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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 12 Months Ended
Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) QUARTERLY RESULTS OF OPERATIONS
The following table sets forth unaudited quarterly statements of operations data for each of the eight quarters ended December 31, 2024 and 2023. In the opinion of management, this information has been prepared on the same basis as the audited consolidated financial statements and contains all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the unaudited quarterly results for the periods presented. The quarterly data should be read in conjunction with the Company’s audited consolidated financial statements and the notes to the consolidated financial statements appearing elsewhere in this Form 10-K.
Quarter Ended
March 31,June 30,September 30,December 31,
(Amounts in thousands, except per share data)
2024
Revenue$637,524 $699,264 $708,655 $713,424 
Cost of sales (1)
191,201 210,948 217,170 220,831 
Gross profit446,323 488,316 491,485 492,593 
Operating expenses:
Research and development (1)
110,869 121,145 101,487 97,709 
Sales and marketing (1) (2)
217,780 211,552 220,264 244,529 
General and administrative (1) (2)
219,652 177,524 193,539 191,110 
Impairment of long-lived and indefinite-lived assets
4,446 8,152 18,698 838,164 
Other operating income (loss)
(268)3,800 3,100 2,568 
Loss from operations
(106,692)(26,257)(39,403)(876,351)
Other income (expense)
(1,730)11,912 1,975 385 
Income tax benefit (expense)(1,806)(1,463)(808)11,381 
Net loss$(110,228)$(15,808)$(38,236)$(864,585)
Net loss per share—basic and diluted$(0.60)$(0.09)$(0.21)$(4.67)
Weighted average common shares outstanding—basic and diluted182,350 184,313 184,795 185,312 
2023
Revenue$602,450 $622,093 $628,338 $646,885 
Cost of sales (1)
177,584 177,709 189,307 192,964 
Gross profit424,866 444,384 439,031 453,921 
Operating expenses:
Research and development (1)
95,680 104,356 111,707 115,184 
Sales and marketing (1) (2)
212,015 201,028 198,172 216,590 
General and administrative (1) (2)
194,193 215,377 194,330 196,388 
Impairment of long-lived and indefinite-lived assets
69 552 — — 
Other operating income (loss)
— — 72,027 6,400 
Loss from operations
(77,091)(76,929)6,849 (67,841)
Other income (expense)
4,597 (2,990)(5,806)17,465 
Income tax benefit (expense)(1,657)(1,107)(249)610 
Net income (loss)
$(74,151)$(81,026)$794 $(49,766)
Net income (loss) per share—basic
$(0.42)$(0.45)$0.00 $(0.27)
Net income (loss) per share—diluted
$(0.42)$(0.45)$0.00 $(0.27)
Weighted average common shares outstanding—basic
178,574 180,204 180,649 181,114 
Weighted average common shares outstanding—diluted
178,574 180,204 184,075 181,114 
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(1) Amortization of acquired intangible assets, which was previously presented as a separate line item on the Company’s consolidated statements of operations, is now presented within the line item each intangible asset relates to within cost of sales, research and development, sales and marketing, and general and administrative expenses. Cost of sales is inclusive of amortization of acquired intangible assets of $21.1 million, $21.1 million, and $21.1 million for the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024, respectively, and $20.7 million, $20.7 million, $20.8 million, and $21.1 million for the quarters ended March 31, 2023, June 30, 2023, September 30, 2023, and December 31, 2023, respectively. Amortization of acquired intangible assets included within research and development, sales and marketing, and general and administrative expenses were not significant for the quarterly periods presented.
(2) Certain general and administrative expenses have been reclassified to sales and marketing expenses related to customer care and customer experience. Sales and marketing expenses is inclusive of $23.5 million, $24.4 million, and $23.7 million for the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024, respectively, which was previously included in general and administrative expenses. Sales and marketing expenses is inclusive of $23.1 million, $22.6 million, $23.1 million, and $24.2 million for the quarters ended March 31, 2023, June 30, 2023, September 30, 2023, and December 31, 2023, respectively, which was previously included in general and administrative expenses.