The Trade Desk, Inc. (TTD) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Document 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	001-37879
Entity Registrant Name	TRADE DESK, INC.
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
Trading Symbol	TTD
Security Exchange Name	NASDAQ
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	0001671933
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		445,208,133
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		43,918,900

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 918,200	$ 895,129
Short-term investments, net	501,360	485,159
Accounts receivable, net of allowance for credit losses of $12,852 and $12,826 as of March 31, 2024 and December 31, 2023, respectively	2,619,280	2,870,313
Prepaid expenses and other current assets	57,579	63,353
TOTAL CURRENT ASSETS	4,096,419	4,313,954
Property and equipment, net	150,551	161,422
Operating lease assets	201,859	197,732
Deferred income taxes	154,849	154,849
Other assets, non-current	60,119	60,730
TOTAL ASSETS	4,663,797	4,888,687
Current liabilities:
Accounts payable	2,094,855	2,317,318
Accrued expenses and other current liabilities	131,287	137,996
Operating lease liabilities	57,208	55,524
TOTAL CURRENT LIABILITIES	2,283,350	2,510,838
Operating lease liabilities, non-current	180,456	180,369
Other liabilities, non-current	33,436	33,261
TOTAL LIABILITIES	2,497,242	2,724,468
Commitments and contingencies (Note 11)
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.000001; 100,000 shares authorized, zero shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Common stock, par value $0.000001 Class A, 1,000,000 shares authorized; 444,809 and 444,997 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively Class B, 95,000 shares authorized; 43,919 and 43,919 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	2,063,311	1,967,265
Retained earnings	103,244	196,954
TOTAL STOCKHOLDERS’ EQUITY	2,166,555	2,164,219
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 4,663,797	$ 4,888,687

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit losses	$ 12,852	$ 12,826
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)	444,809,000	444,997,000
Common stock, outstanding (in shares)	444,809,000	444,997,000
Class B common stock
Common stock
Common stock, authorized (in shares)	95,000,000	95,000,000
Common stock, issued (in shares)	43,919,000	43,919,000
Common stock, outstanding (in shares)	43,919,000	43,919,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 491,253	$ 382,803
Operating expenses:
Platform operations	103,630	84,867
Sales and marketing	121,725	97,222
Technology and development	107,686	93,710
General and administrative	129,555	130,312
Total operating expenses	462,596	406,111
Income (loss) from operations	28,657	(23,308)
Other expense (income):
Interest income, net	(16,661)	(14,423)
Foreign currency exchange loss (gain), net	(715)	723
Total other income, net	(17,376)	(13,700)
Income (loss) before income taxes	46,033	(9,608)
Provision for (benefit from) income taxes	14,373	(18,934)
Net income	$ 31,660	$ 9,326
Earnings per share:
Basic (in dollars per share)	$ 0.06	$ 0.02
Diluted (in dollars per share)	$ 0.06	$ 0.02
Weighted-average shares outstanding:
Basic (in shares)	488,551	489,712
Diluted (in shares)	498,192	499,795

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, 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, 2023		488,916
Balance at beginning of period at Dec. 31, 2023	2,164,219		1,967,265	196,954
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		719
Exercise of common stock options	10,804		10,804
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		620
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(26,806)		(26,806)
Repurchases of Class A common stock (in shares)		(1,527)
Repurchases of Class A common stock	(125,370)			(125,370)
Stock-based compensation	112,048		112,048
Net income (loss)	31,660			31,660
Balance at end of period (in shares) at Mar. 31, 2024		488,728
Balance at end of period at Mar. 31, 2024	$ 2,166,555		$ 2,063,311	$ 103,244

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES:
Net income	$ 31,660	$ 9,326
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,742	19,293
Stock-based compensation	110,620	113,470
Noncash lease expense	12,751	11,917
Provision for expected credit losses on accounts receivable	40	316
Other	1,125	(1,310)
Changes in operating assets and liabilities:
Accounts receivable	238,147	258,165
Prepaid expenses and other current and non-current assets	3,331	(5,481)
Accounts payable	(220,196)	(200,701)
Accrued expenses and other current and non-current liabilities	(104)	(4,309)
Operating lease liabilities	(13,644)	(13,113)
Net cash provided by operating activities	185,472	187,573
INVESTING ACTIVITIES:
Purchases of investments	(159,731)	(144,721)
Maturities of investments	147,794	126,731
Purchases of property and equipment	(7,224)	(9,156)
Capitalized software development costs	(1,958)	(1,467)
Net cash used in investing activities	(21,119)	(28,613)
FINANCING ACTIVITIES:
Repurchases of Class A common stock	(125,280)	(291,534)
Proceeds from exercise of stock options	10,804	10,365
Taxes paid related to net settlement of restricted stock awards	(26,806)	(15,595)
Net cash used in financing activities	(141,282)	(296,764)
Increase (decrease) in cash and cash equivalents	23,071	(137,804)
Cash and cash equivalents—Beginning of period	895,129	1,030,506
Cash and cash equivalents—End of period	918,200	892,702
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for operating lease liabilities	15,716	15,342
Operating lease assets obtained in exchange for operating lease liabilities	16,875	3,999
Capitalized assets financed by accounts payable	3,135	5,214
Tenant improvements paid by lessor	0	1,552
Stock-based compensation included in capitalized software development costs	$ 1,428	$ 765

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2024
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 television (“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 customize and expand platform functionality. 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	3 Months Ended
	Mar. 31, 2024
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, 2023 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, 2023. 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, 2023, 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, 2023, 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 months ended March 31, 2024 are not necessarily indicative of the results expected for the full year ending December 31, 2024. 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 March 31, 2024, 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. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which adds requirements to report significant expenses, requirements for entities with a single reportable segment to provide all disclosures otherwise required under Topic 280 and requirements to report segment information on an interim basis, among other clarifications and requirements. This guidance will be effective on a retrospective basis for annual periods beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and interim periods beginning with the Company’s Quarterly Report Form 10-Q for the fiscal quarter ended March 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of information and consistent categories in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective on a prospective basis, with an option to apply it retrospectively, for annual periods beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
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 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. Basic earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding adjusted for the potentially dilutive impact of stock options, restricted stock and the Employee Stock Purchase Plan (“ESPP”), using the two-class method required for participating securities. Restricted stock awards are considered to be participating securities due to their non-forfeitable dividend rights. The computation of basic and diluted earnings per share is as follows (in thousands, except per share amounts): Three Months Ended 2024 2023 Numerator: Net income $ 31,660 $ 9,326 Denominator: Weighted-average shares outstanding—basic 488,551 489,712 Effect of dilutive securities 9,641 10,083 Weighted-average shares outstanding—diluted 498,192 499,795 Basic earnings per share $ 0.06 $ 0.02 Diluted earnings per share $ 0.06 $ 0.02 Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings per share 4,799 9,832

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-Term Investments, Net	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Cash and Short-Term Total Cash $ 287,742 $ — $ 287,742 Level 1: Money market funds 594,935 — 594,935 Level 2: Commercial paper 35,523 188,390 223,913 Corporate debt securities — 185,016 185,016 U.S. government and agency securities — 127,954 127,954 Total $ 918,200 $ 501,360 $ 1,419,560 As of December 31, 2023 Cash and Short-Term Total Cash $ 289,512 $ — $ 289,512 Level 1: Money market funds 560,673 — 560,673 Level 2: Commercial paper 36,013 168,224 204,237 Corporate debt securities — 185,465 185,465 U.S. government and agency securities 8,931 131,470 140,401 Total $ 895,129 $ 485,159 $ 1,380,288 The Company’s gross unrealized gains or losses from its short-term investments, recorded at fair value, for the three months ended March 31, 2024 and 2023, were immaterial. The contractual maturities of the Company’s short-term investments are as follows (in thousands): March 31, 2024 Due in one year $ 458,132 Due in one to two years 43,228 Total $ 501,360

Leases

Leases	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Operating lease cost $ 12,711 $ 11,847 Short-term lease cost 474 472 Variable lease cost 3,816 3,103 Sublease income (42) (546) Total lease cost $ 16,959 $ 14,876

Debt

Debt	3 Months Ended
	Mar. 31, 2024
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 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 March 31, 2024, the Company did not have an outstanding debt balance under the Amended Credit Facility. Availability under the Amended Credit Facility was $443 million as of March 31, 2024, which is net of outstanding letters of credit of $7 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 March 31, 2024, the Company was in compliance with all covenants.

Capitalization

Capitalization	3 Months Ended
	Mar. 31, 2024
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. As of December 31, 2023, $53 million remained available and authorized for repurchases. In February 2024, an additional $647 million was authorized under this program, bringing the total amount available for future repurchases back to $700 million. 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	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Platform operations $ 5,555 $ 3,946 Sales and marketing 20,292 14,123 Technology and development 27,974 20,867 General and administrative 56,799 74,534 Total $ 110,620 $ 113,470 Stock Options The following summarizes stock option activity: Shares Under Options (in thousands) Weighted- Average Exercise Price Outstanding as of December 31, 2023 12,258 $ 31.05 Granted 114 77.94 Exercised (719) 15.51 Expired/Forfeited (109) 47.60 Outstanding as of March 31, 2024 11,544 $ 32.33 Exercisable as of March 31, 2024 8,653 $ 21.84 As of March 31, 2024, the Company had unrecognized stock-based compensation relating to stock options, excluding the CEO Performance Option (as defined below), of approximately $109 million, which is expected to be recognized over a weighted-average period of 2.7 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. As of December 31, 2023, the CEO Performance Option had 19.2 million options outstanding. No options were granted, exercised, forfeited or expired during the three months ended March 31, 2024. As of March 31, 2024, the CEO Performance Option had 2.4 million exercisable options and 19.2 million options outstanding. Stock-based compensation of $36 million and $60 million for the CEO Performance Option was recorded as a component of general and administrative expense during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company had unrecognized stock-based compensation relating to the CEO Performance Option of $165 million that is expected to be recognized over a weighted-average period of 1.5 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, 2023 10,546 $ 62.22 Granted 396 75.50 Vested (1,040) 56.87 Forfeited (212) 62.45 Unvested as of March 31, 2024 9,690 $ 63.33 As of March 31, 2024, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $564 million, which is expected to be recognized over a weighted-average period of 2.7 years. Employee Stock Purchase Plan (“ESPP”) Stock-based compensation expense related to the ESPP totaled $6 million and $3 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company had unrecognized stock-based compensation relating to ESPP awards of approximately $7 million, which is expected to be recognized over a weighted-average period of 0.6 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 9—Income Taxes In determining the interim provision for (benefit from) income taxes for each of the three months ended March 31, 2024 and 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. For the three months ended March 31, 2024 and 2023, the provision for (benefit from) income taxes included benefits associated with stock-based awards of $11 million and $27 million, respectively. For the three months ended March 31, 2024 and 2023, 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, research and development tax credits and the impact of tax benefits associated with stock-based awards. There were no material changes to the Company’s unrecognized tax benefits during the three months ended March 31, 2024, and the Company does not expect to have any significant changes to unrecognized tax benefits through the end of the fiscal year. Effective in the calendar year 2024, the Company is subject to international anti-base erosion rules that assess a minimum tax rate of 15% in the jurisdictions in which it operates. Commonly known as “Pillar II,” these rules apply to large multinational enterprises and are designed to address the tax challenges arising from the globalization and digitalization of the economy. The Company has calculated the minimum tax on a jurisdiction-by-jurisdiction basis and has determined that the resulting tax is immaterial to its financial results. The Company continues to monitor for evolving tax legislation in the individual jurisdictions in which it operates and for changes to its operations that could be impacted by such legislation.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2024
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 2024 2023 United States 88 % 88 % International 12 % 12 % Total 100 % 100 %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11— Commitments and Contingencies Guarantees, Indemnification and Other 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 March 31, 2024 and 2023. The Company is under audit by various domestic and foreign tax authorities. The Company believes that the amount of losses or any estimable range of possible losses with respect to these matters will not, either individually or in the aggregate, have a material adverse effect on its business and condensed consolidated financial statements. Due to the inherent complexity and uncertainty of these matters and judicial process in certain jurisdictions, the final outcome may be materially different from the Company’s expectations. In May 2024, the Company entered into an agreement related to the expansion of an existing office facility located in the United States, which is expected to commence in 2026 and expire in 2037. The total commitment under the lease is estimated to be approximately $214 million, net of incentives. The Company will recognize the related lease asset and lease liability at the lease commencement date 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 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. The court heard oral argument on the motions on April 3, 2024. 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 and restricted stock 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
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 31,660	$ 9,326

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jay Grant [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 8, 2024, our Chief Legal Officer, Jay Grant, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 194,461 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 8, 2025.
Name	Jay Grant
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 8, 2024
Arrangement Duration	365 days
Aggregate Available	194,461
Jeff T. Green [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 15, 2024, 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 1,700,000 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 December 27, 2024.
Name	Jeff T. Green
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 15, 2024
Arrangement Duration	287 days
Aggregate Available	1,700,000
Laura Schenkein [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 15, 2024, 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 164,737 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 December 1, 2024
Name	Laura Schenkein
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 15, 2024
Arrangement Duration	261 days
Aggregate Available	164,737
Gokul Rajaram [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 15, 2024, our Class II Director, Gokul Rajaram, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 21,321 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 May 30, 2025.
Name	Gokul Rajaram
Title	Class II Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 15, 2024
Arrangement Duration	441 days
Aggregate Available	21,321

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2023 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, 2023
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 March 31, 2024, 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which adds requirements to report significant expenses, requirements for entities with a single reportable segment to provide all disclosures otherwise required under Topic 280 and requirements to report segment information on an interim basis, among other clarifications and requirements. This guidance will be effective on a retrospective basis for annual periods beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and interim periods beginning with the Company’s Quarterly Report Form 10-Q for the fiscal quarter ended March 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of information and consistent categories in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective on a prospective basis, with an option to apply it retrospectively, for annual periods beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted EPS	The computation of basic and diluted earnings per share is as follows (in thousands, except per share amounts): Three Months Ended 2024 2023 Numerator: Net income $ 31,660 $ 9,326 Denominator: Weighted-average shares outstanding—basic 488,551 489,712 Effect of dilutive securities 9,641 10,083 Weighted-average shares outstanding—diluted 498,192 499,795 Basic earnings per share $ 0.06 $ 0.02 Diluted earnings per share $ 0.06 $ 0.02 Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings per share 4,799 9,832

Cash, Cash Equivalents and Sh_2

Cash, Cash Equivalents and Short-Term Investments, Net (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Cash and Short-Term Total Cash $ 287,742 $ — $ 287,742 Level 1: Money market funds 594,935 — 594,935 Level 2: Commercial paper 35,523 188,390 223,913 Corporate debt securities — 185,016 185,016 U.S. government and agency securities — 127,954 127,954 Total $ 918,200 $ 501,360 $ 1,419,560 As of December 31, 2023 Cash and Short-Term Total Cash $ 289,512 $ — $ 289,512 Level 1: Money market funds 560,673 — 560,673 Level 2: Commercial paper 36,013 168,224 204,237 Corporate debt securities — 185,465 185,465 U.S. government and agency securities 8,931 131,470 140,401 Total $ 895,129 $ 485,159 $ 1,380,288
Schedule of Contractual Maturities of Short-Term Investments	The contractual maturities of the Company’s short-term investments are as follows (in thousands): March 31, 2024 Due in one year $ 458,132 Due in one to two years 43,228 Total $ 501,360

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Operating lease cost $ 12,711 $ 11,847 Short-term lease cost 474 472 Variable lease cost 3,816 3,103 Sublease income (42) (546) Total lease cost $ 16,959 $ 14,876

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Platform operations $ 5,555 $ 3,946 Sales and marketing 20,292 14,123 Technology and development 27,974 20,867 General and administrative 56,799 74,534 Total $ 110,620 $ 113,470
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, 2023 12,258 $ 31.05 Granted 114 77.94 Exercised (719) 15.51 Expired/Forfeited (109) 47.60 Outstanding as of March 31, 2024 11,544 $ 32.33 Exercisable as of March 31, 2024 8,653 $ 21.84
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, 2023 10,546 $ 62.22 Granted 396 75.50 Vested (1,040) 56.87 Forfeited (212) 62.45 Unvested as of March 31, 2024 9,690 $ 63.33

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 United States 88 % 88 % International 12 % 12 % Total 100 % 100 %

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail)	Mar. 31, 2024 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
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 31,660	$ 9,326
Denominator:
Weighted-average shares outstanding—basic (in shares)	488,551	489,712
Effect of dilutive securities (in shares)	9,641	10,083
Weighted-average shares outstanding—diluted (in shares)	498,192	499,795
Basic earnings (loss) per share (in dollars per share)	$ 0.06	$ 0.02
Diluted earnings (loss) per share (in dollars per share)	$ 0.06	$ 0.02
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings (loss) per share (in shares)	4,799	9,832

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	Mar. 31, 2024	Dec. 31, 2023
Schedule of Available-for-Sale Securities [Line Items]
Cash and Cash Equivalents	$ 918,200	$ 895,129
Short-Term Investments, Net	501,360	485,159
Total	1,419,560	1,380,288
Cash
Schedule of Available-for-Sale Securities [Line Items]
Cash and Cash Equivalents	287,742	289,512
Total	287,742	289,512
Level 1 | Money Market Funds
Schedule of Available-for-Sale Securities [Line Items]
Cash and Cash Equivalents	594,935	560,673
Total	594,935	560,673
Level 2 | Commercial Paper
Schedule of Available-for-Sale Securities [Line Items]
Cash and Cash Equivalents	35,523	36,013
Short-Term Investments, Net	188,390	168,224
Total	223,913	204,237
Level 2 | Corporate Debt Securities
Schedule of Available-for-Sale Securities [Line Items]
Cash and Cash Equivalents	0	0
Short-Term Investments, Net	185,016	185,465
Total	185,016	185,465
Level 2 | U.S. Government and Agency Securities
Schedule of Available-for-Sale Securities [Line Items]
Cash and Cash Equivalents	0	8,931
Short-Term Investments, Net	127,954	131,470
Total	$ 127,954	$ 140,401

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	Mar. 31, 2024 USD ($)
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Due in one year	$ 458,132
Due in one to two years	43,228
Total	$ 501,360

Leases (Detail)

Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 12,711	$ 11,847
Short-term lease cost	474	472
Variable lease cost	3,816	3,103
Sublease income	(42)	(546)
Total lease cost	$ 16,959	$ 14,876

Debt (Detail)

Debt (Detail) - USD ($)	Feb. 09, 2023	Jun. 15, 2021	Mar. 31, 2024
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			$ 443,000,000
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			$ 7,000,000

Capitalization (Details)

Capitalization (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Feb. 15, 2024	Dec. 31, 2023	Feb. 28, 2023
Class of Stock [Line Items]
Aggregate repurchases of Class A common stock	$ 125,370	$ 292,863
Class A common stock | 2023 Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 700,000
Additional amount authorized for share repurchase			$ 647,000
Stock repurchase program, remaining amount authorized	$ 575,000		$ 700,000	$ 53,000
Repurchases of Class A common stock (in shares)	1.5
Aggregate repurchases of Class A common stock	$ 125,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	$ 110,620	$ 113,470
Platform operations
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	5,555	3,946
Sales and marketing
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	20,292	14,123
Technology and development
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	27,974	20,867
General and administrative
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	$ 56,799	$ 74,534

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Stock Options shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Shares Under Option
Outstanding at the beginning of the period (in shares) | shares	12,258
Granted (in shares) | shares	114
Exercised (in shares) | shares	(719)
Expired/Forfeited (in shares) | shares	(109)
Outstanding at the end of the period (in shares) | shares	11,544
Exercisable at the end of the period (in shares) | shares	8,653
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 31.05
Granted (in dollars per share) | $ / shares	77.94
Exercised (in dollars per share) | $ / shares	15.51
Expired/Forfeited (in dollars per share) | $ / shares	47.60
Outstanding at the end of the period (in dollars per share) | $ / shares	32.33
Exercisable at end of period (in dollars per share) | $ / shares	$ 21.84

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Oct. 31, 2021
Stock-Based Compensation
Stock-based compensation expense	$ 110,620	$ 113,470
Technology and development
Stock-Based Compensation
Stock-based compensation expense	27,974	20,867
Stock Options
Stock-Based Compensation
Unrecognized stock-based compensation relating to options	$ 109,000
Weighted-average period for recognition of stock based expense (in years)	2 years 8 months 12 days
Options outstanding (in shares)	11,544,000		12,258,000
Options expired / forfeited (in shares)	109,000
Options granted (in shares)	114,000
Exercise of common stock options (in shares)	719,000
Exercisable at the end of the period (in shares)	8,653,000
CEO Performance Option | 2016 Incentive Award Plan | Chief Executive Officer
Stock-Based Compensation
Unrecognized stock-based compensation relating to options	$ 165,000
Weighted-average period for recognition of stock based expense (in years)	1 year 6 months
Exercise price (in dollars per share)				$ 68.29
Options outstanding (in shares)	19,200,000		19,200,000
Options expired / forfeited (in shares)	0
Options granted (in shares)	0
Exercise of common stock options (in shares)	0
Exercisable at the end of the period (in shares)	2,400,000
Stock-based compensation recorded	$ 36,000	60,000
Restricted Stock
Stock-Based Compensation
Weighted-average period for recognition of stock based expense (in years)	2 years 8 months 12 days
Unrecognized stock-based compensation	$ 564,000
ESPP
Stock-Based Compensation
Weighted-average period for recognition of stock based expense (in years)	7 months 6 days
Unrecognized stock-based compensation	$ 7,000
Stock-based compensation expense	$ 6,000	$ 3,000

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
RSU
Unvested, beginning balance (in shares) | shares	10,546
Granted (in shares) | shares	396
Vested (in shares) | shares	(1,040)
Forfeited (in shares) | shares	(212)
Unvested, ending balance (in shares) | shares	9,690
Weighted- Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) | $ / shares	$ 62.22
Granted (in dollars per share) | $ / shares	75.50
Vested (in dollars per share) | $ / shares	56.87
Forfeited (in dollars per share) | $ / shares	62.45
Unvested, ending balance (in dollars per share) | $ / shares	$ 63.33

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes, benefits associated with stock-based awards	$ 11	$ 27
Federal tax at statutory rate (as a percent)	21%	21%

Segment and Geographic Inform_3

Segment and Geographic Information (Detail)	3 Months Ended
	Mar. 31, 2024 businessActivity segment	Mar. 31, 2023
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%
U.S.
Revenues From External Customers and Long Lived Assets [Line Items]
Gross billings	88%	88%
International
Revenues From External Customers and Long Lived Assets [Line Items]
Gross billings	12%	12%

Commitments and Contingencies (

Commitments and Contingencies (Detail) - USD ($)	May 10, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event
Guarantees and Indemnifications
Total lease commitment	$ 214,000,000
Indemnifications
Guarantees and Indemnifications
Recorded obligation		$ 0	$ 0