COVER PAGE
COVER PAGE - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 27, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-35444 | |
Entity Registrant Name | YELP INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1854266 | |
Entity Address, Address Line One | 350 Mission Street, 10th Floor | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94105 | |
City Area Code | (415) | |
Local Phone Number | 908-3801 | |
Title of 12(b) Security | Common Stock, par value $0.000001 per share | |
Trading Symbol | YELP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 68,472,771 | |
Amendment Flag | false | |
Entity Central Index Key | 0001345016 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 305,103 | $ 306,379 |
Short-term marketable securities | 121,468 | 94,244 |
Accounts receivable (net of allowance for doubtful accounts of $10,889 and $9,277 at September 30, 2023 and December 31, 2022, respectively) | 159,633 | 131,902 |
Prepaid expenses and other current assets | 39,735 | 63,467 |
Total current assets | 625,939 | 595,992 |
Property, equipment and software, net | 72,373 | 77,224 |
Operating lease right-of-use assets | 72,098 | 97,392 |
Goodwill | 101,927 | 102,328 |
Intangibles, net | 7,977 | 8,997 |
Other non-current assets | 147,004 | 133,989 |
Total assets | 1,027,318 | 1,015,922 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 143,889 | 137,950 |
Operating lease liabilities — current | 38,733 | 39,674 |
Deferred revenue | 7,064 | 5,200 |
Total current liabilities | 189,686 | 182,824 |
Operating lease liabilities — long-term | 57,527 | 86,661 |
Other long-term liabilities | 40,531 | 36,113 |
Total liabilities | 287,744 | 305,598 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity: | ||
Common stock, $0.000001 par value — 200,000 shares authorized, 68,962 shares issued and outstanding at September 30, 2023, and 69,797 shares issued and outstanding at December 31, 2022 | 0 | 0 |
Additional paid-in capital | 1,757,174 | 1,649,692 |
Treasury stock | (267) | 0 |
Accumulated other comprehensive loss | (15,278) | (15,545) |
Accumulated deficit | (1,002,055) | (923,823) |
Total stockholders' equity | 739,574 | 710,324 |
Total liabilities and stockholders' equity | $ 1,027,318 | $ 1,015,922 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||||
Allowance for doubtful accounts | $ 10,889 | $ 9,277 | $ 8,739 | $ 7,153 |
Common stock, par value (in USD per share) | $ 0.000001 | $ 0.000001 | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | ||
Common stock, shares issued (in shares) | 68,962,000 | 69,797,000 | ||
Common stock, shares outstanding (in shares) | 68,962,000 | 69,797,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net revenue | $ 345,122 | $ 308,891 | $ 994,686 | $ 884,403 |
Costs and expenses: | ||||
Cost of revenue (exclusive of depreciation and amortization shown separately below) | 28,370 | 26,805 | 84,613 | 77,222 |
Sales and marketing | 137,703 | 133,061 | 424,308 | 388,570 |
Product development | 81,020 | 75,803 | 254,247 | 233,336 |
General and administrative | 45,695 | 48,381 | 145,609 | 126,141 |
Depreciation and amortization | 10,461 | 11,417 | 31,881 | 34,165 |
Total costs and expenses | 303,249 | 295,467 | 940,658 | 859,434 |
Income from operations | 41,873 | 13,424 | 54,028 | 24,969 |
Other income, net | 6,154 | 2,691 | 17,264 | 4,947 |
Income before income taxes | 48,027 | 16,115 | 71,292 | 29,916 |
(Benefit from) provision for income taxes | (10,189) | 7,007 | (475) | 13,714 |
Net income attributable to common stockholders | $ 58,216 | $ 9,108 | $ 71,767 | $ 16,202 |
Net income per share attributable to common stockholders | ||||
Basic (in USD per share) | $ 0.84 | $ 0.13 | $ 1.03 | $ 0.23 |
Diluted (in USD per share) | $ 0.79 | $ 0.13 | $ 0.98 | $ 0.22 |
Weighted-average shares used to compute net income per share attributable to common stockholders | ||||
Basic (in shares) | 69,030 | 70,630 | 69,366 | 71,158 |
Diluted (in shares) | 73,566 | 72,658 | 72,920 | 73,577 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income attributable to common stockholders | $ 58,216 | $ 9,108 | $ 71,767 | $ 16,202 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments, net of tax | (1,502) | (4,349) | 429 | (8,916) |
Unrealized gain (loss) on available-for-sale debt securities, net of tax | 100 | (618) | (162) | (618) |
Other comprehensive (loss) income | (1,402) | (4,967) | 267 | (9,534) |
Comprehensive income | $ 56,814 | $ 4,141 | $ 72,034 | $ 6,668 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance (in shares) at Dec. 31, 2021 | 72,171,000 | |||||
Balance at beginning at Dec. 31, 2021 | $ 751,318 | $ 0 | $ 1,522,572 | $ 0 | $ (11,090) | $ (760,164) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercises of employee stock options (in shares) | 280,000 | |||||
Issuance of common stock upon exercises of employee stock options | 7,022 | 7,022 | ||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 2,223,000 | |||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") | 0 | |||||
Issuance of common stock for employee stock purchase plan (in shares) | 364,000 | |||||
Issuance of common stock for employee stock purchase plan | 9,110 | 9,110 | ||||
Stock-based compensation (inclusive of capitalized stock-based compensation) | 125,741 | 125,741 | ||||
Taxes withheld related to net share settlement of equity awards | (48,475) | (48,475) | ||||
Repurchases of common stock | (150,006) | (150,006) | ||||
Retirement of common stock (in shares) | (4,639,000) | |||||
Retirement of common stock | 0 | 150,006 | (150,006) | |||
Other comprehensive (loss) income | (9,534) | (9,534) | ||||
Net income | 16,202 | 16,202 | ||||
Balance (in shares) at Sep. 30, 2022 | 70,399,000 | |||||
Balance at end at Sep. 30, 2022 | 701,378 | $ 0 | 1,615,970 | 0 | (20,624) | (893,968) |
Balance (in shares) at Jun. 30, 2022 | 71,226,000 | |||||
Balance at beginning at Jun. 30, 2022 | 718,604 | $ 0 | 1,587,337 | (3,138) | (15,657) | (849,938) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercises of employee stock options (in shares) | 192,000 | |||||
Issuance of common stock upon exercises of employee stock options | 5,083 | 5,083 | ||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 688,000 | |||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") | 0 | |||||
Stock-based compensation (inclusive of capitalized stock-based compensation) | 39,750 | 39,750 | ||||
Taxes withheld related to net share settlement of equity awards | (16,200) | (16,200) | ||||
Repurchases of common stock | (50,000) | (50,000) | ||||
Retirement of common stock (in shares) | (1,707,000) | |||||
Retirement of common stock | 0 | 53,138 | (53,138) | |||
Other comprehensive (loss) income | (4,967) | (4,967) | ||||
Net income | 9,108 | 9,108 | ||||
Balance (in shares) at Sep. 30, 2022 | 70,399,000 | |||||
Balance at end at Sep. 30, 2022 | $ 701,378 | $ 0 | 1,615,970 | 0 | (20,624) | (893,968) |
Balance (in shares) at Dec. 31, 2022 | 69,797,000 | 69,797,000 | ||||
Balance at beginning at Dec. 31, 2022 | $ 710,324 | $ 0 | 1,649,692 | 0 | (15,545) | (923,823) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercises of employee stock options (in shares) | 785,000 | 785,000 | ||||
Issuance of common stock upon exercises of employee stock options | $ 17,975 | 17,975 | ||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 2,479,000 | |||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") | 0 | |||||
Issuance of common stock for employee stock purchase plan (in shares) | 382,000 | |||||
Issuance of common stock for employee stock purchase plan | 10,977 | 10,977 | ||||
Stock-based compensation (inclusive of capitalized stock-based compensation) | 139,988 | 139,988 | ||||
Taxes withheld related to net share settlement of equity awards | (61,458) | (61,458) | ||||
Repurchases of common stock | $ (150,266) | (150,266) | ||||
Retirement of common stock (in shares) | (4,639,373) | (4,481,000) | ||||
Retirement of common stock | $ 0 | 149,999 | (149,999) | |||
Other comprehensive (loss) income | 267 | 267 | ||||
Net income | $ 71,767 | 71,767 | ||||
Balance (in shares) at Sep. 30, 2023 | 68,962,000 | 68,962,000 | ||||
Balance at end at Sep. 30, 2023 | $ 739,574 | $ 0 | 1,757,174 | (267) | (15,278) | (1,002,055) |
Balance (in shares) at Jun. 30, 2023 | 69,287,000 | |||||
Balance at beginning at Jun. 30, 2023 | 708,602 | $ 0 | 1,732,909 | (159) | (13,876) | (1,010,272) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercises of employee stock options (in shares) | 69,000 | |||||
Issuance of common stock upon exercises of employee stock options | 2,426 | 2,426 | ||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 821,000 | |||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") | 0 | |||||
Issuance of common stock for employee stock purchase plan (in shares) | 2,000 | |||||
Issuance of common stock for employee stock purchase plan | 65 | 65 | ||||
Stock-based compensation (inclusive of capitalized stock-based compensation) | 44,826 | 44,826 | ||||
Taxes withheld related to net share settlement of equity awards | (23,052) | (23,052) | ||||
Repurchases of common stock | (50,107) | (50,107) | ||||
Retirement of common stock (in shares) | (1,217,000) | |||||
Retirement of common stock | 0 | 49,999 | (49,999) | |||
Other comprehensive (loss) income | (1,402) | (1,402) | ||||
Net income | $ 58,216 | 58,216 | ||||
Balance (in shares) at Sep. 30, 2023 | 68,962,000 | 68,962,000 | ||||
Balance at end at Sep. 30, 2023 | $ 739,574 | $ 0 | $ 1,757,174 | $ (267) | $ (15,278) | $ (1,002,055) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities | ||
Net income | $ 71,767 | $ 16,202 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 31,881 | 34,165 |
Provision for doubtful accounts | 26,664 | 18,249 |
Stock-based compensation | 133,304 | 119,753 |
Amortization of right-of-use assets | 22,848 | 24,962 |
Deferred income taxes | (8,845) | (41,162) |
Amortization of deferred contract cost | 17,818 | 13,477 |
Asset impairment | 3,555 | 10,464 |
Other adjustments, net | (229) | 1,291 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (54,395) | (38,130) |
Prepaid expenses and other assets | 3,101 | (39,920) |
Operating lease liabilities | (30,255) | (29,928) |
Accounts payable, accrued liabilities and other liabilities | 9,896 | 58,413 |
Net cash provided by operating activities | 227,110 | 147,836 |
Investing Activities | ||
Purchases of marketable securities — available-for-sale | (115,388) | (92,895) |
Sales and maturities of marketable securities — available-for-sale | 89,613 | 1,649 |
Purchases of property, equipment and software | (20,850) | (20,104) |
Other investing activities | 160 | 43 |
Net cash used in investing activities | (46,465) | (111,307) |
Financing Activities | ||
Proceeds from issuance of common stock for employee stock-based plans | 28,958 | 16,143 |
Taxes paid related to the net share settlement of equity awards | (61,142) | (48,161) |
Repurchases of common stock | (149,999) | (150,006) |
Payment of issuance costs for credit facility | (1,049) | 0 |
Net cash used in financing activities | (183,232) | (182,024) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 903 | (3,030) |
Change in cash, cash equivalents and restricted cash | (1,684) | (148,525) |
Cash, cash equivalents and restricted cash — Beginning of period | 307,138 | 480,641 |
Cash, cash equivalents and restricted cash — End of period | 305,454 | 332,116 |
Supplemental Disclosures of Other Cash Flow Information | ||
Cash paid for income taxes, net | 8,800 | 40,129 |
Supplemental Disclosures of Noncash Investing and Financing Activities | ||
Purchases of property, equipment and software recorded in accounts payable and accrued liabilities | 1,064 | 6,461 |
Repurchases of common stock recorded in accounts payable and accrued liabilities | $ 2,677 | $ 2,378 |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION | DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION Yelp Inc. was incorporated in Delaware on September 3, 2004. Except where specifically noted or the context otherwise requires, the use of terms such as the "Company" and "Yelp" in these Notes to Condensed Consolidated Financial Statements refers to Yelp Inc. and its subsidiaries. Yelp is a trusted local resource for consumers and a partner in success for businesses of all sizes. Consumers trust Yelp for its extensive ratings and reviews of businesses across a broad range of categories, while businesses advertise on Yelp to reach its large audience of purchase-oriented and generally affluent consumers. Yelp has operations in the United States, United Kingdom, Canada, Ireland and Germany. Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Annual Report. The unaudited condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP, including certain notes to the financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normally recurring nature necessary for the fair presentation of the interim periods presented. Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Use of Estimates The preparation of the Company’s unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. Items that require estimates, judgments or assumptions include, but are not limited to, determining variable consideration and identifying the nature and timing of satisfaction of performance obligations, allowance for doubtful accounts and credit losses, fair value and estimated useful lives of long- and indefinite-lived assets, litigation loss contingencies, liabilities related to incurred but not reported insurance claims, fair value and achievement of targets for performance-based restricted stock units (“PRSUs”) and income taxes. These estimates, judgments and assumptions are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from management’s estimates due to macroeconomic uncertainty and other factors. Significant Accounting Policies There have been no material changes to the Company's significant accounting policies from those described in the Annual Report. |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 9 Months Ended |
Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS AND RESTRICTED CASH Cash, cash equivalents and restricted cash as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, December 31, Cash $ 96,050 $ 56,304 Cash equivalents 209,053 250,075 Total cash and cash equivalents $ 305,103 $ 306,379 Restricted cash 351 759 Total cash, cash equivalents and restricted cash $ 305,454 $ 307,138 Restricted cash is included in other non-current assets on the Company’s condensed consolidated balance sheets. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES Short-term investments and certain cash equivalents consist of investments in debt securities that are classified as available-for-sale. The amortized cost, gross unrealized gains and losses and fair value of investments as of September 30, 2023 and December 31, 2022 were as follows (in thousands): September 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash equivalents: U.S. government securities $ 4,864 $ 1 $ — $ 4,865 Total cash equivalents 4,864 1 — 4,865 Short-term marketable securities: Certificates of deposit 3,751 — — 3,751 Commercial paper 1,058 — — 1,058 Corporate bonds 22,871 7 (217) 22,661 Agency bonds 17,174 2 (48) 17,128 U.S. government securities 77,490 2 (622) 76,870 Total short-term marketable securities 122,344 11 (887) 121,468 Total $ 127,208 $ 12 $ (887) $ 126,333 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash equivalents: Commercial paper $ 2,524 $ — $ — $ 2,524 Total cash equivalents 2,524 — — 2,524 Short-term marketable securities: Certificates of deposit 10,651 — — 10,651 Commercial paper 13,054 — — 13,054 Corporate bonds 32,701 3 (353) 32,351 Agency bonds 3,010 — (11) 2,999 U.S. government securities 35,479 8 (298) 35,189 Total short-term marketable securities 94,895 11 (662) 94,244 Total $ 97,419 $ 11 $ (662) $ 96,768 The following tables present gross unrealized losses and fair values for those securities that were in an unrealized loss position as of September 30, 2023 and December 31, 2022, aggregated by investment category and the length of time that the individual securities have been in a continuous loss position (in thousands): September 30, 2023 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 6,134 $ (52) $ 13,227 $ (165) $ 19,361 $ (217) Agency bonds 14,333 (48) — — 14,333 (48) U.S. government securities 55,871 (461) 13,696 (161) 69,567 (622) Total $ 76,338 $ (561) $ 26,923 $ (326) $ 103,261 $ (887) December 31, 2022 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 29,428 $ (353) $ — $ — $ 29,428 $ (353) Agency bonds 2,999 (11) — — 2,999 (11) U.S. government securities 27,368 (298) — — 27,368 (298) Total $ 59,795 $ (662) $ — $ — $ 59,795 $ (662) As of September 30, 2023 and December 31, 2022, the Company did not recognize any credit loss related to available-for-sale marketable securities. The contractual maturities for marketable securities classified as available-for-sale as of September 30, 2023 were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 72,005 $ 71,593 Due in one to five years 55,203 54,740 Total $ 127,208 $ 126,333 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company’s investments in money market accounts are recorded as cash equivalents at fair value on the condensed consolidated balance sheets. Additionally, the Company carries its available-for-sale debt securities at fair value. See Note 3, " Marketable Securities, " for further details. The accounting guidance for fair value measurements prioritizes the inputs used in measuring fair value in the following hierarchy: Level 1 —Observable inputs, such as quoted prices in active markets, Level 2 —Inputs other than quoted prices in active markets that are observable either directly or indirectly, or Level 3 —Unobservable inputs in which there are little or no market data, which require the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, to minimize the use of unobservable inputs when determining fair value. The Company’s money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets. The Company's certificates of deposit, commercial paper, corporate bonds, agency bonds and U.S. government securities are classified within Level 2 of the fair value hierarchy because they have been valued using inputs other than quoted prices in active markets that are observable directly or indirectly. The following table represents the fair value of the Company’s financial instruments, including those measured at fair value on a recurring basis, as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 178,473 $ — $ — $ 178,473 $ 247,551 $ — $ — $ 247,551 U.S. government securities — 4,865 — 4,865 — — — — Commercial paper — — — — — 2,524 — 2,524 Marketable securities: Certificates of deposit — 3,751 — 3,751 — 10,651 — 10,651 Commercial paper — 1,058 — 1,058 — 13,054 — 13,054 Corporate bonds — 22,661 — 22,661 — 32,351 — 32,351 Agency bonds — 17,128 — 17,128 — 2,999 — 2,999 U.S. government securities — 76,870 — 76,870 — 35,189 — 35,189 Other investments: Certificates of deposit — 10,000 — 10,000 — 10,000 — 10,000 Total cash equivalents, marketable securities and other investments $ 178,473 $ 136,333 $ — $ 314,806 $ 247,551 $ 106,768 $ — $ 354,319 The certificates of deposit that are categorized as other investments are reflected in prepaid expenses and other current assets on the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022. The Company's long- and indefinite-lived assets, such as property, equipment and software, goodwill, other intangible assets and right-of-use ("ROU") assets, are measured at fair value on a non-recurring basis if the assets are determined to be impaired. The Company recognized impairment charges related to the write off of ROU assets and leasehold improvements associated with certain of its office space that it abandoned and subleased during the nine months ended September 30, 2023 and 2022, respectively, based on the Company's determination that the fair values of these impaired assets were zero. See Note 8, " Leases ," for further details. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, December 31, Prepaid expenses $ 15,846 $ 14,632 Certificates of deposit 10,000 10,000 Non-trade receivables (1) 4,566 31,338 Other current assets 9,323 7,497 Total prepaid expenses and other current assets $ 39,735 $ 63,467 (1) The decrease in non-trade receivables during the nine months ended September 30, 2023 was primarily due to the release of the remaining receivable for loss recovery related to the litigation described under "Legal Proceedings—Securities Class Action and Derivative Action" in Note 12, " Commitments and Contingencies . " As of September 30, 2023, other current assets primarily consisted of deferred costs related to unsettled share repurchases and subleases as well as short-term deposits and income taxes receivable. |
PROPERTY, EQUIPMENT AND SOFTWAR
PROPERTY, EQUIPMENT AND SOFTWARE, NET | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, EQUIPMENT AND SOFTWARE, NET | PROPERTY, EQUIPMENT AND SOFTWARE, NET Property, equipment and software, net as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, December 31, Capitalized website and internal-use software development costs $ 251,774 $ 229,638 Leasehold improvements (1) 57,707 60,407 Computer equipment 48,751 50,920 Furniture and fixtures 10,358 11,627 Telecommunication 4,171 4,930 Software 1,113 1,702 Total 373,874 359,224 Less accumulated depreciation and amortization (1) (301,501) (282,000) Property, equipment and software, net $ 72,373 $ 77,224 (1) Leasehold improvements, net was reduced to reflect an impairment of $1.0 million recorded during the nine months ended September 30, 2023 as a result of the Company's abandonment of certain office space. For more information, see Note 8, " Leases ." Depreciation and amortization expense related to property, equipment and software was $10.2 million and $11.0 million for the three months ended September 30, 2023 and 2022, respectively, and $30.9 million and $32.8 million for the nine months ended September 30, 2023 and 2022, respectively. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The Company’s goodwill is the result of its acquisitions of other businesses and represents the excess of purchase consideration over the fair value of assets acquired and liabilities assumed. The Company performed its annual goodwill impairment analysis as of August 31, 2023 and concluded that goodwill was not impaired, as the fair value of the reporting unit exceeded its carrying value. Additionally, no triggering events were identified as of September 30, 2023 or December 31, 2022 that would more likely than not reduce the fair value of goodwill below its carrying value. The changes in carrying amount of goodwill during the nine months ended September 30, 2023 were as follows (in thousands): Balance as of December 31, 2022 $ 102,328 Effect of currency translation (401) Balance as of September 30, 2023 $ 101,927 Intangible assets that were not fully amortized as of September 30, 2023 and December 31, 2022 consisted of the following (dollars in thousands): September 30, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (6,081) $ 3,837 5.4 years Licensing agreements 6,129 (1,989) 4,140 6.4 years Domains and data licenses 2,869 (2,869) — 0.0 years Total $ 18,916 $ (10,939) $ 7,977 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (5,550) $ 4,368 6.2 years Licensing agreements 6,129 (1,505) 4,624 7.2 years Domain and data licenses 2,869 (2,864) 5 0.5 years Total $ 18,916 $ (9,919) $ 8,997 Amortization expense related to intangible assets was $0.3 million for each of the three months ended September 30, 2023 and 2022, and $1.0 million and $1.3 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, estimated future amortization expense was as follows (in thousands): Remainder of 2023 $ 339 2024 1,353 2025 1,353 2026 1,353 2027 1,353 2028 1,353 Thereafter 873 Total amortization $ 7,977 |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
LEASES | LEASES The components of lease cost, net for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Operating lease cost $ 8,501 $ 10,008 $ 27,254 $ 31,174 Short-term lease cost (12 months or less) 95 291 298 815 Sublease income (3,403) (3,195) (10,197) (8,749) Total lease cost, net $ 5,193 $ 7,104 $ 17,355 $ 23,240 The Company's leases and subleases do not include any variable lease payments, residual value guarantees, related-party leases, or restrictions or covenants that would limit or prevent the Company from exercising its right to obtain substantially all of the economic benefits from use of the respective assets during the lease term. Supplemental cash flow information related to leases for the nine months ended September 30, 2023 and 2022 was as follows (in thousands): Nine Months Ended 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 34,723 $ 39,148 As of September 30, 2023, maturities of lease liabilities were as follows (in thousands): Remainder of 2023 $ 10,670 2024 42,638 2025 22,103 2026 7,165 2027 6,353 2028 6,491 Thereafter 9,620 Total minimum lease payments 105,040 Less imputed interest (8,780) Present value of lease liabilities $ 96,260 As of September 30, 2023 and December 31, 2022, the weighted-average remaining lease term and weighted-average discount rate were as follows: September 30, December 31, Weighted-average remaining lease term (years) — operating leases 3.8 4.1 Weighted-average discount rate — operating leases 5.2 % 5.3 % The Company abandoned certain office space in San Francisco during the nine months ended September 30, 2023 and entered into a sublease agreement for a portion of its office space in New York during the nine months ended September 30, 2022. The Company evaluated the associated ROU assets and leasehold improvements for impairment as a result of the abandonment and sublease in accordance with Accounting Standards Codification Topic 360, “Property, Plant, and Equipment,” because the change in circumstances indicated that the carrying amount of such assets may not be recoverable. The Company compared the carrying value of the impacted assets to the fair value to determine the impairment amount and recognized impairment charges of $3.6 million and $10.5 million during the nine months ended September 30, 2023 and 2022, respectively, which are included in general and administrative expenses on its condensed consolidated statement of operations. The impairment charge during the nine months ended September 30, 2023 reduced the carrying amount of the ROU asset and leasehold improvements by $2.6 million and $1.0 million, respectively. The impairment charge during the nine months ended September 30, 2022 reduced the carrying amount of the ROU asset and leasehold improvements by $9.0 million and $1.5 million, respectively. For more information on the fair values of the ROU asset and leasehold improvements used in the impairment analysis, see Note 4, " Fair Value Measurements ." |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
OTHER NON-CURRENT ASSETS | OTHER NON-CURRENT ASSETS Other non-current assets as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, December 31, Deferred tax assets $ 106,290 $ 97,426 Deferred contract costs 28,651 25,946 Other non-current assets 12,063 10,617 Total other non-current assets $ 147,004 $ 133,989 |
CONTRACT BALANCES
CONTRACT BALANCES | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
CONTRACT BALANCES | CONTRACT BALANCES The changes in the allowance for doubtful accounts during the nine months ended September 30, 2023 and 2022 were as follows (in thousands): Nine Months Ended 2023 2022 Balance, beginning of period $ 9,277 $ 7,153 Add: provision for doubtful accounts 26,664 18,249 Less: write-offs, net of recoveries (25,052) (16,663) Balance, end of period $ 10,889 $ 8,739 In calculating the allowance for doubtful accounts as of September 30, 2023 and 2022, the Company considered expectations of probable credit losses, including those associated with the COVID-19 pandemic for the 2022 period, based on observed trends in cancellations, observed changes in the credit risk of specific customers, the impact of anticipated closures and bankruptcies using forecasted economic indicators in addition to historical experience and loss patterns during periods of macroeconomic uncertainty. The increases in the provision for doubtful accounts and write-offs, net of recoveries in the nine months ended September 30, 2023 as compared to the prior-year period were a result of the ordinary course of business, reflecting the increase in net revenue as well as higher aggregate customer delinquencies. Contract liabilities consist of deferred revenue, which is recorded on the condensed consolidated balance sheets when the Company has received consideration, or has the right to receive consideration, in advance of transferring the performance obligations under the contract to the customer. The changes in deferred revenue during the nine months ended September 30, 2023 were as follows (in thousands): Nine Months Ended Balance, beginning of period $ 5,200 Less: recognition of deferred revenue from beginning balance (4,723) Add: net increase in current period contract liabilities 6,587 Balance, end of period $ 7,064 The majority of the Company's deferred revenue balance as of September 30, 2023 is classified as short-term and is expected to be recognized as revenue in the subsequent three-month period ending December 31, 2023. An immaterial amount of long-term deferred revenue is included in other long-term liabilities as of September 30, 2023. No other contract assets or liabilities were recorded on the Company's condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, December 31, Accounts payable $ 6,673 $ 14,525 Employee-related liabilities 91,750 66,929 Accrued cost of revenue 9,346 6,248 Accrued legal settlements 15,000 26,250 Other accrued liabilities 21,120 23,998 Total accounts payable and accrued liabilities $ 143,889 $ 137,950 As of September 30, 2023, other accrued liabilities primarily consisted of accrued operating expenses, income taxes payable and unsettled share repurchases. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings Securities Class Action and Derivative Action On January 18, 2018, a putative class action lawsuit alleging violations of the federal securities laws was filed in the U.S. District Court for the Northern District of California (the "Court"), naming as defendants the Company and certain of its officers (the “Securities Class Action”). Following the Court's approval of a stipulation to certify a class and denial of the defendants’ motion for summary judgment, the defendants reached an agreement with the plaintiff to settle this matter for $22.25 million. The proposed settlement was subsequently filed with the Court, which preliminarily approved it on July 25, 2022. The settlement was then funded by defendants' insurers during the three months ended September 30, 2022. The Court entered an order granting final approval to the settlement on January 27, 2023 and, on the same day, entered judgment in the Securities Class Action. The settlement resolved all claims asserted against all defendants in the Securities Class Action without any liability or wrongdoing attributed to them. On August 26, 2022, the Court granted final approval of the settlement of a stockholder derivative action (the “Derivative Action”) asserting claims against certain current and former officers, and naming the Company as a nominal defendant, which arose out of the same facts as the Securities Class Action and was pending before the Court. The settlement resolved all claims asserted against all defendants in the Derivative Action without any liability or wrongdoing attributed to them personally or to the Company. Under the terms of the settlement, the Company’s board of directors adopted certain corporate governance modifications and the Company received $18.0 million of insurance proceeds. The Company paid $3.75 million of such insurance proceeds to the plaintiff’s attorneys as fees. The remaining insurance proceeds partially funded the Securities Class Action settlement. In 2021, the Company recorded an accrual for loss contingency within accounts payable and accrued liabilities in the aggregate amount of $26.0 million, which represented the total settlement amount for both the Securities Class Action and the Derivative Action, as well as a $26.0 million receivable for loss recovery within prepaid expenses and other current assets for the anticipated insurance proceeds related to these settlements. As of December 31, 2022, following payment to the plaintiff's attorneys in the Derivative Action, the Company had $22.25 million remaining for the settlement of the Securities Class Action on its condensed consolidated balance sheets for the loss contingency accrual and loss recovery receivable. In January 2023, the Company released the remaining receivable and accrual upon the Court granting final approval of these settlements. CIPA Action On October 12, 2016, a putative class action lawsuit asserting claims under the California Invasion of Privacy Act was filed against the Company (the "CIPA Action") in the Superior Court of California for the County of San Francisco (the "Superior Court"), in which the plaintiff sought statutory damages and other relief based on alleged unlawful call recording. The Company filed a motion for summary judgment on the basis that it had never recorded the plaintiff, which the Superior Court granted. The plaintiff appealed and, in October 2020, the California Court of Appeal for the First District (the "Court of Appeal") reversed the decision of the Superior Court, holding that the recording of only the Company's consenting sales representatives could violate CIPA, even if the plaintiff was not recorded. The California Supreme Court subsequently denied review of the Court of Appeal's decision and the case was remanded to the Superior Court. On January 18, 2023, the Superior Court granted the plaintiffs’ motion for class certification. In February 2023, the Company filed a petition for a writ with the Court of Appeal seeking reversal of the Superior Court’s class certification decision. The Court of Appeal summarily denied the writ petition on May 25, 2023, following which the Company filed a petition with the California Supreme Court on June 2, 2023 seeking an order directing the Court of Appeal to review the merits of the Company's writ petition. On July 17, 2023, the Company reached a preliminary agreement with the plaintiffs to settle the CIPA Action for $15.0 million, which payment the Company expects to be partially funded by insurance proceeds. The settlement would resolve all claims asserted against the Company in the CIPA Action without any liability or wrongdoing attributed to it. The parties have executed a settlement agreement, which the plaintiff has presented to the Superior Court for approval. A hearing regarding the preliminary approval of the settlement is scheduled for December 21, 2023. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies, which it will accrue when it believes a loss is probable and the amount can be reasonably estimated. Although the settlement agreement for the CIPA Action remain subject to court approval, the Company believes the loss is probable and the payment amount of $15.0 million represents a reasonable estimate of loss contingency as of September 30, 2023. The Company had previously recorded a $4.0 million accrual for loss contingency related to the CIPA Action as of December 31, 2022, and recorded an additional accrual of $11.0 million during the three months ended June 30, 2023, resulting in a $15.0 million accrual for loss contingency within accounts payable and accrued liabilities on the Company's condensed consolidated balance sheet as of September 30, 2023. The Company also believes that anticipated insurance proceeds of $3.9 million are probable and represent a reasonable estimate for loss recovery as of September 30, 2023. The Company had previously reflected a $3.3 million receivable for loss recovery as of June 30, 2023, and recorded an additional receivable of $0.6 million for legal fee reimbursements during the three months ended September 30, 2023, resulting in a $3.9 million receivable for loss recovery within prepaid expenses and other current assets on the Company's condensed consolidated balance sheet as of September 30, 2023. Other Legal Proceedings The Company is subject to other legal proceedings arising in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently does not believe that the final outcome of any of these other matters will have a material effect on the Company’s business, financial position, results of operations or cash flows. Indemnification Agreements In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company to, among other things, indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. While the outcome of claims cannot be predicted with certainty, the Company does not believe that the outcome of any claims under the indemnification arrangements will have a material effect on the Company’s business, financial position, results of operations or cash flows. Revolving Credit Facility On April 28, 2023, the Company entered into a Revolving Credit and Guaranty Agreement with certain lenders and JPMorgan Chase Bank, N.A., as administrative and collateral agent, which provides for a five-year $125.0 million senior secured revolving credit facility (the "2023 credit facility"). The 2023 credit facility replaced the Company’s previous $75.0 million revolving credit facility entered into on May 5, 2020 with Wells Fargo Bank, N.A. (the “2020 credit facility”), which terminated concurrently with the establishment of the 2023 credit facility. The 2023 credit facility includes a letter of credit sub-limit of $25.0 million, a bilateral letter of credit facility of $25.0 million and an accordion option, which, if exercised, would allow the Company to increase the aggregate commitments by up to $250.0 million, plus additional amounts if the Company is able to satisfy a leverage test, subject to certain conditions. The commitments under the 2023 credit facility expire on April 28, 2028. Loans under the 2023 credit facility bear interest, at the Company’s election, at either (a) an adjusted term Secured Overnight Financing Rate plus 0.10% plus a margin of 1.25% - 1.50%, depending on the Company’s total leverage ratio, or (b) an alternative base rate plus a margin of 0.25% - 0.50%, depending on the Company’s total leverage ratio. The Company is required to pay a commitment fee on the undrawn portion of the aggregate commitments that accrues at 0.20% - 0.25% per annum, depending on the Company’s total leverage ratio, as well as a letter of credit fee on any outstanding letters of credit that accrues at 1.25% - 1.50% per annum, depending on the Company’s total leverage ratio. The 2023 credit facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict the Company’s ability to incur indebtedness, grant liens, make distributions, pay dividends, repurchase shares, make investments, or engage in transactions with the Company’s affiliates, in each case subject to certain exceptions. The 2023 credit facility also requires the Company to maintain a total leverage ratio of no greater than 3.75 to 1.00, subject to an increase up to 4.25 to 1.00 for a certain period following significant acquisitions, and an interest coverage ratio of no less than 3.00 to 1.00. The obligations under the 2023 credit facility are secured by liens on substantially all of the Company’s domestic assets, including certain domestic intellectual property assets and the equity of its domestic subsidiaries, as well as a portion of the equity interests the Company holds directly in its foreign subsidiaries. As of September 30, 2023, the Company had $14.1 million of letters of credit outstanding under the 2023 credit facility sub-limit, which were moved from the 2020 credit facility. The letters of credit are primarily related to lease agreements for certain office locations and are required to be maintained and issued to the landlords of each facility. No loans were outstanding under the 2023 credit facility and the Company was in compliance with all conditions and covenants thereunder as of September 30, 2023. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY The following table presents the number of shares authorized and issued as of the dates indicated (in thousands): September 30, 2023 December 31, 2022 Shares Authorized Shares Shares Authorized Shares Stockholders’ equity: Common stock, $0.000001 par value 200,000 68,962 200,000 69,797 Undesignated preferred stock 10,000 — 10,000 — Stock Repurchase Program As of September 30, 2023, the Company's board of directors had authorized it to repurchase up to an aggregate of $1.45 billion of its outstanding common stock, $131.7 million of which remained available as of September 30, 2023. The Company may purchase shares at management’s discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions or a combination of the foregoing. During the nine months ended September 30, 2023, the Company repurchased on the open market and subsequently retired 4,481,278 shares for an aggregate purchase price of $150.0 million. Although no shares were held in treasury stock as of September 30, 2023, an immaterial balance that remained was comprised of excise tax under the Inflation Reduction Act of 2022 on stock repurchases, net of shares issued, during the nine-month period. The Company expects to pay the excise tax in early 2024. During the nine months ended September 30, 2022, the Company repurchased on the open market and subsequently retired 4,639,373 shares for an aggregate purchase price of $150.0 million. The Company had no treasury stock balance as of September 30, 2022. Equity Incentive Plans Stock Options Stock options are granted at a price per share not less than the fair value of a share of the Company’s common stock on the grant date. Options generally vest over a four-year period, on one of two schedules: (a) 25% vesting at the end of one year and the remaining shares vesting monthly thereafter or (b) ratably on a monthly basis. Options granted are generally exercisable for contractual terms of up to 10 years. The Company issues new shares when stock options are exercised. A summary of stock option activity for the nine months ended September 30, 2023 is as follows: Number of Shares (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 3,543 $ 32.81 3.6 $ 7,507 Exercised (785) 22.90 Canceled (139) 44.28 Outstanding at September 30, 2023 2,619 $ 35.17 3.8 $ 20,466 Options vested and exercisable at September 30, 2023 2,567 $ 35.16 3.7 $ 20,144 Aggregate intrinsic value represents the difference between the closing price of the Company’s common stock as quoted on the New York Stock Exchange on a given date and the exercise price of outstanding, in-the-money options. The total intrinsic value of options exercised was approximately $0.6 million and $2.1 million for the three months ended September 30, 2023 and 2022, respectively, and $6.1 million and $3.0 million for the nine months ended September 30, 2023 and 2022, respectively. There were no options granted during the nine months ended September 30, 2023. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2022 was $16.07 per share. As of September 30, 2023, total unrecognized compensation costs related to nonvested stock options were approximately $0.8 million, which the Company expects to recognize over a weighted-average time period of 1.5 years. RSUs RSUs generally vest over a four-year period, on one of two schedules: (a) 25% vesting at the end of one year and the remaining vesting quarterly or annually thereafter or (b) ratably on a quarterly basis. RSUs also include PRSUs, which are subject to either (a) a market condition or (b) the achievement of performance goals. PRSUs may also be subject to a time-based vesting schedule of quarterly over four years (the "Time-Based Vesting Schedule"). For PRSUs subject to a market condition, the Company recognizes expense from the date of grant. For PRSUs subject to performance goals, the Company recognizes expense when it is probable that the performance condition will be achieved. The Company granted PRSUs subject to market conditions in 2022 and 2023. The shares underlying each of these PRSU awards vest based on the relative performance of the Company's total stockholder return ("TSR") over a three-year period. A percentage of the target number of shares underlying each award, ranging from zero to 200%, will vest based on the percentile rank of the Company's TSR relative to that of the other companies in the Russell 2000 Index over the period beginning January 1 st of the year of grant and ending three years later (the "Performance Period"). The Company’s TSR, as well as the TSR of the other companies in the Russell 2000 Index, will be calculated based on the average closing price of each company's stock over the last 20 trading days of the Performance Period compared to the average closing price over the first 20 trading days of the Performance Period. Any shares that become eligible to vest based on the Company's level of achievement of the market goal will fully vest on or following certification of the Company's performance on February 20, 2025 and 2026, respectively, or, if certification occurs following such date, March 15, 2025 and 2026, respectively, for the 2022 and 2023 grants, subject to the applicable employee's continued service as of such vesting dates. For PRSUs subject to performance goals, a percentage of the target number of shares, ranging from zero to 200%, will become eligible to vest based on the Company's level of achievement of certain financial targets, subject to the Time-Based Vesting Schedule. The shares subject to performance goals become eligible to vest once the achievement against the financial targets is known, which will be no later than March of the year following the year in which the PRSUs are granted. On the quarterly vest date immediately following such determination (or a vest date otherwise specified in the agreement), the eligible shares, if any, will vest to the extent that the employee has met the Time-Based Vesting Schedule as of such date. Thereafter, the eligible shares will continue to vest in accordance with the Time-Based Vesting Schedule, subject to the applicable employee's continued service as of each such vesting date. The Company performed an analysis as of September 30, 2023 to assess the probability of achievement of the PRSU financial targets and, as a result, recorded compensation costs in the three and nine months ended September 30, 2023 for the PRSUs that it expected to vest. As the PRSU activity during the nine months ended September 30, 2023 was not material, it is presented together with the RSU activity in the table below. A summary of RSU and PRSU activity for the nine months ended September 30, 2023 is as follows (in thousands, except per share amounts): Number of Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2022 9,962 $ 33.48 Granted 6,651 30.26 Vested (1) (4,256) 31.70 Canceled (962) 32.11 Nonvested at September 30, 2023 (2) 11,395 $ 32.39 (1) Includes 1,773,410 shares that vested but were not issued due to the Company's use of net share withholding for payment of employee taxes. (2) Includes 822,473 PRSUs. The aggregate fair value as of the vest date of RSUs and PRSUs that vested during the nine months ended September 30, 2023 and 2022 was $147.9 million and $122.2 million, respectively. As of September 30, 2023, the Company had approximately $342.7 million of unrecognized stock-based compensation expense related to RSUs and PRSUs, which it expects to recognize over the remaining weighted-average vesting period of approximately 2.4 years. Employee Stock Purchase Plan The Employee Stock Purchase Plan ("ESPP") allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations, during designated six-month offering periods. At the end of each offering period, employees are able to purchase shares at 85% of the fair market value of the Company’s common stock on the last day of the offering period, based on the closing sales price of the Company's common stock as quoted on the New York Stock Exchange on such date. There were 2,295 and 382,627 shares purchased by employees under the ESPP at a weighted-average purchase price per share of $28.48 and $28.69 during the three and nine months ended September 30, 2023, respectively. There were 364,436 shares purchased by employees under the ESPP at a weighted-average purchase price per share of $25.00 during the nine months ended September 30, 2022, and no shares were purchased during the three-month period. The Company recognized stock-based compensation expense related to the ESPP of $0.9 million and $0.8 million during the three months ended September 30, 2023 and 2022, respectively. The Company recognized stock-based compensation expense related to the ESPP of $2.7 million and $2.3 million during the nine months ended September 30, 2023 and 2022, respectively. Stock-Based Compensation The following table summarizes the effects of stock-based compensation expense related to stock-based awards in the condensed consolidated statements of operations during the periods presented (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of revenue $ 1,298 $ 1,148 $ 4,026 $ 3,701 Sales and marketing 9,200 8,606 26,921 25,461 Product development 24,047 21,352 74,888 66,781 General and administrative 8,922 7,526 27,469 23,810 Total stock-based compensation recorded to income before income taxes 43,467 38,632 133,304 119,753 Benefit from income taxes (9,023) (8,489) (27,898) (26,446) Total stock-based compensation recorded to net income attributable to common stockholders $ 34,444 $ 30,143 $ 105,406 $ 93,307 |
OTHER INCOME, NET
OTHER INCOME, NET | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | OTHER INCOME, NET Other income, net for the three and nine months ended September 30, 2023 and 2022 consisted of the following (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Interest income, net $ 5,187 $ 2,007 $ 13,850 $ 2,558 Transaction loss on foreign exchange, net (100) (213) (69) (236) Other non-operating income, net 1,067 897 3,483 2,625 Other income, net $ 6,154 $ 2,691 $ 17,264 $ 4,947 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company is subject to income taxes in the United States as well as other tax jurisdictions in which it conducts business. Earnings from non-U.S. activities are subject to local country income taxes. The benefit from income taxes for the nine months ended September 30, 2023 was $0.5 million, which was due to $20.1 million of net discrete tax benefit primarily related to: the 2022 federal and state tax provision to return adjustments, which mainly resulted from the release of Internal Revenue Service guidance related to the requirement to capitalize and amortize certain research and development expenses under the U.S. Tax Cuts and Jobs Act; a one-time litigation settlement loss contingency in connection with the agreement to settle the CIPA Action; and the tax benefit related to stock-based compensation. These tax benefits were partially offset by $19.6 million of U.S. federal, state and foreign income tax expense. The provision for income taxes for the nine months ended September 30, 2022 was $13.7 million, which was due to $13.7 million of U.S. federal, state and foreign income tax expense. Accounting for income taxes for interim periods generally requires the provision for income taxes to be determined by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss before income taxes, excluding unusual or infrequently occurring discrete items, for the reporting period. For the three and nine months ended September 30, 2023, the difference between the effective tax rate and the federal statutory tax rate primarily related to tax credits, offset by stock-based compensation. For the three and nine months ended September 30, 2022, the difference between the effective tax rate and the federal statutory tax rate primarily related to stock-based compensation and the inclusion of global intangible low-taxed income, offset by tax credits. As of September 30, 2023, the Company had $33.6 million of unrecognized tax benefits that, if recognized, would affect the Company's effective tax rate. In the three and nine months ended September 30, 2023, the Company recorded an immaterial amount of interest and penalties. As of September 30, 2023, the Company estimated that it had accumulated undistributed earnings generated by its foreign subsidiaries of approximately $23.3 million. Any taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of the Company's foreign investments would generally be limited to foreign and state taxes. The Company has not recognized a deferred tax liability related to unremitted foreign earnings, as it intends to indefinitely reinvest these earnings, and expects future U.S. cash generation to be sufficient to meet future U.S. cash needs. In addition, the Company is subject to the continuous examination of its income tax returns by the Internal Revenue Service and other tax authorities. The Company’s federal and state income tax returns for tax years subsequent to 2003 re main open to examination. In the Company’s foreign jurisdictions — Canada, Germany, Ireland and the United Kingdom — the tax years subsequent to 2017 remain open to examination. The Company regularly assesses the likelihood of adverse outcomes resulting from examinations to determine the adequacy of its provision for income taxes and monitors the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. As of September 30, 2023, although the timing of the resolution or closure of audits is not certain, the Company believes it is reasonably possible that unrecognized tax benefits will not be reduced within the next 12 months. |
NET INCOME PER SHARE ATTRIBUTAB
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS Basic net income (loss) per share attributable to common stockholders is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted net income (loss) per share attributable to common stockholders is computed using the weighted-average number of outstanding shares of common stock and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities include stock options, RSUs (including PRSUs) and, to a lesser extent, ESPP shares. If dilutive, such potentially dilutive securities are reflected in net income (loss) per share attributable to common stockholders using the treasury stock method. The following tables present the calculation of basic and diluted net income per share attributable to common stockholders for the periods presented (in thousands, except per share data): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Basic net income per share: Net income attributable to common stockholders $ 58,216 $ 9,108 $ 71,767 $ 16,202 Shares used in computation: Weighted-average common shares outstanding 69,030 70,630 69,366 71,158 Basic net income per share attributable to common stockholders: $ 0.84 $ 0.13 $ 1.03 $ 0.23 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Diluted net income per share: Net income attributable to common stockholders $ 58,216 $ 9,108 $ 71,767 $ 16,202 Shares used in computation: Weighted-average common shares outstanding 69,030 70,630 69,366 71,158 Stock options 501 472 246 494 RSUs 3,899 1,398 3,259 1,868 ESPP 136 158 49 57 Number of shares used in diluted calculation 73,566 72,658 72,920 73,577 Diluted net income per share attributable to common stockholders: $ 0.79 $ 0.13 $ 0.98 $ 0.22 The following stock-based instruments were excluded from the calculation of diluted net income per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Stock options 761 2,354 1,319 2,415 RSUs 26 5,674 364 1,649 |
INFORMATION ABOUT REVENUE AND G
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS | INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREASThe Company considers operating segments to be components of the Company for which separate financial information is available and evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the chief executive officer. The chief executive officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by product line and geographic region for purposes of allocating resources and evaluating financial performance. The Company has determined that it has a single operating and reporting segment. When the Company communicates results externally, it disaggregates net revenue into major product lines and primary geographical markets, which is based on the billing address of the customer. The disaggregation of net revenue by major product lines is based on the type of service provided and also aligns with the timing of revenue recognition for each. To reflect the Company's strategic focus on creating differentiated experiences for its Services categories and Restaurants, Retail & Other categories, the Company further disaggregates advertising revenue to reflect these two high-level category groupings. The Services categories consist of the following businesses: home, local, auto, professional, pets, events, real estate and financial services. The Restaurants, Retail & Other categories consist of the following businesses: restaurants, shopping, beauty & fitness, health and other. Net Revenue The following table presents the Company’s net revenue by major product line (and by category for advertising revenue) for the periods presented (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net revenue by product: Advertising revenue by category: Services $ 206,178 $ 180,957 $ 589,972 $ 515,518 Restaurants, Retail & Other 123,854 112,707 359,175 324,901 Advertising 330,032 293,664 949,147 840,419 Transactions 3,145 3,652 10,081 10,772 Other 11,945 11,575 35,458 33,212 Total net revenue $ 345,122 $ 308,891 $ 994,686 $ 884,403 During the three and nine months ended September 30, 2023 and 2022, no individual customer accounted for 10% or more of consolidated net revenue. The following table presents the Company’s net revenue by major geographic region for the periods presented (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 United States $ 342,600 $ 306,773 $ 987,535 $ 878,293 All other countries 2,522 2,118 7,151 6,110 Total net revenue $ 345,122 $ 308,891 $ 994,686 $ 884,403 Long-Lived Assets The following table presents the Company’s long-lived assets by major geographic region as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, United States $ 66,029 $ 72,325 All other countries 6,344 4,899 Total long-lived assets $ 72,373 $ 77,224 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income attributable to common stockholders | $ 58,216 | $ 9,108 | $ 71,767 | $ 16,202 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 shares | Sep. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Rule 10b5-1 Trading Plans On August 18, 2023, Sam Eaton, our Chief Technology Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The plan provides for the sale of an aggregate of up to (i) 45,034 shares of our common stock and (ii) 44,094 shares of our common stock that may vest during the plan period, net of any shares we withhold to satisfy income tax withholding and remittance obligations in connection with the net settlement of the equity awards, the amount of which cannot currently be determined. The plan will terminate on the earlier of January 31, 2024 or when all shares subject to the plan have been sold, subject to early termination for certain specified events set forth in the plan. | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Sam Eaton [Member] | ||
Trading Arrangements, by Individual | ||
Name | Sam Eaton | |
Title | Chief Technology Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 18, 2023 | |
Arrangement Duration | 166 days | |
Aggregate Available | 45,034 | 45,034 |
DESCRIPTION OF BUSINESS AND B_2
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Annual Report. The unaudited condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP, including certain notes to the financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normally recurring nature necessary for the fair presentation of the interim periods presented. |
Principles of Consolidation | Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of the Company’s unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. Items that require estimates, judgments or assumptions include, but are not limited to, determining variable consideration and identifying the nature and timing of satisfaction of performance obligations, allowance for doubtful accounts and credit losses, fair value and estimated useful lives of long- and indefinite-lived assets, litigation loss contingencies, liabilities related to incurred but not reported insurance claims, fair value and achievement of targets for performance-based restricted stock units (“PRSUs”) and income taxes. These estimates, judgments and assumptions are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from management’s estimates due to macroeconomic uncertainty and other factors. |
CASH, CASH EQUIVALENTS AND RE_2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, December 31, Cash $ 96,050 $ 56,304 Cash equivalents 209,053 250,075 Total cash and cash equivalents $ 305,103 $ 306,379 Restricted cash 351 759 Total cash, cash equivalents and restricted cash $ 305,454 $ 307,138 |
Schedule of Restrictions on Cash and Cash Equivalents | Cash, cash equivalents and restricted cash as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, December 31, Cash $ 96,050 $ 56,304 Cash equivalents 209,053 250,075 Total cash and cash equivalents $ 305,103 $ 306,379 Restricted cash 351 759 Total cash, cash equivalents and restricted cash $ 305,454 $ 307,138 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of the Fair Value to Amortized Cost Basis of Securities Available-for-Sale | Short-term investments and certain cash equivalents consist of investments in debt securities that are classified as available-for-sale. The amortized cost, gross unrealized gains and losses and fair value of investments as of September 30, 2023 and December 31, 2022 were as follows (in thousands): September 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash equivalents: U.S. government securities $ 4,864 $ 1 $ — $ 4,865 Total cash equivalents 4,864 1 — 4,865 Short-term marketable securities: Certificates of deposit 3,751 — — 3,751 Commercial paper 1,058 — — 1,058 Corporate bonds 22,871 7 (217) 22,661 Agency bonds 17,174 2 (48) 17,128 U.S. government securities 77,490 2 (622) 76,870 Total short-term marketable securities 122,344 11 (887) 121,468 Total $ 127,208 $ 12 $ (887) $ 126,333 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash equivalents: Commercial paper $ 2,524 $ — $ — $ 2,524 Total cash equivalents 2,524 — — 2,524 Short-term marketable securities: Certificates of deposit 10,651 — — 10,651 Commercial paper 13,054 — — 13,054 Corporate bonds 32,701 3 (353) 32,351 Agency bonds 3,010 — (11) 2,999 U.S. government securities 35,479 8 (298) 35,189 Total short-term marketable securities 94,895 11 (662) 94,244 Total $ 97,419 $ 11 $ (662) $ 96,768 The contractual maturities for marketable securities classified as available-for-sale as of September 30, 2023 were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 72,005 $ 71,593 Due in one to five years 55,203 54,740 Total $ 127,208 $ 126,333 |
Schedule of Securities in an Unrealized Loss Position | The following tables present gross unrealized losses and fair values for those securities that were in an unrealized loss position as of September 30, 2023 and December 31, 2022, aggregated by investment category and the length of time that the individual securities have been in a continuous loss position (in thousands): September 30, 2023 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 6,134 $ (52) $ 13,227 $ (165) $ 19,361 $ (217) Agency bonds 14,333 (48) — — 14,333 (48) U.S. government securities 55,871 (461) 13,696 (161) 69,567 (622) Total $ 76,338 $ (561) $ 26,923 $ (326) $ 103,261 $ (887) December 31, 2022 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Corporate bonds $ 29,428 $ (353) $ — $ — $ 29,428 $ (353) Agency bonds 2,999 (11) — — 2,999 (11) U.S. government securities 27,368 (298) — — 27,368 (298) Total $ 59,795 $ (662) $ — $ — $ 59,795 $ (662) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value | The following table represents the fair value of the Company’s financial instruments, including those measured at fair value on a recurring basis, as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 178,473 $ — $ — $ 178,473 $ 247,551 $ — $ — $ 247,551 U.S. government securities — 4,865 — 4,865 — — — — Commercial paper — — — — — 2,524 — 2,524 Marketable securities: Certificates of deposit — 3,751 — 3,751 — 10,651 — 10,651 Commercial paper — 1,058 — 1,058 — 13,054 — 13,054 Corporate bonds — 22,661 — 22,661 — 32,351 — 32,351 Agency bonds — 17,128 — 17,128 — 2,999 — 2,999 U.S. government securities — 76,870 — 76,870 — 35,189 — 35,189 Other investments: Certificates of deposit — 10,000 — 10,000 — 10,000 — 10,000 Total cash equivalents, marketable securities and other investments $ 178,473 $ 136,333 $ — $ 314,806 $ 247,551 $ 106,768 $ — $ 354,319 |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, December 31, Prepaid expenses $ 15,846 $ 14,632 Certificates of deposit 10,000 10,000 Non-trade receivables (1) 4,566 31,338 Other current assets 9,323 7,497 Total prepaid expenses and other current assets $ 39,735 $ 63,467 (1) The decrease in non-trade receivables during the nine months ended September 30, 2023 was primarily due to the release of the remaining receivable for loss recovery related to the litigation described under "Legal Proceedings—Securities Class Action and Derivative Action" in Note 12, " Commitments and Contingencies . " |
PROPERTY, EQUIPMENT, AND SOFTWA
PROPERTY, EQUIPMENT, AND SOFTWARE, NET (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Equipment and Software, Net | Property, equipment and software, net as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, December 31, Capitalized website and internal-use software development costs $ 251,774 $ 229,638 Leasehold improvements (1) 57,707 60,407 Computer equipment 48,751 50,920 Furniture and fixtures 10,358 11,627 Telecommunication 4,171 4,930 Software 1,113 1,702 Total 373,874 359,224 Less accumulated depreciation and amortization (1) (301,501) (282,000) Property, equipment and software, net $ 72,373 $ 77,224 (1) Leasehold improvements, net was reduced to reflect an impairment of $1.0 million recorded during the nine months ended September 30, 2023 as a result of the Company's abandonment of certain office space. For more information, see Note 8, " Leases ." |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in carrying amount of goodwill during the nine months ended September 30, 2023 were as follows (in thousands): Balance as of December 31, 2022 $ 102,328 Effect of currency translation (401) Balance as of September 30, 2023 $ 101,927 |
Schedule of Intangible Assets | Intangible assets that were not fully amortized as of September 30, 2023 and December 31, 2022 consisted of the following (dollars in thousands): September 30, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (6,081) $ 3,837 5.4 years Licensing agreements 6,129 (1,989) 4,140 6.4 years Domains and data licenses 2,869 (2,869) — 0.0 years Total $ 18,916 $ (10,939) $ 7,977 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (5,550) $ 4,368 6.2 years Licensing agreements 6,129 (1,505) 4,624 7.2 years Domain and data licenses 2,869 (2,864) 5 0.5 years Total $ 18,916 $ (9,919) $ 8,997 |
Schedule of Future Amortization Expense | As of September 30, 2023, estimated future amortization expense was as follows (in thousands): Remainder of 2023 $ 339 2024 1,353 2025 1,353 2026 1,353 2027 1,353 2028 1,353 Thereafter 873 Total amortization $ 7,977 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Lease Cost and Supplemental Cash Flow Information | The components of lease cost, net for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Operating lease cost $ 8,501 $ 10,008 $ 27,254 $ 31,174 Short-term lease cost (12 months or less) 95 291 298 815 Sublease income (3,403) (3,195) (10,197) (8,749) Total lease cost, net $ 5,193 $ 7,104 $ 17,355 $ 23,240 Supplemental cash flow information related to leases for the nine months ended September 30, 2023 and 2022 was as follows (in thousands): Nine Months Ended 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 34,723 $ 39,148 |
Schedule of Lessee, Operating Lease, Liability, Maturity | As of September 30, 2023, maturities of lease liabilities were as follows (in thousands): Remainder of 2023 $ 10,670 2024 42,638 2025 22,103 2026 7,165 2027 6,353 2028 6,491 Thereafter 9,620 Total minimum lease payments 105,040 Less imputed interest (8,780) Present value of lease liabilities $ 96,260 |
Schedule of Assets And Liabilities, Lessee Information | As of September 30, 2023 and December 31, 2022, the weighted-average remaining lease term and weighted-average discount rate were as follows: September 30, December 31, Weighted-average remaining lease term (years) — operating leases 3.8 4.1 Weighted-average discount rate — operating leases 5.2 % 5.3 % |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Non-Current Assets | Other non-current assets as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, December 31, Deferred tax assets $ 106,290 $ 97,426 Deferred contract costs 28,651 25,946 Other non-current assets 12,063 10,617 Total other non-current assets $ 147,004 $ 133,989 |
CONTRACT BALANCES (Tables)
CONTRACT BALANCES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Allowance for Doubtful Accounts Receivable | The changes in the allowance for doubtful accounts during the nine months ended September 30, 2023 and 2022 were as follows (in thousands): Nine Months Ended 2023 2022 Balance, beginning of period $ 9,277 $ 7,153 Add: provision for doubtful accounts 26,664 18,249 Less: write-offs, net of recoveries (25,052) (16,663) Balance, end of period $ 10,889 $ 8,739 |
Schedule of Contract with Customer, Liability | The changes in deferred revenue during the nine months ended September 30, 2023 were as follows (in thousands): Nine Months Ended Balance, beginning of period $ 5,200 Less: recognition of deferred revenue from beginning balance (4,723) Add: net increase in current period contract liabilities 6,587 Balance, end of period $ 7,064 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accounts payable and accrued liabilities as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, December 31, Accounts payable $ 6,673 $ 14,525 Employee-related liabilities 91,750 66,929 Accrued cost of revenue 9,346 6,248 Accrued legal settlements 15,000 26,250 Other accrued liabilities 21,120 23,998 Total accounts payable and accrued liabilities $ 143,889 $ 137,950 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class | The following table presents the number of shares authorized and issued as of the dates indicated (in thousands): September 30, 2023 December 31, 2022 Shares Authorized Shares Shares Authorized Shares Stockholders’ equity: Common stock, $0.000001 par value 200,000 68,962 200,000 69,797 Undesignated preferred stock 10,000 — 10,000 — |
Schedule of Stock Option Activity | A summary of stock option activity for the nine months ended September 30, 2023 is as follows: Number of Shares (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 3,543 $ 32.81 3.6 $ 7,507 Exercised (785) 22.90 Canceled (139) 44.28 Outstanding at September 30, 2023 2,619 $ 35.17 3.8 $ 20,466 Options vested and exercisable at September 30, 2023 2,567 $ 35.16 3.7 $ 20,144 |
Schedule of RSU Activity | A summary of RSU and PRSU activity for the nine months ended September 30, 2023 is as follows (in thousands, except per share amounts): Number of Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2022 9,962 $ 33.48 Granted 6,651 30.26 Vested (1) (4,256) 31.70 Canceled (962) 32.11 Nonvested at September 30, 2023 (2) 11,395 $ 32.39 (1) Includes 1,773,410 shares that vested but were not issued due to the Company's use of net share withholding for payment of employee taxes. (2) Includes 822,473 PRSUs. |
Schedule of Stock-Based Compensation Expense | The following table summarizes the effects of stock-based compensation expense related to stock-based awards in the condensed consolidated statements of operations during the periods presented (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of revenue $ 1,298 $ 1,148 $ 4,026 $ 3,701 Sales and marketing 9,200 8,606 26,921 25,461 Product development 24,047 21,352 74,888 66,781 General and administrative 8,922 7,526 27,469 23,810 Total stock-based compensation recorded to income before income taxes 43,467 38,632 133,304 119,753 Benefit from income taxes (9,023) (8,489) (27,898) (26,446) Total stock-based compensation recorded to net income attributable to common stockholders $ 34,444 $ 30,143 $ 105,406 $ 93,307 |
OTHER INCOME, NET (Tables)
OTHER INCOME, NET (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income, Net | Other income, net for the three and nine months ended September 30, 2023 and 2022 consisted of the following (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Interest income, net $ 5,187 $ 2,007 $ 13,850 $ 2,558 Transaction loss on foreign exchange, net (100) (213) (69) (236) Other non-operating income, net 1,067 897 3,483 2,625 Other income, net $ 6,154 $ 2,691 $ 17,264 $ 4,947 |
NET INCOME PER SHARE ATTRIBUT_2
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Net Loss Per Share | The following tables present the calculation of basic and diluted net income per share attributable to common stockholders for the periods presented (in thousands, except per share data): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Basic net income per share: Net income attributable to common stockholders $ 58,216 $ 9,108 $ 71,767 $ 16,202 Shares used in computation: Weighted-average common shares outstanding 69,030 70,630 69,366 71,158 Basic net income per share attributable to common stockholders: $ 0.84 $ 0.13 $ 1.03 $ 0.23 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Diluted net income per share: Net income attributable to common stockholders $ 58,216 $ 9,108 $ 71,767 $ 16,202 Shares used in computation: Weighted-average common shares outstanding 69,030 70,630 69,366 71,158 Stock options 501 472 246 494 RSUs 3,899 1,398 3,259 1,868 ESPP 136 158 49 57 Number of shares used in diluted calculation 73,566 72,658 72,920 73,577 Diluted net income per share attributable to common stockholders: $ 0.79 $ 0.13 $ 0.98 $ 0.22 |
Schedule of Anti-dilutive Securities | The following stock-based instruments were excluded from the calculation of diluted net income per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Stock options 761 2,354 1,319 2,415 RSUs 26 5,674 364 1,649 |
INFORMATION ABOUT REVENUE AND_2
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Product Line | The following table presents the Company’s net revenue by major product line (and by category for advertising revenue) for the periods presented (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net revenue by product: Advertising revenue by category: Services $ 206,178 $ 180,957 $ 589,972 $ 515,518 Restaurants, Retail & Other 123,854 112,707 359,175 324,901 Advertising 330,032 293,664 949,147 840,419 Transactions 3,145 3,652 10,081 10,772 Other 11,945 11,575 35,458 33,212 Total net revenue $ 345,122 $ 308,891 $ 994,686 $ 884,403 |
Schedule of Net Revenue by Geographic Region | The following table presents the Company’s net revenue by major geographic region for the periods presented (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 United States $ 342,600 $ 306,773 $ 987,535 $ 878,293 All other countries 2,522 2,118 7,151 6,110 Total net revenue $ 345,122 $ 308,891 $ 994,686 $ 884,403 |
Schedule of Long-Lived Assets by Geographic Location | The following table presents the Company’s long-lived assets by major geographic region as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, United States $ 66,029 $ 72,325 All other countries 6,344 4,899 Total long-lived assets $ 72,373 $ 77,224 |
CASH, CASH EQUIVALENTS AND RE_3
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||||
Cash | $ 96,050 | $ 56,304 | ||
Cash equivalents | 209,053 | 250,075 | ||
Total cash and cash equivalents | 305,103 | 306,379 | ||
Restricted cash | 351 | 759 | ||
Total cash, cash equivalents and restricted cash | $ 305,454 | $ 307,138 | $ 332,116 | $ 480,641 |
MARKETABLE SECURITIES (Schedule
MARKETABLE SECURITIES (Schedule of the Fair Value to Amortized Cost Basis of Securities Available-for-Sale) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 127,208 | $ 97,419 |
Gross Unrealized Gains | 12 | 11 |
Gross Unrealized Losses | (887) | (662) |
Fair Value | 126,333 | 96,768 |
Cash equivalents: | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 4,864 | 2,524 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 4,865 | 2,524 |
Cash equivalents: | U.S. government securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 4,864 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | 0 | |
Fair Value | 4,865 | |
Cash equivalents: | Commercial paper | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 2,524 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 2,524 | |
Short-term marketable securities: | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 122,344 | 94,895 |
Gross Unrealized Gains | 11 | 11 |
Gross Unrealized Losses | (887) | (662) |
Fair Value | 121,468 | 94,244 |
Short-term marketable securities: | U.S. government securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 77,490 | 35,479 |
Gross Unrealized Gains | 2 | 8 |
Gross Unrealized Losses | (622) | (298) |
Fair Value | 76,870 | 35,189 |
Short-term marketable securities: | Certificates of deposit | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 3,751 | 10,651 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3,751 | 10,651 |
Short-term marketable securities: | Commercial paper | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 1,058 | 13,054 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,058 | 13,054 |
Short-term marketable securities: | Corporate bonds | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 22,871 | 32,701 |
Gross Unrealized Gains | 7 | 3 |
Gross Unrealized Losses | (217) | (353) |
Fair Value | 22,661 | 32,351 |
Short-term marketable securities: | Agency bonds | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 17,174 | 3,010 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | (48) | (11) |
Fair Value | $ 17,128 | $ 2,999 |
MARKETABLE SECURITIES (Schedu_2
MARKETABLE SECURITIES (Schedule of Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value | ||
Less Than 12 Months | $ 76,338 | $ 59,795 |
12 Months or Greater | 26,923 | 0 |
Total | 103,261 | 59,795 |
Unrealized Loss | ||
Less Than 12 Months | (561) | (662) |
12 Months or Greater | (326) | 0 |
Total | (887) | (662) |
Corporate bonds | ||
Fair Value | ||
Less Than 12 Months | 6,134 | 29,428 |
12 Months or Greater | 13,227 | 0 |
Total | 19,361 | 29,428 |
Unrealized Loss | ||
Less Than 12 Months | (52) | (353) |
12 Months or Greater | (165) | 0 |
Total | (217) | (353) |
Agency bonds | ||
Fair Value | ||
Less Than 12 Months | 14,333 | 2,999 |
12 Months or Greater | 0 | 0 |
Total | 14,333 | 2,999 |
Unrealized Loss | ||
Less Than 12 Months | (48) | (11) |
12 Months or Greater | 0 | 0 |
Total | (48) | (11) |
U.S. government securities | ||
Fair Value | ||
Less Than 12 Months | 55,871 | 27,368 |
12 Months or Greater | 13,696 | 0 |
Total | 69,567 | 27,368 |
Unrealized Loss | ||
Less Than 12 Months | (461) | (298) |
12 Months or Greater | (161) | 0 |
Total | $ (622) | $ (298) |
MARKETABLE SECURITIES (Marketab
MARKETABLE SECURITIES (Marketable Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in one year or less | $ 72,005 | |
Due in one to five years | 55,203 | |
Total | 127,208 | |
Fair Value | ||
Due in one year or less | 71,593 | |
Due in one to five years | 54,740 | |
Total | $ 126,333 | $ 96,768 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | $ 126,333 | $ 96,768 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents, marketable securities and other investments | 314,806 | 354,319 |
Recurring | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 3,751 | 10,651 |
Other investments: | 10,000 | 10,000 |
Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 1,058 | 13,054 |
Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 22,661 | 32,351 |
Recurring | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 17,128 | 2,999 |
Recurring | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 76,870 | 35,189 |
Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 178,473 | 247,551 |
Recurring | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 4,865 | 0 |
Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 2,524 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents, marketable securities and other investments | 178,473 | 247,551 |
Recurring | Level 1 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Other investments: | 0 | 0 |
Recurring | Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Level 1 | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Level 1 | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 178,473 | 247,551 |
Recurring | Level 1 | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Recurring | Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents, marketable securities and other investments | 136,333 | 106,768 |
Recurring | Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 3,751 | 10,651 |
Other investments: | 10,000 | 10,000 |
Recurring | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 1,058 | 13,054 |
Recurring | Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 22,661 | 32,351 |
Recurring | Level 2 | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 17,128 | 2,999 |
Recurring | Level 2 | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 76,870 | 35,189 |
Recurring | Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Recurring | Level 2 | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 4,865 | 0 |
Recurring | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 2,524 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents, marketable securities and other investments | 0 | 0 |
Recurring | Level 3 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Other investments: | 0 | 0 |
Recurring | Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Level 3 | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Level 3 | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Recurring | Level 3 | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Recurring | Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | $ 0 | $ 0 |
PREPAID EXPENSES AND OTHER CU_3
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 15,846 | $ 14,632 |
Certificates of deposit | 10,000 | 10,000 |
Non-trade receivables | 4,566 | 31,338 |
Other current assets | 9,323 | 7,497 |
Total prepaid expenses and other current assets | $ 39,735 | $ 63,467 |
PROPERTY, EQUIPMENT AND SOFTW_2
PROPERTY, EQUIPMENT AND SOFTWARE, NET (Schedule of Property, Equipment and Software) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | $ 373,874 | $ 359,224 |
Less accumulated depreciation and amortization | (301,501) | (282,000) |
Property, equipment and software, net | 72,373 | 77,224 |
Impairment of leasehold | 1,000 | |
Capitalized website and internal-use software development costs | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 251,774 | 229,638 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 57,707 | 60,407 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 48,751 | 50,920 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 10,358 | 11,627 |
Telecommunication | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 4,171 | 4,930 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | $ 1,113 | $ 1,702 |
PROPERTY, EQUIPMENT, AND SOFT_2
PROPERTY, EQUIPMENT, AND SOFTWARE, NET (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 10,461 | $ 11,417 | $ 31,881 | $ 34,165 |
Property Equipment And Software | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 10,200 | $ 11,000 | $ 30,900 | $ 32,800 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Schedule of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 102,328 |
Effect of currency translation | (401) |
Ending balance | $ 101,927 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 18,916 | $ 18,916 |
Accumulated Amortization | (10,939) | (9,919) |
Total amortization | 7,977 | 8,997 |
Business relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 9,918 | 9,918 |
Accumulated Amortization | (6,081) | (5,550) |
Total amortization | $ 3,837 | $ 4,368 |
Weighted Average Remaining Life | 5 years 4 months 24 days | 6 years 2 months 12 days |
Licensing agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 6,129 | $ 6,129 |
Accumulated Amortization | (1,989) | (1,505) |
Total amortization | $ 4,140 | $ 4,624 |
Weighted Average Remaining Life | 6 years 4 months 24 days | 7 years 2 months 12 days |
Domains and data licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,869 | $ 2,869 |
Accumulated Amortization | (2,869) | (2,864) |
Total amortization | $ 0 | $ 5 |
Weighted Average Remaining Life | 0 years | 6 months |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 0.3 | $ 0.3 | $ 1 | $ 1.3 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS (Schedule of Future Amortization Expense) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Estimated Future Amortization Expense | ||
Remainder of 2023 | $ 339 | |
2024 | 1,353 | |
2025 | 1,353 | |
2026 | 1,353 | |
2027 | 1,353 | |
2028 | 1,353 | |
Thereafter | 873 | |
Total amortization | $ 7,977 | $ 8,997 |
LEASES (Lease Cost) (Details)
LEASES (Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 8,501 | $ 10,008 | $ 27,254 | $ 31,174 |
Short-term lease cost (12 months or less) | 95 | 291 | 298 | 815 |
Sublease income | (3,403) | (3,195) | (10,197) | (8,749) |
Total lease cost, net | $ 5,193 | $ 7,104 | $ 17,355 | $ 23,240 |
LEASES (Supplemental Cash Flow
LEASES (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 34,723 | $ 39,148 |
LEASES (Operating Lease Maturit
LEASES (Operating Lease Maturities) (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Leases [Abstract] | |
Remainder of 2023 | $ 10,670 |
2024 | 42,638 |
2025 | 22,103 |
2026 | 7,165 |
2027 | 6,353 |
2028 | 6,491 |
Thereafter | 9,620 |
Total minimum lease payments | 105,040 |
Less imputed interest | (8,780) |
Present value of lease liabilities | $ 96,260 |
LEASES (Weighted-Average Remain
LEASES (Weighted-Average Remaining Lease Terms) (Details) | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term (years) — operating leases | 3 years 9 months 18 days | 4 years 1 month 6 days |
Weighted-average discount rate — operating leases | 5.20% | 5.30% |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||
Asset impairment | $ 3,555 | $ 10,464 |
Reduction to Right-of-use assets | 2,600 | 9,000 |
Reduction to leasehold improvements | $ 1,000 | $ 1,500 |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Deferred tax assets | $ 106,290 | $ 97,426 |
Deferred contract costs | 28,651 | 25,946 |
Other non-current assets | 12,063 | 10,617 |
Total other non-current assets | $ 147,004 | $ 133,989 |
CONTRACT BALANCES (Schedule of
CONTRACT BALANCES (Schedule of Changes in Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts Receivable, Allowance for Doubtful Accounts [Roll Forward] | ||
Balance, beginning of period | $ 9,277 | $ 7,153 |
Add: provision for doubtful accounts | 26,664 | 18,249 |
Less: write-offs, net of recoveries | (25,052) | (16,663) |
Balance, end of period | $ 10,889 | $ 8,739 |
CONTRACT BALANCES (Changes in D
CONTRACT BALANCES (Changes in Deferred Revenue) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Change in Contract with Customer, Liability [Roll Forward] | |
Balance, beginning of period | $ 5,200 |
Less: recognition of deferred revenue from beginning balance | (4,723) |
Add: net increase in current period contract liabilities | 6,587 |
Balance, end of period | $ 7,064 |
CONTRACT BALANCES (Narrative) (
CONTRACT BALANCES (Narrative) (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Contract asset | $ 0 | $ 0 |
Contract liability | $ 0 | $ 0 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 6,673 | $ 14,525 |
Employee-related liabilities | 91,750 | 66,929 |
Accrued cost of revenue | 9,346 | 6,248 |
Accrued legal settlements | 15,000 | 26,250 |
Other accrued liabilities | 21,120 | 23,998 |
Total accounts payable and accrued liabilities | $ 143,889 | $ 137,950 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Legal Proceedings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jul. 17, 2023 | Aug. 26, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 03, 2021 | |
Loss Contingencies [Line Items] | ||||||||
Accrued legal settlements | $ 15,000 | $ 15,000 | $ 26,250 | |||||
Securities Class Action and Derivative Action | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of loss contingencies | $ 22,250 | |||||||
Proceeds from insurance settlement | $ 18,000 | |||||||
Payments for legal settlements | $ 3,750 | |||||||
Accrued legal settlements | 22,250 | $ 26,000 | ||||||
Anticipated receivable from insurance company related to pending litigation | 22,250 | $ 26,000 | ||||||
CIPA Action | Pending Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of loss contingencies | 15,000 | 15,000 | ||||||
Proceeds from insurance settlement | 3,900 | |||||||
Anticipated receivable from insurance company related to pending litigation | 3,900 | 3,900 | ||||||
Amount awarded to other party | $ 15,000 | |||||||
Loss contingency accrual | 15,000 | $ 15,000 | $ 4,000 | |||||
Loss contingency accrual, increase | $ 600 | $ 11,000 | ||||||
Loss contingency accrual recovery | $ 3,300 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Revolving Credit Facility) (Details) | Apr. 28, 2023 USD ($) | Sep. 30, 2023 USD ($) | May 05, 2020 USD ($) |
Minimum | |||
Line of Credit Facility [Line Items] | |||
Commitment fee percentage (in percent) | 0.20% | ||
Maximum | |||
Line of Credit Facility [Line Items] | |||
Commitment fee percentage (in percent) | 0.25% | ||
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility term | 5 years | ||
Line of credit facility, maximum borrowing capacity | $ 125,000,000 | $ 75,000,000 | |
Letters of credit outstanding | $ 14,100,000 | ||
Long-term line of credit | $ 0 | ||
Revolving Credit Facility | Minimum | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, covenant, leverage ratio | 3 | ||
Revolving Credit Facility | Maximum | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, covenant, leverage ratio | 3.75 | ||
Revolving Credit Facility | SOFR | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 0.10% | ||
Revolving Credit Facility | SOFR | Minimum | |||
Line of Credit Facility [Line Items] | |||
Margin | 1.25% | ||
Revolving Credit Facility | SOFR | Maximum | |||
Line of Credit Facility [Line Items] | |||
Margin | 1.50% | ||
Revolving Credit Facility | Base Rate | Minimum | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 0.25% | ||
Revolving Credit Facility | Base Rate | Maximum | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 0.50% | ||
Revolving Credit Facility | Subject to Certain Conditions | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, additional increase in maximum borrowing capacity | $ 250,000,000 | ||
Revolving Credit Facility | For a Certain Period Following Significant Acquisitions | Maximum | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, covenant, leverage ratio | 4.25 | ||
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | ||
Letter of Credit | Minimum | |||
Line of Credit Facility [Line Items] | |||
Commitment fee percentage (in percent) | 1.25% | ||
Letter of Credit | Maximum | |||
Line of Credit Facility [Line Items] | |||
Commitment fee percentage (in percent) | 1.50% | ||
Bilateral Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 |
STOCKHOLDERS' EQUITY (Schedule
STOCKHOLDERS' EQUITY (Schedule of Stock by Class) (Details) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Stockholders’ equity: | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 68,962,000 | 69,797,000 |
Undesignated preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Undesignated preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.000001 | $ 0.000001 |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2023 USD ($) numberOfSchedule $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Repurchase of common stock | $ 149,999,000 | $ 150,006,000 | ||
Treasury stock (in shares) | shares | 0 | 0 | 0 | 0 |
Shares retired (in shares) | shares | 4,639,373 | |||
Number of vesting schedules | numberOfSchedule | 2 | |||
Fair value as of vest date of RSUs | $ 147,900,000 | $ 122,200,000 | ||
Stock-based compensation | $ 43,467,000 | $ 38,632,000 | 133,304,000 | 119,753,000 |
Capitalized stock-based compensation expense | 2,200,000 | 1,900,000 | $ 7,500,000 | 6,700,000 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of vesting schedules | numberOfSchedule | 2 | |||
Exercisable period | 10 years | |||
Intrinsic value of options exercised | 600,000 | $ 2,100,000 | $ 6,100,000 | $ 3,000,000 |
Granted (in shares) | shares | 0 | |||
Weighted average grant date fair value (in USD per share) | $ / shares | $ 16.07 | |||
Unrecognized compensation costs | 800,000 | $ 800,000 | ||
Unrecognized compensation costs, period for recognition | 1 year 6 months | |||
Stock options | End of year one | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 25% | |||
Stock options | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Unrecognized compensation costs | $ 342,700,000 | $ 342,700,000 | ||
Unrecognized compensation costs, period for recognition | 2 years 4 months 24 days | |||
RSUs | End of year one | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 25% | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Trading days | 20 days | |||
Performance Shares | Total Shareholder Return | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Performance Shares | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target vesting range | 0% | 0% | ||
Performance Shares | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target vesting range | 200% | 200% | ||
ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Subscription rate of eligible compensation | 15% | 15% | ||
Purchase price, percentage of fair market value | 85% | |||
Number of shares purchased (in shares) | shares | 2,295 | 0 | 382,627 | 364,436 |
Weighted-average purchase price (in USD per share) | $ / shares | $ 28.48 | $ 28.69 | $ 25 | |
Stock-based compensation | $ 900,000 | $ 800,000 | $ 2,700,000 | $ 2,300,000 |
July 2017 Share Repurchase Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchase program, authorized amount | 1,450,000,000 | 1,450,000,000 | ||
Remaining authorized repurchase amount | $ 131,700,000 | $ 131,700,000 | ||
Stock repurchased and retired (in shares) | shares | 4,481,278 | |||
Repurchase of common stock | $ 150,000,000 | $ 150,000,000 | ||
Shares repurchased (in shares) | shares | 4,639,373 |
STOCKHOLDERS' EQUITY (Schedul_2
STOCKHOLDERS' EQUITY (Schedule of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Number of Shares | ||
Outstanding, beginning balance (in shares) | shares | 3,543 | |
Exercised (in shares) | shares | (785) | |
Canceled (in shares) | shares | (139) | |
Outstanding, ending balance (in shares) | shares | 2,619 | 3,543 |
Options vested and exercisable (in shares) | shares | 2,567 | |
Weighted-Average Exercise Price | ||
Outstanding, beginning balance (in USD per share) | $ / shares | $ 32.81 | |
Exercised (in USD per share) | $ / shares | 22.90 | |
Canceled (in USD per share) | $ / shares | 44.28 | |
Outstanding, ending balance (in USD per share) | $ / shares | 35.17 | $ 32.81 |
Options vested and exercisable (in USD per share) | $ / shares | $ 35.16 | |
Weighted- Average Remaining Contractual Term | ||
Outstanding (in years) | 3 years 9 months 18 days | 3 years 7 months 6 days |
Options vested and exercisable (in years) | 3 years 8 months 12 days | |
Aggregate Intrinsic Value | ||
Outstanding | $ | $ 20,466 | $ 7,507 |
Options vested and exercisable | $ | $ 20,144 |
STOCKHOLDERS' EQUITY (Schedul_3
STOCKHOLDERS' EQUITY (Schedule of Restricted Stock Units Activity) (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
RSUs | |
Number of Shares | |
Nonvested, beginning balance (in shares) | 9,962,000 |
Granted (in shares) | 6,651,000 |
Vested (in shares) | (4,256,000) |
Canceled (in shares) | (962,000) |
Nonvested, ending balance (in shares) | 11,395,000 |
Weighted-Average Grant Date Fair Value | |
Nonvested, beginning balance (in USD per share) | $ / shares | $ 33.48 |
Granted (in USD per share) | $ / shares | 30.26 |
Released (in USD per share) | $ / shares | 31.70 |
Canceled (in USD per share) | $ / shares | 32.11 |
Nonvested, ending balance (in USD per share) | $ / shares | $ 32.39 |
Shares withheld for taxes (in shares) | 1,773,410 |
Performance Shares | |
Number of Shares | |
Nonvested, ending balance (in shares) | 822,473 |
STOCKHOLDERS' EQUITY (Schedul_4
STOCKHOLDERS' EQUITY (Schedule of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation recorded to income before income taxes | $ 43,467 | $ 38,632 | $ 133,304 | $ 119,753 |
Benefit from income taxes | (9,023) | (8,489) | (27,898) | (26,446) |
Total stock-based compensation recorded to net income attributable to common stockholders | 34,444 | 30,143 | 105,406 | 93,307 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation recorded to income before income taxes | 1,298 | 1,148 | 4,026 | 3,701 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation recorded to income before income taxes | 9,200 | 8,606 | 26,921 | 25,461 |
Product development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation recorded to income before income taxes | 24,047 | 21,352 | 74,888 | 66,781 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation recorded to income before income taxes | $ 8,922 | $ 7,526 | $ 27,469 | $ 23,810 |
OTHER INCOME, NET (Details)
OTHER INCOME, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
Interest income, net | $ 5,187 | $ 2,007 | $ 13,850 | $ 2,558 |
Transaction loss on foreign exchange, net | (100) | (213) | (69) | (236) |
Other non-operating income, net | 1,067 | 897 | 3,483 | 2,625 |
Other income, net | $ 6,154 | $ 2,691 | $ 17,264 | $ 4,947 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ (10,189,000) | $ 7,007,000 | $ (475,000) | $ 13,714,000 |
Net discrete tax benefit | 20,100,000 | |||
Income tax expense (benefit) due to U.S. federal and state income taxes and foreign income taxes | 19,600,000 | $ 13,700,000 | ||
Unrecognized tax benefits | 33,600,000 | 33,600,000 | ||
Earnings of foreign subsidiaries to be reinvested indefinitely | 23,300,000 | 23,300,000 | ||
Decrease in unrecognized tax benefits is reasonably possible | $ 0 | $ 0 |
NET INCOME PER SHARE ATTRIBUT_3
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (Schedule of Basic and Diluted Net Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic net income per share: | ||||
Net income attributable to common stockholders | $ 58,216 | $ 9,108 | $ 71,767 | $ 16,202 |
Weighted-average common shares outstanding (in shares) | 69,030 | 70,630 | 69,366 | 71,158 |
Basic net income per share attributable to common stockholders (in USD per share) | $ 0.84 | $ 0.13 | $ 1.03 | $ 0.23 |
Diluted net income per share: | ||||
Net income attributable to common stockholders | $ 58,216 | $ 9,108 | $ 71,767 | $ 16,202 |
Weighted-average common shares outstanding (in shares) | 69,030 | 70,630 | 69,366 | 71,158 |
Number of shares used in diluted calculation (in shares) | 73,566 | 72,658 | 72,920 | 73,577 |
Diluted net income per share attributable to common stockholders (in USD per share) | $ 0.79 | $ 0.13 | $ 0.98 | $ 0.22 |
Stock options | ||||
Diluted net income per share: | ||||
Incremental common shares (in shares) | 501 | 472 | 246 | 494 |
RSUs | ||||
Diluted net income per share: | ||||
Incremental common shares (in shares) | 3,899 | 1,398 | 3,259 | 1,868 |
ESPP | ||||
Diluted net income per share: | ||||
Incremental common shares (in shares) | 136 | 158 | 49 | 57 |
NET INCOME PER SHARE ATTRIBUT_4
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (Schedule of Anti-Dilutive Employee Stock Awards) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive awards (in shares) | 761 | 2,354 | 1,319 | 2,415 |
RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive awards (in shares) | 26 | 5,674 | 364 | 1,649 |
INFORMATION ABOUT REVENUE AND_3
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Net Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | $ 345,122 | $ 308,891 | $ 994,686 | $ 884,403 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | 342,600 | 306,773 | 987,535 | 878,293 |
All other countries | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | 2,522 | 2,118 | 7,151 | 6,110 |
Advertising | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | 330,032 | 293,664 | 949,147 | 840,419 |
Services | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | 206,178 | 180,957 | 589,972 | 515,518 |
Restaurants, Retail & Other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | 123,854 | 112,707 | 359,175 | 324,901 |
Transactions | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | 3,145 | 3,652 | 10,081 | 10,772 |
Other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | $ 11,945 | $ 11,575 | $ 35,458 | $ 33,212 |
INFORMATION ABOUT REVENUE AND_4
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Long-Lived Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 72,373 | $ 77,224 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 66,029 | 72,325 |
All other countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 6,344 | $ 4,899 |