XML 28 R3.htm IDEA: XBRL DOCUMENT v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,127,545 $ 788,287
Restricted cash 7,601 16,499
Cash reserved for users 469,449 525,407
Accounts receivable 105,577 57,839
Prepaid expenses and other current assets 104,837 145,729
Total current assets 1,815,009 1,533,761
Property and equipment, net 51,081 50,550
Intangible assets, net 889,201 933,121
Goodwill 1,597,647 1,555,116
Operating lease right-of-use assets 49,810 74,917
Equity method investments 18,938 13,200
Deposits and other non-current assets 109,098 123,060
Total assets 4,530,784 4,283,725
Current liabilities:    
Accounts payable and accrued expenses 785,441 661,245
Liabilities to users 935,001 979,453
Operating lease liabilities, current portion 9,795 10,993
Other current liabilities 25,234 3,300
Total current liabilities 1,755,471 1,654,991
Convertible notes, net of issuance costs 1,259,096 1,256,429
Term B Loan, net of issuance costs 576,544 0
Operating lease liabilities 44,391 67,660
Warrant liabilities 0 22,033
Long-term income tax liabilities 91,618 76,375
Other long-term liabilities 172,203 195,611
Total liabilities 3,899,323 3,273,099
Commitments and contingent liabilities (Note 7 and 16)
Stockholders’ equity:    
Treasury stock, at cost; 38,243 and 15,651 shares as of December 31, 2025 and 2024, respectively (1,392,433) (563,146)
Additional paid-in capital 8,424,833 7,978,425
Accumulated deficit (6,437,518) (6,441,228)
Accumulated other comprehensive income 36,488 36,488
Total stockholders’ equity 631,461 1,010,626
Total liabilities and stockholders’ equity 4,530,784 4,283,725
Class A Common Stock    
Stockholders’ equity:    
Common stock 52 48
Class B Common Stock    
Stockholders’ equity:    
Common stock $ 39 $ 39