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BALANCE SHEET COMPONENTS (Tables) | 3 Months Ended
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Mar. 31, 2026
Balance Sheet Related Disclosures [Abstract] |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following (in thousands):
| As of
| March 31, 2026 |  | December 31, 2025
Accounts receivable, gross | $ | 809,738 |  |  | $ | 960,319 |
Less: Allowances |  |  |
Allowance for sales returns | 2,916 |  |  | 4,539 |
Allowance for sales incentives | 51,552 |  |  | 70,839 |
Allowance for credit losses | 2,574 |  |  | 3,073 |
Other allowances | 110 |  |  | 1,997 |
Total allowances | 57,152 |  |  | 80,448 |
Accounts receivable, net | $ | 752,586 |  |  | $ | 879,871 |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands):
| As of
| March 31, 2026 |  | December 31, 2025
Computers and equipment | $ | 51,789 |  |  | $ | 51,699 |
Leasehold improvements | 287,166 |  |  | 284,748 |
Internal-use software | 5,904 |  |  | 5,904 |
Office equipment and furniture | 36,151 |  |  | 36,075 |
Property and equipment, gross | 381,010 |  |  | 378,426 |
Less: Accumulated depreciation and amortization | (218,753) |  |  | (204,849) |
Property and equipment, net | $ | 162,257 |  |  | $ | 173,577 |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands):
| As of
| March 31, 2026 |  | December 31, 2025
Revenue share payable | $ | 319,682 |  |  | $ | 311,488 |
Accrued cost of revenue | 167,573 |  |  | 173,171 |
Marketing, retail, and merchandising expenses | 79,773 |  |  | 95,887 |
Operating lease liability, current | 88,412 |  |  | 87,425 |
Accrued legal and licensing expenses | 32,609 |  |  | 68,843 |
Content liability, current | 35,301 |  |  | 42,158 |
Contingent consideration, current | 28,810 |  |  | 28,110 |
Other accrued expenses | 159,039 |  |  | 150,901 |
Total Accrued liabilities | $ | 911,199 |  |  | $ | 957,983 |
Schedule of Other Long Term Liabilities | Other Long-term liabilities consisted of the following (in thousands):
| As of
| March 31, 2026 |  | December 31, 2025
Content liability, non-current | $ | 4,909 |  |  | $ | 5,078 |
Contingent consideration, non-current | 40,995 |  |  | 40,006 |
Other long-term liabilities | 37,674 |  |  | 28,172 |
Total Other long-term liabilities | $ | 83,578 |  |  | $ | 73,256 |

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