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Segment and Geographic Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment and Geographic Information | 15. Segment and Geographic Information Segment Information We have one reportable segment as our chief operating decision maker, our Chief Executive Officer, reviews consolidated profitability measures in managing the business. Specifically, our chief operating decision maker uses consolidated net income (loss) as the measure of segment profit or loss for evaluating performance and allocating resources through comparison of actual amounts against budgeted and prior period amounts in order to make strategic decisions. The following table presents the calculation of segment net income (loss):
| Three months ended June 30, |  | Six months ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
| (in thousands)
Revenue | $ | 499,627 |  |  | $ | 281,184 |  |  | $ | 891,988 |  |  | $ | 524,147 |  |  |
Adjusted cost of revenue(1) | 45,696 |  |  | 29,440 |  |  | 82,568 |  |  | 56,798 |  |  |
Adjusted gross profit | 453,931 |  |  | 251,744 |  |  | 809,420 |  |  | 467,349 |  |  |
Adjusted operating expenses(2) | 287,182 |  |  | 212,241 |  |  | 527,400 |  |  | 417,821 |  |  |
Stock-based compensation and related taxes | 95,104 |  |  | 66,772 |  |  | 202,509 |  |  | 662,309 |  |  |
Depreciation and amortization | 3,934 |  |  | 3,770 |  |  | 7,897 |  |  | 7,513 |  |  |
Interest (income) expense, net | (21,056) |  |  | (20,941) |  |  | (41,470) |  |  | (36,388) |  |  |
Income tax expense (benefit) | (439) |  |  | (216) |  |  | (2,160) |  |  | 149 |  |  |
Other segment expenses(3) | (91) |  |  | 217 |  |  | (211) |  |  | 1,110 |  |  |
Segment net income (loss) | $ | 89,297 |  |  | $ | (10,099) |  |  | $ | 115,455 |  |  | $ | (585,165) |  |  |
Consolidated net income (loss) | $ | 89,297 |  |  | $ | (10,099) |  |  | $ | 115,455 |  |  | $ | (585,165) |  |  |
________________ (1)Adjusted cost of revenue is cost of revenue adjusted for stock-based compensation and related taxes as follows:
| Three months ended June 30, |  | Six months ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
| (in thousands)
Cost of revenue | $ | 45,900 |  |  | $ | 29,501 |  |  | $ | 82,989 |  |  | $ | 57,117 |  |  |
Less: |  |  |  |  |  |  |  |  |
Stock-based compensation and related taxes | 204 |  |  | 61 |  |  | 421 |  |  | 319 |  |  |
Adjusted cost of revenue | $ | 45,696 |  |  | $ | 29,440 |  |  | $ | 82,568 |  |  | $ | 56,798 |  |  |
(2)Adjusted operating expenses is operating expenses (comprised of research and development, sales and marketing, and general and administrative expenses) adjusted for stock-based compensation and related taxes and depreciation and amortization as follows:
| Three months ended June 30, |  | Six months ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
| (in thousands)
Operating expenses | $ | 386,016 |  |  | $ | 282,722 |  |  | $ | 737,385 |  |  | $ | 1,087,324 |  |  |
Less: |  |  |  |  |  |  |  |  |
Stock-based compensation and related taxes | 94,900 |  |  | 66,711 |  |  | 202,088 |  |  | 661,990 |  |  |
Depreciation and amortization | 3,934 |  |  | 3,770 |  |  | 7,897 |  |  | 7,513 |  |  |
Adjusted operating expenses | $ | 287,182 |  |  | $ | 212,241 |  |  | $ | 527,400 |  |  | $ | 417,821 |  |  |
(3)Other segment expenses primarily includes realized gains and losses on sales of marketable securities and foreign currency transaction gains and losses.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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