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Segment and Geographic Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information
14. 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 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:
Three months ended March 31,
20262025
(in thousands)
Revenue$663,411 $392,361 
Adjusted cost of revenue(1)
56,122 36,872 
Adjusted gross profit607,289 355,489 
Adjusted operating expenses(2)
341,319 240,218 
Stock-based compensation and related taxes78,848 107,405 
Depreciation and amortization4,210 3,963 
Interest (income) expense, net(23,885)(20,414)
Income tax expense (benefit)1,747 (1,721)
Other segment expenses(3)
1,069 (120)
Segment net income$203,981 $26,158 
Consolidated net income$203,981 $26,158 
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(1)Adjusted cost of revenue is cost of revenue adjusted for stock-based compensation and related taxes as follows:
Three months ended March 31,
20262025
(in thousands)
Cost of revenue$56,267 $37,089 
Less:
Stock-based compensation and related taxes145 217 
Adjusted cost of revenue$56,122 $36,872 
(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 March 31,
20262025
(in thousands)
Operating expenses$424,232 $351,369 
Less:
Stock-based compensation and related taxes78,703 107,188 
Depreciation and amortization4,210 3,963 
Adjusted operating expenses$341,319 $240,218 
(3)Other segment expenses primarily includes realized gains and losses on sales of marketable securities and foreign currency transaction gains and losses.