Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 23, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38017 | |
Entity Registrant Name | SNAP INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-5452795 | |
Entity Address, Address Line One | 3000 31st Street | |
Entity Address, City or Town | Santa Monica | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90405 | |
City Area Code | (310) | |
Local Phone Number | 399-3339 | |
Title of 12(b) Security | Class A Common Stock, par value $0.00001 per share | |
Trading Symbol | SNAP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001564408 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Class A | ||
Entity Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 1,386,883,641 | |
Class B | ||
Entity Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 22,528,406 | |
Class C | ||
Entity Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 231,626,943 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (305,090) | $ (328,674) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 41,713 | 35,220 |
Stock-based compensation | 263,752 | 314,931 |
Amortization of debt issuance costs | 1,742 | 1,836 |
Losses (gains) on debt and equity securities, net | 8,968 | (10,833) |
Other | (16,612) | (10,396) |
Change in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable, net of allowance | 162,207 | 288,373 |
Prepaid expenses and other current assets | (13,629) | (13,204) |
Operating lease right-of-use assets | 13,575 | 17,658 |
Other assets | (5,142) | 850 |
Accounts payable | (34,089) | (36,972) |
Accrued expenses and other current liabilities | (18,381) | (90,191) |
Operating lease liabilities | (13,930) | (18,550) |
Other liabilities | 3,268 | 1,054 |
Net cash provided by (used in) operating activities | 88,352 | 151,102 |
Cash flows from investing activities | ||
Purchases of property and equipment | (50,448) | (47,630) |
Purchases of strategic investments | 0 | (4,480) |
Purchases of marketable securities | (465,672) | (874,053) |
Sales of marketable securities | 0 | 5,351 |
Maturities of marketable securities | 384,928 | 924,323 |
Other | 9 | 2,327 |
Net cash provided by (used in) investing activities | (131,183) | 5,838 |
Cash flows from financing activities | ||
Proceeds from the exercise of stock options | 69 | 29 |
Repurchases of Class A non-voting common stock | (235,114) | 0 |
Deferred payments for acquisitions | 0 | (2,028) |
Repurchases of convertible notes | (440,706) | 0 |
Net cash provided by (used in) financing activities | (675,751) | (1,999) |
Change in cash, cash equivalents, and restricted cash | (718,582) | 154,941 |
Cash, cash equivalents, and restricted cash, beginning of period | 1,782,462 | 1,423,776 |
Cash, cash equivalents, and restricted cash, end of period | $ 1,063,880 | $ 1,578,717 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 1,194,773 | $ 988,608 |
Costs and expenses: | ||
Cost of revenue | 574,749 | 439,986 |
Research and development | 449,759 | 455,112 |
Sales and marketing | 276,034 | 268,433 |
General and administrative | 227,463 | 190,341 |
Total costs and expenses | 1,528,005 | 1,353,872 |
Operating loss | (333,232) | (365,264) |
Interest income | 39,898 | 37,948 |
Interest expense | (4,743) | (5,885) |
Other income (expense), net | (81) | 11,372 |
Loss before income taxes | (298,158) | (321,829) |
Income tax benefit (expense) | (6,932) | (6,845) |
Net loss | $ (305,090) | $ (328,674) |
Net loss per share attributable to Class A, Class B, and Class C common stockholders (Note 3): | ||
Basic (in usd per share) | $ (0.19) | $ (0.21) |
Diluted (in usd per share) | $ (0.19) | $ (0.21) |
Weighted average shares used in computation of net loss per share: | ||
Basic (in shares) | 1,647,387 | 1,581,370 |
Diluted (in shares) | 1,647,387 | 1,581,370 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (305,090) | $ (328,674) |
Other comprehensive income (loss), net of tax | ||
Unrealized gain (loss) on marketable securities, net of tax | (3,604) | 9,395 |
Foreign currency translation | (2,777) | 2,915 |
Net current period other comprehensive income (loss) | (6,381) | 12,310 |
Total comprehensive loss | $ (311,471) | $ (316,364) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 1,060,393 | $ 1,780,400 |
Marketable securities | 1,850,622 | 1,763,680 |
Accounts receivable, net of allowance | 1,108,357 | 1,278,176 |
Prepaid expenses and other current assets | 167,385 | 153,587 |
Total current assets | 4,186,757 | 4,975,843 |
Property and equipment, net | 426,363 | 410,326 |
Operating lease right-of-use assets | 511,117 | 516,862 |
Intangible assets, net | 127,658 | 146,303 |
Goodwill | 1,691,524 | 1,691,827 |
Other assets | 223,982 | 226,597 |
Total assets | 7,167,401 | 7,967,758 |
Current liabilities | ||
Accounts payable | 246,217 | 278,961 |
Operating lease liabilities | 36,649 | 49,321 |
Accrued expenses and other current liabilities | 829,579 | 805,836 |
Total current liabilities | 1,112,445 | 1,134,118 |
Convertible senior notes, net | 3,301,466 | 3,749,400 |
Operating lease liabilities, noncurrent | 553,741 | 546,279 |
Other liabilities | 68,401 | 123,849 |
Total liabilities | 5,036,053 | 5,553,646 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity | ||
Additional paid-in capital | 14,873,261 | 14,613,404 |
Accumulated deficit | (12,266,740) | (11,726,536) |
Accumulated other comprehensive income (loss) | 750 | 7,131 |
Total stockholders’ equity | 2,131,348 | 2,414,112 |
Total liabilities and stockholders’ equity | 7,167,401 | 7,967,758 |
Class A Non-voting Common Stock | ||
Stockholders’ equity | ||
Common stock, value | 14 | 14 |
Treasury stock, at cost. 48,793 and 49,200 shares of Class A non-voting common stock at March 31, 2024 and December 31, 2023, respectively. | (475,939) | (479,903) |
Class B Voting Common Stock | ||
Stockholders’ equity | ||
Common stock, value | 0 | 0 |
Class C Voting Common Stock | ||
Stockholders’ equity | ||
Common stock, value | $ 2 | $ 2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Common stock outstanding (in shares) | 1,691,913 | |
Class A Non-voting Common Stock | ||
Common stock par value (in usd per share) | $ 0.00001 | $ 0.00001 |
Common stock authorized (in shares) | 3,000,000 | 3,000,000 |
Common stock issued (in shares) | 1,437,758 | 1,440,541 |
Common stock outstanding (in shares) | 1,388,965 | 1,391,341 |
Treasury stock, shares (in shares) | 48,793 | 49,200 |
Class B Voting Common Stock | ||
Common stock par value (in usd per share) | $ 0.00001 | $ 0.00001 |
Common stock authorized (in shares) | 700,000 | 700,000 |
Common stock issued (in shares) | 22,528 | 22,528 |
Common stock outstanding (in shares) | 22,528 | 22,528 |
Class C Voting Common Stock | ||
Common stock par value (in usd per share) | $ 0.00001 | $ 0.00001 |
Common stock authorized (in shares) | 260,888 | 260,888 |
Common stock issued (in shares) | 231,627 | 231,627 |
Common stock outstanding (in shares) | 231,627 | 231,627 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Treasury Stock, Common | Additional Paid-in Capital | Retained Earnings | AOCI Attributable to Parent | Class A Non-voting Common Stock | Class A Non-voting Common Stock Common Stock | Class A Non-voting Common Stock Treasury Stock, Common | Class B | Class B Common Stock | Class B Common Stock Class A Non-Voting Common Stock Conversion From Class B Voting Common Stock | Class C | Class C Common Stock |
Common stock, beginning of period (in shares) at Dec. 31, 2022 | 0 | 0 | 0 | 1,319,930 | 22,529 | 231,627 | |||||||
Treasury stock, beginning of period (in shares) at Dec. 31, 2022 | 51,312 | ||||||||||||
Balance, beginning of period at Dec. 31, 2022 | $ (500,514) | $ 13,309,828 | $ (10,214,657) | $ (13,974) | $ 13 | $ 0 | $ 2 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Shares issued in connection with exercise of stock options under stock-based compensation plans (in shares) | 3 | 1 | |||||||||||
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net (in shares) | 20,745 | ||||||||||||
Conversion of Class B voting common stock to Class A non-voting common stock (in shares) | 8 | (8) | |||||||||||
Reissuances of Class A non-voting common stock for vesting of restricted stock units (in shares) | (370) | 370 | |||||||||||
Reissuances of Class A non-voting common stock for vesting of restricted stock units | $ 3,608 | (3,608) | |||||||||||
Stock-based compensation expense | 314,077 | ||||||||||||
Shares issued in connection with exercise of stock options under stock-based compensation plans | $ 29 | ||||||||||||
Net loss | $ (328,674) | $ (328,674) | $ (275,851) | $ (4,681) | $ (48,142) | ||||||||
Other comprehensive income (loss), net of tax | $ 12,310 | $ 12,310 | |||||||||||
Common stock, end of period (in shares) at Mar. 31, 2023 | 1,646,147 | 0 | 0 | 0 | 1,341,056 | 22,522 | 231,627 | ||||||
Treasury stock, end of period (in shares) at Mar. 31, 2023 | 50,942 | ||||||||||||
Balance, end of period at Mar. 31, 2023 | $ 2,578,440 | $ (496,906) | $ 13,620,326 | $ (10,543,331) | $ (1,664) | $ 13 | $ 0 | $ 2 | |||||
Common stock, beginning of period (in shares) at Dec. 31, 2023 | 0 | 0 | 0 | 1,391,341 | 1,391,341 | 22,528 | 22,528 | 231,627 | 231,627 | ||||
Treasury stock, beginning of period (in shares) at Dec. 31, 2023 | 49,200 | 49,200 | |||||||||||
Balance, beginning of period at Dec. 31, 2023 | 2,414,112 | $ (479,903) | $ 14,613,404 | $ (11,726,536) | $ 7,131 | $ 14 | $ 0 | $ 2 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Shares issued in connection with exercise of stock options under stock-based compensation plans (in shares) | 5 | ||||||||||||
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net (in shares) | 18,232 | ||||||||||||
Repurchases of Class A non-voting common stock (in shares) | (21,020) | ||||||||||||
Repurchases of Class A non-voting common stock (in shares) | 21,020 | 21,000 | |||||||||||
Repurchases of Class A non-voting common stock | $ (235,114) | $ (235,100) | |||||||||||
Retirement of Class A non-voting common stock (in shares) | (21,020) | ||||||||||||
Retirement of Class A non-voting common stock | $ 235,114 | (235,114) | |||||||||||
Reissuances of Class A non-voting common stock for vesting of restricted stock units (in shares) | 407 | (407) | |||||||||||
Reissuances of Class A non-voting common stock for vesting of restricted stock units | $ 3,964 | (3,963) | |||||||||||
Stock-based compensation expense | 263,752 | ||||||||||||
Shares issued in connection with exercise of stock options under stock-based compensation plans | $ 68 | ||||||||||||
Net loss | (305,090) | $ (305,090) | $ (258,022) | $ (4,172) | $ (42,896) | ||||||||
Other comprehensive income (loss), net of tax | $ (6,381) | $ (6,381) | |||||||||||
Common stock, end of period (in shares) at Mar. 31, 2024 | 1,691,913 | 0 | 0 | 0 | 1,388,965 | 1,388,965 | 22,528 | 22,528 | 231,627 | 231,627 | |||
Treasury stock, end of period (in shares) at Mar. 31, 2024 | 48,793 | 48,793 | |||||||||||
Balance, end of period at Mar. 31, 2024 | $ 2,131,348 | $ (475,939) | $ 14,873,261 | $ (12,266,740) | $ 750 | $ 14 | $ 0 | $ 2 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Snap Inc. is a technology company. Snap Inc. (“we,” “our,” or “us”), a Delaware corporation, is headquartered in Santa Monica, California. Our flagship product, Snapchat, is a visual messaging application that was created to help people communicate through short videos and images called “Snaps.” Basis of Presentation The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Our consolidated financial statements include the accounts of Snap Inc. and our wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Our fiscal year ends on December 31. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) in February 2024 (the “Annual Report”). In our opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position, results of operations, and cash flows. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. There have been no changes to our significant accounting policies described in our Annual Report that have had a material impact on our consolidated financial statements and related notes. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements. Management’s estimates are based on historical information available as of the date of the consolidated financial statements and various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from those estimates. Key estimates relate primarily to determining the fair value of assets and liabilities assumed in business combinations, evaluation of contingencies, uncertain tax positions, and the fair value of strategic investments. On an ongoing basis, management evaluates our estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities. Future Stock Split to be Effected in the Form of a Stock Dividend In July 2022, our board of directors determined that it was advisable and in our best interest to approve a stock split to be effected in the form of a special dividend of one share of Class A common stock on each outstanding share of our common stock at a future date (the “Future Stock Split”). In connection with the Future Stock Split, we entered into certain agreements (the “Co-Founder Agreements”) with Evan Spiegel and Robert Murphy, our co-founders, and certain of their respective affiliates requiring them, among other things, to convert shares of Class B common stock and Class C common stock into Class A common stock under certain circumstances. The Future Stock Split will not be declared and paid until the first business day following the date on which the average of the volume weighted average price (the “VWAP”) per share of Class A common stock equals or exceeds $40 per share for 65 consecutive trading days. If this does not occur by July 21, 2032, the Future Stock Split will not be declared and paid, and the Co-Founder Agreements will terminate. In June 2023, in connection with a proposed settlement of a class-action lawsuit, and as amended in December 2023, we agreed to modify the conditions for the Future Stock Split, subject to various conditions, including judicial approval of the settlement. In February 2024, the settlement was approved by the court and the class-action lawsuit was resolved. The Future Stock Split will not be declared and paid until the first business day following the date on which (i) the VWAP per share of Class A common stock equals or exceeds $40 per share for 90 consecutive trading days (the “90-Day VWAP”) and (ii) the ratio of the 90-Day VWAP to $8.70 equals or exceeds the ratio of the average closing price of the S&P 500 Total Return index for the same 90 trading days for which the 90-Day VWAP was calculated to 8,862.85. If this does not occur by July 21, 2032, the Future Stock Split will not be declared and paid, and the Co-Founder Agreements will terminate. No adjustments have been made to share or per share amounts for Class A common stock in the accompanying consolidated financial statements for the effects of the Future Stock Split as these triggering conditions have not been met. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue We determine revenue recognition by first identifying the contract or contracts with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations in the contract, and recognizing revenue when, or as, we satisfy a performance obligation. Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We determine collectability by performing ongoing credit evaluations and monitoring customer accounts receivable balances. Sales tax, including value added tax, is excluded from reported revenue. We generate substantially all of our revenues by offering various advertising products on Snapchat, which include Snap Ads and AR Ads, referred to as advertising revenue. AR Ads include Sponsored Lenses, which allow users to interact with an advertiser’s brand by enabling branded augmented reality experiences. The substantial majority of advertising revenue is generated from the display of advertisements on Snapchat through contractual agreements that are either based on the number of advertising impressions delivered or on a fixed fee basis over a period of time. Revenue related to agreements based on the number of impressions delivered is recognized when the advertisement is served. Revenue related to fixed fee arrangements is recognized ratably over the service period, typically less than 30 days in duration, and such arrangements do not contain minimum impression guarantees. In arrangements where another party is involved in providing specified services to a customer, we evaluate whether we are the principal or agent. In this evaluation, we consider if we obtain control of the specified goods or services before they are transferred to the customer, as well as other indicators such as the party primarily responsible for fulfillment, inventory risk, and discretion in establishing price. For advertising revenue arrangements where we are not the principal, we recognize revenue on a net basis. For the periods presented, revenue for arrangements where we are the agent was not material. We also generate revenue from subscriptions and sales of hardware products. Sales of hardware products are reported net of allowances for returns. For the periods presented, all such revenue was not material. The following table represents our revenue disaggregated by geography based on the billing address of the customer: Three Months Ended March 31, 2024 2023 (in thousands) North America (1) (2) $ 733,388 $ 632,560 Europe (3) 200,092 155,615 Rest of world 261,293 200,433 Total revenue $ 1,194,773 $ 988,608 (1) North America includes Mexico, the Caribbean, and Central America. (2) United States revenue was $710.8 million and $612.4 million for the three months ended March 31, 2024 and 2023, respectively. (3) Europe includes Russia and Turkey. Effective March 2022, we halted advertising sales to Russian and Belarusian entities. Deferred revenue related to advertising and subscriptions, included in accrued expenses and other current liabilities on our consolidated balance sheets, was $98.4 million and $93.7 million as of March 31, 2024 and December 31, 2023, respectively. We expect a substantial majority of our deferred revenue to be realized in less than one year. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share We compute net loss per share using the two-class method required for multiple classes of common stock. We have three classes of authorized common stock for which voting rights differ by class. Basic net loss per share is computed by dividing net loss attributable to each class of stockholders by the weighted-average number of shares of stock outstanding during the period, adjusted for restricted stock awards (“RSAs”) for which the risk of forfeiture has not yet lapsed. For the calculation of diluted net loss per share, net loss per share attributable to common stockholders for basic net loss per share is adjusted by the effect of dilutive securities, including awards under our equity compensation plans. Diluted net loss per share attributable to common stockholders is computed by dividing the resulting net loss attributable to common stockholders by the weighted-average number of fully diluted common shares outstanding. We use the if‑converted method for calculating any potential dilutive effect of the convertible senior notes due in 2025, 2026, 2027, and 2028 (collectively, the “Convertible Notes”) on diluted net loss per share. The Convertible Notes would have a dilutive impact on net income per share when the average market price of Class A common stock for a given period exceeds the respective conversion price of the Convertible Notes. For the periods presented, our potentially dilutive shares relating to stock options, restricted stock units (“RSUs”), RSAs, and Convertible Notes were not included in the computation of diluted net loss per share as the effect of including these shares in the calculation would have been anti-dilutive. The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows: Three Months Ended March 31, 2024 2023 (in thousands, except per share data) Class A Class B Class C Class A Class B Class C Numerator: Net loss $ (258,022) $ (4,172) $ (42,896) $ (275,851) $ (4,681) $ (48,142) Net loss attributable to common stockholders $ (258,022) $ (4,172) $ (42,896) $ (275,851) $ (4,681) $ (48,142) Denominator: Basic shares: Weighted-average common shares - Basic 1,393,232 22,528 231,627 1,327,221 22,522 231,627 Diluted shares: Weighted-average common shares - Diluted 1,393,232 22,528 231,627 1,327,221 22,522 231,627 Net loss per share attributable to common stockholders: Basic $ (0.19) $ (0.19) $ (0.19) $ (0.21) $ (0.21) $ (0.21) Diluted $ (0.19) $ (0.19) $ (0.19) $ (0.21) $ (0.21) $ (0.21) The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: Three Months Ended March 31, 2024 2023 (in thousands) Stock options 1,580 3,155 Unvested RSUs and RSAs 145,364 128,086 Convertible Notes (if-converted) 69,368 89,379 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stockholders' Equity | Stockholders’ Equity We maintain three share-based employee compensation plans: the 2017 Equity Incentive Plan (the “2017 Plan”), the 2014 Equity Incentive Plan (the “2014 Plan”), and the 2012 Equity Incentive Plan (the “2012 Plan,” and collectively with the 2017 Plan and the 2014 Plan, the “Stock Plans”). The 2017 Plan serves as the successor to the 2014 Plan and 2012 Plan and provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options, stock appreciation rights, RSAs, RSUs, performance stock awards, performance cash awards, and other forms of stock awards to employees, directors, and consultants, including employees and consultants of our affiliates. Restricted Stock Units and Restricted Stock Awards The following table summarizes the RSU and RSA activity for the three months ended March 31, 2024: Number of Class A Shares Weighted- (in thousands, except per share data) Unvested at December 31, 2023 157,130 $ 12.82 Granted 23,248 $ 13.16 Vested (18,781) $ 15.55 Forfeited (16,233) $ 12.06 Unvested at March 31, 2024 145,364 $ 12.61 All RSUs and RSAs vest on the satisfaction of a service-based condition. Total unrecognized compensation cost related to outstanding RSUs and RSAs was $1.5 billion as of March 31, 2024 and is expected to be recognized over a weighted-average period of 2.0 years. The service condition for RSUs and RSAs is generally satisfied in equal monthly or quarterly installments over three Stock Options The following table summarizes the stock option award activity under the Stock Plans for the three months ended March 31, 2024: Number of Number of Weighted- Weighted- Aggregate Intrinsic Value (1) (in thousands, except per share data) Outstanding at December 31, 2023 1,692 5 $ 14.90 4.41 $ 5,225 Granted — — $ — — $ — Exercised (5) — $ 13.33 — $ — Forfeited (112) — $ 12.47 — $ — Outstanding at March 31, 2024 1,575 5 $ 15.08 4.18 $ 301 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our Class A common stock as of March 31, 2024 and December 31, 2023. As of March 31, 2024, there was no unrecognized compensation cost related to stock options granted under the Stock Plans. Stock-Based Compensation Expense Total stock-based compensation expense by function was as follows: Three Months Ended March 31, 2024 2023 (in thousands) Cost of revenue $ 1,815 $ 1,885 Research and development 174,519 219,850 Sales and marketing 54,656 54,939 General and administrative 32,762 38,257 Total $ 263,752 $ 314,931 Stock Repurchases In October 2023, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. During the first quarter of 2024, we repurchased and retired 21.0 million shares of our Class A common stock for an aggregate of $235.1 million, including costs associated with the repurchases. As of March 31, 2024, the remaining availability under the stock repurchase authorization was $75.9 million. This program was completed in April 2024. |
Business Acquisitions
Business Acquisitions | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Acquisitions | Business Acquisitions 2023 Acquisitions For the year ended December 31, 2023, aggregate purchase consideration for business acquisitions was $73.1 million, which primarily consisted of $56.3 million in cash and $12.6 million recorded in other liabilities on our consolidated balance sheet. Of the aggregate purchase consideration, $42.8 million was allocated to goodwill and the remainder primarily to identifiable intangible assets. The acquired assets are expected to enhance our existing platform, technology, and workforce. The goodwill amount represents synergies related to our existing platform expected to be realized from the business acquisitions and assembled workforce. The associated goodwill and intangible assets are not deductible for tax purposes. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the three months ended March 31, 2024 were as follows: Goodwill (in thousands) Balance as of December 31, 2023 $ 1,691,827 Goodwill acquired — Foreign currency translation (303) Balance as of March 31, 2024 $ 1,691,524 Intangible assets consisted of the following: As of March 31, 2024 Weighted- Gross Accumulated Net (in thousands, except years) Domain names 2.8 $ 745 $ (563) $ 182 Technology 2.7 315,233 (206,984) 108,249 Patents 8.7 39,373 (20,146) 19,227 Other — 6,000 (6,000) — Total intangible assets $ 361,351 $ (233,693) $ 127,658 As of December 31, 2023 Weighted- Gross Accumulated Net (in thousands, except years) Domain names 3.0 $ 745 $ (546) $ 199 Technology 2.8 323,313 (197,608) 125,705 Patents 8.8 39,373 (19,099) 20,274 Other — 6,000 (5,875) 125 Total intangible assets $ 369,431 $ (223,128) $ 146,303 Amortization of intangible assets was $18.6 million and $17.8 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the estimated intangible asset amortization expense for the next five years and thereafter is as follows: Estimated (in thousands) Remainder of 2024 $ 41,404 2025 41,493 2026 20,279 2027 12,104 2028 4,323 Thereafter 8,055 Total $ 127,658 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Convertible Notes 2028 Notes In February 2022, we entered into a purchase agreement for the sale of an aggregate of $1.50 billion principal amount of convertible senior notes due in 2028 (the “2028 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds from the issuance of the 2028 Notes were $1.31 billion, net of debt issuance costs and cash used to purchase the capped call transactions (the “2028 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method. The 2028 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears beginning on September 1, 2022 at a rate of 0.125% per year. The 2028 Notes mature on March 1, 2028 unless repurchased, redeemed, or converted in accordance with their terms prior to such date. The 2028 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 17.7494 shares of Class A common stock per $1,000 principal amount of 2028 Notes, which is equivalent to an initial conversion price of approximately $56.34 per share of our Class A common stock. We may redeem for cash all or any portion of the 2028 Notes, at our option, on or after March 5, 2025 based on certain circumstances. 2027 Notes In April 2021, we entered into a purchase agreement for the sale of an aggregate of $1.15 billion principal amount of convertible senior notes due in 2027 (the “2027 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2027 Notes were $1.05 billion, net of debt issuance costs and cash used to purchase the capped call transactions (the “2027 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method. The 2027 Notes are unsecured and unsubordinated obligations which do not bear regular interest and for which the principal balance will not accrete. The 2027 Notes will mature on May 1, 2027 unless repurchased, redeemed, or converted in accordance with their terms prior to such date. The 2027 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 11.2042 shares of Class A common stock per $1,000 principal amount of 2027 Notes, which is equivalent to an initial conversion price of approximately $89.25 per share of our Class A common stock. We may redeem for cash all or portions of the 2027 Notes, at our option, on or after May 5, 2024 based on certain circumstances. 2025 Notes In April 2020, we entered into a purchase agreement for the sale of an aggregate of $1.0 billion principal amount of convertible senior notes due in 2025 (the “2025 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2025 Notes were $888.6 million, net of debt issuance costs and cash used to purchase the capped call transactions (the “2025 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method. The 2025 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears beginning on November 1, 2020 at a rate of 0.25% per year. The 2025 Notes mature on May 1, 2025 unless repurchased, redeemed, or converted in accordance with their terms prior to such date. The 2025 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 46.1233 shares of Class A common stock per $1,000 principal amount of 2025 Notes, which is equivalent to an initial conversion price of approximately $21.68 per share of our Class A common stock. We may redeem for cash all or portions of the 2025 Notes, at our option, on or after May 6, 2023 based on certain circumstances. 2026 Notes In August 2019, we entered into a purchase agreement for the sale of an aggregate of $1.265 billion principal amount of convertible senior notes due in 2026 (the “2026 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2026 Notes were $1.15 billion, net of debt issuance costs and cash used to purchase the capped call transactions (the “2026 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method. The 2026 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears beginning on February 1, 2020 at a rate of 0.75% per year. The 2026 Notes mature on August 1, 2026 unless repurchased, redeemed, or converted in accordance with the terms prior to such date. The 2026 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 43.8481 shares of Class A common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $22.81 per share of our Class A common stock. We may redeem for cash all or portions of the 2026 Notes, at our option, on or after August 6, 2023 based on certain circumstances. Note Repurchases In February 2024, we entered into various privately negotiated repurchase transactions (collectively, the “Note Repurchases”) with certain holders of the 2025 Notes and 2026 Notes, pursuant to which we agreed to repurchase $100.0 million in aggregate principal of the 2025 Notes and $351.2 million in aggregate principal of the 2026 Notes for a cash repurchase price of $440.7 million, including costs associated with the Note Repurchases. The Note Repurchases resulted in a $8.8 million gain on extinguishment included within other income (expense), net on our consolidated statements of operations. The Convertible Notes consisted of the following: As of March 31, 2024 As of December 31, 2023 Principal Unamortized Debt Issuance Costs Net Carrying Amount Principal Unamortized Debt Issuance Costs Net Carrying Amount (in thousands) 2025 Notes $ 184,105 $ (459) $ 183,646 $ 284,105 $ (871) $ 283,234 2026 Notes 487,286 (1,788) 485,498 838,482 (3,402) 835,080 2027 Notes 1,150,000 (6,582) 1,143,418 1,150,000 (7,114) 1,142,886 2028 Notes 1,500,000 (11,096) 1,488,904 1,500,000 (11,800) 1,488,200 Total $ 3,321,391 $ (19,925) $ 3,301,466 $ 3,772,587 $ (23,187) $ 3,749,400 As of March 31, 2024, the debt issuance costs on the 2025 Notes, 2026 Notes, 2027 Notes, and 2028 Notes will be amortized over the remaining period of approximately 1.1 years, 2.3 years, 3.1 years, and 3.9 years, respectively. Interest expense related to the amortization of debt issuance costs was $1.6 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively. Contractual interest expense was $1.8 million and $2.2 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 , the if-converted value of the Convertible Notes did not exceed the principal amount. The sale price for conversion was not satisfied as of March 31, 2024 for the Convertible Notes, and as a result, the Convertible Notes will not be eligible for optional conversion during the second quarter of 2024. No sinking fund is provided for the Convertible Notes, which means that we are not required to redeem or retire them periodically. Refer to Note 7 in our consolidated financial statements in the Annual Report for additional details. Capped Call Transactions In connection with the pricing of the 2025 Notes, the 2026 Notes, the 2027 Notes, and the 2028 Notes, we entered into the 2025 Capped Call Transactions, the 2026 Capped Call Transactions, the 2027 Capped Call Transactions, and the 2028 Capped Call Transactions (collectively, the “Capped Call Transactions”), respectively, with certain counterparties at a net cost of $100.0 million, $102.1 million, $86.8 million, and $177.0 million, respectively. The cap price of the 2025 Capped Call Transactions, the 2026 Capped Call Transactions, the 2027 Capped Call Transactions, and the 2028 Capped Call Transactions is initially $32.12, $32.58, $121.02, and $93.90 per share of our Class A common stock, respectively. All are subject to certain adjustments under the terms of the Capped Call Transactions. Conditions that cause adjustments to the initial strike price of the Capped Call Transactions mirror conditions that result in corresponding adjustments for the Convertible Notes. The Capped Call Transactions are intended to reduce potential dilution to holders of our Class A common stock beyond the conversion prices up to the cap prices on any conversion of the Convertible Notes or offset any cash payments we are required to make in excess of the principal amount, as the case may be, with such reduction or offset subject to a cap. The cost of the Capped Call Transactions was recorded as a reduction of our additional paid-in capital in our consolidated balance sheets. The Capped Call Transactions will not be remeasured as long as they continue to meet the conditions for equity classification. As of March 31, 2024, the Capped Call Transactions were out-of-the-money. Credit Facility In May 2022 , we entered into a five -year senior unsecured revolving credit facility (the “Credit Facility”) with certain lenders that allows us to borrow up to $1.05 billion to fund working capital and general corporate-purpose expenditures. Loans bear interest, at our option, at a rate equal to (i) a term secured overnight financing rat e (“SOFR”) plus 0.75% or the base rate, if selected by us, for loans made in U.S. dollars, (ii) the Sterling overnight index average plus 0.7826% for loans made in Sterling, or (iii) foreign indices as stated in the credit agreement plus 0.75% for loans made in other permitted foreign currencies. The base rate is defined as the greatest of (i) the Wall Street Journal prime rate, (ii) the greater of the (a) federal funds rate and (b) the overnight bank funding rate, plus 0.50% , and (iii) the applicable SOFR for a period of one month (but not less than zero ) plus 1.00 . The Credit Facility also contains an annual commitment fee of 0.10% on the daily undrawn balance of the facility. As of March 31, 2024 , we had $60.8 million in the form of outstanding standby letters of credit, with no amounts outstanding under the Credit Facility . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments We have non-cancelable contractual agreements primarily related to the hosting of our data processing, storage, and other computing services, as well as lease, content and developer partner, and other commitments. We had $2.6 billion in commitments as of March 31, 2024, primarily due within three years. For additional discussion on leases, see Note 9 to our consolidated financial statements. Contingencies We record a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably possible. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Many legal and tax contingencies can take years to be resolved. Pending Matters In November 2021, we and certain of our officers and directors were named as defendants in a securities class action lawsuit purportedly brought on behalf of purchasers of our Class A common stock, alleging that we and certain of our officers made false or misleading statements and omissions concerning the impact that Apple’s App Tracking Transparency framework would have on our business. We believe we have meritorious defenses to this lawsuit and continue to defend the lawsuit vigorously. Based on the preliminary nature of the proceedings in this case, the outcome of this matter remains uncertain. The outcomes of our legal proceedings are inherently unpredictable, subject to significant uncertainties, and could be material to our financial condition, results of operations, and cash flows for a particular period. For the pending matter described above, it is not possible to estimate the reasonably possible loss or range of loss. We are subject to various other legal proceedings and claims in the ordinary course of business, including certain patent, trademark, privacy, regulatory, and employment matters. Although occasional adverse decisions or settlements may occur, we do not believe that the final disposition of any of our other pending matters will seriously harm our business, financial condition, results of operations, and cash flows. Indemnifications In the ordinary course of business, we may provide indemnifications of varying scope and terms to customers, vendors, lessors, investors, directors, officers, employees, and other parties with respect to certain matters. Indemnification may include losses from our breach of such agreements, services we provide, or third-party intellectual property infringement claims. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future indemnification payments may not be subject to a cap. We have not incurred material costs to defend lawsuits or settle claims related to these indemnifications as of March 31, 2024. We believe the fair value of these liabilities is immaterial and accordingly have no liabilities recorded for these agreements at March 31, 2024. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases We have non-cancelable lease agreements for certain of our offices with original lease terms expiring between 2024 and 2042. Total operating lease costs were $25.4 million and $25.0 million for the three months ended March 31, 2024 and 2023, respectively. The weighted-average remaining lease term (in years) and discount rate related to our operating leases were as follows: As of March 31, 2024 2023 Weighted-average remaining lease term 9.8 6.3 Weighted-average discount rate 6.1 % 4.8 % The maturities of our operating lease liabilities as of March 31, 2024 were as follows: Operating Leases (in thousands) Remainder of 2024 $ 57,484 2025 79,769 2026 86,676 2027 78,026 2028 76,753 Thereafter 431,887 Total lease payments $ 810,595 Less: Imputed interest (220,205) Present value of lease liabilities $ 590,390 As of March 31, 2024, we had additional operating leases that have not yet commenced for facilities with lease obligations of $63.0 million. These operating leases will commence between 2024 and 2026 with lease terms of approximately 6 years to 11 years. Cash payments included in the measurement of our o perating lease liabilities were $28.2 million and $24.2 million for the three months ended March 31, 2024 and 2023, respectively. Lease liabilities arising from obtaining operating lease right-of-use assets were $10.8 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively. |
Strategic Investments
Strategic Investments | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Strategic Investments | Strategic Investments We hold strategic investments primarily in privately held companies, which consist of equity securities, and to a lesser extent, debt securities. These strategic investments are primarily recorded at fair value on a non-recurring basis. The estimation of fair value for these privately held strategic investments requires the use of significant unobservable inputs, such as the issuance of new equity by the company, and as a result, we deem these assets as Level 3 financial instruments within the fair value measurement framework. The following table summarizes our strategic investments as of March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 (in thousands) Initial cost $ 106,218 $ 106,368 Cumulative upward adjustments 147,499 147,317 Cumulative downward adjustments, including impairments (64,656) (58,357) Carrying value $ 189,061 $ 195,328 Gains and losses recognized during the periods presented were as follows: Three Months Ended March 31, 2024 2023 (in thousands) Gains (losses) recognized on strategic investments sold during the period, net $ — $ — Unrealized gains on strategic investments still held at the reporting date 182 1,079 Unrealized losses, including impairments, on strategic investments still held at the reporting date (6,449) (975) Gains (losses) on strategic investments, net $ (6,267) $ 104 Gains and losses on all strategic investments are included within other income (expense), net on our consolidated statements of operations and included as an adjustment to reconcile net loss to net cash provided by (used in) operating activities in our consolidated statements of cash flows. Strategic investments are included within other assets on our consolidated balance sheets. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities measured at fair value are classified into the following categories: • Level 1: Quoted market prices in active markets for identical assets or liabilities. • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets. We classify our cash equivalents and marketable securities within Level 1 or Level 2 because we use quoted market prices or alternative pricing sources and models utilizing observable market-based inputs to determine their fair value. The following tables set forth our financial assets that are measured at fair value on a recurring basis, excluding publicly traded equity securities, as of March 31, 2024 and December 31, 2023: March 31, 2024 Cost or Gross Gross Total Estimated (in thousands) Cash $ 1,023,276 $ — $ (7) $ 1,023,269 Level 1 securities: U.S. government securities 1,438,436 71 (6,179) 1,432,328 U.S. government agency securities 63,612 — (124) 63,488 Level 2 securities: Corporate debt securities 196,494 93 (164) 196,423 Commercial paper 184,625 — — 184,625 Total $ 2,906,443 $ 164 $ (6,474) $ 2,900,133 December 31, 2023 Cost or Gross Gross Total Estimated (in thousands) Cash $ 1,780,402 $ — $ — $ 1,780,402 Level 1 securities: U.S. government securities 1,295,918 894 (3,919) 1,292,893 U.S. government agency securities 138,420 31 (188) 138,263 Level 2 securities: Corporate debt securities 234,336 577 (99) 234,814 Commercial paper 65,380 — — 65,380 Certificates of deposit 18,725 — — 18,725 Total $ 3,533,181 $ 1,502 $ (4,206) $ 3,530,477 Gross unrealized losses on marketable debt securities were not material for the three months ended March 31, 2024 and 2023. As of March 31, 2024, we considered any decreases in fair value on our marketable debt securities to be driven by factors other than credit risk, including market risk. As of March 31, 2024, $479.7 million of our total $1.8 billion in marketable debt securities have contractual maturities between one We hold investments in publicly traded companies with an aggregate carrying value of $10.9 million and $13.6 million as of March 31, 2024 and December 31, 2023, respectively, recorded as marketable securities. We classify these publicly traded equity securities within Level 1 because we use quoted market prices to determine their fair value. Gains and losses recognized during the periods presented, which are included within other income (expense), net on our consolidated statements of operations, were as follows: Three Months Ended March 31, 2024 2023 (in thousands) Gains (losses) recognized on publicly traded equity securities sold during the period, net $ — $ 137 Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net (2,721) 10,594 Gains (losses) on publicly traded equity securities, net $ (2,721) $ 10,731 We carry the Convertible Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets and present the fair value for disclosure purposes only. As of March 31, 2024, the fair value of the 2025 Notes, the 2026 Notes, the 2027 Notes, and the 2028 Notes was $179.2 million, $467.6 million, $927.9 million, and $1,139.7 million, respectively. As of December 31, 2023, the fair value of the 2025 Notes, the 2026 Notes, the 2027 Notes, and the 2028 Notes was $300.9 million, $893.2 million, $921.5 million, and $1,181.7 million, respectively. The estimated fair value of the Convertible Notes, which are classified as Level 2 financial instruments, was determined based on the estimated or actual bid prices of the Convertible Notes in an over-the-counter market on the last business day of the period. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items arising in that quarter. Our effective tax rate differs from the U.S. statutory tax rate primarily due to valuation allowances on our deferred tax assets as it is more likely than not that some or all of our deferred tax assets will not be realized. Income tax expense was $6.9 million and $6.8 million for the three months ended March 31, 2024 and 2023, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The table below presents the changes in accumulated other comprehensive income (loss) (“AOCI”) by component and the reclassifications out of AOCI: Changes in Accumulated Other Comprehensive Income (Loss) by Component Marketable Foreign Currency Total (in thousands) Balance at December 31, 2023 $ (2,860) $ 9,991 $ 7,131 Other comprehensive income (loss) before reclassifications (3,592) (2,777) (6,369) Amounts reclassified from AOCI (1) (12) — (12) Net current period other comprehensive income (loss) (3,604) (2,777) (6,381) Balance at March 31, 2024 $ (6,464) $ 7,214 $ 750 (1) Realized gains and losses on marketable securities are reclassified from AOCI into other income (expense), net in our consolidated statements of operations. |
Long-lived Assets
Long-lived Assets | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Long-lived Assets | Long-lived Assets The following table lists long-lived assets by geographic area, which includes property and equipment, net and operating lease right-of-use assets: As of March 31, 2024 As of December 31, 2023 (in thousands) United States $ 633,569 $ 646,546 United Kingdom 235,535 218,326 Rest of world (1) 68,376 62,316 Total long-lived assets, net $ 937,480 $ 927,188 (1) No individual country other than the United States and the United Kingdom exceeded 10% of our total long-lived assets for any period presented. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring 2024 Restructuring In the first quarter of 2024, we announced a plan to reduce hierarchy and concentrate our team members in major hub locations to support in-person collaboration, resulting in the reduction of our global headcount by approximately 10%. The following table summarizes the 2024 restructuring charges included in our consolidated statement of operations for the three months ended March 31, 2024: Severance and Related Charges (1) Stock-Based Compensation Expense (Benefit) Other (2) Total (in thousands) Cost of revenue $ 837 $ 207 $ — $ 1,044 Research and development 31,269 4,517 3,201 38,987 Sales and marketing 15,256 4,218 — 19,474 General and administrative 6,265 95 2,351 8,711 Total $ 53,627 $ 9,037 $ 5,552 $ 68,216 (1) Severance and related charges include cash severance expenses and other termination benefits. The majority of cash paid for restructuring in the first quarter of 2024 was related to severance and benefits. (2) Other primarily includes intangible asset amortization and depreciation expense. The remaining charges related to the 2024 restructuring are expected to be immaterial. The liabilities related to the 2024 restructuring were immaterial as of March 31, 2024. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net loss | $ (305,090) | $ (328,674) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the quarter ended March 31, 2024, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions, or written plans for the purchase or sale of our securities set forth in the table below: Type of Trading Arrangement Name and Position Date Action Rule 10b5-1 * Expiration Date Total Shares of Class A Common Stock to be Sold Liz Jenkins, Director 3/7/2024 Adoption X 7/1/25 26,564 Joanna Coles, Director 3/8/2024 Adoption X 3/8/25 ** * Contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. ** Trading arrangement provides for the sale of a number of shares of Class A Common Stock held by Ms. Coles with a value equal to up to $180,000. |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Liz Jenkins [Member] | |
Trading Arrangements, by Individual | |
Name | Liz Jenkins |
Title | Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 3/7/2024 |
Arrangement Duration | 481 days |
Aggregate Available | 26,564 |
Joanna Coles [Member] | |
Trading Arrangements, by Individual | |
Name | Joanna Coles |
Title | Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 3/8/2024 |
Arrangement Duration | 365 days |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Our consolidated financial statements include the accounts of Snap Inc. and our wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Our fiscal year ends on December 31. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) in February 2024 (the “Annual Report”). In our opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position, results of operations, and cash flows. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. There have been no changes to our significant accounting policies described in our Annual Report that have had a material impact on our consolidated financial statements and related notes. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements. Management’s estimates are based on historical information available as of the date of the consolidated financial statements and various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from those estimates. |
Future Stock Split to be Effected in the Form of a Stock Dividend | Future Stock Split to be Effected in the Form of a Stock Dividend In July 2022, our board of directors determined that it was advisable and in our best interest to approve a stock split to be effected in the form of a special dividend of one share of Class A common stock on each outstanding share of our common stock at a future date (the “Future Stock Split”). In connection with the Future Stock Split, we entered into certain agreements (the “Co-Founder Agreements”) with Evan Spiegel and Robert Murphy, our co-founders, and certain of their respective affiliates requiring them, among other things, to convert shares of Class B common stock and Class C common stock into Class A common stock under certain circumstances. The Future Stock Split will not be declared and paid until the first business day following the date on which the average of the volume weighted average price (the “VWAP”) per share of Class A common stock equals or exceeds $40 per share for 65 consecutive trading days. If this does not occur by July 21, 2032, the Future Stock Split will not be declared and paid, and the Co-Founder Agreements will terminate. In June 2023, in connection with a proposed settlement of a class-action lawsuit, and as amended in December 2023, we agreed to modify the conditions for the Future Stock Split, subject to various conditions, including judicial approval of the settlement. In February 2024, the settlement was approved by the court and the class-action lawsuit was resolved. The Future Stock Split will not be declared and paid until the first business day following the date on which (i) the VWAP per share of Class A common stock equals or exceeds $40 per share for 90 consecutive trading days (the “90-Day VWAP”) and (ii) the ratio of the 90-Day VWAP to $8.70 equals or exceeds the ratio of the average closing price of the S&P 500 Total Return index for the same 90 trading days for which the 90-Day VWAP was calculated to 8,862.85. If this does not occur by July 21, 2032, the Future Stock Split will not be declared and paid, and the Co-Founder Agreements will terminate. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Geography | The following table represents our revenue disaggregated by geography based on the billing address of the customer: Three Months Ended March 31, 2024 2023 (in thousands) North America (1) (2) $ 733,388 $ 632,560 Europe (3) 200,092 155,615 Rest of world 261,293 200,433 Total revenue $ 1,194,773 $ 988,608 (1) North America includes Mexico, the Caribbean, and Central America. (2) United States revenue was $710.8 million and $612.4 million for the three months ended March 31, 2024 and 2023, respectively. (3) Europe includes Russia and Turkey. Effective March 2022, we halted advertising sales to Russian and Belarusian entities. |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Numerators and Denominators of Basic and Diluted Net Loss per Share Computations for Common Stock | The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows: Three Months Ended March 31, 2024 2023 (in thousands, except per share data) Class A Class B Class C Class A Class B Class C Numerator: Net loss $ (258,022) $ (4,172) $ (42,896) $ (275,851) $ (4,681) $ (48,142) Net loss attributable to common stockholders $ (258,022) $ (4,172) $ (42,896) $ (275,851) $ (4,681) $ (48,142) Denominator: Basic shares: Weighted-average common shares - Basic 1,393,232 22,528 231,627 1,327,221 22,522 231,627 Diluted shares: Weighted-average common shares - Diluted 1,393,232 22,528 231,627 1,327,221 22,522 231,627 Net loss per share attributable to common stockholders: Basic $ (0.19) $ (0.19) $ (0.19) $ (0.21) $ (0.21) $ (0.21) Diluted $ (0.19) $ (0.19) $ (0.19) $ (0.21) $ (0.21) $ (0.21) |
Schedule of Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss per Share | The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: Three Months Ended March 31, 2024 2023 (in thousands) Stock options 1,580 3,155 Unvested RSUs and RSAs 145,364 128,086 Convertible Notes (if-converted) 69,368 89,379 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of RSU and RSA Activity | The following table summarizes the RSU and RSA activity for the three months ended March 31, 2024: Number of Class A Shares Weighted- (in thousands, except per share data) Unvested at December 31, 2023 157,130 $ 12.82 Granted 23,248 $ 13.16 Vested (18,781) $ 15.55 Forfeited (16,233) $ 12.06 Unvested at March 31, 2024 145,364 $ 12.61 |
Schedule of Stock Option Award Activity | The following table summarizes the stock option award activity under the Stock Plans for the three months ended March 31, 2024: Number of Number of Weighted- Weighted- Aggregate Intrinsic Value (1) (in thousands, except per share data) Outstanding at December 31, 2023 1,692 5 $ 14.90 4.41 $ 5,225 Granted — — $ — — $ — Exercised (5) — $ 13.33 — $ — Forfeited (112) — $ 12.47 — $ — Outstanding at March 31, 2024 1,575 5 $ 15.08 4.18 $ 301 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our Class A common stock as of March 31, 2024 and December 31, 2023. |
Schedule of Total Stock-based Compensation Expense | Total stock-based compensation expense by function was as follows: Three Months Ended March 31, 2024 2023 (in thousands) Cost of revenue $ 1,815 $ 1,885 Research and development 174,519 219,850 Sales and marketing 54,656 54,939 General and administrative 32,762 38,257 Total $ 263,752 $ 314,931 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2024 were as follows: Goodwill (in thousands) Balance as of December 31, 2023 $ 1,691,827 Goodwill acquired — Foreign currency translation (303) Balance as of March 31, 2024 $ 1,691,524 |
Schedule of Intangible Assets | Intangible assets consisted of the following: As of March 31, 2024 Weighted- Gross Accumulated Net (in thousands, except years) Domain names 2.8 $ 745 $ (563) $ 182 Technology 2.7 315,233 (206,984) 108,249 Patents 8.7 39,373 (20,146) 19,227 Other — 6,000 (6,000) — Total intangible assets $ 361,351 $ (233,693) $ 127,658 As of December 31, 2023 Weighted- Gross Accumulated Net (in thousands, except years) Domain names 3.0 $ 745 $ (546) $ 199 Technology 2.8 323,313 (197,608) 125,705 Patents 8.8 39,373 (19,099) 20,274 Other — 6,000 (5,875) 125 Total intangible assets $ 369,431 $ (223,128) $ 146,303 |
Schedule of Estimated Intangible Asset Amortization Expense | As of March 31, 2024, the estimated intangible asset amortization expense for the next five years and thereafter is as follows: Estimated (in thousands) Remainder of 2024 $ 41,404 2025 41,493 2026 20,279 2027 12,104 2028 4,323 Thereafter 8,055 Total $ 127,658 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes | The Convertible Notes consisted of the following: As of March 31, 2024 As of December 31, 2023 Principal Unamortized Debt Issuance Costs Net Carrying Amount Principal Unamortized Debt Issuance Costs Net Carrying Amount (in thousands) 2025 Notes $ 184,105 $ (459) $ 183,646 $ 284,105 $ (871) $ 283,234 2026 Notes 487,286 (1,788) 485,498 838,482 (3,402) 835,080 2027 Notes 1,150,000 (6,582) 1,143,418 1,150,000 (7,114) 1,142,886 2028 Notes 1,500,000 (11,096) 1,488,904 1,500,000 (11,800) 1,488,200 Total $ 3,321,391 $ (19,925) $ 3,301,466 $ 3,772,587 $ (23,187) $ 3,749,400 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Summary of Weighted Average Remaining Lease Term and Discount Rate Related to Operating Leases | The weighted-average remaining lease term (in years) and discount rate related to our operating leases were as follows: As of March 31, 2024 2023 Weighted-average remaining lease term 9.8 6.3 Weighted-average discount rate 6.1 % 4.8 % |
Present Value of Operating Lease Liabilities | The maturities of our operating lease liabilities as of March 31, 2024 were as follows: Operating Leases (in thousands) Remainder of 2024 $ 57,484 2025 79,769 2026 86,676 2027 78,026 2028 76,753 Thereafter 431,887 Total lease payments $ 810,595 Less: Imputed interest (220,205) Present value of lease liabilities $ 590,390 |
Strategic Investments (Tables)
Strategic Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Strategic Investments | The following table summarizes our strategic investments as of March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 (in thousands) Initial cost $ 106,218 $ 106,368 Cumulative upward adjustments 147,499 147,317 Cumulative downward adjustments, including impairments (64,656) (58,357) Carrying value $ 189,061 $ 195,328 |
Schedule of Gain (Loss) on Strategic Investments | Gains and losses recognized during the periods presented were as follows: Three Months Ended March 31, 2024 2023 (in thousands) Gains (losses) recognized on strategic investments sold during the period, net $ — $ — Unrealized gains on strategic investments still held at the reporting date 182 1,079 Unrealized losses, including impairments, on strategic investments still held at the reporting date (6,449) (975) Gains (losses) on strategic investments, net $ (6,267) $ 104 Three Months Ended March 31, 2024 2023 (in thousands) Gains (losses) recognized on publicly traded equity securities sold during the period, net $ — $ 137 Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net (2,721) 10,594 Gains (losses) on publicly traded equity securities, net $ (2,721) $ 10,731 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | The following tables set forth our financial assets that are measured at fair value on a recurring basis, excluding publicly traded equity securities, as of March 31, 2024 and December 31, 2023: March 31, 2024 Cost or Gross Gross Total Estimated (in thousands) Cash $ 1,023,276 $ — $ (7) $ 1,023,269 Level 1 securities: U.S. government securities 1,438,436 71 (6,179) 1,432,328 U.S. government agency securities 63,612 — (124) 63,488 Level 2 securities: Corporate debt securities 196,494 93 (164) 196,423 Commercial paper 184,625 — — 184,625 Total $ 2,906,443 $ 164 $ (6,474) $ 2,900,133 December 31, 2023 Cost or Gross Gross Total Estimated (in thousands) Cash $ 1,780,402 $ — $ — $ 1,780,402 Level 1 securities: U.S. government securities 1,295,918 894 (3,919) 1,292,893 U.S. government agency securities 138,420 31 (188) 138,263 Level 2 securities: Corporate debt securities 234,336 577 (99) 234,814 Commercial paper 65,380 — — 65,380 Certificates of deposit 18,725 — — 18,725 Total $ 3,533,181 $ 1,502 $ (4,206) $ 3,530,477 |
Schedule of Gain (Loss) on Strategic Investments | Gains and losses recognized during the periods presented were as follows: Three Months Ended March 31, 2024 2023 (in thousands) Gains (losses) recognized on strategic investments sold during the period, net $ — $ — Unrealized gains on strategic investments still held at the reporting date 182 1,079 Unrealized losses, including impairments, on strategic investments still held at the reporting date (6,449) (975) Gains (losses) on strategic investments, net $ (6,267) $ 104 Three Months Ended March 31, 2024 2023 (in thousands) Gains (losses) recognized on publicly traded equity securities sold during the period, net $ — $ 137 Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net (2,721) 10,594 Gains (losses) on publicly traded equity securities, net $ (2,721) $ 10,731 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The table below presents the changes in accumulated other comprehensive income (loss) (“AOCI”) by component and the reclassifications out of AOCI: Changes in Accumulated Other Comprehensive Income (Loss) by Component Marketable Foreign Currency Total (in thousands) Balance at December 31, 2023 $ (2,860) $ 9,991 $ 7,131 Other comprehensive income (loss) before reclassifications (3,592) (2,777) (6,369) Amounts reclassified from AOCI (1) (12) — (12) Net current period other comprehensive income (loss) (3,604) (2,777) (6,381) Balance at March 31, 2024 $ (6,464) $ 7,214 $ 750 (1) Realized gains and losses on marketable securities are reclassified from AOCI into other income (expense), net in our consolidated statements of operations. |
Long-lived Assets (Tables)
Long-lived Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Long-lived Assets by Geographic Area | The following table lists long-lived assets by geographic area, which includes property and equipment, net and operating lease right-of-use assets: As of March 31, 2024 As of December 31, 2023 (in thousands) United States $ 633,569 $ 646,546 United Kingdom 235,535 218,326 Rest of world (1) 68,376 62,316 Total long-lived assets, net $ 937,480 $ 927,188 (1) No individual country other than the United States and the United Kingdom exceeded 10% of our total long-lived assets for any period presented. |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges (Benefits) | The following table summarizes the 2024 restructuring charges included in our consolidated statement of operations for the three months ended March 31, 2024: Severance and Related Charges (1) Stock-Based Compensation Expense (Benefit) Other (2) Total (in thousands) Cost of revenue $ 837 $ 207 $ — $ 1,044 Research and development 31,269 4,517 3,201 38,987 Sales and marketing 15,256 4,218 — 19,474 General and administrative 6,265 95 2,351 8,711 Total $ 53,627 $ 9,037 $ 5,552 $ 68,216 (1) Severance and related charges include cash severance expenses and other termination benefits. The majority of cash paid for restructuring in the first quarter of 2024 was related to severance and benefits. (2) Other primarily includes intangible asset amortization and depreciation expense. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) | 1 Months Ended | |
Jun. 30, 2023 d $ / shares | Jul. 31, 2022 d $ / shares | |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Weighted average price per share (in usd per share) | $ 40 | $ 40 |
Common stock, convertible, threshold trading days | d | 90 | 65 |
Common stock, convertible, volume weighted average price per share (in usd per share) | $ 8.70 | |
Common stock, convertible, volume weighted average price per share, S&P 500 total return index (in usd per share) | $ 8,862.85 | |
Class A | ||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ||
Stock split ratio, common stock | 1 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Disaggregation Of Revenue [Line Items] | |||
Total revenue | $ 1,194,773 | $ 988,608 | |
Deferred revenue | 98,400 | $ 93,700 | |
North America | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 733,388 | 632,560 | |
Europe | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 200,092 | 155,615 | |
Rest of world | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 261,293 | 200,433 | |
United States | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | $ 710,800 | $ 612,400 |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Details) | Mar. 31, 2024 class |
Earnings Per Share [Abstract] | |
Number of classes of stock | 3 |
Net Loss per Share - Numerators
Net Loss per Share - Numerators and Denominators of Basic and Diluted Net Loss per Share Computations for Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net loss | $ (305,090) | $ (328,674) |
Basic shares: | ||
Weighted-average common shares - Basic (in shares) | 1,647,387 | 1,581,370 |
Diluted shares: | ||
Weighted-average common shares - Diluted (in shares) | 1,647,387 | 1,581,370 |
Net loss per share attributable to common stockholders: | ||
Basic (in usd per share) | $ (0.19) | $ (0.21) |
Diluted (in usd per share) | $ (0.19) | $ (0.21) |
Class A | ||
Numerator: | ||
Net loss | $ (258,022) | $ (275,851) |
Net loss attributable to common stockholders | $ (258,022) | $ (275,851) |
Basic shares: | ||
Weighted-average common shares - Basic (in shares) | 1,393,232 | 1,327,221 |
Diluted shares: | ||
Weighted-average common shares - Diluted (in shares) | 1,393,232 | 1,327,221 |
Net loss per share attributable to common stockholders: | ||
Basic (in usd per share) | $ (0.19) | $ (0.21) |
Diluted (in usd per share) | $ (0.19) | $ (0.21) |
Class B | ||
Numerator: | ||
Net loss | $ (4,172) | $ (4,681) |
Net loss attributable to common stockholders | $ (4,172) | $ (4,681) |
Basic shares: | ||
Weighted-average common shares - Basic (in shares) | 22,528 | 22,522 |
Diluted shares: | ||
Weighted-average common shares - Diluted (in shares) | 22,528 | 22,522 |
Net loss per share attributable to common stockholders: | ||
Basic (in usd per share) | $ (0.19) | $ (0.21) |
Diluted (in usd per share) | $ (0.19) | $ (0.21) |
Class C | ||
Numerator: | ||
Net loss | $ (42,896) | $ (48,142) |
Net loss attributable to common stockholders | $ (42,896) | $ (48,142) |
Basic shares: | ||
Weighted-average common shares - Basic (in shares) | 231,627 | 231,627 |
Diluted shares: | ||
Weighted-average common shares - Diluted (in shares) | 231,627 | 231,627 |
Net loss per share attributable to common stockholders: | ||
Basic (in usd per share) | $ (0.19) | $ (0.21) |
Diluted (in usd per share) | $ (0.19) | $ (0.21) |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares) | 1,580 | 3,155 |
Unvested RSUs and RSAs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares) | 145,364 | 128,086 |
Convertible Notes (if-converted) | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares) | 69,368 | 89,379 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) shares in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) plan shares | Oct. 31, 2023 USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of share-based employee compensation plans | plan | 3 | |
Class A | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share repurchase program, authorized amount | $ 75,900,000 | |
Repurchases of Class A non-voting common stock (in shares) | shares | 21 | |
Stock repurchased during period | $ 235,100,000 | |
Share repurchase program, authorized amount | $ 500,000,000 | |
Restricted Stock Units and Restricted Stock Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 1,500,000,000 | |
Weighted average recognition period | 2 years | |
RSUs and RSAs Granted after February 2018 | Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Service condition satisfied, years | 3 years | |
RSUs and RSAs Granted after February 2018 | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Service condition satisfied, years | 4 years |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of RSU and RSA Activity (Details) - Restricted Stock Units and Restricted Stock Awards - Class A shares in Thousands | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number of Class A Shares | |
Outstanding restricted stock, unvested beginning balance (in shares) | shares | 157,130 |
Outstanding restricted stock, Granted (in shares) | shares | 23,248 |
Outstanding restricted stock, Vested (in shares) | shares | (18,781) |
Outstanding restricted stock, Forfeited (in shares) | shares | (16,233) |
Outstanding restricted stock, unvested ending balance (in shares) | shares | 145,364 |
Weighted- Average Grant Date Fair Value | |
Weighted-average grant date fair value per restricted stock, unvested beginning balance (in usd per share) | $ / shares | $ 12.82 |
Weighted-average grant date fair value per restricted stock, Granted (in usd per share) | $ / shares | 13.16 |
Weighted-average grant date fair value per restricted stock, Vested (in usd per share) | $ / shares | 15.55 |
Weighted-average grant date fair value per restricted stock, Forfeited (in usd per share) | $ / shares | 12.06 |
Weighted-average grant date fair value per restricted stock, unvested ending balance (in usd per share) | $ / shares | $ 12.61 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Stock Option Award Activity (Details) - Stock options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Weighted- Average Exercise Price | ||
Weighted-Average Exercise Price, Beginning balance (in usd per share) | $ 14.90 | |
Weighted-Average Exercise Price, Granted (in usd per share) | 0 | |
Weighted-Average Exercise Price, Exercised (in usd per share) | 13.33 | |
Weighted-Average Exercise Price, Forfeited (in usd per share) | 12.47 | |
Weighted-Average Exercise Price, Ending balance (in usd per share) | $ 15.08 | $ 14.90 |
Weighted- Average Remaining Contractual Term (in years) | ||
Weighted-Average Remaining Contractual Term (in years) | 4 years 2 months 4 days | 4 years 4 months 28 days |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value, Outstanding | $ 301 | $ 5,225 |
Class A | ||
Number of Shares | ||
Beginning balance (in shares) | 1,692 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (5) | |
Forfeited (in shares) | (112) | |
Ending balance (in shares) | 1,575 | 1,692 |
Class B | ||
Number of Shares | ||
Beginning balance (in shares) | 5 | |
Granted (in shares) | 0 | |
Exercised (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Ending balance (in shares) | 5 | 5 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based payment arrangement, expense | $ 263,752 | $ 314,931 |
Cost of revenue | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based payment arrangement, expense | 1,815 | 1,885 |
Research and development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based payment arrangement, expense | 174,519 | 219,850 |
Sales and marketing | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based payment arrangement, expense | 54,656 | 54,939 |
General and administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based payment arrangement, expense | $ 32,762 | $ 38,257 |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2024 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 1,691,827,000 | $ 1,691,524,000 |
2023 Acquisitions | ||
Business Acquisition [Line Items] | ||
Purchase price consideration | 73,100,000 | |
Payment to acquire business | 56,300,000 | |
Goodwill | 42,800,000 | |
Goodwill deductible for tax purposes | 0 | |
2023 Acquisitions | Other Liabilities | ||
Business Acquisition [Line Items] | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities | $ 12,600,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 1,691,827 |
Goodwill acquired | 0 |
Foreign currency translation | (303) |
Goodwill, ending balance | $ 1,691,524 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 361,351 | $ 369,431 |
Accumulated Amortization | (233,693) | (223,128) |
Net | $ 127,658 | $ 146,303 |
Domain names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Useful Life (Years) | 2 years 9 months 18 days | 3 years |
Gross Carrying Amount | $ 745 | $ 745 |
Accumulated Amortization | (563) | (546) |
Net | $ 182 | $ 199 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Useful Life (Years) | 2 years 8 months 12 days | 2 years 9 months 18 days |
Gross Carrying Amount | $ 315,233 | $ 323,313 |
Accumulated Amortization | (206,984) | (197,608) |
Net | $ 108,249 | $ 125,705 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Useful Life (Years) | 8 years 8 months 12 days | 8 years 9 months 18 days |
Gross Carrying Amount | $ 39,373 | $ 39,373 |
Accumulated Amortization | (20,146) | (19,099) |
Net | 19,227 | 20,274 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,000 | 6,000 |
Accumulated Amortization | (6,000) | (5,875) |
Net | $ 0 | $ 125 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 18.6 | $ 17.8 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Estimated Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2024 | $ 41,404 | |
2025 | 41,493 | |
2026 | 20,279 | |
2027 | 12,104 | |
2028 | 4,323 | |
Thereafter | 8,055 | |
Net | $ 127,658 | $ 146,303 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||||||
Feb. 29, 2024 | May 31, 2022 | Feb. 28, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | Aug. 31, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||||||||
Debt instrument, principal amount | $ 3,321,391,000 | $ 3,772,587,000 | |||||||
Repurchases of convertible notes | (440,706,000) | $ 0 | |||||||
Amortization of debt issuance costs | 1,742,000 | 1,836,000 | |||||||
Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility expiration period | 5 years | ||||||||
Maximum borrowing capacity | $ 1,050,000,000 | ||||||||
Annual commitment fee | 0.10% | ||||||||
Outstanding letters of credit | $ 60,800,000 | ||||||||
Amounts outstanding under the credit facility | 0 | ||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable interest rate (percentage) | 0.75% | ||||||||
Revolving Credit Facility | Sterling Overnight Index | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable interest rate (percentage) | 0.7826% | ||||||||
Revolving Credit Facility | Miscellaneous | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable interest rate (percentage) | 0.75% | ||||||||
Revolving Credit Facility | Overnight Funding Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable interest rate (percentage) | 0.50% | ||||||||
Revolving Credit Facility | One Month Secured Overnight Financing Rate S O F R Overnight Index Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility expiration period | 1 month | ||||||||
Basis spread on variable interest rate (percentage) | 100% | ||||||||
2028 Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, principal amount | $ 1,500,000,000 | $ 1,500,000,000 | 1,500,000,000 | ||||||
Proceeds from issuance of convertible notes, net of issuance costs | $ 1,310,000,000 | ||||||||
Debt instrument, interest rate | 0.125% | ||||||||
Debt instrument convertible, amortization period | 3 years 10 months 24 days | ||||||||
Cap price, net cost | $ 177,000,000 | ||||||||
2028 Notes | Class A | |||||||||
Debt Instrument [Line Items] | |||||||||
Shares issued upon conversion of each $1000 principal amount | 17.7494 | ||||||||
Debt instrument, convertible principal amount used in conversion rate | $ 1,000 | ||||||||
Conversion price per share (in usd per share) | $ 56.34 | ||||||||
Cap price, per share (in usd per share) | $ 93.90 | ||||||||
2027 Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, principal amount | $ 1,150,000,000 | $ 1,150,000,000 | 1,150,000,000 | ||||||
Debt of issuance costs | $ 1,050,000,000 | ||||||||
Debt instrument convertible, amortization period | 3 years 1 month 6 days | ||||||||
Cap price, net cost | $ 86,800,000 | ||||||||
2027 Notes | Class A | |||||||||
Debt Instrument [Line Items] | |||||||||
Shares issued upon conversion of each $1000 principal amount | 11.2042 | ||||||||
Debt instrument, convertible principal amount used in conversion rate | $ 1,000 | ||||||||
Conversion price per share (in usd per share) | $ 89.25 | ||||||||
Cap price, per share (in usd per share) | $ 121.02 | ||||||||
2025 Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, principal amount | $ 1,000,000,000 | $ 184,105,000 | 284,105,000 | ||||||
Debt instrument, interest rate | 0.25% | ||||||||
Debt of issuance costs | $ 888,600,000 | ||||||||
Debt Instrument, Repurchase Amount | $ 100,000,000 | ||||||||
Debt instrument convertible, amortization period | 1 year 1 month 6 days | ||||||||
Cap price, net cost | $ 100,000,000 | ||||||||
2025 Notes | Class A | |||||||||
Debt Instrument [Line Items] | |||||||||
Shares issued upon conversion of each $1000 principal amount | 46.1233 | ||||||||
Debt instrument, convertible principal amount used in conversion rate | $ 1,000 | ||||||||
Conversion price per share (in usd per share) | $ 21.68 | ||||||||
Cap price, per share (in usd per share) | $ 32.12 | ||||||||
2026 Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, principal amount | 351,200,000 | $ 1,265,000,000 | $ 487,286,000 | $ 838,482,000 | |||||
Debt instrument, interest rate | 0.75% | ||||||||
Debt of issuance costs | $ 1,150,000,000 | ||||||||
Debt instrument convertible, amortization period | 2 years 3 months 18 days | ||||||||
Cap price, net cost | $ 102,100,000 | ||||||||
2026 Notes | Class A | |||||||||
Debt Instrument [Line Items] | |||||||||
Shares issued upon conversion of each $1000 principal amount | 43.8481 | ||||||||
Debt instrument, convertible principal amount used in conversion rate | $ 1,000 | ||||||||
Conversion price per share (in usd per share) | $ 22.81 | ||||||||
Cap price, per share (in usd per share) | $ 32.58 | ||||||||
Convertible Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Repurchases of convertible notes | $ (440,700,000) | ||||||||
Gain on extinguishment of debt | $ 8,800,000 | ||||||||
Amortization of debt issuance costs | 1,600,000 | 1,700,000 | |||||||
Contractual interest expense | $ 1,800,000 | $ 2,200,000 |
Long-Term Debt - Schedule of Co
Long-Term Debt - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Feb. 29, 2024 | Dec. 31, 2023 | Feb. 28, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | Aug. 31, 2019 |
Debt Instrument [Line Items] | |||||||
Principal | $ 3,321,391 | $ 3,772,587 | |||||
Unamortized Debt Issuance Costs | (19,925) | (23,187) | |||||
Net Carrying Amount | 3,301,466 | 3,749,400 | |||||
2025 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal | 184,105 | 284,105 | $ 1,000,000 | ||||
Unamortized Debt Issuance Costs | (459) | (871) | |||||
Net Carrying Amount | 183,646 | 283,234 | |||||
2026 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal | 487,286 | $ 351,200 | 838,482 | $ 1,265,000 | |||
Unamortized Debt Issuance Costs | (1,788) | (3,402) | |||||
Net Carrying Amount | 485,498 | 835,080 | |||||
2027 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal | 1,150,000 | 1,150,000 | $ 1,150,000 | ||||
Unamortized Debt Issuance Costs | (6,582) | (7,114) | |||||
Net Carrying Amount | 1,143,418 | 1,142,886 | |||||
2028 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal | 1,500,000 | 1,500,000 | $ 1,500,000 | ||||
Unamortized Debt Issuance Costs | (11,096) | (11,800) | |||||
Net Carrying Amount | $ 1,488,904 | $ 1,488,200 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Loss Contingencies [Line Items] | |
Commitments due within three years | $ 2,600,000,000 |
Contractual obligation maturity | 3 years |
Indemnification Agreement | |
Loss Contingencies [Line Items] | |
Liabilities recorded | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lessee Lease Description [Line Items] | ||
Operating lease cost | $ 25.4 | $ 25 |
Lease obligations for additional leases not yet commenced | 63 | |
Operating cash outflows for operating leases | 28.2 | 24.2 |
Lease liabilities arising from obtaining operating lease right-of-use assets | $ 10.8 | $ 1.7 |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Operating leases, terms | 6 years | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Operating leases, terms | 11 years |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate Related to Operating Leases (Details) | Mar. 31, 2024 | Mar. 31, 2023 |
Leases [Abstract] | ||
Weighted-average remaining lease term | 9 years 9 months 18 days | 6 years 3 months 18 days |
Weighted-average discount rate | 6.10% | 4.80% |
Leases - Present Value of Opera
Leases - Present Value of Operating Lease Liabilities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Leases [Abstract] | |
Remainder of 2024 | $ 57,484 |
2025 | 79,769 |
2026 | 86,676 |
2027 | 78,026 |
2028 | 76,753 |
Thereafter | 431,887 |
Total lease payments | 810,595 |
Less: Imputed interest | (220,205) |
Present value of lease liabilities | $ 590,390 |
Strategic Investments - Schedul
Strategic Investments - Schedule of Strategic Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Initial cost | $ 106,218 | $ 106,368 |
Cumulative upward adjustments | 147,499 | 147,317 |
Cumulative downward adjustments, including impairments | (64,656) | (58,357) |
Carrying value | $ 189,061 | $ 195,328 |
Strategic Investments - Gain (L
Strategic Investments - Gain (Loss) on Strategic Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Gains (losses) recognized on strategic investments sold during the period, net | $ 0 | $ 0 |
Unrealized gains on strategic investments still held at the reporting date | 182 | 1,079 |
Unrealized losses, including impairments, on strategic investments still held at the reporting date | (6,449) | (975) |
Gains (losses) on strategic investments, net | $ (6,267) | $ 104 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Total Estimated Fair Value | $ 1,800,000 | |
Fair Value, Measurements, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash, Equity Securities and Marketable securities, Cost or Amortized Cost | 2,906,443 | $ 3,533,181 |
Equity Securities and Marketable securities, Gross Unrealized Gains | 164 | 1,502 |
Equity Securities and Marketable securities, Gross Unrealized Losses | (6,474) | (4,206) |
Cash, Equity Securities and Marketable Securities, Total Estimated Fair Value | 2,900,133 | 3,530,477 |
Fair Value, Measurements, Recurring | Cash | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash, Cost or Amortized Cost | 1,023,276 | 1,780,402 |
Cash Gross Unrealized Losses | (7) | |
Cash, Total Estimated Fair Value | 1,023,269 | 1,780,402 |
Fair Value, Measurements, Recurring | Level 1 securities: | U.S. government securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Cost or Amortized Cost | 1,438,436 | 1,295,918 |
Marketable securities, Gross Unrealized Gains | 71 | 894 |
Marketable securities, Gross Unrealized Losses | (6,179) | (3,919) |
Marketable Securities, Total Estimated Fair Value | 1,432,328 | 1,292,893 |
Fair Value, Measurements, Recurring | Level 1 securities: | U.S. government agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Cost or Amortized Cost | 63,612 | 138,420 |
Marketable securities, Gross Unrealized Gains | 0 | 31 |
Marketable securities, Gross Unrealized Losses | (124) | (188) |
Marketable Securities, Total Estimated Fair Value | 63,488 | 138,263 |
Fair Value, Measurements, Recurring | Level 2 securities: | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Cost or Amortized Cost | 196,494 | 234,336 |
Marketable securities, Gross Unrealized Gains | 93 | 577 |
Marketable securities, Gross Unrealized Losses | (164) | (99) |
Marketable Securities, Total Estimated Fair Value | 196,423 | 234,814 |
Fair Value, Measurements, Recurring | Level 2 securities: | Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Cost or Amortized Cost | 184,625 | 65,380 |
Marketable securities, Gross Unrealized Gains | 0 | 0 |
Marketable securities, Gross Unrealized Losses | 0 | 0 |
Marketable Securities, Total Estimated Fair Value | $ 184,625 | 65,380 |
Fair Value, Measurements, Recurring | Level 2 securities: | Certificates of deposit | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Cost or Amortized Cost | 18,725 | |
Marketable securities, Gross Unrealized Gains | 0 | |
Marketable securities, Gross Unrealized Losses | 0 | |
Marketable Securities, Total Estimated Fair Value | $ 18,725 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities contractual maturities | $ 479.7 | |
Marketable securities, total estimated fair value | 1,800 | |
Equity securities, cost or amortized cost | 10.9 | $ 13.6 |
Level 2 securities: | 2025 Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Convertible notes | 179.2 | 300.9 |
Level 2 securities: | 2026 Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Convertible notes | 467.6 | 893.2 |
Level 2 securities: | 2028 Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Convertible notes | 1,139.7 | 1,181.7 |
Level 2 securities: | 2027 Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Convertible notes | $ 927.9 | $ 921.5 |
Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities contractual maturities period | 1 year | |
Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities contractual maturities period | 5 years |
Fair Value Measurements - Gain
Fair Value Measurements - Gain (Loss) on Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | ||
Gains (losses) recognized on publicly traded equity securities sold during the period, net | $ 0 | $ 137 |
Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net | (2,721) | 10,594 |
Gains (losses) on publicly traded equity securities, net | $ (2,721) | $ 10,731 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ 6,932 | $ 6,845 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedules of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning of period | $ 2,414,112 | |
Other comprehensive income (loss) before reclassifications | (6,369) | |
Amounts reclassified from AOCI | (12) | |
Net current period other comprehensive income (loss) | (6,381) | $ 12,310 |
Balance, end of period | 2,131,348 | 2,578,440 |
AOCI Attributable to Parent | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning of period | 7,131 | (13,974) |
Net current period other comprehensive income (loss) | (6,381) | 12,310 |
Balance, end of period | 750 | $ (1,664) |
Marketable Securities | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (2,860) | |
Other comprehensive income (loss) before reclassifications | (3,592) | |
Amounts reclassified from AOCI | (12) | |
Net current period other comprehensive income (loss) | (3,604) | |
Balance, end of period | (6,464) | |
Foreign Currency Translation | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning of period | 9,991 | |
Other comprehensive income (loss) before reclassifications | (2,777) | |
Amounts reclassified from AOCI | 0 | |
Net current period other comprehensive income (loss) | (2,777) | |
Balance, end of period | $ 7,214 |
Long-lived Assets - Long-lived
Long-lived Assets - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets, net | $ 937,480 | $ 927,188 |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets, net | 633,569 | 646,546 |
United Kingdom | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets, net | 235,535 | 218,326 |
Rest of world | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets, net | $ 68,376 | $ 62,316 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Global Headcount Reduction | |
Restructuring Cost And Reserve [Line Items] | |
Percentage of employee reduction in reprioritization plan | 10% |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Charges (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | $ 68,216 |
Cost of revenue | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 1,044 |
Research and development | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 38,987 |
Sales and marketing | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 19,474 |
General and administrative | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 8,711 |
Severance and Related Charges | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 53,627 |
Severance and Related Charges | Cost of revenue | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 837 |
Severance and Related Charges | Research and development | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 31,269 |
Severance and Related Charges | Sales and marketing | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 15,256 |
Severance and Related Charges | General and administrative | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 6,265 |
Stock-Based Compensation Expense (Benefit) | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 9,037 |
Stock-Based Compensation Expense (Benefit) | Cost of revenue | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 207 |
Stock-Based Compensation Expense (Benefit) | Research and development | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 4,517 |
Stock-Based Compensation Expense (Benefit) | Sales and marketing | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 4,218 |
Stock-Based Compensation Expense (Benefit) | General and administrative | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 95 |
Other | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 5,552 |
Other | Cost of revenue | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 0 |
Other | Research and development | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 3,201 |
Other | Sales and marketing | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | 0 |
Other | General and administrative | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charges | $ 2,351 |