -229,086,000 | -202,303,000 | 282,336,000 | -348,516,000 | -76,390,000 | -287,468,000 | 238,147,000 | -423,362,000 | -95,282,000 | -293,533,000 | 258,165,000 | -316,652,000 | -87,440,000 | -147,138,000 | 259,483,000 | -395,705,000 | -98,439,000 | -159,045,000 | 208,847,000 | -439,117,000 | -272,514,000 | 83,025,000 | 210,552,000 | -328,630,000 | -7,726,000 | -122,245,000 | 127,232,000 | -195,165,000 | 5,612,000 | -92,735,000 | 42,387,000 | -129,421,000 | -88,362,000 | -66,043,000 | 59,190,000 | |
prepaid expenses and other current and non-current assets | 58,531,000 | 14,988,000 | -73,293,000 | -38,299,000 | 20,018,000 | 29,707,000 | -16,426,000 | -55,395,000 | 3,331,000 | -15,445,000 | -7,711,000 | 1,822,000 | -5,481,000 | 7,742,000 | 13,895,000 | |||||||||||||||||||||||
accounts payable | -279,385,000 | 170,692,000 | 140,220,000 | 214,827,000 | -234,666,000 | 211,744,000 | 100,422,000 | 206,949,000 | -220,196,000 | 349,802,000 | 74,666,000 | 251,696,000 | -200,701,000 | 255,877,000 | 61,095,000 | 116,084,000 | -245,937,000 | 353,515,000 | 89,405,000 | 67,068,000 | -200,578,000 | 433,585,000 | 262,124,000 | -8,429,000 | -205,967,000 | 213,164,000 | 30,536,000 | 86,949,000 | -138,886,000 | 180,479,000 | -14,024,000 | 60,918,000 | -49,698,000 | 119,938,000 | 80,382,000 | 59,413,000 | -87,940,000 | 115,131,000 |
accrued expenses and other current and non-current liabilities | -8,951,000 | 33,724,000 | -2,717,000 | -53,186,000 | 29,105,000 | 37,718,000 | 18,835,000 | -9,885,000 | -104,000 | 17,242,000 | 18,040,000 | 4,708,000 | -4,309,000 | 26,946,000 | 3,412,000 | |||||||||||||||||||||||
operating lease liabilities | -17,117,000 | -16,314,000 | -15,959,000 | -17,697,000 | -13,854,000 | -9,836,000 | -4,521,000 | -13,753,000 | -13,644,000 | -16,172,000 | -11,639,000 | -11,989,000 | -13,113,000 | -12,615,000 | -11,702,000 | -12,039,000 | -11,990,000 | -12,104,000 | -7,891,000 | -13,101,000 | -10,894,000 | -6,707,000 | -5,653,000 | -2,062,000 | -2,673,000 | -1,874,000 | -2,620,000 | -2,782,000 | -3,066,000 | |||||||||
net cash from operating activities | 391,805,000 | 311,589,000 | 224,686,000 | 165,013,000 | 291,433,000 | 199,401,000 | 273,324,000 | 81,259,000 | 185,472,000 | 91,120,000 | 191,540,000 | 128,089,000 | 187,573,000 | 173,480,000 | 137,296,000 | 91,766,000 | 146,192,000 | 163,394,000 | 129,678,000 | 10,371,000 | 75,070,000 | 167,598,000 | 88,461,000 | 96,302,000 | 52,708,000 | -28,068,000 | 67,467,000 | 11,095,000 | 9,711,000 | 48,058,000 | 26,136,000 | 602,000 | 11,807,000 | 24,193,000 | 19,002,000 | 10,769,000 | -22,740,000 | 36,044,000 |
capital expenditures | -115,770,000 | -29,982,000 | -69,690,000 | -48,318,000 | -61,773,000 | -22,306,000 | -50,993,000 | -24,581,000 | -9,182,000 | -27,329,000 | -7,720,000 | -9,348,000 | -10,623,000 | -50,658,000 | -25,460,000 | -5,752,000 | -10,015,000 | -12,369,000 | -26,430,000 | -6,992,000 | -14,182,000 | -18,147,000 | -21,930,000 | -20,762,000 | -19,275,000 | -15,096,000 | -6,086,000 | -11,920,000 | -7,502,000 | -10,468,000 | -5,366,000 | -6,701,000 | -2,656,000 | -2,228,000 | -2,318,000 | -4,269,000 | -4,249,000 | 0 |
free cash flows | 276,035,000 | 281,607,000 | 154,996,000 | 116,695,000 | 229,660,000 | 177,095,000 | 222,331,000 | 56,678,000 | 176,290,000 | 63,791,000 | 183,820,000 | 118,741,000 | 176,950,000 | 122,822,000 | 111,836,000 | 86,014,000 | 136,177,000 | 151,025,000 | 103,248,000 | 3,379,000 | 60,888,000 | 149,451,000 | 66,531,000 | 75,540,000 | 33,433,000 | -43,164,000 | 61,381,000 | -825,000 | 2,209,000 | 37,590,000 | 20,770,000 | -6,099,000 | 9,151,000 | 21,965,000 | 16,684,000 | 6,500,000 | -26,989,000 | 36,044,000 |
investing activities: | ||||||||||||||||||||||||||||||||||||||
purchases of investments | -122,061,000 | -128,063,000 | -248,376,000 | -346,254,000 | -231,580,000 | -192,943,000 | -168,627,000 | -158,238,000 | -159,731,000 | -160,128,000 | -131,944,000 | -171,586,000 | -144,721,000 | -174,089,000 | -145,329,000 | -112,656,000 | -121,221,000 | -44,960,000 | -69,396,000 | -74,677,000 | -89,354,000 | -103,642,000 | -37,428,000 | -53,984,000 | -35,705,000 | -34,597,000 | -55,747,000 | -48,482,000 | -73,950,000 | |||||||||
maturities of investments | 238,297,000 | 278,341,000 | 251,293,000 | 181,006,000 | 165,114,000 | 154,066,000 | 160,424,000 | 166,804,000 | 147,794,000 | 130,406,000 | 150,999,000 | 147,670,000 | 126,731,000 | 86,130,000 | 98,607,000 | 89,959,000 | 64,133,000 | 61,367,000 | 75,308,000 | 54,099,000 | 62,670,000 | 39,287,000 | 43,132,000 | 46,003,000 | 39,180,000 | 33,720,000 | 33,395,000 | |||||||||||
purchases of property and equipment | -112,741,000 | -26,323,000 | -66,336,000 | -45,239,000 | -59,113,000 | -20,190,000 | -48,709,000 | -22,115,000 | -7,224,000 | -25,196,000 | -5,038,000 | -7,400,000 | -9,156,000 | -47,766,000 | -23,853,000 | -4,140,000 | -8,401,000 | -10,884,000 | -25,421,000 | -5,379,000 | -13,120,000 | -16,340,000 | -20,001,000 | -19,410,000 | -18,310,000 | -14,034,000 | -4,657,000 | -10,917,000 | -6,085,000 | -9,412,000 | -3,798,000 | -4,787,000 | -1,798,000 | -1,753,000 | -1,650,000 | -3,105,000 | -3,602,000 | |
capitalized software development costs | -3,029,000 | -3,659,000 | -3,354,000 | -3,079,000 | -2,660,000 | -2,116,000 | -2,284,000 | -2,466,000 | -1,958,000 | -2,133,000 | -2,682,000 | -1,948,000 | -1,467,000 | -2,892,000 | -1,607,000 | -1,612,000 | -1,614,000 | -1,485,000 | -1,009,000 | -1,613,000 | -1,062,000 | -1,807,000 | -1,929,000 | -1,352,000 | -965,000 | -1,062,000 | -1,429,000 | -1,003,000 | -1,417,000 | -1,056,000 | -1,568,000 | -1,914,000 | -858,000 | -475,000 | -668,000 | -1,164,000 | -647,000 | |
business acquisition | 0 | 0 | 0 | -4,350,000 | 0 | |||||||||||||||||||||||||||||||||
net cash from investing activities | 466,000 | 120,296,000 | -66,773,000 | -213,566,000 | -132,589,000 | -61,183,000 | -59,196,000 | -16,015,000 | -21,119,000 | -57,051,000 | 11,335,000 | -33,264,000 | -28,613,000 | -138,617,000 | -72,182,000 | -26,472,000 | -67,103,000 | 4,038,000 | -33,779,000 | -27,570,000 | -36,327,000 | -82,502,000 | -16,226,000 | -28,743,000 | -15,800,000 | -15,973,000 | -28,438,000 | -37,978,000 | -81,452,000 | -10,468,000 | -5,366,000 | -6,701,000 | -2,656,000 | -5,228,000 | -2,318,000 | -4,269,000 | -4,249,000 | |
financing activities: | ||||||||||||||||||||||||||||||||||||||
repurchases of class a common stock | -163,514,000 | -422,882,000 | -310,447,000 | -260,843,000 | -386,250,000 | -57,356,000 | -52,148,000 | 0 | -125,280,000 | -219,913,000 | -90,190,000 | -44,960,000 | -291,534,000 | |||||||||||||||||||||||||
proceeds from exercise of stock options | 2,094,000 | 3,531,000 | 6,202,000 | 6,145,000 | 7,940,000 | 88,591,000 | 89,526,000 | 27,360,000 | 10,804,000 | 15,162,000 | 17,591,000 | 17,407,000 | 10,365,000 | 4,813,000 | 10,917,000 | 7,387,000 | 24,408,000 | 21,917,000 | 13,220,000 | 13,718,000 | 12,621,000 | 22,204,000 | 12,247,000 | 22,375,000 | 19,320,000 | 7,963,000 | 4,936,000 | 7,473,000 | 9,502,000 | 2,856,000 | 3,956,000 | 1,997,000 | 1,212,000 | 797,000 | 644,000 | 849,000 | 275,000 | 55,000 |
taxes paid relating to net settlement of restricted stock | -10,649,000 | |||||||||||||||||||||||||||||||||||||
net cash from financing activities | -172,069,000 | -426,844,000 | -401,166,000 | -173,605,000 | -409,762,000 | 9,770,000 | -2,016,000 | 25,919,000 | -141,282,000 | -210,704,000 | -96,942,000 | -21,696,000 | -296,764,000 | 987,000 | -3,141,000 | 23,166,000 | 10,980,000 | 9,806,000 | 4,110,000 | 22,469,000 | -4,459,000 | -82,114,000 | -64,208,000 | 33,574,000 | 157,427,000 | 1,471,000 | 3,827,000 | 13,632,000 | 8,350,000 | 3,293,000 | 3,898,000 | 8,828,000 | -26,149,000 | 4,187,000 | 255,000 | 2,786,000 | 162,000 | |
increase in cash and cash equivalents | 220,202,000 | 5,041,000 | -243,253,000 | -222,158,000 | -250,918,000 | 147,988,000 | 212,112,000 | 91,163,000 | 23,071,000 | -176,635,000 | 105,933,000 | 73,129,000 | -137,804,000 | 35,850,000 | 61,973,000 | 88,460,000 | 90,069,000 | 177,238,000 | 100,009,000 | 5,270,000 | 34,284,000 | 2,982,000 | 8,027,000 | 101,133,000 | 194,335,000 | -42,570,000 | 40,883,000 | 23,152,000 | ||||||||||
cash and cash equivalents—beginning of period | 658,175,000 | 0 | 0 | 1,369,463,000 | 0 | 0 | 895,129,000 | 0 | 0 | 1,030,506,000 | 0 | 0 | 754,154,000 | 0 | 0 | 437,353,000 | 0 | 0 | 130,876,000 | 0 | 0 | 207,232,000 | 0 | 0 | 155,950,000 | |||||||||||||
cash and cash equivalents—end of period | 878,377,000 | -243,253,000 | -222,158,000 | 1,118,545,000 | 212,112,000 | 91,163,000 | 918,200,000 | 105,933,000 | 73,129,000 | 892,702,000 | 61,973,000 | 88,460,000 | 844,223,000 | 100,009,000 | 5,270,000 | 471,637,000 | 8,027,000 | 101,133,000 | 325,211,000 | 42,856,000 | -13,251,000 | 143,841,000 | 24,668,000 | 2,729,000 | 138,952,000 | |||||||||||||
supplemental cash flow information: | ||||||||||||||||||||||||||||||||||||||
cash paid for operating lease liabilities | 20,599,000 | 22,499,000 | 20,921,000 | 19,123,000 | 16,819,000 | 19,854,000 | 15,252,000 | 17,556,000 | 15,716,000 | 18,420,000 | 13,966,000 | 15,528,000 | 15,342,000 | 14,941,000 | 14,691,000 | 14,200,000 | 14,030,000 | |||||||||||||||||||||
operating lease assets obtained in exchange for operating lease liabilities | 5,941,000 | 74,220,000 | 34,458,000 | 9,290,000 | 32,304,000 | 37,640,000 | 36,277,000 | 41,258,000 | 16,875,000 | 1,456,000 | 8,814,000 | 12,968,000 | 3,999,000 | 1,152,000 | 16,740,000 | 7,257,000 | 4,732,000 | |||||||||||||||||||||
capitalized assets financed by accounts payable | 10,190,000 | 73,984,000 | -27,051,000 | 35,551,000 | 22,011,000 | 10,291,000 | -27,710,000 | 34,792,000 | 3,135,000 | -1,254,000 | 2,905,000 | -2,181,000 | 5,214,000 | -27,411,000 | 11,725,000 | 16,015,000 | 1,837,000 | -3,027,000 | -7,677,000 | 14,190,000 | 2,421,000 | -6,076,000 | 1,527,000 | 1,115,000 | 10,200,000 | 7,284,000 | 1,274,000 | -793,000 | 1,487,000 | -4,680,000 | 4,034,000 | 1,777,000 | 813,000 | -244,000 | 17,000 | -759,000 | 1,687,000 | 1,687,000 |
repurchases of class a common stock in accrued expenses and other current and non-current liabilities | 10,521,000 | 16,059,000 | ||||||||||||||||||||||||||||||||||||
tenant improvements paid by lessor | 1,548,000 | -3,771,000 | 5,800,000 | 3,435,000 | 5,144,000 | 1,552,000 | 1,028,000 | 0 | 0 | 413,000 | 794,000 | 770,000 | 0 | 0 | 0 | 640,000 | ||||||||||||||||||||||
assets acquired in a business combination, included in other assets, non-current, in exchange for class a common stock | 0 | 0 | 0 | 10,299,000 | ||||||||||||||||||||||||||||||||||
stock-based compensation included in capitalized software development costs | 1,690,000 | 1,957,000 | 2,165,000 | 1,937,000 | 1,697,000 | 1,307,000 | 1,415,000 | 1,473,000 | 1,428,000 | 1,514,000 | 1,728,000 | 1,321,000 | 765,000 | 1,346,000 | 726,000 | 1,422,000 | 520,000 | 1,244,000 | 627,000 | 818,000 | 631,000 | 851,000 | 514,000 | 582,000 | 298,000 | 319,000 | 481,000 | 333,000 | 455,000 | 293,000 | 434,000 | 614,000 | 144,000 | 90,000 | ||||
deferred income taxes | 49,527,000 | -12,111,000 | -951,000 | 6,859,000 | -5,304,000 | -21,821,000 | 0 | -10,240,000 | -9,281,000 | |||||||||||||||||||||||||||||
proceeds from employee stock purchase plan | 10,435,000 | -4,000 | 19,867,000 | 0 | 17,166,000 | 0 | 7,515,000 | 0 | 6,471,000 | 0 | 6,636,000 | 0 | 8,098,000 | 0 | 6,791,000 | 0 | 4,703,000 | 0 | ||||||||||||||||||||
cash and cash equivalents—beginning of year | ||||||||||||||||||||||||||||||||||||||
cash and cash equivalents—end of year | ||||||||||||||||||||||||||||||||||||||
cash paid for income taxes, net of refunds | ||||||||||||||||||||||||||||||||||||||
cash paid for interest | 317,000 | |||||||||||||||||||||||||||||||||||||
repurchases of class a common stock in accrued expenses and other current liabilities | -9,464,000 | 7,189,000 | ||||||||||||||||||||||||||||||||||||
depreciation and amortization | 33,135,000 | 26,704,000 | 23,985,000 | 24,112,000 | 20,754,000 | 20,882,000 | 21,742,000 | 20,529,000 | 20,530,000 | 20,066,000 | 19,293,000 | 16,844,000 | 12,957,000 | 12,274,000 | 12,350,000 | 12,250,000 | 8,952,000 | 11,006,000 | 10,011,000 | 7,855,000 | 7,517,000 | 6,783,000 | 6,477,000 | 6,416,000 | 5,969,000 | 4,821,000 | 4,456,000 | 3,715,000 | 3,277,000 | 2,579,000 | 2,251,000 | 2,052,000 | 1,968,000 | 1,696,000 | 1,493,000 | 1,186,000 | ||
stock-based compensation | 121,316,000 | 128,885,000 | 128,253,000 | 129,229,000 | 128,510,000 | 126,340,000 | 110,620,000 | 121,435,000 | 139,633,000 | 117,083,000 | 113,470,000 | 127,531,000 | 121,003,000 | 125,213,000 | 124,895,000 | 205,403,000 | 34,459,000 | 45,197,000 | 52,354,000 | 38,024,000 | 26,852,000 | 23,934,000 | 22,965,000 | 24,390,000 | 19,442,000 | 21,057,000 | 15,869,000 | 14,252,000 | 11,417,000 | 9,258,000 | 7,283,000 | 8,911,000 | 5,893,000 | 4,191,000 | 2,322,000 | 4,008,000 | ||
taxes paid relating to net settlement of restricted stock awards | -22,678,000 | -25,596,000 | -31,452,000 | |||||||||||||||||||||||||||||||||||
proceeds from short-term borrowings | ||||||||||||||||||||||||||||||||||||||
sales of investments | 0 | 0 | 0 | 0 | 0 | 4,539,000 | ||||||||||||||||||||||||||||||||
taxes paid related to net settlement of restricted stock awards | -41,332,000 | -39,394,000 | -31,563,000 | -26,806,000 | -23,119,000 | -24,343,000 | -15,459,000 | -15,595,000 | -11,341,000 | -14,058,000 | -9,768,000 | -13,428,000 | -18,582,000 | -9,038,000 | -12,155,000 | -17,080,000 | -38,954,000 | -6,455,000 | -2,836,000 | -4,893,000 | -14,590,000 | -1,110,000 | -2,488,000 | -1,146,000 | -6,075,000 | -58,000 | -183,000 | -361,000 | 0 | |||||||||
cash paid for income taxes | 6,386,000 | |||||||||||||||||||||||||||||||||||||
payment of debt financing costs | 0 | -72,000 | 0 | 1,000 | -1,000 | -6,000 | -1,000 | -33,000 | ||||||||||||||||||||||||||||||
asset retirement obligation | 159,000 | 0 | 265,000 | 96,000 | 1,017,000 | -33,000 | 625,000 | 448,000 | 0 | 1,536,000 | 65,000 | 0 | 2,928,000 | 489,000 | 126,000 | 521,000 | 45,000 | 0 | 341,000 | 0 | ||||||||||||||||||
allowance for credit losses on accounts receivable | 1,493,000 | 2,000 | 316,000 | 242,000 | 883,000 | 1,353,000 | 725,000 | 936,000 | 281,000 | 36,000 | 203,000 | 427,000 | 338,000 | 1,074,000 | 1,310,000 | |||||||||||||||||||||||
proceeds from line of credit | 0 | 0 | 0 | 143,000,000 | 0 | |||||||||||||||||||||||||||||||||
repayment on line of credit | -72,000,000 | -70,000,000 | 0 | 0 | 0 | -27,000,000 | ||||||||||||||||||||||||||||||||
non-cash lease expense | ||||||||||||||||||||||||||||||||||||||
prepaid expenses and other assets | 23,743,000 | -18,979,000 | 27,439,000 | 9,368,000 | -16,180,000 | -42,736,000 | 7,449,000 | -15,577,000 | -15,791,000 | -573,000 | -7,064,000 | -5,380,000 | -6,580,000 | 46,000 | -7,895,000 | -1,927,000 | -775,000 | 2,263,000 | 4,347,000 | -6,626,000 | -5,017,000 | |||||||||||||||||
accrued expenses and other liabilities | -8,688,000 | 22,386,000 | 8,062,000 | -17,161,000 | -5,691,000 | 24,440,000 | 18,541,000 | -8,427,000 | 892,000 | 10,023,000 | 3,134,000 | -1,823,000 | -4,489,000 | 9,500,000 | 7,298,000 | -439,000 | 930,000 | 4,865,000 | 4,406,000 | -130,000 | -770,000 | 9,470,000 | ||||||||||||||||
cash paid for amounts included in the measurement of lease liabilities included in operating cash flows | 11,831,000 | 12,068,000 | 15,107,000 | 9,746,000 | 7,625,000 | 5,175,000 | 4,902,000 | 4,655,000 | 4,559,000 | 3,917,000 | 3,792,000 | |||||||||||||||||||||||||||
right-of-use assets obtained in exchange for operating lease liabilities | 7,185,000 | 6,287,000 | 11,796,000 | 34,155,000 | 99,072,000 | 12,136,000 | 36,474,000 | |||||||||||||||||||||||||||||||
increase in right-of-use assets obtained in exchange for operating lease liabilities | -937,000 | |||||||||||||||||||||||||||||||||||||
investment credit loss | -262,000 | 275,000 | ||||||||||||||||||||||||||||||||||||
bad debt expense | 1,055,000 | 804,000 | 388,000 | 488,000 | 870,000 | 369,000 | 346,000 | 483,000 | 113,000 | 3,347,000 | ||||||||||||||||||||||||||||
payment of financing obligations | -324,000 | -356,000 | -208,000 | -113,000 | ||||||||||||||||||||||||||||||||||
debt financing costs included in debt | 0 | 0 | ||||||||||||||||||||||||||||||||||||
decrease in cash and cash equivalents | -13,251,000 | -63,391,000 | 2,729,000 | -16,998,000 | ||||||||||||||||||||||||||||||||||
change in fair value of preferred stock warrant liabilities | 0 | |||||||||||||||||||||||||||||||||||||
repayment of term debt | ||||||||||||||||||||||||||||||||||||||
proceeds from issuance of series c convertible preferred stock | 0 | |||||||||||||||||||||||||||||||||||||
repurchase of preferred stock and common stock | ||||||||||||||||||||||||||||||||||||||
payment of stock repurchase costs | ||||||||||||||||||||||||||||||||||||||
payment of series c convertible preferred stock offering cost | ||||||||||||||||||||||||||||||||||||||
proceeds from the issuance of class a common stock in initial public offering, net of underwriting commissions | ||||||||||||||||||||||||||||||||||||||
payment of offering costs—initial public offering | ||||||||||||||||||||||||||||||||||||||
conversion of convertible preferred stock to class b common stock | 0 | |||||||||||||||||||||||||||||||||||||
conversion of warrant for convertible preferred stock to a warrant for class b common stock and net exercise of warrant to purchase class b common stock | 0 | |||||||||||||||||||||||||||||||||||||
net exercise of warrants to purchase series seed convertible preferred stock | 0 | |||||||||||||||||||||||||||||||||||||
debt financing costs included in accounts payable | ||||||||||||||||||||||||||||||||||||||
redemption of short-term investment | ||||||||||||||||||||||||||||||||||||||
proceeds from term debt | ||||||||||||||||||||||||||||||||||||||
taxes paid related to net settlement of restricted stock | ||||||||||||||||||||||||||||||||||||||
deferred initial public offering costs and stock repurchase costs included in accounts payable | ||||||||||||||||||||||||||||||||||||||
payment of series c convertible preferred stock offering costs | ||||||||||||||||||||||||||||||||||||||
deferred initial public offering costs included in accounts payable | ||||||||||||||||||||||||||||||||||||||
increase in cash | 9,286,000 | -26,827,000 | ||||||||||||||||||||||||||||||||||||
cash—beginning of period | 0 | 133,400,000 | ||||||||||||||||||||||||||||||||||||
cash—end of period | 9,286,000 | 106,573,000 | ||||||||||||||||||||||||||||||||||||
stock-based compensation included in capitalized development costs | 144,000 | 45,000 | 79,000 | |||||||||||||||||||||||||||||||||||
stock repurchase costs and series c convertible preferred stock offering costs included in accounts payable | ||||||||||||||||||||||||||||||||||||||
purchase of property and equipment | ||||||||||||||||||||||||||||||||||||||
purchase of short-term investment | ||||||||||||||||||||||||||||||||||||||
proceeds from issuance of series b convertible preferred stock | ||||||||||||||||||||||||||||||||||||||
proceeds from the issuance of class a common stock in ipo, net of underwriting commissions | ||||||||||||||||||||||||||||||||||||||
payment of offering costs—ipo | ||||||||||||||||||||||||||||||||||||||
cash—beginning of year | ||||||||||||||||||||||||||||||||||||||
cash—end of year | ||||||||||||||||||||||||||||||||||||||
deferred ipo offering costs and stock repurchase costs included in accounts payable | ||||||||||||||||||||||||||||||||||||||
proceeds from the issuance of class a common stock in initial public offering, net of | ||||||||||||||||||||||||||||||||||||||
underwriting commissions | ||||||||||||||||||||||||||||||||||||||
net cash provided by financing activities | ||||||||||||||||||||||||||||||||||||||
increase (decrease) in cash | ||||||||||||||||||||||||||||||||||||||
supplemental disclosures of other cash flow information: |