The Trade Desk, Inc. (TTD) 10-Q 9 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	TTD
Entity Registrant Name	TRADE DESK, INC.
Entity Central Index Key	0001671933
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-37879
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1887399
Entity Address, Address Line One	42 N. Chestnut Street
Entity Address, City or Town	Ventura
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93001
City Area Code	805
Local Phone Number	585-3434
Title of 12(b) Security	Class A Common Stock, par value $0.000001 per share
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		446,162,505
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,035,900

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 965,831	$ 1,030,506
Short-term investments, net	465,113	416,080
Accounts receivable, net of allowance for credit losses of $10,648 and $10,477 as of June 30, 2023 and December 31, 2022, respectively	2,346,070	2,347,195
Prepaid expenses and other current assets	54,749	51,836
TOTAL CURRENT ASSETS	3,831,763	3,845,617
Property and equipment, net	159,805	173,759
Operating lease assets	212,088	220,396
Deferred income taxes	94,028	94,028
Other assets, non-current	49,284	46,879
TOTAL ASSETS	4,346,968	4,380,679
Current liabilities:
Accounts payable	1,892,906	1,871,419
Accrued expenses and other current liabilities	103,285	105,474
Operating lease liabilities	54,793	52,430
TOTAL CURRENT LIABILITIES	2,050,984	2,029,323
Operating lease liabilities, non-current	198,075	208,527
Other liabilities, non-current	26,499	27,490
TOTAL LIABILITIES	2,275,558	2,265,340
Commitments and contingencies (Note 11)
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.000001; 100,000 shares authorized, zero shares issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Common stock, par value $0.000001 Class A, 1,000,000 shares authorized; 446,013 and 446,456 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively Class B, 95,000 shares authorized; 44,036 and 44,012 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	0	0
Additional paid-in capital	1,700,498	1,449,825
Retained earnings	370,912	665,514
TOTAL STOCKHOLDERS’ EQUITY	2,071,410	2,115,339
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 4,346,968	$ 4,380,679

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, allowance for credit losses	$ 10,648	$ 10,477
Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock
Common stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Class A common stock
Common stock
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	446,013,000	446,456,000
Common stock, outstanding (in shares)	446,013,000	446,456,000
Class B common stock
Common stock
Common stock, authorized (in shares)	95,000,000	95,000,000
Common stock, issued (in shares)	44,036,000	44,012,000
Common stock, outstanding (in shares)	44,036,000	44,012,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 464,254	$ 376,962	$ 847,057	$ 692,285
Operating expenses:
Platform operations	86,654	67,490	171,521	131,380
Sales and marketing	111,489	89,420	208,711	160,108
Technology and development	98,308	83,483	192,018	155,482
General and administrative	126,130	134,826	256,442	260,625
Total operating expenses	422,581	375,219	828,692	707,595
Income (loss) from operations	41,673	1,743	18,365	(15,310)
Other expense (income):
Interest expense (income), net	(17,507)	(656)	(31,930)	420
Foreign currency exchange loss (gain), net	(747)	317	(24)	(478)
Total other income, net	(18,254)	(339)	(31,954)	(58)
Income (loss) before income taxes	59,927	2,082	50,319	(15,252)
Provision for income taxes	26,988	21,155	8,054	18,419
Net income (loss)	$ 32,939	$ (19,073)	$ 42,265	$ (33,671)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.07	$ (0.04)	$ 0.09	$ (0.07)
Diluted (in dollars per share)	$ 0.07	$ (0.04)	$ 0.08	$ (0.07)
Weighted-average shares outstanding:
Basic (in shares)	488,431	486,310	489,068	485,256
Diluted (in shares)	499,349	486,310	499,570	485,256

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Class A and B Common Stock	Additional Paid-In Capital	Retained Earnings
Balance at beginning of period (in shares) at Dec. 31, 2021		483,441
Balance at beginning of period at Dec. 31, 2021	$ 1,527,306		$ 915,177	$ 612,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		2,395
Exercise of common stock options	24,408		24,408
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		190
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(13,428)		(13,428)
Stock-based compensation	125,415		125,415
Net income (loss)	(14,598)			(14,598)
Balance at end of period (in shares) at Mar. 31, 2022		486,026
Balance at end of period at Mar. 31, 2022	1,649,103		1,051,572	597,531
Balance at beginning of period (in shares) at Dec. 31, 2021		483,441
Balance at beginning of period at Dec. 31, 2021	1,527,306		915,177	612,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(33,671)
Balance at end of period (in shares) at Jun. 30, 2022		488,290
Balance at end of period at Jun. 30, 2022	1,779,831		1,201,373	578,458
Balance at beginning of period (in shares) at Mar. 31, 2022		486,026
Balance at beginning of period at Mar. 31, 2022	1,649,103		1,051,572	597,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		657
Exercise of common stock options	7,387		7,387
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		661
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(9,768)		(9,768)
Issuance of common stock under employee stock purchase plan (in shares)		946
Issuance of common stock under employee stock purchase plan	25,547		25,547
Stock-based compensation	126,635		126,635
Net income (loss)	(19,073)			(19,073)
Balance at end of period (in shares) at Jun. 30, 2022		488,290
Balance at end of period at Jun. 30, 2022	1,779,831		1,201,373	578,458
Balance at beginning of period (in shares) at Dec. 31, 2022		490,468
Balance at beginning of period at Dec. 31, 2022	2,115,339		1,449,825	665,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		2,451
Exercise of common stock options	10,365		10,365
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		414
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(15,595)		(15,595)
Repurchases of Class A common stock (in shares)		(5,139)
Repurchases of Class A common stock	(292,863)			(292,863)
Stock-based compensation	114,235		114,235
Net income (loss)	9,326			9,326
Balance at end of period (in shares) at Mar. 31, 2023		488,194
Balance at end of period at Mar. 31, 2023	1,940,807		1,558,830	381,977
Balance at beginning of period (in shares) at Dec. 31, 2022		490,468
Balance at beginning of period at Dec. 31, 2022	2,115,339		1,449,825	665,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	42,265
Balance at end of period (in shares) at Jun. 30, 2023		490,049
Balance at end of period at Jun. 30, 2023	2,071,410		1,700,498	370,912
Balance at beginning of period (in shares) at Mar. 31, 2023		488,194
Balance at beginning of period at Mar. 31, 2023	1,940,807		1,558,830	381,977
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		1,074
Exercise of common stock options	17,407		17,407
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		879
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(15,459)		(15,459)
Issuance of common stock under employee stock purchase plan (in shares)		497
Issuance of common stock under employee stock purchase plan	21,316		21,316
Repurchases of Class A common stock (in shares)		(595)
Repurchases of Class A common stock	(44,004)			(44,004)
Stock-based compensation	118,404		118,404
Net income (loss)	32,939			32,939
Balance at end of period (in shares) at Jun. 30, 2023		490,049
Balance at end of period at Jun. 30, 2023	$ 2,071,410		$ 1,700,498	$ 370,912

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES:
Net income (loss)	$ 42,265	$ (33,671)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	39,359	24,624
Stock-based compensation	230,553	250,108
Noncash lease expense	24,325	21,343
Allowance for credit losses on accounts receivable	318	2,078
Deferred income taxes	0	1,555
Other	(8,423)	6,630
Changes in operating assets and liabilities:
Accounts receivable	(35,368)	112,345
Prepaid expenses and other current and non-current assets	(3,659)	29,018
Accounts payable	50,995	(129,853)
Accrued expenses and other current and non-current liabilities	399	(22,190)
Operating lease liabilities	(25,102)	(24,029)
Net cash provided by operating activities	315,662	237,958
INVESTING ACTIVITIES:
Purchases of investments	(316,307)	(233,877)
Sales of investments	0	1,977
Maturities of investments	274,401	154,092
Purchases of property and equipment	(16,556)	(12,541)
Capitalized software development costs	(3,415)	(3,226)
Net cash used in investing activities	(61,877)	(93,575)
FINANCING ACTIVITIES:
Repurchases of Class A common stock	(336,494)	0
Proceeds from exercise of stock options	27,772	31,795
Proceeds from employee stock purchase plan	21,316	25,547
Taxes paid related to net settlement of restricted stock awards	(31,054)	(23,196)
Net cash provided by (used in) financing activities	(318,460)	34,146
Increase (decrease) in cash and cash equivalents	(64,675)	178,529
Cash and cash equivalents—Beginning of period	1,030,506	754,154
Cash and cash equivalents—End of period	965,831	932,683
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for operating lease liabilities	30,870	28,230
Operating lease assets obtained in exchange for operating lease liabilities	16,967	11,989
Capitalized assets financed by accounts payable	3,033	17,852
Tenant improvements paid by lessor	0	425
Asset retirement obligation	0	173
Stock-based compensation included in capitalized software development costs	$ 2,086	$ 1,942

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Note 1—Nature of Operations The Trade Desk, Inc. (the “Company”) is a global technology company that empowers buyers of advertising. Through the Company’s self-service, cloud-based platform, ad buyers can create, manage and optimize more expressive data-driven digital advertising campaigns across ad formats and channels, including video (which includes connected TV (“CTV”)), display, audio, digital-out-of-home, native and social, on a multitude of devices, such as computers, mobile devices, televisions and streaming devices. The Company’s platform integrations with major inventory, publisher and data partners provide ad buyers reach and decisioning capabilities, and the Company’s enterprise application programming interfaces (“APIs”) enable its clients to develop on top of the platform. The Company is a Delaware corporation formed in November 2009 and headquartered in Ventura, California with offices in various cities in North America, Europe, Asia and Australia.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2—Basis of Presentation and Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2022 was derived from audited financial statements but does not include all disclosures required by GAAP. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes to the Company’s accounting policies from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022, and these unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the Company’s audited annual consolidated financial statements for the year ended December 31, 2022, and include, in the opinion of management, all adjustments, consisting of normal recurring items, necessary for the fair statement of the condensed consolidated financial statements. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates. Management regularly evaluates its estimates, primarily those related to: (1) revenue recognition criteria, including the determination of revenue reporting as net versus gross in the Company’s revenue arrangements, (2) allowances for credit losses, (3) operating lease assets and liabilities, including the Company’s incremental borrowing rate and terms and provisions of each lease, (4) the useful lives of property and equipment and capitalized software development costs, (5) income taxes, (6) assumptions used in the option pricing models to determine the fair value of stock-based compensation and (7) the recognition and disclosure of contingent liabilities. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. As of June 30, 2023, the impacts to the Company’s business due to geopolitical developments and macroeconomic factors, such as rising interest rates, inflation, changes in foreign currency exchange rates and supply chain disruptions, continue to evolve. As a result, many of the Company’s estimates and assumptions, including the allowance for credit losses, consider macroeconomic factors in the market, which require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change materially in future periods.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 3—Earnings Per Share The Company has two classes of common stock, Class A and Class B. Basic and diluted earnings (loss) per share attributable to common stockholders for Class A and Class B common stock were the same because they were entitled to the same liquidation and dividend rights. The computation of basic and diluted earnings (loss) per share is as follows (in thousands, except per share amounts): Three Months Ended Six Months Ended 2023 2022* 2023 2022* Numerator: Net income (loss) $ 32,939 $ (19,073) $ 42,265 $ (33,671) Denominator: Weighted-average shares outstanding—basic 488,431 486,310 489,068 485,256 Effect of dilutive securities 10,918 — 10,502 — Weighted-average shares outstanding—diluted 499,349 486,310 499,570 485,256 Basic earnings (loss) per share $ 0.07 $ (0.04) $ 0.09 $ (0.07) Diluted earnings (loss) per share $ 0.07 $ (0.04) $ 0.08 $ (0.07) Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings (loss) per share 7,578 — 7,578 — _______________ * Diluted loss per share attributable to the Company for the three and six months ended June 30, 2022 excluded all potentially dilutive securities because there were net losses for the periods ended and the inclusion of these securities would have been anti-dilutive. Potentially dilutive securities excluded from the calculation of diluted loss per share were 28.1 million shares under stock-based award plans for the three and six months ended June 30, 2022.

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-Term Investments, Net	6 Months Ended
	Jun. 30, 2023
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Cash, Cash Equivalents and Short-Term Investments, Net	Note 4—Cash, Cash Equivalents and Short-Term Investments, Net Cash, cash equivalents and short-term investments in marketable securities were as follows (in thousands): As of June 30, 2023 Cash and Short-Term Total Cash $ 193,107 $ — $ 193,107 Level 1: Money market funds 760,150 — 760,150 Level 2: Commercial paper 12,574 172,039 184,613 Corporate debt securities — 145,454 145,454 U.S. government and agency securities — 147,620 147,620 Total $ 965,831 $ 465,113 $ 1,430,944 As of December 31, 2022 Cash and Short-Term Total Cash $ 339,717 $ — $ 339,717 Level 1: Money market funds 640,233 — 640,233 Level 2: Commercial paper 50,556 126,507 177,063 Corporate debt securities — 180,502 180,502 U.S. government and agency securities — 109,071 109,071 Total $ 1,030,506 $ 416,080 $ 1,446,586 The Company’s gross unrealized gains or losses from its short-term investments, recorded at fair value, for the three and six months ended June 30, 2023 and 2022, were immaterial. The contractual maturities of the Company’s short-term investments are as follows (in thousands): June 30, 2023 Due in one year $ 450,849 Due in one to two years 14,264 Total $ 465,113

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Note 5—Leases The components of lease expense recorded in the condensed consolidated statements of operations were as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease cost $ 12,209 $ 12,792 $ 24,056 $ 25,276 Short-term lease cost 442 479 914 951 Variable lease cost 2,851 2,471 5,954 4,414 Sublease income (604) (621) (1,150) (1,247) Total lease cost $ 14,898 $ 15,121 $ 29,774 $ 29,394

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Note 6—Debt Credit Facility On June 15, 2021, the Company and a syndicate of banks, led by JPMorgan Chase Bank, N.A., as agent, entered into a Loan and Security Agreement (the “Credit Facility”). The Credit Facility consists of a $450 million revolving loan facility, with a $20 million sublimit for swingline borrowings and a $15 million sublimit for the issuance of letters of credit. Under certain circumstances, the Company has the right to increase the Credit Facility by an amount not to exceed $300 million. The Credit Facility is collateralized by substantially all of the Company’s assets, including a pledge of certain of its accounts receivable, deposit accounts, intellectual property, investment property and equipment. On December 17, 2021, the Company amended the Credit Facility to expand the process for issuing letters of credit and the related invoicing, particularly with respect to letters of credit not denominated in U.S. Dollars. On February 9, 2023, the Company further amended its Credit Facility (as amended, the “Amended Credit Facility”) to transition from a variable interest rate based on the London Interbank Offered Rate to a variable interest rate based on the secured overnight financing rate (“SOFR”). Loans under the Amended Credit Facility bear interest at a rate equal to, at the Company’s option, an annual rate of either a Base Rate or an adjusted term SOFR rate (defined as SOFR for a specified term plus a credit spread adjustment of 10 basis points, subject to a 0% floor), plus an applicable margin (“Base Rate Borrowings” and “Term SOFR Borrowings”). The Base Rate is defined as a rate per annum for any day equal to the greatest of (1) the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the United States, (2) the New York Federal Reserve Bank Rate in effect on such day plus half of 1%, and (3) the adjusted term SOFR rate for a one-month interest period on such day plus 1%. The applicable margin is between 0.25% to 1.25% for Base Rate Borrowings and between 1.25% and 2.25% for Term SOFR Rate Borrowings based on the Company maintaining certain leverage ratios. The fee for undrawn amounts under the Amended Credit Facility ranges, based on the applicable leverage, from 0.200% to 0.350%. The Company is also required to pay customary letter of credit fees, as necessary. As of June 30, 2023, the Company did not have an outstanding debt balance under the Amended Credit Facility. Availability under the Amended Credit Facility was $445 million as of June 30, 2023, which is net of outstanding letters of credit of $5 million. The Amended Credit Facility matures, and all outstanding amounts become due and payable, on June 15, 2026. The Amended Credit Facility contains customary conditions to borrowings, events of default and covenants, including covenants that restrict the Company’s ability to sell assets, make changes to the nature of the Company’s business, engage in mergers or acquisitions, incur, assume or permit to exist additional indebtedness and guarantees, create or permit to exist liens, pay dividends, issue equity instruments, make distributions or redeem or repurchase capital stock or make other investments, engage in transactions with affiliates and make payments in respect of subordinated debt. The Amended Credit Facility also requires the Company to maintain compliance with a maximum ratio of consolidated funded debt to consolidated EBITDA of 3.50 to 1.00. As of June 30, 2023, the Company was in compliance with all covenants.

Capitalization

Capitalization	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Capitalization	Note 7—Capitalization Share Repurchase Program In February 2023, the Company’s board of directors approved a share repurchase program with authorization to purchase up to $700 million of its Class A common stock. The share repurchase program, which has no expiration date, is designed to help offset the impact of future share dilution from employee stock issuances. Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases to be determined at the Company’s discretion, depending on market conditions and corporate needs. Open market repurchases are structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. This program does not obligate the Company to acquire any particular amount of Class A common stock, and may be modified, suspended or terminated at any time at the discretion of the Company’s board of directors.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 8—Stock-Based Compensation Stock-Based Compensation Expense Stock-based compensation expense recorded in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Platform operations $ 4,967 $ 4,787 $ 8,913 $ 10,737 Sales and marketing 18,800 17,332 32,923 33,857 Technology and development 26,689 22,224 47,556 44,617 General and administrative 66,627 80,870 141,161 160,897 Total $ 117,083 $ 125,213 $ 230,553 $ 250,108 Stock Options The following summarizes stock option activity: Shares Under Options (in thousands) Weighted- Average Exercise Price Outstanding as of December 31, 2022 15,418 $ 19.82 Granted 2,766 61.85 Exercised (3,525) 7.89 Expired/Forfeited (461) 54.31 Outstanding as of June 30, 2023 14,198 $ 29.86 Exercisable as of June 30, 2023 9,843 $ 17.00 At June 30, 2023, the Company had unrecognized stock-based compensation relating to stock options, excluding the CEO Performance Option (as defined below), of approximately $154 million, which is expected to be recognized over a weighted-average period of 3.0 years. CEO Performance Option In October 2021, the Company granted a market-based performance award to the Company’s Chief Executive Officer (the “CEO Performance Option”) under the Company’s 2016 Incentive Award Plan. The CEO Performance Option has an exercise price of $68.29 per share. At December 31, 2022, the CEO Performance Option had 19.2 million options outstanding. No options were granted, exercised, forfeited or expired during the three and six months ended June 30, 2023. At June 30, 2023, the CEO Performance Option had 2.4 million exercisable options and 19.2 million options outstanding. Stock-based compensation of $48 million and $66 million for the CEO Performance Option was recorded as a component of general and administrative expense during the three months ended June 30, 2023 and 2022, respectively. Stock-based compensation of $108 million and $131 million for the CEO Performance Option was recorded as a component of general and administrative expense during the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023, the Company had unrecognized stock-based compensation relating to the CEO Performance Option of $291 million that is expected to be recognized over a weighted-average period of 2.0 years, assuming no acceleration of vesting. Restricted Stock The following summarizes restricted stock activity: Shares (in thousands) Weighted- Average Grant Date Fair Value Unvested as of December 31, 2022 8,747 $ 57.41 Granted 5,845 60.86 Vested (1,434) 52.58 Forfeited (704) 56.35 Unvested as of June 30, 2023 12,454 $ 59.65 At June 30, 2023, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $687 million, which is expected to be recognized over a weighted-average period of 3.2 years. Employee Stock Purchase Plan (“ESPP”) Stock-based compensation expense related to the ESPP totaled $5 million and $16 million for the three months ended June 30, 2023 and 2022, respectively. Stock-based compensation expense related to the ESPP totaled $8 million and $42 million for the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023, the Company had unrecognized stock-based compensation relating to ESPP awards of approximately $14 million, which is expected to be recognized over a weighted-average period of 0.9 years.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 9—Income Taxes In determining the interim provision for income taxes for the three and six months ended June 30, 2023, the Company utilized the annual estimated effective tax rate applied to the actual year-to-date income and added the tax effects of any discrete items in the reporting period in which they occur. In determining the interim provision for income taxes for the three and six months ended June 30, 2022, the Company utilized the discrete effective tax rate method, as allowed by Accounting Standards Codification (“ASC”) 740-270-30-18, “Income Taxes – Interim Reporting.” The discrete method is applied when the application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The discrete method treats the year-to-date period as if it were the annual period and determines the income tax expense or benefit on that basis. For the three months ended June 30, 2023 and 2022, the provision for income taxes included benefits associated with stock-based awards of $9 million and $5 million, respectively. For the six months ended June 30, 2023 and 2022, the provision for income taxes included benefits associated with stock-based awards of $36 million and $31 million, respectively. For the six months ended June 30, 2023 and 2022, the Company’s effective tax rate differed from the United States federal statutory tax rate of 21% primarily due to nondeductible stock-based compensation, state and foreign taxes, the impact of tax benefits associated with stock-based awards and research and development tax credits. There were no material changes to the Company’s unrecognized tax benefits during the six months ended June 30, 2023, and the Company does not expect to have any significant changes to unrecognized tax benefits through the end of the fiscal year.

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2023
Segments, Geographical Areas [Abstract]
Segment and Geographic Information	Note 10—Segment and Geographic Information The Company has one primary business activity and operates in one reportable and operating segment. The Company reports revenue net of amounts it pays suppliers for the cost of advertising inventory, third-party data and other add-on features (collectively, “Supplier Features”). The Company generally bills clients based on the gross amount of Supplier Features they purchase through its platform and the platform fees (“Gross Billings”), net of allowances. The Company’s accounts receivable are recorded at the amount of Gross Billings for the amounts it is responsible to collect, and accounts payable are recorded at the net amount payable to suppliers. Accordingly, both accounts receivable and accounts payable appear large in relation to revenue reported on a net basis. Gross Billings, based on the address of the clients or client affiliates, set forth as a percentage of total Gross Billings, were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 United States 88 % 89 % 88 % 88 % International 12 % 11 % 12 % 12 % Total 100 % 100 % 100 % 100 %

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11— Commitments and Contingencies Guarantees and Indemnification In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to clients, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon the Company to provide indemnification under such agreements, and thus, there are no claims that the Company is aware of that could have a material effect on the Company’s balance sheet, statement of operations or statement of cash flows. Accordingly, no amounts for any obligation have been recorded at June 30, 2023 and 2022. Litigation From time to time, the Company is subject to various legal proceedings, litigation and claims, either asserted or unasserted, that arise in the ordinary course of business. Although the outcome of the various legal proceedings, litigation and claims cannot be predicted with certainty, management does not believe that any of these proceedings or other claims will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. On May 27, 2022, a stockholder of the Company filed a derivative lawsuit captioned Huizenga v. Green, et al., No. 2022-0461, asserting claims on behalf of the Company against certain members of the Company’s board of directors in the Court of Chancery of the State of Delaware. On June 27, 2022, a second derivative lawsuit captioned Pfeiffer v. Green, et al., No. 2022-0560 was filed in the Court of Chancery of the State of Delaware alleging substantially similar claims. Those lawsuits were consolidated on August 18, 2022, and a lead plaintiff was appointed on October 7, 2022. The two complaints allege generally that the Defendants breached their fiduciary duties to the Company and its stockholders in connection with the negotiation and approval of the CEO Performance Option. The plaintiffs seek a court order rescinding the CEO Performance Option and monetary damages. On November 10, 2022, the plaintiffs filed a consolidated complaint, and on January 12, 2023, the Defendants moved to dismiss the consolidated complaint. On March 24, 2023, plaintiffs filed an opposition to defendants’ motions to dismiss. Defendants filed their replies in support of their motions to dismiss on May 19, 2023, and oral argument is scheduled for October 9, 2023. Litigation is inherently uncertain and there can be no assurance regarding the likelihood that the motions to dismiss or defense of the various actions will be successful. Employment Contracts The Company has entered into agreements with severance terms with certain employees and officers, all of whom are employed on an at-will basis, subject to certain severance obligations in the event of certain involuntary terminations. The Company may be required to accelerate the vesting of certain stock options in the event of changes in control, as defined, and involuntary terminations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 32,939	$ 9,326	$ (19,073)	$ (14,598)	$ 42,265	$ (33,671)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Laura Schenkein [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 1, 2023, our Chief Financial Officer, Laura Schenkein, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 97,537 shares of our Class A common stock. The plan will terminate at the earlier of the execution of all trading orders in the plan or February 22, 2024.
Name	Laura Schenkein
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 1, 2023
Termination Date	February 22, 2024
Arrangement Duration	266 days
Aggregate Available	97,537	97,537
Jeff T. Green [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 15, 2023, our Chief Executive Officer, Jeff T. Green, through a personal trust over which he is a trustee, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 1.5 million shares of our Class A common stock. The plan will terminate at the earlier of the execution of all trading orders in the plan or March 15, 2024.
Name	Jeff T. Green
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 15, 2023
Termination Date	March 15, 2024
Arrangement Duration	274 days
Aggregate Available	1,500,000	1,500,000

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2022 was derived from audited financial statements but does not include all disclosures required by GAAP. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2022
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates. Management regularly evaluates its estimates, primarily those related to: (1) revenue recognition criteria, including the determination of revenue reporting as net versus gross in the Company’s revenue arrangements, (2) allowances for credit losses, (3) operating lease assets and liabilities, including the Company’s incremental borrowing rate and terms and provisions of each lease, (4) the useful lives of property and equipment and capitalized software development costs, (5) income taxes, (6) assumptions used in the option pricing models to determine the fair value of stock-based compensation and (7) the recognition and disclosure of contingent liabilities. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. As of June 30, 2023, the impacts to the Company’s business due to geopolitical developments and macroeconomic factors, such as rising interest rates, inflation, changes in foreign currency exchange rates and supply chain disruptions, continue to evolve. As a result, many of the Company’s estimates and assumptions, including the allowance for credit losses, consider macroeconomic factors in the market, which require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change materially in future periods.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted EPS	The computation of basic and diluted earnings (loss) per share is as follows (in thousands, except per share amounts): Three Months Ended Six Months Ended 2023 2022* 2023 2022* Numerator: Net income (loss) $ 32,939 $ (19,073) $ 42,265 $ (33,671) Denominator: Weighted-average shares outstanding—basic 488,431 486,310 489,068 485,256 Effect of dilutive securities 10,918 — 10,502 — Weighted-average shares outstanding—diluted 499,349 486,310 499,570 485,256 Basic earnings (loss) per share $ 0.07 $ (0.04) $ 0.09 $ (0.07) Diluted earnings (loss) per share $ 0.07 $ (0.04) $ 0.08 $ (0.07) Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings (loss) per share 7,578 — 7,578 — _______________ * Diluted loss per share attributable to the Company for the three and six months ended June 30, 2022 excluded all potentially dilutive securities because there were net losses for the periods ended and the inclusion of these securities would have been anti-dilutive. Potentially dilutive securities excluded from the calculation of diluted loss per share were 28.1 million shares under stock-based award plans for the three and six months ended June 30, 2022.

Cash, Cash Equivalents and Sh_2

Cash, Cash Equivalents and Short-Term Investments, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Schedule of Cash, Cash Equivalents and Short-term Investments in Marketable Securities	Cash, cash equivalents and short-term investments in marketable securities were as follows (in thousands): As of June 30, 2023 Cash and Short-Term Total Cash $ 193,107 $ — $ 193,107 Level 1: Money market funds 760,150 — 760,150 Level 2: Commercial paper 12,574 172,039 184,613 Corporate debt securities — 145,454 145,454 U.S. government and agency securities — 147,620 147,620 Total $ 965,831 $ 465,113 $ 1,430,944 As of December 31, 2022 Cash and Short-Term Total Cash $ 339,717 $ — $ 339,717 Level 1: Money market funds 640,233 — 640,233 Level 2: Commercial paper 50,556 126,507 177,063 Corporate debt securities — 180,502 180,502 U.S. government and agency securities — 109,071 109,071 Total $ 1,030,506 $ 416,080 $ 1,446,586
Schedule of Contractual Maturities of Short-Term Investments	The contractual maturities of the Company’s short-term investments are as follows (in thousands): June 30, 2023 Due in one year $ 450,849 Due in one to two years 14,264 Total $ 465,113

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of Components of Lease Expense	The components of lease expense recorded in the condensed consolidated statements of operations were as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease cost $ 12,209 $ 12,792 $ 24,056 $ 25,276 Short-term lease cost 442 479 914 951 Variable lease cost 2,851 2,471 5,954 4,414 Sublease income (604) (621) (1,150) (1,247) Total lease cost $ 14,898 $ 15,121 $ 29,774 $ 29,394

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	Stock-based compensation expense recorded in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Platform operations $ 4,967 $ 4,787 $ 8,913 $ 10,737 Sales and marketing 18,800 17,332 32,923 33,857 Technology and development 26,689 22,224 47,556 44,617 General and administrative 66,627 80,870 141,161 160,897 Total $ 117,083 $ 125,213 $ 230,553 $ 250,108
Summary of Stock Option Activity	The following summarizes stock option activity: Shares Under Options (in thousands) Weighted- Average Exercise Price Outstanding as of December 31, 2022 15,418 $ 19.82 Granted 2,766 61.85 Exercised (3,525) 7.89 Expired/Forfeited (461) 54.31 Outstanding as of June 30, 2023 14,198 $ 29.86 Exercisable as of June 30, 2023 9,843 $ 17.00
Summary of Restricted Stock Activity	The following summarizes restricted stock activity: Shares (in thousands) Weighted- Average Grant Date Fair Value Unvested as of December 31, 2022 8,747 $ 57.41 Granted 5,845 60.86 Vested (1,434) 52.58 Forfeited (704) 56.35 Unvested as of June 30, 2023 12,454 $ 59.65

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segments, Geographical Areas [Abstract]
Gross Billings Percentage, Based on Billing Address of Clients or Client Affiliates	Gross Billings, based on the address of the clients or client affiliates, set forth as a percentage of total Gross Billings, were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 United States 88 % 89 % 88 % 88 % International 12 % 11 % 12 % 12 % Total 100 % 100 % 100 % 100 %

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail)	Jun. 30, 2023 Class
Earnings Per Share [Abstract]
Number of classes of common stock	2

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss)	$ 32,939	$ 9,326	$ (19,073)	$ (14,598)	$ 42,265	$ (33,671)
Denominator:
Weighted-average shares outstanding—basic (in shares)	488,431		486,310		489,068	485,256
Effect of dilutive securities (in shares)	10,918		0		10,502	0
Weighted-average shares outstanding—diluted (in shares)	499,349		486,310		499,570	485,256
Basic earnings (loss) per share (in dollars per share)	$ 0.07		$ (0.04)		$ 0.09	$ (0.07)
Diluted earnings (loss) per share (in dollars per share)	$ 0.07		$ (0.04)		$ 0.08	$ (0.07)
Antidilutive Securities Including Potentially Dilutive Securities Under Net Loss Position
Denominator:
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings (loss) per share (in shares)			28,100			28,100
Antidilutive Securities Not Under Net Loss Position
Denominator:
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings (loss) per share (in shares)	7,578		0		7,578	0

Cash, Cash Equivalents and Sh_3

Cash, Cash Equivalents and Short-Term Investments, Net - Schedule of Cash, Cash Equivalents and Short-term Investments in Marketable Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Cash and Cash Equivalents	$ 965,831	$ 1,030,506
Short-Term Investments, Net	465,113	416,080
Total	1,430,944	1,446,586
Cash
Schedule Of Available For Sale Securities [Line Items]
Cash and Cash Equivalents	193,107	339,717
Total	193,107	339,717
Level 1 | Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Cash and Cash Equivalents	760,150	640,233
Total	760,150	640,233
Level 2 | Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Cash and Cash Equivalents	12,574	50,556
Short-Term Investments, Net	172,039	126,507
Total	184,613	177,063
Level 2 | Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Cash and Cash Equivalents	0	0
Short-Term Investments, Net	145,454	180,502
Total	145,454	180,502
Level 2 | U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Cash and Cash Equivalents	0	0
Short-Term Investments, Net	147,620	109,071
Total	$ 147,620	$ 109,071

Cash, Cash Equivalents and Sh_4

Cash, Cash Equivalents and Short-Term Investments, Net - Schedule of Contractual Maturities of Short-Term Investments (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Due in one year	$ 450,849
Due in one to two years	14,264
Total	$ 465,113

Leases (Detail)

Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 12,209	$ 12,792	$ 24,056	$ 25,276
Short-term lease cost	442	479	914	951
Variable lease cost	2,851	2,471	5,954	4,414
Sublease income	(604)	(621)	(1,150)	(1,247)
Total lease cost	$ 14,898	$ 15,121	$ 29,774	$ 29,394

Debt (Detail)

Debt (Detail) - USD ($)			6 Months Ended
	Feb. 09, 2023	Jun. 15, 2021	Jun. 30, 2023
Loan and Security Agreement Revolving Loan Facility
Long-term debt:
Line of credit facility		$ 450,000,000
Loan and Security Agreement Revolving Loan Facility Swingline Borrowings
Long-term debt:
Line of credit facility		20,000,000
Loan and Security Agreement Revolving Loan Facility Letter of Credit
Long-term debt:
Line of credit facility		15,000,000
Loan and Security Agreement
Long-term debt:
Line of credit maximum amount right to increase		$ 300,000,000
Amended Credit Facility
Long-term debt:
Outstanding debt balance			$ 0
Availability under the credit facility			$ 445,000,000
Maximum ratio of consolidated funded debt to consolidated EBITDA			350%
Amended Credit Facility | Minimum
Long-term debt:
Fee percentage for undrawn amounts			0.20%
Amended Credit Facility | Maximum
Long-term debt:
Fee percentage for undrawn amounts			0.35%
Amended Credit Facility | NYFRB Rate
Long-term debt:
Basis spread on variable rate	0.50%
Amended Credit Facility | Base Rate | Minimum
Long-term debt:
Basis spread on variable rate	0.25%
Amended Credit Facility | Base Rate | Maximum
Long-term debt:
Basis spread on variable rate	1.25%
Amended Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Long-term debt:
Basis spread on variable rate	0.10%
Floor interest rate	0%
Amended Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Long-term debt:
Basis spread on variable rate	1.25%
Amended Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Long-term debt:
Basis spread on variable rate	2.25%
Amended Credit Facility | Adjusted Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Long-term debt:
Basis spread on variable rate	1%
Amended Credit Facility, Letter of Credit
Long-term debt:
Outstanding letters of credit			$ 5,000,000

Capitalization (Details)

Capitalization (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Feb. 28, 2023
Class of Stock [Line Items]
Aggregate repurchases of Class A common stock	$ 44,004	$ 292,863
Class A common stock | 2023 Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 700,000
Repurchases of Class A common stock (in shares)	0.6		5.7
Aggregate repurchases of Class A common stock	$ 44,000		$ 337,000
Stock repurchase program, remaining amount authorized	$ 364,000		$ 364,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	$ 117,083	$ 125,213	$ 230,553	$ 250,108
Platform operations
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	4,967	4,787	8,913	10,737
Sales and marketing
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	18,800	17,332	32,923	33,857
Technology and development
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	26,689	22,224	47,556	44,617
General and administrative
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	$ 66,627	$ 80,870	$ 141,161	$ 160,897

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Stock Options - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2023
Shares Under Option
Outstanding at the beginning of the period (in shares)	15,418
Granted (in shares)	2,766
Exercised (in shares)	(3,525)
Expired/Forfeited (in shares)	(461)
Outstanding at the end of the period (in shares)	14,198
Exercisable at the end of the period (in shares)	9,843
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 19.82
Granted (in dollars per share)	61.85
Exercised (in dollars per share)	7.89
Expired/Forfeited (in dollars per share)	54.31
Outstanding at the end of the period (in dollars per share)	29.86
Exercisable at end of period (in dollars per share)	$ 17

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Oct. 31, 2021
Stock-Based Compensation
Stock-based compensation expense	$ 117,083	$ 125,213	$ 230,553	$ 250,108
Stock Options
Stock-Based Compensation
Unrecognized stock-based compensation relating to options	$ 154,000		$ 154,000
Weighted-average period for recognition of stock based expense (in years)			3 years
Options outstanding (in shares)	14,198,000		14,198,000		15,418,000
Options expired / forfeited (in shares)			461,000
Options granted (in shares)			2,766,000
Exercise of common stock options (in shares)			3,525,000
Exercisable at the end of the period (in shares)	9,843,000		9,843,000
CEO Performance Option | 2016 Incentive Award Plan | Chief Executive Officer
Stock-Based Compensation
Unrecognized stock-based compensation relating to options	$ 291,000		$ 291,000
Weighted-average period for recognition of stock based expense (in years)			2 years
Exercise price (in dollars per share)						$ 68.29
Options outstanding (in shares)	19,200,000		19,200,000		19,200,000
Options expired / forfeited (in shares)	0		0
Options granted (in shares)	0		0
Exercise of common stock options (in shares)	0		0
Exercisable at the end of the period (in shares)	2,400,000		2,400,000
Stock-based compensation recorded	$ 48,000	66,000	$ 108,000	131,000
Restricted Stock
Stock-Based Compensation
Weighted-average period for recognition of stock based expense (in years)			3 years 2 months 12 days
Unrecognized stock-based compensation	687,000		$ 687,000
ESPP
Stock-Based Compensation
Weighted-average period for recognition of stock based expense (in years)			10 months 24 days
Unrecognized stock-based compensation	14,000		$ 14,000
Stock-based compensation expense	$ 5,000	$ 16,000	$ 8,000	$ 42,000

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
RSU
Unvested, RSU, beginning balance (in shares) | shares	8,747
Granted, RSU (in shares) | shares	5,845
Vested, RSU (in shares) | shares	(1,434)
Forfeited, RSU (in shares) | shares	(704)
Unvested, RSU, ending balance (in shares) | shares	12,454
Weighted- Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) | $ / shares	$ 57.41
Granted (in dollars per share) | $ / shares	60.86
Vested (in dollars per share) | $ / shares	52.58
Forfeited (in dollars per share) | $ / shares	56.35
Unvested, ending balance (in dollars per share) | $ / shares	$ 59.65

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes, benefits associated with stock-based awards	$ 9	$ 5	$ 36	$ 31
Federal tax at statutory rate (as a percent)			21%	21%

Segment and Geographic Inform_3

Segment and Geographic Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023 segment businessActivity	Jun. 30, 2022
Revenues From External Customers And Long Lived Assets [Line Items]
Number of business activity | businessActivity			1
Number of reportable segments			1
Number of operating segments			1
Gross billings	100%	100%	100%	100%
U.S.
Revenues From External Customers And Long Lived Assets [Line Items]
Gross billings	88%	89%	88%	88%
International
Revenues From External Customers And Long Lived Assets [Line Items]
Gross billings	12%	11%	12%	12%

Commitments and Contingencies (

Commitments and Contingencies (Detail)	1 Months Ended
	Jun. 27, 2022 complaint	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Guarantees and Indemnifications
Number of litigation complaints | complaint	2
Indemnifications
Guarantees and Indemnifications
Recorded obligation | $		$ 0	$ 0