Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

·                  our future financial performance, including our revenue, cost of revenue, gross margin and operating expenses, ability to generate positive cash flow and ability to achieve and sustain profitability;

·                  the impact and expected results from changes in our relationship with our larger customers;

·                  the sufficiency of our cash and cash equivalents to meet our liquidity needs;

·                  anticipated technology trends, such as the use of and demand for cloud communications;

·                  our ability to continue to build and maintain credibility with the global software developer community;

·                  our ability to attract and retain customers to use our products;

·                  our ability to attract and retain enterprises and international organizations as customers for our products;

·                  our ability to form and expand partnerships with independent software vendors and system integrators;

·                  the evolution of technology affecting our products and markets;

·                  our ability to introduce new products and enhance existing products;

·                  our ability to optimize our network service provider coverage and connectivity;

·                  our ability to pass on our savings associated with our platform optimization efforts to our customers;

·                  our ability to successfully enter into new markets and manage our international expansion;

·                  the attraction and retention of qualified employees and key personnel;

·                  our ability to effectively manage our growth and future expenses and maintain our corporate culture;

·                  our anticipated investments in sales and marketing and research and development;

·                  our ability to maintain, protect and enhance our intellectual property;

·                  our ability to successfully defend litigation brought against us;

·                  our ability to comply with modified or new laws and regulations applying to our business; and

·                  the increased expenses associated with being a public company.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

PART I — FINANCIAL INFORMATION

						As of June 30,						As of December 31,
						2023						2022
						(In thousands)
ASSETS
Current assets:
Cash and cash equivalents						$	675,081					$	651,752
Short-term marketable securities						3,008,887						3,503,317
Accounts receivable, net						599,806						547,507
Prepaid expenses and other current assets						315,059						281,510
Assets held for sale						65,667						—
Total current assets						4,664,500						4,984,086
Property and equipment, net						235,392						263,979
Operating right-of-use assets						86,193						121,341
Equity method investment						656,940						699,911
Intangible assets, net						727,644						849,935
Goodwill						5,243,266						5,284,153
Other long-term assets						290,551						360,899
Total assets						$	11,904,486					$	12,564,304
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable						$	93,500					$	124,605
Accrued expenses and other current liabilities						448,705						490,221
Deferred revenue and customer deposits						139,434						139,110
Operating lease liability, current						53,089						54,222
Liabilities held for sale						25,075						—
Total current liabilities						759,803						808,158
Operating lease liability, noncurrent						146,301						164,551
Finance lease liability, noncurrent						14,469						21,290
Long-term debt, net						988,160						987,382
Other long-term liabilities						19,194						23,881
Total liabilities						1,927,927						2,005,262
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock						—						—
Class A and Class B common stock						181						186
Additional paid-in capital						14,418,946						14,055,853
Accumulated other comprehensive loss						(60,275)						(121,161)
Accumulated deficit						(4,382,293)						(3,375,836)
Total stockholders’ equity						9,976,559						10,559,042
Total liabilities and stockholders’ equity						$	11,904,486					$	12,564,304