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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net loss $ (919,488) $ (532,607) $ (282,308)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 211,576 64,567 42,974
Common stock charitable donation expense 0 0 63,615
Stock-based compensation expense 550,065 347,159 134,629
Other 21,418 13,843 3,246
Changes in assets and liabilities, net of effects of acquisitions:      
Accounts receivable, net (9,548) (65,151) (63,294)
Prepaid expenses and other (21,719) (22,014) (22,116)
Other assets 40,096 5,157 16,351
Accounts payable (17,574) 2,022 (2,526)
Accrued expenses and other (1,041) 31,767 94,639
Publisher payables (50,242) 55,368 44,605
Other long-term liabilities (29,790) (27,313) (47,310)
Deferred revenue 166,816 15,753 37,408
Net cash used in operating activities (59,431) (111,449) 19,913
Investing activities      
Purchases of short-term investments (150,911) (519,698) (482,453)
Proceeds from sales of short-term investments 436,293 0 0
Proceeds from principal repayments and maturities of short-term investments 387,453 308,957 1,644
Purchases of non-marketable investments (15,000) (4,600) (1,000)
Sales of non-marketable investments 1,000 0 0
Purchases of property and equipment (57,138) (41,938) (40,156)
Acquisition of intangible assets 0 0 (750)
Business acquisitions, net of cash acquired 121,531 (1,580,081) (52,475)
Net cash provided by (used in) investing activities 723,228 (1,837,360) (575,190)
Financing activities      
Proceeds from issuance of convertible notes 1,000,000 1,725,000 0
Purchase of capped calls 0 (48,127) 0
Proceeds from revolving loan facility 0 0 125,000
Payment of principal related to revolving loan facility 0 0 (125,000)
Payment of debt issuance costs (379) (22,575) (247)
Capital contribution from noncontrolling interest holders 210,252 0 0
Proceeds from initial public offering, net of underwriting discounts, commissions, and offering costs 0 0 1,417,582
Proceeds from issuance of convertible preferred stock, net of issuance costs 0 0 149,970
Proceeds from issuance of common stock 0 0 100,000
Repurchase and retirement of common stock (1,500,000) 0 (110)
Proceeds from issuance of common stock from employee equity plans 63,493 66,704 34,260
Net cash (used in) provided by financing activities (226,634) 1,721,002 1,701,455
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 1,926 459 673
Increase (decrease) in cash, cash equivalents, and restricted cash 439,089 (227,348) 1,146,851
Cash and restricted cash, beginning of period 1,066,599 1,293,947 147,096
Cash, cash equivalents, and restricted cash, end of period 1,505,688 1,066,599 1,293,947
Supplemental disclosure of cash flow information:      
Cash paid for interest 0 110 1,393
Cash paid for income taxes, net of refunds 25,206 5,651 19,956
Cash paid for operating leases 28,463 29,811 29,336
Supplemental disclosures of non‑cash investing and financing activities:      
Fair value of common stock issued as consideration for business and asset acquisitions 2,932,296 526,081 25,380
Assets acquired under operating lease $ 20,699 $ 18,507 $ 24,647