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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly provided to the CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. For information about how the Company derives revenue, as well as the Company’s accounting policies, refer to “Note 2—Basis of Presentation and Summary of Significant Accounting Policies.”
The CODM uses consolidated net income (loss) to assess performance, evaluate cost optimization, and allocate resources, including personnel-related and financial or capital resources, in the annual budget and forecasting process, as well as budget-to-actual variances on a monthly basis. As such, the Company has determined that it operates as one operating and reportable segment.
The following tables set forth significant expense categories and other specified amounts included in consolidated net income (loss) that are otherwise regularly provided to the CODM for the years ended December 31, 2024, 2023, and 2022:
202420232022
Revenue
$769,325 $689,136 $618,318 
Cost of revenue (1)(2)
163,560 164,088 156,240 
Research and development (1)(2)
167,211 146,442 121,813 
Sales and marketing (1)(2)
166,331 206,614 235,106 
General and administrative (1)(2)(3)
97,903 85,881 84,035 
Provision for transaction losses6,728 12,977 25,153 
Stock-based compensation expense (4)
68,391 74,195 75,501 
Depreciation and amortization14,813 9,449 8,057 
Interest income
(27,963)(24,424)(7,917)
Interest expense
2,761 3,218 4,482 
Gain on early extinguishment of convertible senior notes— (38,945)— 
Restructuring charges (4)
18,433 — — 
Income tax (benefit) provision
(125,159)1,990 536 
Other segment items (4)(5)(6)
730 764 5,197 
Segment net income (loss)
$215,586 $46,887 $(89,885)
GAAP net income (loss)
$215,586 $46,887 $(89,885)
(1) Years 2024, 2023, and 2022 exclude stock-based compensation and depreciation and amortization included in cost of revenue, research and development, sales and marketing, and general and administrative expenses, as these amounts are regularly provided to the CODM. Additionally, year 2024 excludes restructuring charges.
(2) Year 2022 excludes certain incremental expenses associated with the Company’s humanitarian response to Russia’s invasion in Ukraine.
(3) Years 2024, 2023, and 2022 exclude expenses related to the Tides Foundation Warrant.
(4) During the year ended December 31, 2024, the Company incurred $19.2 million in costs related to the execution of the Restructuring Plan. Of this amount, $18.4 million is included in “Restructuring charges” while the remaining amount is allocated between “Stock-based compensation expense” and “Other segment items”. See “Note 17—Restructuring Charges” for more information.
(5) During the year ended December 31, 2022, in response to Russia’s invasion of Ukraine, the Company incurred certain incremental expenses associated with its humanitarian response efforts of $4.3 million.
(6) During each of the years ended December 31, 2024, 2023, and 2022, the Company incurred $0.8 million of expenses related to the Tides Foundation Warrant.
Substantially all of the Company’s long-lived assets, including operating lease right-of-use assets, were located in the United States as of December 31, 2024 and 2023.