PINTEREST, INC., 10-K filed on 2/6/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 28, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38872    
Entity Registrant Name Pinterest, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 26-3607129    
Entity Address, Address Line One 651 Brannan Street    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94107    
City Area Code 415    
Local Phone Number 762-7100    
Title of 12(b) Security Class A Common Stock, $0.00001 par value    
Trading Symbol PINS    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 23.1
Documents Incorporated by Reference Portions of the registrant’s Definitive Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2024.    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Entity Central Index Key 0001506293    
Class A Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   595,091,038  
Class B Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   83,146,379  
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Firm ID 42
Auditor Location San Francisco, California
v3.25.0.1
Consolidated balance sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 1,136,460 $ 1,361,936
Marketable securities 1,376,409 1,149,148
Accounts receivable, net of allowances of $7,839 and $10,635 as of December 31, 2024 and 2023, respectively 893,403 763,159
Prepaid expenses and other current assets 78,435 64,316
Total current assets 3,484,707 3,338,559
Property and equipment, net 45,624 32,225
Operating lease right-of-use assets 85,867 92,119
Goodwill and intangible assets, net 110,103 117,462
Deferred tax assets 1,602,539 3,067
Other assets 13,820 10,973
Total assets 5,342,660 3,594,405
Current liabilities:    
Accounts payable 84,026 79,058
Accrued expenses and other current liabilities 314,107 238,032
Total current liabilities 398,133 317,090
Operating lease liabilities 151,364 160,616
Other liabilities 42,009 26,019
Total liabilities 591,506 503,725
Commitments and contingencies
Stockholders’ equity:    
Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 593,462 and 591,663 shares issued and outstanding as of December 31, 2024 and 2023, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 82,471 and 86,355 shares issued and outstanding as of December 31, 2024 and 2023, respectively 7 7
Additional paid-in capital 5,039,439 5,241,954
Accumulated other comprehensive loss (130) (1,013)
Accumulated deficit (288,162) (2,150,268)
Total stockholders’ equity 4,751,154 3,090,680
Total liabilities and stockholders’ equity $ 5,342,660 $ 3,594,405
v3.25.0.1
Consolidated balance sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Allowances $ 7,839 $ 10,635
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 6,666,667 6,666,667
Common stock, shares issued (in shares) 593,462 591,663
Common stock, shares outstanding (in shares) 593,462 591,663
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 1,333,333 1,333,333
Common stock, shares issued (in shares) 82,471 86,355
Common stock, shares outstanding (in shares) 82,471 86,355
v3.25.0.1
Consolidated statements of operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Revenue $ 3,646,166 $ 3,055,071 $ 2,802,574
Costs and expenses:      
Cost of revenue 750,355 688,760 678,597
Research and development 1,240,564 1,068,416 948,980
Sales and marketing 1,011,772 911,166 933,133
General and administrative 463,658 512,407 343,541
Total costs and expenses 3,466,349 3,180,749 2,904,251
Income (loss) from operations 179,817 (125,678) (101,677)
Interest income (expense), net 127,003 105,439 30,235
Other income (expense), net (19,215) 3,799 (14,502)
Income (loss) before provision for (benefit from) income taxes 287,605 (16,440) (85,944)
Provision for (benefit from) income taxes (1,574,501) 19,170 10,103
Net income (loss) $ 1,862,106 $ (35,610) $ (96,047)
Net income (loss) per share:      
Basic (in dollars per share) $ 2.74 $ (0.05) $ (0.14)
Diluted (in dollars per share) $ 2.67 $ (0.05) $ (0.14)
Weighted-average shares used in computing net income (loss) per share:      
Basic (in shares) 678,831 674,641 665,732
Diluted (in shares) 698,376 674,641 665,732
v3.25.0.1
Consolidated statements of comprehensive income (loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 1,862,106 $ (35,610) $ (96,047)
Other comprehensive income (loss), net of taxes:      
Change in unrealized gain (loss) on available-for-sale marketable securities 996 10,001 (8,334)
Change in foreign currency translation adjustment (113) 405 (904)
Comprehensive income (loss) $ 1,862,989 $ (25,204) $ (105,285)
v3.25.0.1
Consolidated statements of stockholders' equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021   656,872      
Beginning balance at Dec. 31, 2021 $ 3,038,743 $ 7 $ 5,059,528 $ (2,181) $ (2,018,611)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units and issuance of restricted stock awards, net (in shares)   17,435      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (161,809)   (161,809)    
Issuance of common stock for cash upon exercise of stock options, net (in shares)   8,895      
Issuance of common stock for cash upon exercise of stock options, net 12,882   12,882    
Share-based compensation 497,123   497,123    
Other comprehensive (loss) income (9,238)     (9,238)  
Net (loss) income (96,047)       (96,047)
Ending balance (in shares) at Dec. 31, 2022   683,202      
Ending balance at Dec. 31, 2022 3,281,654 $ 7 5,407,724 (11,419) (2,114,658)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units and issuance of restricted stock awards, net (in shares)   12,776      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (335,019)   (335,019)    
Issuance of common stock for cash upon exercise of stock options, net (in shares)   2,756      
Issuance of common stock for cash upon exercise of stock options, net 8,499   8,499    
Issuance of common stock related to charitable contributions (in shares)   500      
Issuance of common stock related to charitable contributions 12,890   12,890    
Repurchases of Class A common stock (in shares)   (21,216)      
Repurchases of Class A common stock (500,000)   (500,000)    
Share-based compensation 647,860   647,860    
Other comprehensive (loss) income 10,406     10,406  
Net (loss) income (35,610)       (35,610)
Ending balance (in shares) at Dec. 31, 2023   678,018      
Ending balance at Dec. 31, 2023 3,090,680 $ 7 5,241,954 (1,013) (2,150,268)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units and issuance of restricted stock awards, net (in shares)   14,397      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards $ (390,254)   (390,254)    
Issuance of common stock for cash upon exercise of stock options, net (in shares) 2,643 2,643      
Issuance of common stock for cash upon exercise of stock options, net $ 22,142   22,142    
Repurchases of Class A common stock (in shares)   (19,125)      
Repurchases of Class A common stock (600,198)   (600,198)    
Share-based compensation 765,795   765,795    
Other comprehensive (loss) income 883     883  
Net (loss) income 1,862,106       1,862,106
Ending balance (in shares) at Dec. 31, 2024   675,933      
Ending balance at Dec. 31, 2024 $ 4,751,154 $ 7 $ 5,039,439 $ (130) $ (288,162)
v3.25.0.1
Consolidated statements of cash flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ 1,862,106 $ (35,610) $ (96,047)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 21,266 21,509 46,489
Share-based compensation 765,795 647,860 497,123
Deferred income taxes (1,600,434) (1,838) (3,344)
Non-cash charitable contributions 0 12,890 0
Impairment and abandonment charges for leases and leasehold improvements 0 117,315 0
Net amortization of investment premium and discount (29,017) (21,897) (638)
Other 2,320 (2,654) (13,851)
Changes in assets and liabilities:      
Accounts receivable (128,946) (80,782) (28,856)
Prepaid expenses and other assets (17,187) 19,861 (30,525)
Operating lease right-of-use assets 32,711 55,324 56,024
Accounts payable 3,828 (9,261) 70,777
Accrued expenses and other liabilities 91,632 (43,249) 24,882
Operating lease liabilities (39,480) (66,507) (52,832)
Net cash provided by operating activities 964,594 612,961 469,202
Investing activities      
Purchases of property and equipment (24,606) (8,063) (28,984)
Purchases of marketable securities (1,510,013) (1,308,020) (1,028,480)
Sales of marketable securities 22,040 35,850 7,417
Maturities of marketable securities 1,291,562 1,243,240 1,007,861
Acquisition of business, net of cash acquired 0 0 (86,059)
Net cash used in investing activities (221,017) (36,993) (128,245)
Financing activities      
Proceeds from exercise of stock options, net 22,133 8,256 12,882
Repurchases of Class A common stock (600,198) (500,000) 0
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (390,254) (335,019) (161,809)
Net cash used in financing activities (968,319) (826,763) (148,927)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,569) 1,667 (1,434)
Net increase (decrease) in cash, cash equivalents and restricted cash (227,311) (249,128) 190,596
Cash, cash equivalents and restricted cash, beginning of period 1,368,532 1,617,660 1,427,064
Cash, cash equivalents and restricted cash, end of period 1,141,221 1,368,532 1,617,660
Supplemental cash flow information      
Cash paid for income taxes, net 25,018 19,173 10,008
Non-cash investing and financing activities:      
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 31,132 $ 32,784 $ 31,515
v3.25.0.1
Consolidated statements of cash flows (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets      
Cash and cash equivalents $ 1,136,460 $ 1,361,936 $ 1,611,063
Restricted cash included in prepaid expenses and other current assets 0 2,542 1,067
Restricted cash included in other assets 4,761 4,054 5,530
Total cash, cash equivalents and restricted cash $ 1,141,221 $ 1,368,532 $ 1,617,660
v3.25.0.1
Description of business and summary of significant accounting policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Description of business and summary of significant accounting policies Description of business and summary of significant accounting policies
Description of business
Pinterest was incorporated in Delaware in 2008 and is headquartered in San Francisco, California. Pinterest is a visual search and discovery platform, positioned at the intersection of search, social, and commerce. We generate revenue by delivering ads on our website and mobile application.
Basis of presentation and consolidation
We prepared the accompanying consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
Reclassifications
We have reclassified certain amounts in prior periods to conform with current presentation.
Use of estimates
Preparing our consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies, the recognition, measurement and valuation of deferred income taxes, as well as the collectability of our accounts receivable, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments.
Segments
We operate as a single operating segment. Our chief operating decision maker is our Chief Executive Officer ("CEO"), who reviews financial information presented on a consolidated basis, accompanied by disaggregated information about our revenue, for purposes of making operating decisions, assessing financial performance and allocating resources. Net income (loss) is our primary measure of profit or loss, and all costs and expenses categories on our consolidated statements of operations, as well as share-based compensation expense, are significant. Refer to Note 8 for additional information about our share-based compensation expense. Our other segment items include interest income (expense), net, other income (expense), net and provision for (benefit from) income taxes on our consolidated statements of operations.
Revenue recognition
We generate revenue by delivering ads on our website and mobile application. We recognize revenue only after transferring control of promised goods or services to customers, which occurs when a user clicks on an ad contracted on a cost per click ("CPC") basis, views an ad contracted on a cost per thousand impressions ("CPM") or cost per day ("CPD") basis or views a video ad contracted on a cost per view ("CPV") basis. We recognize revenue over the service period for ads contracted on a CPD basis, which do not contain minimum impression guarantees. We typically bill customers on a CPC, CPM, CPV, or CPD basis, and our payment terms vary by customer type and location. The term between billing and payment due dates is not significant.
We recognize revenue only after satisfying our contractual performance obligations. We occasionally offer customers free ad inventory. When contracts with our customers contain multiple performance obligations, we allocate the overall transaction price, which is the amount of consideration to which we expect to be entitled in exchange for promised goods or services, to each of the distinct performance obligations based on their relative standalone selling prices. We generally
determine standalone selling prices based on the effective price charged per contracted click, impression or view, and we do not disclose the value of unsatisfied performance obligations because the original expected duration of our contracts is generally less than one year.
We record sales commissions in sales and marketing as incurred because we would amortize these over a period of less than one year.
Deferred revenue was $23.4 million and $15.3 million as of December 31, 2024 and 2023, respectively.
Cost of revenue
Cost of revenue consists primarily of expenses associated with the delivery of our service, including the cost of hosting our website and mobile application. Cost of revenue also includes personnel-related expense, including salaries, benefits and share-based compensation for employees on our operations teams, payments associated with partner arrangements, credit card and other transaction processing fees, amortization of acquired intangible assets and allocated facilities and other supporting overhead costs.
Share-based compensation
Restricted stock units ("RSUs") granted under our 2009 Stock Plan (the "2009 Plan") are subject to both a service condition, which is typically satisfied over four years, and a performance condition, which was deemed satisfied upon the pricing of our initial public offering ("IPO"). We did not record any share-based compensation expense for our RSUs prior to our IPO because the performance condition had not yet been satisfied. Upon pricing our IPO, we recorded cumulative share-based compensation expense using the accelerated attribution method for those RSUs granted under our 2009 Plan for which the service condition had been satisfied at that date. We record the remaining unrecognized share-based compensation expense over the remainder of the requisite service period.
RSUs, restricted stock awards ("RSAs"), and stock options granted under our 2019 Omnibus Incentive Plan (the "2019 Plan") are generally subject only to a service condition, which is typically satisfied over two to four years. We record share-based compensation expense for these RSUs, RSAs and stock options on a straight-line basis over the requisite service period.
We measure RSUs and RSAs based on the fair market value of our common stock on the grant date and stock options based on their estimated grant date fair values, which we determine using the Black-Scholes option-pricing model. We record the resulting expense in our consolidated statements of operations over the requisite service period, which is generally four years, and we account for forfeitures as they occur.
Income taxes
We account for income taxes using the asset and liability method. We recognize deferred tax assets and liabilities for temporary differences between the financial reporting and tax bases of assets and liabilities using the enacted statutory tax rates in effect for the years in which we expect the differences to reverse. We establish valuation allowances to reduce the total deferred tax assets to the amount we believe is more likely than not to be realized. In assessing the need for a valuation allowance, we consider all available evidence, both positive and negative, including past operating results and estimates of future taxable income. In the event that we change our determination as to the amount of deferred tax assets that can be realized, we will adjust our valuation allowance with a corresponding impact to the provision for (benefit from) income taxes in the period in which such determination is made.
We recognize tax benefits from uncertain tax positions when we believe it is more likely than not that the tax position is sustainable on examination by tax authorities based on its technical merits. We recognize taxes on Global Intangible Low-Taxed Income as incurred.
Advertising expenses
We record advertising expenses as incurred and include these in sales and marketing in the consolidated statements of operations. Advertising expenses were $161.5 million, $145.6 million and $139.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Marketable securities
We invest in highly liquid corporate debt securities, U.S. treasury securities, asset-backed securities, U.S. government agency securities, municipal securities, non-U.S. government and supranational bonds and certificates of deposit. We
classify marketable investments with stated maturities of ninety days or less from the date of purchase as cash equivalents and those with stated maturities greater than ninety days from the date of purchase as marketable securities.
We classify our marketable securities as available-for-sale investments in our current assets because they are available for use to support current operations. We carry our marketable investments at fair value and record unrealized gains or losses, net of taxes, in accumulated other comprehensive income (loss) in stockholders’ equity. We determine realized gains and losses on the sale of marketable investments using a specific identification method and record these and any expected credit losses in other income (expense), net.
Fair value measurements
We account for certain assets and liabilities at fair value, which is the amount we believe market participants would be willing to receive to sell an asset or pay to transfer a liability in an orderly transaction. We categorize these assets and liabilities into the three levels below based on the degree to which the inputs we use to measure their fair values are observable in active markets. We use the most observable inputs available to us when measuring fair value.
•Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets
•Level 2: Observable inputs such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or inputs that are derived principally from or corroborated by observable market data or other means
•Level 3: Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities
Accounts receivable, net of allowances
We record accounts receivable at the original invoiced amount. We maintain an allowance for credit losses for any receivables we may be unable to collect. We estimate uncollectible receivables based on our receivables’ age, our customers’ credit quality and current economic conditions, among other factors that may affect our customers’ ability to pay. We also maintain an allowance for sales credits, which we determine based on historical credits issued to customers. We include the allowances for credit losses and sales credits in accounts receivable, net in the consolidated balance sheets.
Property and equipment
We carry property and equipment at cost less accumulated depreciation and calculate depreciation using the straight-line method over our assets’ estimated useful lives, which are generally:
Property and EquipmentUseful Life
Computer and network equipment3 years
Furniture and fixtures4 years
Leasehold improvements
Lesser of 10 years or remaining lease term
Leases and operating lease incremental borrowing rate
We lease office space under operating leases with expiration dates through 2035. We determine whether an arrangement constitutes a lease at inception and record lease liabilities and right-of-use assets on our consolidated balance sheets at lease commencement. We measure lease liabilities based on the present value of the total lease payments not yet paid discounted based on the more readily determinable of the rate implicit in the lease or our incremental borrowing rate, which is the estimated rate we would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. We estimate our incremental borrowing rate based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to our own. We measure right-of-use assets based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs we incur and (iii) tenant incentives under the lease. We begin recognizing rent expense when the lessor makes the underlying asset available to us, we do not assume renewals or early terminations unless we are reasonably certain to exercise these options at commencement and we do not allocate consideration between lease and non-lease components.
For short-term leases, we record rent expense in our consolidated statements of operations on a straight-line basis over the lease term and record variable lease payments as incurred.
Business combinations
We include the results of operations of businesses that we acquire in our consolidated financial statements beginning on their respective acquisition dates. We allocate the fair value of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values. When the fair value of the purchase consideration exceeds the fair values of the identifiable assets and liabilities acquired, we record the excess as goodwill. Our estimates of fair value are based on assumptions we believe to be reasonable but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets and liabilities acquired with the corresponding offset to goodwill. Any adjustments after the measurement period are reflected in our consolidated statements of operations.
Long-lived assets, including goodwill and intangible assets
We record definite-lived intangible assets at fair value less accumulated amortization. We calculate amortization using the straight-line method over the assets’ estimated useful lives of up to ten years.
We review our property and equipment, operating lease right-of-use assets and intangible assets for impairment whenever events or circumstances indicate that an asset’s carrying value may not be recoverable. We measure recoverability by comparing an asset’s carrying value to the future undiscounted cash flows that we expect it to generate. If this test indicates that the asset’s carrying value is not recoverable, we record an impairment charge to reduce the asset’s carrying value to its fair value.
We recorded $117.3 million of impairment and abandonment charges for operating lease right-of-use assets and leasehold improvements as part of the restructuring plan for the year ended December 31, 2023. We did not record any other material property and equipment or intangible asset impairments during the periods presented.
We review goodwill for impairment at least annually or more frequently if current circumstances or events indicate that the fair value of our single reporting unit may be less than its carrying value. We did not record any goodwill impairment during the periods presented.
Website development costs
We capitalize costs to develop our website and mobile application when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Due to the iterative process by which we perform upgrades and the relatively short duration of our development projects, development costs meeting our capitalization criteria were not material during the periods presented.
Loss contingencies
We are involved in various lawsuits, claims and proceedings that arise in the ordinary course of business. We record a liability for these when we believe it is probable that we have incurred a loss and can reasonably estimate the loss. We regularly evaluate current information to determine whether we should adjust a recorded liability or record a new one.
Foreign currency
The functional currency of our international subsidiaries is generally their local currency. We translate our subsidiaries’ financial statements into U.S. dollars using month-end exchange rates for assets and liabilities and rates that approximate those in effect during the period for revenue and costs and expenses. We record translation gains and losses in accumulated other comprehensive loss in stockholders’ equity. We record foreign exchange transaction gains and losses in other income (expense), net. Our net foreign exchange gains and losses were not material for the periods presented.
Concentration of business risk
We have an agreement with Amazon Web Services (“AWS”) to provide the cloud computing infrastructure we use to host our website, mobile application and many of the internal tools we use to operate our business. We are currently required to maintain a substantial majority of our monthly usage of certain compute, storage, data transfer and other services on AWS. Any transition of the cloud services currently provided by AWS to another cloud services provider would be difficult to implement and would cause us to incur significant time and expense.
Concentration of credit risk
Financial instruments that may potentially expose us to concentrations of credit risk primarily consist of cash, cash equivalents, marketable securities and restricted cash. Our investment policy is meant to preserve capital and maintain liquidity. The policy limits our marketable investments to investment-grade securities and limits our credit exposure by limiting our concentration in any one corporate issuer or sector and by establishing a minimum credit rating for marketable investments we purchase. Although we deposit cash and marketable investments with multiple financial institutions, our deposits may exceed insurable limits.
No customer accounted for more than 10% of our revenue for the years ended December 31, 2024, 2023 and 2022.
Our accounts receivable are generally unsecured. We monitor our customers’ credit quality on an ongoing basis and maintain reserves for estimated credit losses. Bad debt expense was not material for the years ended December 31, 2024, 2023 and 2022.
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. We adopted ASU 2023-07 retrospectively as of January 1, 2024. Refer to our significant accounting policies above for the impact of adoption.
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 will be effective for us beginning January 1, 2025. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. We do not expect adoption to materially affect our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (subtopic 220-40), which requires disclosure of disaggregation of certain relevant expenses included in the statements of operations on an annual and interim basis. ASU 2024-03 will be effective for our annual periods beginning January 1, 2027 and interim periods beginning January 1, 2028. The amendments must be applied retrospectively, and early adoption is permitted. We are currently evaluating the effects of adoption on our consolidated financial statements.
v3.25.0.1
Cash, cash equivalents and marketable securities
 12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]  
Cash, cash equivalents and marketable securities Cash, cash equivalents and marketable securities
Cash, cash equivalents and marketable securities consist of the following (in thousands):
December 31, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash
$111,718 $— $— $111,718 
Money market funds
861,824 — — 861,824 
Commercial paper
150,464 1 (9)150,456 
Corporate bonds
8,307 — (3)8,304 
Certificates of deposit4,158 — — 4,158 
Total cash and cash equivalents
1,136,471 1 (12)1,136,460 
Marketable securities:
Corporate bonds
515,301 1,385 (474)516,212 
U.S. treasury securities
425,677 439 (763)425,353 
Commercial paper
260,205 191 (11)260,385 
Certificates of deposit
171,892 151 (22)172,021 
Non-U.S. government and supranational bonds
2,437 1 — 2,438 
Total marketable securities
1,375,512 2,167 (1,270)1,376,409 
Total $2,511,983 $2,168 $(1,282)$2,512,869 
December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash
$220,583 $— $— $220,583 
Money market funds
1,032,675 — — 1,032,675 
Commercial paper
106,312 — (44)106,268 
Certificates of deposit1,551 — — 1,551 
Corporate bonds
859 — — 859 
Total cash and cash equivalents
1,361,980 — (44)1,361,936 
Marketable securities:
Corporate bonds
428,002 1,277 (1,322)427,957 
U.S. treasury securities
336,721 251 (616)336,356 
Commercial paper
200,963 212 (30)201,145 
Certificates of deposit
132,314 152 (9)132,457 
U.S. agency bonds
42,324 3 (77)42,250 
Non-U.S. government and supranational bonds
9,101 1 (119)8,983 
Total marketable securities
1,149,425 1,896 (2,173)1,149,148 
Total $2,511,405 $1,896 $(2,217)$2,511,084 
Our allowance for credit losses for our marketable securities was not material as of December 31, 2024 and 2023.
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
December 31, 2024
Due in one year or less $1,040,147 
Due after one to five years 336,262 
Total
$1,376,409 
Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.
v3.25.0.1
Fair value of financial instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair value of financial instruments Fair value of financial instruments
The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):
December 31, 2024
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$861,824 $— $— $861,824 
Commercial paper— 150,456 — 150,456 
Corporate bonds— 8,304 — 8,304 
Certificates of deposit— 4,158 — 4,158 
Marketable securities:
Corporate bonds— 516,212 — 516,212 
U.S. treasury securities425,353 — — 425,353 
Commercial paper— 260,385 — 260,385 
Certificates of deposit— 172,021 — 172,021 
Non-U.S. government and supranational bonds— 2,438 — 2,438 
Other assets:
Certificates of deposit$— $4,761 $— $4,761 
December 31, 2023
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,032,675 $— $— $1,032,675 
Commercial paper— 106,268 — 106,268 
Certificates of deposit— 1,551 — 1,551 
Corporate bonds— 859 — 859 
Marketable securities:
Corporate bonds— 427,957 — 427,957 
U.S. treasury securities336,356 — — 336,356 
Commercial paper— 201,145 — 201,145 
Certificates of deposit— 132,457 — 132,457 
U.S. agency bonds— 42,250 — 42,250 
Non-U.S. government and supranational bonds— 8,983 — 8,983 
Prepaid expenses and other current assets:
Certificates of deposit— 2,542 — 2,542 
Other assets:
Certificates of deposit$— $4,054 $— $4,054 
We classify our marketable securities within Level 1 or Level 2 because we determine their fair values using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
v3.25.0.1
Other balance sheet components
 12 Months Ended
Dec. 31, 2024
Other Balance Sheet Components [Abstract]  
Other balance sheet components Other balance sheet components
Property and equipment, net
Property and equipment, net consists of the following (in thousands):
December 31,
20242023
Leasehold improvements$78,136 $64,326 
Furniture and fixtures22,630 21,077 
Computer and network equipment31,407 26,603 
Total property and equipment132,173 112,006 
Less: accumulated depreciation (89,746)(90,116)
Construction in progress3,197 10,335 
Property and equipment, net$45,624 $32,225 
Depreciation expense was $13.9 million, $14.1 million and $21.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities consists of the following (in thousands):
December 31,
20242023
Accrued hosting expenses$56,946 $53,262 
Accrued compensation52,717 48,924 
Accrued legal expenses
47,599 12,081 
Operating lease liabilities34,425 35,666 
Deferred revenue
23,387 15,283 
Other accrued expenses99,033 72,816 
Accrued expenses and other current liabilities$314,107 $238,032 
v3.25.0.1
Goodwill and intangible assets, net
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and intangible assets, net Goodwill and intangible assets, net
Goodwill was unchanged for the years ended December 31, 2024 and 2023.
Intangible assets, net consists of the following (in thousands):
December 31, 2024
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Weighted-Average Useful Life(1)
Acquired technology, patents and other intangibles$39,907 $(31,065)$8,842 4.9 years
Customer relationships17,700 (16,666)1,034 1.6 years
Total intangible assets, net$57,607 $(47,731)$9,876 
December 31, 2023
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Weighted-Average Useful Life(1)
Acquired technology, patents and other intangibles$39,907 $(24,246)$15,661 4.9 years
Customer relationships17,700 (16,126)1,574 1.6 years
Total intangible assets, net$57,607 $(40,372)$17,235 
(1)Based on the weighted-average useful life established as of acquisition date.
Amortization expense was $7.4 million, $7.4 million, and $24.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Estimated future amortization expense as of December 31, 2024, is as follows (in thousands):
Intangible Asset Amortization
2025$5,464 
20263,424 
2027476 
2028434 
202978 
Thereafter— 
Total$9,876 
v3.25.0.1
Commitments and contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
As of December 31, 2024, our non-cancelable contractual commitments are as follows (in thousands):
Purchase CommitmentsOperating LeasesTotal Commitments
2025$— $41,288 $41,288 
2026— 38,328 38,328 
2027— 30,219 30,219 
2028— 24,059 24,059 
2029— 21,676 21,676 
Thereafter1,110,191 70,195 1,180,386 
Total$1,110,191 $225,765 $1,335,956 
Purchase commitments
In April 2021, we entered into a new private pricing addendum with AWS, which governs our use of cloud computing infrastructure provided by AWS. Under the new pricing addendum, we are required to purchase at least $3,250.0 million of cloud services from AWS through April 2029. If we fail to do so, we are required to pay the difference between the
amount we spend and the required commitment amount. As of December 31, 2024, our remaining contractual commitment is $1,110.2 million. We expect to meet our remaining commitment.
Legal matters
We are involved in various lawsuits, claims and proceedings that arise in the ordinary course of business. While the results of legal matters are inherently uncertain, we do not believe there is a reasonable possibility that the ultimate resolution of these matters, either individually or in aggregate, will have a material adverse effect on our business, financial position, results of operations or cash flows.
Revolving credit facility
In October 2022, we replaced the $500.0 million revolving credit facility entered into in November 2018 with an amended and restated five-year $400.0 million revolving credit facility (the “2022 revolving credit facility”) that contained an accordion option which, if exercised, would allow us to increase the aggregate commitments by up to $405.0 million provided we are able to secure additional lender commitments and satisfy certain other conditions.
In October 2023, we amended the 2022 revolving credit facility to increase our aggregate commitment to $500.0 million and reduce our accordion option from $405.0 million to $305.0 million. Interest on any borrowings under the 2022 revolving credit facility accrues at either an adjusted term SOFR plus 0.10% and a margin of 1.50% or at an alternative base rate plus a margin of 0.50%, at our election, and we are required to pay an annual commitment fee that accrues at 0.15% per annum on the unused portion of the aggregate commitments under the 2022 revolving credit facility.
The 2022 revolving credit facility also allows us to issue letters of credit, which reduce the amount we can borrow. We are required to pay a fee that accrues at 0.125% per annum on the average aggregate daily maximum amount available to be drawn under any outstanding letters of credit.
The 2022 revolving credit facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict our ability to incur indebtedness, grant liens, make distributions to holders of our stock or the stock of our subsidiaries, make investments or engage in transactions with our affiliates. The 2022 revolving credit facility also contains a financial maintenance covenant: a maximum net leverage ratio of consolidated debt to consolidated EBITDA no greater than 3.50 to 1.00, subject to an increase up to 4.00 to 1.00 for a certain period following an acquisition. The obligations under the 2022 revolving credit facility are secured by liens on substantially all of our domestic assets, including certain domestic intellectual property assets.
Our total borrowing capacity under the revolving credit facility is $500.0 million as of December 31, 2024. We have not issued any letters of credit and are in compliance with all covenants under the 2022 revolving credit facility as of December 31, 2024.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
We have entered into various non-cancelable office space operating leases with original lease periods expiring between 2025 and 2035. These do not contain material variable rent payments, residual value guarantees, covenants or other restrictions. Operating lease costs for the years ended December 31, 2024, 2023 and 2022, are as follows (in thousands):
Year Ended December 31,
202420232022
Lease cost:
Operating lease cost
$41,031 $51,044 $66,022 
Short-term lease cost1,532 759 2,809 
Total$42,563 $51,803 $68,831 
In April 2024, we entered into a sublease agreement with a term of May 2024 through December 2032. Sublease income for the year ended December 31, 2024 was not material.
The weighted-average remaining term of our operating leases was 6.6 years and 7.2 years, and the weighted-average discount rate used to measure the present value of our operating lease liabilities was 5.4% and 5.1% as of December 31, 2024 and 2023, respectively.
Maturities of our operating lease liabilities, which do not include short-term leases, as of December 31, 2024, are as follows (in thousands):
Operating Leases
2025$41,288 
202638,328 
202730,219 
202824,059 
202921,676 
Thereafter70,195 
Total lease payments225,765 
Less imputed interest(39,976)
Total operating lease liabilities$185,789 
Cash payments included in the measurement of our operating lease liabilities were $50.4 million, $61.8 million and $64.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.
As of December 31, 2024, we have not entered into any material leases that have not yet commenced.
v3.25.0.1
Stockholder's Equity
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stockholder's Equity Stockholder's Equity
Equity incentive plan
In June 2009, our board of directors adopted and approved our 2009 Plan, which provides for the issuance of stock options, RSAs and RSUs to qualified employees, directors and consultants. Stock options granted under our 2009 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. RSUs granted under our 2009 Plan have a maximum life of seven years. No shares of our common stock were reserved for future issuance under our 2009 Plan as of December 31, 2024.
Our 2019 Plan became effective upon closing of our IPO and succeeds our 2009 Plan. Our 2019 Plan provides for the issuance of stock options, RSAs, RSUs and other equity- or cash-based awards to qualified employees, directors and consultants. Stock options granted under our 2019 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. 171,858,312 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of December 31, 2024.
The number of shares of our Class A common stock available for issuance under the 2019 Plan will be increased by the number of shares of our Class B common stock subject to awards outstanding under our 2009 Plan that would, but for the terms of the 2019 Plan, have returned to the share reserves of the 2009 Plan pursuant to the terms of such awards, including as the result of forfeiture, repurchase, expiration or retention by us in order to satisfy an award’s exercise price or tax withholding obligations. In addition, the number of shares of our Class A common stock reserved for issuance under our 2019 Plan will automatically increase on the first day of each fiscal year through and including January 1, 2029, in an amount equal to 5% of the total number of shares of our Class A common stock and our Class B common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by our board of directors.
Stock option activity
Stock option activity during the year ended December 31, 2024, was as follows (in thousands, except per share amounts):
Stock Options Outstanding
Shares
Weighted-Average
Exercise Price
Weighted-Average
Remaining
Contractual Term
Aggregate Intrinsic
Value (1)
(in years)
Outstanding as of December 31, 202313,043 $15.41 6.1$282,197 
Exercised
(2,643)8.35 
Forfeited (10)2.96 
Outstanding as of December 31, 202410,390 $17.21 6.2$122,472 
Exercisable as of December 31, 20246,648 $15.67 5.4$88,644 
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
The total grant-date fair value of stock options vested during the years ended December 31, 2024, 2023 and 2022 was $25.2 million, $28.4 million and $9.5 million, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2024, 2023 and 2022 was $74.4 million, $70.2 million and $180.2 million, respectively.
Restricted stock unit and restricted stock award activity
RSU and RSA activity during the year ended December 31, 2024, was as follows (in thousands, except per share amounts):
Restricted Stock Units and Restricted Stock
Awards Outstanding
Shares
Weighted Average
Grant Date Fair Value
Outstanding as of December 31, 202345,099$25.83 
Granted
23,636 34.67 
Released
(26,149)28.54 
Forfeited
(5,369)27.28 
Outstanding as of December 31, 202437,217$29.33 

Share-based compensation
Share-based compensation expense during the years ended December 31, 2024, 2023 and 2022, was as follows (in thousands):
Year Ended December 31,
202420232022
Cost of revenue $14,836 $11,117 $7,629 
Research and development 497,442 422,964 324,161 
Sales and marketing 122,149 96,798 99,467 
General and administrative 131,368 116,981 65,866 
Total share-based compensation
$765,795 $647,860 $497,123 
We recognized income tax benefits on share-based compensation expense of $158.7 million for the year ended December 31, 2024, which are reflected in the provision for (benefit from) income taxes on our consolidated statements of operations. No income tax benefits were recognized for the years ended December 31, 2023 and December 31, 2022 due to the valuation allowance on our deferred tax assets.
As of December 31, 2024, we had $1,038.3 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 1.8 years.
Fair value of stock options
No stock options were granted during the years ended December 31, 2024 and 2023. The weighted-average grant-date fair value of stock options granted during the year ended December 31, 2022 was $11.79, which we estimated using the Black‑Scholes option-pricing model with the following assumptions:
Year Ended December 31, 2022
Expected term (in years)6.1
Risk-free interest rate3.2 %
Expected volatility61.1 %
Dividend yield— %
The key inputs we used in the Black-Scholes model are:
•Expected term – The expected term represents the period we expect our share-based awards to be outstanding, which is also the period we used to measure risk-free interest rates and expected volatility. We estimated the expected term using the simplified method as we do not have sufficient historical stock option exercise data.
•Risk-free interest rate – We estimated the risk-free interest rate based on zero-coupon U.S. Treasury notes.
•Expected volatility – We estimated expected volatility based on a combination of our historical volatility and that of comparable publicly-traded companies.
•Dividend yield – We applied a dividend yield of zero because we have never paid or declared dividends, and we have no plan to do so in the foreseeable future.
Stock Repurchase
On February 2, 2023, our board of directors authorized a stock repurchase program of up to $500.0 million our Class A common stock, which we completed in the second quarter of 2023. Under the program, we repurchased and retired 21,215,663 shares of our Class A common stock for an aggregate purchase price of $500.0 million at an average price per share of $23.57.
On September 16, 2023, our board of directors authorized a stock repurchase program of up to $1.0 billion of our Class A common stock (the "September 2023 program"). During the year ended December 31, 2024, we repurchased and retired 15,894,701 shares of our Class A common stock for an aggregate purchase price of $500.0 million at an average price per share of $31.46 under the September 2023 program.
In November 2024, our board of directors authorized a new stock repurchase program of up to$2.0 billion of our Class A common stock (the "November 2024 program") and canceled the September 2023 program under which $500.0 million had remained available for repurchase. Under the November 2024 program, we are authorized to repurchase, from time-to-time, shares of our Class A common stock through open market purchases, in privately negotiated transactions or in such other manner as permitted by securities law and as determined by management at such time and in such amounts as management may decide. The November 2024 program does not obligate us to repurchase any specific number of shares and may be modified, suspended or discontinued at any time. The timing, manner, price and amount of any repurchases are determined by management in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. During the year ended December 31, 2024, we repurchased and retired 19,125,363 shares of our Class A common stock for an aggregate purchase price of $600.2 million at an average price per share of $31.38 under the September 2023 and November 2024 programs. As of December 31, 2024, $1,899.8 million remained available for repurchases under the November 2024 program.
v3.25.0.1
Net income (loss) per share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net income (loss) per share Net income (loss) per share
We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses.
We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period.
Diluted net income (loss) per share gives effect to all potential shares of common stock, including stock options, RSAs and RSUs to the extent these are dilutive. The calculation of diluted net income (loss) of Class A common stock assumes the
conversion of our Class B common stock to Class A common stock, while the diluted net income (loss) of Class B common stock does not assume the conversion of those shares to Class A common stock.
We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):
Year Ended December 31,
202420232022
Class AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$1,633,901 $228,205 $(30,937)$(4,673)$(83,110)$(12,937)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic
595,639 83,192 586,109 88,532 576,061 89,671 
Basic net income (loss) per share
$2.74 $2.74 $(0.05)$(0.05)$(0.14)$(0.14)
Diluted net income (loss) per share:






Numerator:
Net income (loss)$1,633,901 $228,205 $(30,937)$(4,673)$(83,110)$(12,937)
Reallocation of net income as a result of conversion of Class B to Class A common stock
228,205 — — — — — 
Reallocation of net income to Class B common stock
— (6,387)— — — — 
Diluted net income (loss)
$1,862,106 $221,818 $(30,937)$(4,673)$(83,110)$(12,937)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic
595,639 83,192 586,109 88,532 576,061 89,671 
Conversion of Class B to Class A common stock
83,192 — — — — — 
Weighted average effect of dilutive potential common stock
19,545 — — — — — 
Weighted-average shares used in computing net income (loss) per share, diluted
698,376 83,192 586,109 88,532 576,061 89,671 
Diluted net income (loss) per share
$2.67 $2.67 $(0.05)$(0.05)$(0.14)$(0.14)
Basic net income (loss) per share is the same as diluted net income (loss) per share for the periods we reported net losses. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):
Year Ended December 31,
202420232022
Outstanding stock options— 14,463 17,405 
Unvested restricted stock units and restricted stock awards7,980 53,228 52,256 
Total
7,980 67,691 69,661 
v3.25.0.1
Income taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
The components of income (loss) before provision for (benefit from) income taxes are as follows (in thousands):
Year Ended December 31,
202420232022
United States$317,169 $20,713 $29,108 
Foreign(29,564)(37,153)(115,052)
Income (loss) before provision for (benefit from) income taxes
$287,605 $(16,440)$(85,944)
Provision for (benefit from) income taxes consists of the following (in thousands):
Year Ended December 31,
202420232022
Current:
Federal
$7,671 $7,833 $1,681 
State
10,533 6,698 7,385 
Foreign
7,729 6,477 4,381 
Total current tax expense
25,933 21,008 13,447 
Deferred:
Federal
(1,434,298)6 (1,861)
State
(162,684)3 (356)
Foreign
(3,452)(1,847)(1,127)
Total deferred tax expense (benefit)
(1,600,434)(1,838)(3,344)
Provision for (benefit from) income taxes$(1,574,501)$19,170 $10,103 
The difference between income taxes computed at the statutory federal income tax rate and the provision for (benefit from) income taxes is attributable to the following (in thousands):
Year Ended December 31,
202420232022
Tax at U.S. statutory rate
$60,397 $(3,453)$(18,048)
State income taxes, net of benefit
(120,204)5,111 5,502 
Foreign operations
12,007 17,721 29,855 
Permanent book/tax differences
1,171 692 3,671 
Share-based compensation
(23,019)(18,925)(20,663)
Change in valuation allowance
(1,421,323)111,497 62,048 
Tax credits
(83,587)(93,887)(52,319)
Other
57 414 57 
Provision for (benefit from) income taxes$(1,574,501)$19,170 $10,103 
The primary difference between our benefit from income taxes and the expected tax at the US federal statutory rate is the release of our valuation allowance on our U.S. federal and state, excluding California, deferred tax assets for the year ended December 31, 2024. The primary difference between our provision for income taxes and the expected tax at the US federal statutory rate is the full valuation allowance we have established on our federal, state and foreign net operating losses and credits and for the years ended December 31, 2023 and December 31, 2022. All periods presented include the effects of the capitalization and amortization of research and development expenses as required by the 2017 Tax Cuts and Jobs Act.
Significant components of our deferred tax assets and liabilities are as follows (in thousands):
December 31,
20242023
Deferred tax assets:
Net operating loss carryforwards$524,598 $751,273 
Research tax credits677,104 570,061 
Reserves, accruals, and other33,312 26,855 
Lease obligation41,493 44,676 
Share-based compensation33,793 30,146 
Research capitalization and amortization623,368 411,113 
Total deferred tax assets1,933,668 1,834,124 
Less: valuation allowance(322,070)(1,821,027)
Deferred tax assets, net of valuation allowance1,611,598 13,097 
Deferred tax liabilities:
Depreciation and amortization(6,394)(7,467)
Prepaid expenses(2,665)(2,682)
Total deferred tax liabilities(9,059)(10,149)
Deferred tax assets (liabilities)$1,602,539 $2,948 
We regularly assess the need for a valuation allowance on our deferred tax assets. Based on our analysis of both positive and negative evidence, we concluded that it is more likely than not that our U.S. federal and state, excluding California, deferred tax assets will be realizable due to our demonstrated sustained profitability and continued forecasted income. We continue to maintain a valuation allowance on our California deferred tax assets due to uncertainty regarding realizability of these deferred tax assets. As a result of the valuation allowance release, we recognized a deferred tax benefit of $1,597.0 million for U.S. federal and state, excluding California, deferred tax assets for December 31, 2024. The decrease of $1,499.0 million in valuation allowance compared to December 31, 2023 was also primarily driven by the release.
Due to our history of losses, we believe it is more likely than not that our Irish deferred tax assets will not be realized as of December 31, 2024. Accordingly, we continue to maintain a valuation allowance on our Irish deferred tax assets.
As of December 31, 2024, we had federal, California and other state net operating loss carryforwards of $1,909.5 million, $554.3 million and $1,549.9 million, respectively. Our federal carryforwards do not expire. If not utilized, our California and other state carryforwards will begin to expire in 2028 and 2025, respectively. Utilization of our net operating loss carryforwards may be subject to annual limitations due to the ownership change limitations provided by Section 382 of the Internal Revenue Code and similar state provisions. Our net operating loss carryforwards could expire before utilization if subject to annual limitations. As of December 31, 2024, we had $202.0 million and $7.3 million of Irish and Other Foreign net operating loss carryforwards, respectively, that can be carried forward indefinitely.
As of December 31, 2024, we had federal, California, and foreign research and development credit carryforwards of $603.8 million, $428.9 million and $1.8 million, respectively. If not utilized, our federal and foreign carryforwards will begin to expire in 2039 and 2043, respectively. Our California carryforwards do not expire.
Changes in gross unrecognized tax benefits were as follows (in thousands):
Gross Unrecognized
Tax Benefits
Balance as of December 31, 2022$239,938 
Increases for tax positions of prior years3,736 
Decreases for tax positions of prior years(119)
Increases for tax positions of current year44,377 
Audit settlement
(37,027)
Balance as of December 31, 2023$250,905 
Increases for tax positions of prior years6,545 
Decreases for tax positions of prior years(196)
Increases for tax positions of current year56,819 
Audit settlement
— 
Balance as of December 31, 2024$314,073 
Recognizing the $314.1 million of gross unrecognized tax benefits we had as of December 31, 2024 would affect our effective tax rate by $178.3 million. The remaining $135.8 million of gross unrecognized tax benefits would be offset by the reversal of related deferred tax assets, which primarily are subject to a full valuation allowance. We do not expect our gross unrecognized tax benefits to change significantly within the next 12 months. We recognize interest and penalties related to uncertain tax positions in provision for income taxes. Accrued interest and penalties are not material as of December 31, 2024 and 2023.
We are subject to taxation in the U.S. and various other state and foreign jurisdictions. As we have net operating loss carryforwards for U.S. federal and state jurisdictions, the statute of limitations is open for all tax years. For material foreign jurisdiction, the tax years open to examination include the years 2019 and forward.
v3.25.0.1
Geographical information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Geographical information Geographical information
Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands):
Year Ended December 31,
202420232022
U.S. and Canada(1)
$2,739,887 $2,350,188 $2,264,640 
Europe(2)
601,187 501,290 410,516 
Rest of World
305,092 203,593 127,418 
Total revenue
$3,646,166 $3,055,071 $2,802,574 
(1)United States revenue was $2,612.1 million, $2,226.3 million and $2,144.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. No individual country other than the United States exceeded 10% of our total revenue for any period presented.
(2)Europe includes Russia and Turkey.
Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands):
December 31,
20242023
United States
$74,623 $66,335 
Ireland
24,201 18,658 
Mexico
7,800 12,835 
International(1)
24,867 26,516 
Total property and equipment, net and operating lease right-of-use assets
$131,491 $124,344 
(1)Other than the United States, Ireland and Mexico, no other country exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income (loss) $ 1,862,106 $ (35,610) $ (96,047)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 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  
Andrea Acosta [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On November 20, 2024, Andrea Acosta, our Chief Accounting Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1(c)”) to sell, between February 24, 2025 and February 19, 2026, (a) up to 5,128 shares of our Class A common stock and (b) up to the net shares of our Class A common stock to be issued to Ms. Acosta after the satisfaction of applicable taxes following the vesting and settlement of 64,702 RSUs.
Name Andrea Acosta  
Title Chief Accounting Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 20, 2024  
Expiration Date February 19, 2026  
Arrangement Duration 360 days  
Julia Brau Donnelly [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
(2)On December 4, 2024, Julia Brau Donnelly, our Chief Financial Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell, between March 7, 2025 and March 2, 2026, up to the net shares of our Class A common stock to be issued to Ms. Donnelly after the satisfaction of applicable taxes following the vesting and settlement of 317,154 RSUs.
Name Julia Brau Donnelly  
Title Chief Financial Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date (2)On December 4, 2024  
Expiration Date March 2, 2026  
Arrangement Duration 360 days  
Aggregate Available 317,154 317,154
Matthew Madrigal [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On December 12, 2024, Matthew Madrigal, our Chief Technology Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell, between March 17, 2025 and September 12, 2025, (a) up to 40,000 shares of our Class A common stock and (b) up to the net shares of our Class A common stock to be issued to Mr. Madrigal after the satisfaction of applicable taxes following the vesting and settlement of 108,330 RSUs.
Name Matthew Madrigal  
Title Chief Technology Office  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 12, 2024  
Expiration Date September 12, 2025  
Arrangement Duration 179 days  
Benjamin Silbermann [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On December 13, 2024, Benjamin Silbermann, our Co-Founder and Non-Executive Chair of the Board of Directors, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell, between March 19, 2025 and April 9, 2026, up to 4,000,000 shares of our Class A common stock.
Name Benjamin Silbermann  
Title Co-Founder and Non-Executive Chair of the Board of Directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date On December 13, 2024  
Expiration Date April 9, 2026  
Arrangement Duration 386 days  
Aggregate Available 4,000,000 4,000,000
SFTC LLC [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On December 13, 2024, SFTC LLC adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell, between March 19, 2025 and April 9, 2026, up to 900,000 shares of our Class A common stock. SFTC LLC is owned by The Silbermann 2012 Irrevocable Trust, the beneficiaries of which include certain of Mr. Silbermann's immediate family members. Mr. Silbermann is deemed not to be a beneficial owner of the shares held by the SFTC LLC.
Name SFTC LLC  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 13, 2024  
Expiration Date April 9, 2026  
Arrangement Duration 386 days  
Aggregate Available 900,000 900,000
Andrea Acosta Trading Arrangement, Class A Common Stock [Member] | Andrea Acosta [Member]    
Trading Arrangements, by Individual    
Aggregate Available 5,128 5,128
Andrea Acosta Trading Arrangement, RSUs [Member] | Andrea Acosta [Member]    
Trading Arrangements, by Individual    
Aggregate Available 64,702 64,702
Matthew Madrigal Trading Arrangement, Class A Common Stock [Member] | Matthew Madrigal [Member]    
Trading Arrangements, by Individual    
Aggregate Available 40,000 40,000
Matthew Madrigal Trading Arrangement, RSUs [Member] | Matthew Madrigal [Member]    
Trading Arrangements, by Individual    
Aggregate Available 108,330 108,330
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
In the ordinary course of our business, we receive, process, use, store, and share digitally large amounts of data, including user data as well as confidential, sensitive, proprietary, and personal information. Maintaining the integrity and availability of our information technology systems and this information, as well as appropriate limitations on access and confidentiality of such information, is important to our operations and business strategy. To this end, we have implemented a program designed to assess, identify and manage risks from potential unauthorized occurrences on or through our information technology systems that may result in adverse effects on the confidentiality, integrity, and availability of these systems and the data residing in them. Our cybersecurity program is informed in part by industry standards and best practice, such as the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework.
The program is managed and monitored by a dedicated security team, which is led by our Chief Security Officer and includes mechanisms, controls, technologies, systems, policies and other processes designed to prevent or mitigate data loss, theft, misuse or other security incidents or vulnerabilities affecting the systems and data residing in them. For example, we conduct risk-based penetration and vulnerability testing and ongoing risk assessments, including due diligence prior to engagement on and ongoing risk-based periodic audits of our key technology vendors and other contractors and suppliers. We also conduct employee trainings on cyber and information security, among other topics. In addition, we consult with outside advisors and experts to assist with assessing, identifying and managing cybersecurity risks, including to anticipate future threats and trends, and their impact on the Company’s risk environment.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] we have implemented a program designed to assess, identify and manage risks from potential unauthorized occurrences on or through our information technology systems that may result in adverse effects on the confidentiality, integrity, and availability of these systems and the data residing in them. Our cybersecurity program is informed in part by industry standards and best practice, such as the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] The Board of Directors, as a whole and at the committee level, has oversight for the most significant risks facing us and for our processes to identify, prioritize, assess, manage, and mitigate those risks. The Audit and Risk Committee, which is comprised solely of independent directors, has been designated by our Board to oversee cybersecurity risks. The Audit and Risk Committee receives regular updates on cybersecurity and information technology matters and related risk exposures from our Chief Security Officer as well as other members of the senior leadership team. The Board also receives periodic updates from management and the Audit and Risk Committee on cybersecurity risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board of Directors, as a whole and at the committee level, has oversight for the most significant risks facing us and for our processes to identify, prioritize, assess, manage, and mitigate those risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board of Directors, as a whole and at the committee level, has oversight for the most significant risks facing us and for our processes to identify, prioritize, assess, manage, and mitigate those risks. The Audit and Risk Committee, which is comprised solely of independent directors, has been designated by our Board to oversee cybersecurity risks. The Audit and Risk Committee receives regular updates on cybersecurity and information technology matters and related risk exposures from our Chief Security Officer as well as other members of the senior leadership team. The Board also receives periodic updates from management and the Audit and Risk Committee on cybersecurity risks.
Cybersecurity Risk Role of Management [Text Block]
Our Chief Security Officer, who reports directly to the Chief Technology Officer and has over 25 years of experience managing information technology and cybersecurity matters, including more than six years at Pinterest, together with our Privacy and Data Protection Team, are responsible for assessing and managing cybersecurity risks. We consider cybersecurity, along with other significant risks that we face, within our overall enterprise risk management framework. Since the beginning of the last fiscal year, we have not identified any prior cybersecurity incidents that have materially affected us, but we face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A, “Risk Factors,” under the heading “Risks related to Data, Security and Privacy.”
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Audit and Risk Committee, which is comprised solely of independent directors, has been designated by our Board to oversee cybersecurity risks. The Audit and Risk Committee receives regular updates on cybersecurity and information technology matters and related risk exposures from our Chief Security Officer as well as other members of the senior leadership team. The Board also receives periodic updates from management and the Audit and Risk Committee on cybersecurity risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Chief Security Officer, who reports directly to the Chief Technology Officer and has over 25 years of experience managing information technology and cybersecurity matters, including more than six years at Pinterest,
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit and Risk Committee receives regular updates on cybersecurity and information technology matters and related risk exposures from our Chief Security Officer as well as other members of the senior leadership team. The Board also receives periodic updates from management and the Audit and Risk Committee on cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Description of business and summary of significant accounting policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of presentation
Basis of presentation and consolidation
We prepared the accompanying consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
Consolidation
Basis of presentation and consolidation
We prepared the accompanying consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
Reclassifications
Reclassifications
We have reclassified certain amounts in prior periods to conform with current presentation.
Use of estimates
Use of estimates
Preparing our consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies, the recognition, measurement and valuation of deferred income taxes, as well as the collectability of our accounts receivable, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments.
Segments
Segments
We operate as a single operating segment. Our chief operating decision maker is our Chief Executive Officer ("CEO"), who reviews financial information presented on a consolidated basis, accompanied by disaggregated information about our revenue, for purposes of making operating decisions, assessing financial performance and allocating resources. Net income (loss) is our primary measure of profit or loss, and all costs and expenses categories on our consolidated statements of operations, as well as share-based compensation expense, are significant. Refer to Note 8 for additional information about our share-based compensation expense. Our other segment items include interest income (expense), net, other income (expense), net and provision for (benefit from) income taxes on our consolidated statements of operations.
Revenue recognition and Cost of revenue
Revenue recognition
We generate revenue by delivering ads on our website and mobile application. We recognize revenue only after transferring control of promised goods or services to customers, which occurs when a user clicks on an ad contracted on a cost per click ("CPC") basis, views an ad contracted on a cost per thousand impressions ("CPM") or cost per day ("CPD") basis or views a video ad contracted on a cost per view ("CPV") basis. We recognize revenue over the service period for ads contracted on a CPD basis, which do not contain minimum impression guarantees. We typically bill customers on a CPC, CPM, CPV, or CPD basis, and our payment terms vary by customer type and location. The term between billing and payment due dates is not significant.
We recognize revenue only after satisfying our contractual performance obligations. We occasionally offer customers free ad inventory. When contracts with our customers contain multiple performance obligations, we allocate the overall transaction price, which is the amount of consideration to which we expect to be entitled in exchange for promised goods or services, to each of the distinct performance obligations based on their relative standalone selling prices. We generally
determine standalone selling prices based on the effective price charged per contracted click, impression or view, and we do not disclose the value of unsatisfied performance obligations because the original expected duration of our contracts is generally less than one year.
We record sales commissions in sales and marketing as incurred because we would amortize these over a period of less than one year.
Cost of revenue
Cost of revenue consists primarily of expenses associated with the delivery of our service, including the cost of hosting our website and mobile application. Cost of revenue also includes personnel-related expense, including salaries, benefits and share-based compensation for employees on our operations teams, payments associated with partner arrangements, credit card and other transaction processing fees, amortization of acquired intangible assets and allocated facilities and other supporting overhead costs.
Share-based compensation
Share-based compensation
Restricted stock units ("RSUs") granted under our 2009 Stock Plan (the "2009 Plan") are subject to both a service condition, which is typically satisfied over four years, and a performance condition, which was deemed satisfied upon the pricing of our initial public offering ("IPO"). We did not record any share-based compensation expense for our RSUs prior to our IPO because the performance condition had not yet been satisfied. Upon pricing our IPO, we recorded cumulative share-based compensation expense using the accelerated attribution method for those RSUs granted under our 2009 Plan for which the service condition had been satisfied at that date. We record the remaining unrecognized share-based compensation expense over the remainder of the requisite service period.
RSUs, restricted stock awards ("RSAs"), and stock options granted under our 2019 Omnibus Incentive Plan (the "2019 Plan") are generally subject only to a service condition, which is typically satisfied over two to four years. We record share-based compensation expense for these RSUs, RSAs and stock options on a straight-line basis over the requisite service period.
We measure RSUs and RSAs based on the fair market value of our common stock on the grant date and stock options based on their estimated grant date fair values, which we determine using the Black-Scholes option-pricing model. We record the resulting expense in our consolidated statements of operations over the requisite service period, which is generally four years, and we account for forfeitures as they occur.
Income taxes
Income taxes
We account for income taxes using the asset and liability method. We recognize deferred tax assets and liabilities for temporary differences between the financial reporting and tax bases of assets and liabilities using the enacted statutory tax rates in effect for the years in which we expect the differences to reverse. We establish valuation allowances to reduce the total deferred tax assets to the amount we believe is more likely than not to be realized. In assessing the need for a valuation allowance, we consider all available evidence, both positive and negative, including past operating results and estimates of future taxable income. In the event that we change our determination as to the amount of deferred tax assets that can be realized, we will adjust our valuation allowance with a corresponding impact to the provision for (benefit from) income taxes in the period in which such determination is made.
We recognize tax benefits from uncertain tax positions when we believe it is more likely than not that the tax position is sustainable on examination by tax authorities based on its technical merits. We recognize taxes on Global Intangible Low-Taxed Income as incurred.
Advertising expenses
Advertising expenses
We record advertising expenses as incurred and include these in sales and marketing in the consolidated statements of operations.
Marketable securities
Marketable securities
We invest in highly liquid corporate debt securities, U.S. treasury securities, asset-backed securities, U.S. government agency securities, municipal securities, non-U.S. government and supranational bonds and certificates of deposit. We
classify marketable investments with stated maturities of ninety days or less from the date of purchase as cash equivalents and those with stated maturities greater than ninety days from the date of purchase as marketable securities.
We classify our marketable securities as available-for-sale investments in our current assets because they are available for use to support current operations. We carry our marketable investments at fair value and record unrealized gains or losses, net of taxes, in accumulated other comprehensive income (loss) in stockholders’ equity. We determine realized gains and losses on the sale of marketable investments using a specific identification method and record these and any expected credit losses in other income (expense), net.
Fair value measurements
Fair value measurements
We account for certain assets and liabilities at fair value, which is the amount we believe market participants would be willing to receive to sell an asset or pay to transfer a liability in an orderly transaction. We categorize these assets and liabilities into the three levels below based on the degree to which the inputs we use to measure their fair values are observable in active markets. We use the most observable inputs available to us when measuring fair value.
•Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets
•Level 2: Observable inputs such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or inputs that are derived principally from or corroborated by observable market data or other means
•Level 3: Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities
Accounts receivable, net of allowances
Accounts receivable, net of allowances
We record accounts receivable at the original invoiced amount. We maintain an allowance for credit losses for any receivables we may be unable to collect. We estimate uncollectible receivables based on our receivables’ age, our customers’ credit quality and current economic conditions, among other factors that may affect our customers’ ability to pay. We also maintain an allowance for sales credits, which we determine based on historical credits issued to customers. We include the allowances for credit losses and sales credits in accounts receivable, net in the consolidated balance sheets.
Property and equipment
We carry property and equipment at cost less accumulated depreciation and calculate depreciation using the straight-line method over our assets’ estimated useful lives, which are generally:
Property and EquipmentUseful Life
Computer and network equipment3 years
Furniture and fixtures4 years
Leasehold improvements
Lesser of 10 years or remaining lease term
Leases and operating lease incremental borrowing rate
Leases and operating lease incremental borrowing rate
We lease office space under operating leases with expiration dates through 2035. We determine whether an arrangement constitutes a lease at inception and record lease liabilities and right-of-use assets on our consolidated balance sheets at lease commencement. We measure lease liabilities based on the present value of the total lease payments not yet paid discounted based on the more readily determinable of the rate implicit in the lease or our incremental borrowing rate, which is the estimated rate we would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. We estimate our incremental borrowing rate based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to our own. We measure right-of-use assets based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs we incur and (iii) tenant incentives under the lease. We begin recognizing rent expense when the lessor makes the underlying asset available to us, we do not assume renewals or early terminations unless we are reasonably certain to exercise these options at commencement and we do not allocate consideration between lease and non-lease components.
For short-term leases, we record rent expense in our consolidated statements of operations on a straight-line basis over the lease term and record variable lease payments as incurred.
Business combinations
Business combinations
We include the results of operations of businesses that we acquire in our consolidated financial statements beginning on their respective acquisition dates. We allocate the fair value of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values. When the fair value of the purchase consideration exceeds the fair values of the identifiable assets and liabilities acquired, we record the excess as goodwill. Our estimates of fair value are based on assumptions we believe to be reasonable but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets and liabilities acquired with the corresponding offset to goodwill. Any adjustments after the measurement period are reflected in our consolidated statements of operations.
Long-lived assets, including goodwill and intangible assets
Long-lived assets, including goodwill and intangible assets
We record definite-lived intangible assets at fair value less accumulated amortization. We calculate amortization using the straight-line method over the assets’ estimated useful lives of up to ten years.
We review our property and equipment, operating lease right-of-use assets and intangible assets for impairment whenever events or circumstances indicate that an asset’s carrying value may not be recoverable. We measure recoverability by comparing an asset’s carrying value to the future undiscounted cash flows that we expect it to generate. If this test indicates that the asset’s carrying value is not recoverable, we record an impairment charge to reduce the asset’s carrying value to its fair value.
We recorded $117.3 million of impairment and abandonment charges for operating lease right-of-use assets and leasehold improvements as part of the restructuring plan for the year ended December 31, 2023. We did not record any other material property and equipment or intangible asset impairments during the periods presented.
We review goodwill for impairment at least annually or more frequently if current circumstances or events indicate that the fair value of our single reporting unit may be less than its carrying value. We did not record any goodwill impairment during the periods presented.
Website development costs
Website development costs
We capitalize costs to develop our website and mobile application when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Due to the iterative process by which we perform upgrades and the relatively short duration of our development projects, development costs meeting our capitalization criteria were not material during the periods presented.
Loss contingencies
Loss contingencies
We are involved in various lawsuits, claims and proceedings that arise in the ordinary course of business. We record a liability for these when we believe it is probable that we have incurred a loss and can reasonably estimate the loss. We regularly evaluate current information to determine whether we should adjust a recorded liability or record a new one.
Foreign currency
Foreign currency
The functional currency of our international subsidiaries is generally their local currency. We translate our subsidiaries’ financial statements into U.S. dollars using month-end exchange rates for assets and liabilities and rates that approximate those in effect during the period for revenue and costs and expenses. We record translation gains and losses in accumulated other comprehensive loss in stockholders’ equity. We record foreign exchange transaction gains and losses in other income (expense), net. Our net foreign exchange gains and losses were not material for the periods presented.
Concentration of business risk
Concentration of business risk
We have an agreement with Amazon Web Services (“AWS”) to provide the cloud computing infrastructure we use to host our website, mobile application and many of the internal tools we use to operate our business. We are currently required to maintain a substantial majority of our monthly usage of certain compute, storage, data transfer and other services on AWS. Any transition of the cloud services currently provided by AWS to another cloud services provider would be difficult to implement and would cause us to incur significant time and expense.
Concentration of credit risk
Concentration of credit risk
Financial instruments that may potentially expose us to concentrations of credit risk primarily consist of cash, cash equivalents, marketable securities and restricted cash. Our investment policy is meant to preserve capital and maintain liquidity. The policy limits our marketable investments to investment-grade securities and limits our credit exposure by limiting our concentration in any one corporate issuer or sector and by establishing a minimum credit rating for marketable investments we purchase. Although we deposit cash and marketable investments with multiple financial institutions, our deposits may exceed insurable limits.
Credit losses on accounts receivable Our accounts receivable are generally unsecured. We monitor our customers’ credit quality on an ongoing basis and maintain reserves for estimated credit losses.
Recently Adopted Accounting Pronouncements and Not Yet Adopted
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. We adopted ASU 2023-07 retrospectively as of January 1, 2024. Refer to our significant accounting policies above for the impact of adoption.
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 will be effective for us beginning January 1, 2025. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. We do not expect adoption to materially affect our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (subtopic 220-40), which requires disclosure of disaggregation of certain relevant expenses included in the statements of operations on an annual and interim basis. ASU 2024-03 will be effective for our annual periods beginning January 1, 2027 and interim periods beginning January 1, 2028. The amendments must be applied retrospectively, and early adoption is permitted. We are currently evaluating the effects of adoption on our consolidated financial statements.
v3.25.0.1
Description of business and summary of significant accounting policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Estimated Useful Lives of Property and Equipment
We carry property and equipment at cost less accumulated depreciation and calculate depreciation using the straight-line method over our assets’ estimated useful lives, which are generally:
Property and EquipmentUseful Life
Computer and network equipment3 years
Furniture and fixtures4 years
Leasehold improvements
Lesser of 10 years or remaining lease term
Property and equipment, net consists of the following (in thousands):
December 31,
20242023
Leasehold improvements$78,136 $64,326 
Furniture and fixtures22,630 21,077 
Computer and network equipment31,407 26,603 
Total property and equipment132,173 112,006 
Less: accumulated depreciation (89,746)(90,116)
Construction in progress3,197 10,335 
Property and equipment, net$45,624 $32,225 
v3.25.0.1
Cash, cash equivalents and marketable securities (Tables)
 12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]  
Summary of Composition of Cash, Cash Equivalents and Marketable Securities
Cash, cash equivalents and marketable securities consist of the following (in thousands):
December 31, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash
$111,718 $— $— $111,718 
Money market funds
861,824 — — 861,824 
Commercial paper
150,464 1 (9)150,456 
Corporate bonds
8,307 — (3)8,304 
Certificates of deposit4,158 — — 4,158 
Total cash and cash equivalents
1,136,471 1 (12)1,136,460 
Marketable securities:
Corporate bonds
515,301 1,385 (474)516,212 
U.S. treasury securities
425,677 439 (763)425,353 
Commercial paper
260,205 191 (11)260,385 
Certificates of deposit
171,892 151 (22)172,021 
Non-U.S. government and supranational bonds
2,437 1 — 2,438 
Total marketable securities
1,375,512 2,167 (1,270)1,376,409 
Total $2,511,983 $2,168 $(1,282)$2,512,869 
December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash
$220,583 $— $— $220,583 
Money market funds
1,032,675 — — 1,032,675 
Commercial paper
106,312 — (44)106,268 
Certificates of deposit1,551 — — 1,551 
Corporate bonds
859 — — 859 
Total cash and cash equivalents
1,361,980 — (44)1,361,936 
Marketable securities:
Corporate bonds
428,002 1,277 (1,322)427,957 
U.S. treasury securities
336,721 251 (616)336,356 
Commercial paper
200,963 212 (30)201,145 
Certificates of deposit
132,314 152 (9)132,457 
U.S. agency bonds
42,324 3 (77)42,250 
Non-U.S. government and supranational bonds
9,101 1 (119)8,983 
Total marketable securities
1,149,425 1,896 (2,173)1,149,148 
Total $2,511,405 $1,896 $(2,217)$2,511,084 
Summary of Fair Value of Marketable Securities by Contractual Maturity
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
December 31, 2024
Due in one year or less $1,040,147 
Due after one to five years 336,262 
Total
$1,376,409 
v3.25.0.1
Fair value of financial instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Fair Values of Financial Instruments Measured on a Recurring Basis
The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):
December 31, 2024
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$861,824 $— $— $861,824 
Commercial paper— 150,456 — 150,456 
Corporate bonds— 8,304 — 8,304 
Certificates of deposit— 4,158 — 4,158 
Marketable securities:
Corporate bonds— 516,212 — 516,212 
U.S. treasury securities425,353 — — 425,353 
Commercial paper— 260,385 — 260,385 
Certificates of deposit— 172,021 — 172,021 
Non-U.S. government and supranational bonds— 2,438 — 2,438 
Other assets:
Certificates of deposit$— $4,761 $— $4,761 
December 31, 2023
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,032,675 $— $— $1,032,675 
Commercial paper— 106,268 — 106,268 
Certificates of deposit— 1,551 — 1,551 
Corporate bonds— 859 — 859 
Marketable securities:
Corporate bonds— 427,957 — 427,957 
U.S. treasury securities336,356 — — 336,356 
Commercial paper— 201,145 — 201,145 
Certificates of deposit— 132,457 — 132,457 
U.S. agency bonds— 42,250 — 42,250 
Non-U.S. government and supranational bonds— 8,983 — 8,983 
Prepaid expenses and other current assets:
Certificates of deposit— 2,542 — 2,542 
Other assets:
Certificates of deposit$— $4,054 $— $4,054 
v3.25.0.1
Other balance sheet components (Tables)
 12 Months Ended
Dec. 31, 2024
Other Balance Sheet Components [Abstract]  
Summary of Property and Equipment, Net
We carry property and equipment at cost less accumulated depreciation and calculate depreciation using the straight-line method over our assets’ estimated useful lives, which are generally:
Property and EquipmentUseful Life
Computer and network equipment3 years
Furniture and fixtures4 years
Leasehold improvements
Lesser of 10 years or remaining lease term
Property and equipment, net consists of the following (in thousands):
December 31,
20242023
Leasehold improvements$78,136 $64,326 
Furniture and fixtures22,630 21,077 
Computer and network equipment31,407 26,603 
Total property and equipment132,173 112,006 
Less: accumulated depreciation (89,746)(90,116)
Construction in progress3,197 10,335 
Property and equipment, net$45,624 $32,225 
Summary of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consists of the following (in thousands):
December 31,
20242023
Accrued hosting expenses$56,946 $53,262 
Accrued compensation52,717 48,924 
Accrued legal expenses
47,599 12,081 
Operating lease liabilities34,425 35,666 
Deferred revenue
23,387 15,283 
Other accrued expenses99,033 72,816 
Accrued expenses and other current liabilities$314,107 $238,032 
v3.25.0.1
Goodwill and intangible assets, net (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Composition of Intangible Assets, Net
Intangible assets, net consists of the following (in thousands):
December 31, 2024
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Weighted-Average Useful Life(1)
Acquired technology, patents and other intangibles$39,907 $(31,065)$8,842 4.9 years
Customer relationships17,700 (16,666)1,034 1.6 years
Total intangible assets, net$57,607 $(47,731)$9,876 
December 31, 2023
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Weighted-Average Useful Life(1)
Acquired technology, patents and other intangibles$39,907 $(24,246)$15,661 4.9 years
Customer relationships17,700 (16,126)1,574 1.6 years
Total intangible assets, net$57,607 $(40,372)$17,235 
(1)Based on the weighted-average useful life established as of acquisition date.
Summary of Estimated Future Amortization Expense
Estimated future amortization expense as of December 31, 2024, is as follows (in thousands):
Intangible Asset Amortization
2025$5,464 
20263,424 
2027476 
2028434 
202978 
Thereafter— 
Total$9,876 
v3.25.0.1
Commitments and contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Summary of Non-cancelable Contractual Commitments
As of December 31, 2024, our non-cancelable contractual commitments are as follows (in thousands):
Purchase CommitmentsOperating LeasesTotal Commitments
2025$— $41,288 $41,288 
2026— 38,328 38,328 
2027— 30,219 30,219 
2028— 24,059 24,059 
2029— 21,676 21,676 
Thereafter1,110,191 70,195 1,180,386 
Total$1,110,191 $225,765 $1,335,956 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of Operating Lease Costs Operating lease costs for the years ended December 31, 2024, 2023 and 2022, are as follows (in thousands):
Year Ended December 31,
202420232022
Lease cost:
Operating lease cost
$41,031 $51,044 $66,022 
Short-term lease cost1,532 759 2,809 
Total$42,563 $51,803 $68,831 
Summary of Maturities of Operating Lease Liabilities
Maturities of our operating lease liabilities, which do not include short-term leases, as of December 31, 2024, are as follows (in thousands):
Operating Leases
2025$41,288 
202638,328 
202730,219 
202824,059 
202921,676 
Thereafter70,195 
Total lease payments225,765 
Less imputed interest(39,976)
Total operating lease liabilities$185,789 
v3.25.0.1
Stockholder's Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
Stock option activity during the year ended December 31, 2024, was as follows (in thousands, except per share amounts):
Stock Options Outstanding
Shares
Weighted-Average
Exercise Price
Weighted-Average
Remaining
Contractual Term
Aggregate Intrinsic
Value (1)
(in years)
Outstanding as of December 31, 202313,043 $15.41 6.1$282,197 
Exercised
(2,643)8.35 
Forfeited (10)2.96 
Outstanding as of December 31, 202410,390 $17.21 6.2$122,472 
Exercisable as of December 31, 20246,648 $15.67 5.4$88,644 
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
Summary of Restricted Stock Unit and Restricted Stock Award Activity
RSU and RSA activity during the year ended December 31, 2024, was as follows (in thousands, except per share amounts):
Restricted Stock Units and Restricted Stock
Awards Outstanding
Shares
Weighted Average
Grant Date Fair Value
Outstanding as of December 31, 202345,099$25.83 
Granted
23,636 34.67 
Released
(26,149)28.54 
Forfeited
(5,369)27.28 
Outstanding as of December 31, 202437,217$29.33 
Summary of Share-Based Compensation Expense
Share-based compensation expense during the years ended December 31, 2024, 2023 and 2022, was as follows (in thousands):
Year Ended December 31,
202420232022
Cost of revenue $14,836 $11,117 $7,629 
Research and development 497,442 422,964 324,161 
Sales and marketing 122,149 96,798 99,467 
General and administrative 131,368 116,981 65,866 
Total share-based compensation
$765,795 $647,860 $497,123 
Summary of Share-Based Payment Award, Stock Options, Valuation Assumptions The weighted-average grant-date fair value of stock options granted during the year ended December 31, 2022 was $11.79, which we estimated using the Black‑Scholes option-pricing model with the following assumptions:
Year Ended December 31, 2022
Expected term (in years)6.1
Risk-free interest rate3.2 %
Expected volatility61.1 %
Dividend yield— %
v3.25.0.1
Net income (loss) per share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Calculated Basic and Diluted Net Income (Loss) Per Share
We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):
Year Ended December 31,
202420232022
Class AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$1,633,901 $228,205 $(30,937)$(4,673)$(83,110)$(12,937)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic
595,639 83,192 586,109 88,532 576,061 89,671 
Basic net income (loss) per share
$2.74 $2.74 $(0.05)$(0.05)$(0.14)$(0.14)
Diluted net income (loss) per share:






Numerator:
Net income (loss)$1,633,901 $228,205 $(30,937)$(4,673)$(83,110)$(12,937)
Reallocation of net income as a result of conversion of Class B to Class A common stock
228,205 — — — — — 
Reallocation of net income to Class B common stock
— (6,387)— — — — 
Diluted net income (loss)
$1,862,106 $221,818 $(30,937)$(4,673)$(83,110)$(12,937)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic
595,639 83,192 586,109 88,532 576,061 89,671 
Conversion of Class B to Class A common stock
83,192 — — — — — 
Weighted average effect of dilutive potential common stock
19,545 — — — — — 
Weighted-average shares used in computing net income (loss) per share, diluted
698,376 83,192 586,109 88,532 576,061 89,671 
Diluted net income (loss) per share
$2.67 $2.67 $(0.05)$(0.05)$(0.14)$(0.14)
Schedule of Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Income (Loss) Per Share
Basic net income (loss) per share is the same as diluted net income (loss) per share for the periods we reported net losses. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):
Year Ended December 31,
202420232022
Outstanding stock options— 14,463 17,405 
Unvested restricted stock units and restricted stock awards7,980 53,228 52,256 
Total
7,980 67,691 69,661 
v3.25.0.1
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Summary of Components of Income (Loss) Before Provision for Income Taxes
The components of income (loss) before provision for (benefit from) income taxes are as follows (in thousands):
Year Ended December 31,
202420232022
United States$317,169 $20,713 $29,108 
Foreign(29,564)(37,153)(115,052)
Income (loss) before provision for (benefit from) income taxes
$287,605 $(16,440)$(85,944)
Summary of Composition of the Provision for Income Taxes
Provision for (benefit from) income taxes consists of the following (in thousands):
Year Ended December 31,
202420232022
Current:
Federal
$7,671 $7,833 $1,681 
State
10,533 6,698 7,385 
Foreign
7,729 6,477 4,381 
Total current tax expense
25,933 21,008 13,447 
Deferred:
Federal
(1,434,298)6 (1,861)
State
(162,684)3 (356)
Foreign
(3,452)(1,847)(1,127)
Total deferred tax expense (benefit)
(1,600,434)(1,838)(3,344)
Provision for (benefit from) income taxes$(1,574,501)$19,170 $10,103 
Summary of Reconciliation of the Difference Between Income Taxes Computed at the Statutory Federal Income Tax Rate and the Provision for Income Taxes
The difference between income taxes computed at the statutory federal income tax rate and the provision for (benefit from) income taxes is attributable to the following (in thousands):
Year Ended December 31,
202420232022
Tax at U.S. statutory rate
$60,397 $(3,453)$(18,048)
State income taxes, net of benefit
(120,204)5,111 5,502 
Foreign operations
12,007 17,721 29,855 
Permanent book/tax differences
1,171 692 3,671 
Share-based compensation
(23,019)(18,925)(20,663)
Change in valuation allowance
(1,421,323)111,497 62,048 
Tax credits
(83,587)(93,887)(52,319)
Other
57 414 57 
Provision for (benefit from) income taxes$(1,574,501)$19,170 $10,103 
Summary of Significant Components of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities are as follows (in thousands):
December 31,
20242023
Deferred tax assets:
Net operating loss carryforwards$524,598 $751,273 
Research tax credits677,104 570,061 
Reserves, accruals, and other33,312 26,855 
Lease obligation41,493 44,676 
Share-based compensation33,793 30,146 
Research capitalization and amortization623,368 411,113 
Total deferred tax assets1,933,668 1,834,124 
Less: valuation allowance(322,070)(1,821,027)
Deferred tax assets, net of valuation allowance1,611,598 13,097 
Deferred tax liabilities:
Depreciation and amortization(6,394)(7,467)
Prepaid expenses(2,665)(2,682)
Total deferred tax liabilities(9,059)(10,149)
Deferred tax assets (liabilities)$1,602,539 $2,948 
Summary of Changes in Gross Unrecognized Tax Benefits
Changes in gross unrecognized tax benefits were as follows (in thousands):
Gross Unrecognized
Tax Benefits
Balance as of December 31, 2022$239,938 
Increases for tax positions of prior years3,736 
Decreases for tax positions of prior years(119)
Increases for tax positions of current year44,377 
Audit settlement
(37,027)
Balance as of December 31, 2023$250,905 
Increases for tax positions of prior years6,545 
Decreases for tax positions of prior years(196)
Increases for tax positions of current year56,819 
Audit settlement
— 
Balance as of December 31, 2024$314,073 
v3.25.0.1
Geographical information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Revenue Disaggregated by Geography
Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands):
Year Ended December 31,
202420232022
U.S. and Canada(1)
$2,739,887 $2,350,188 $2,264,640 
Europe(2)
601,187 501,290 410,516 
Rest of World
305,092 203,593 127,418 
Total revenue
$3,646,166 $3,055,071 $2,802,574 
(1)United States revenue was $2,612.1 million, $2,226.3 million and $2,144.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. No individual country other than the United States exceeded 10% of our total revenue for any period presented.
(2)Europe includes Russia and Turkey.
Schedule of Property and Equipment, Net and Operating Lease Right-of-Use Assets by Geography
Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands):
December 31,
20242023
United States
$74,623 $66,335 
Ireland
24,201 18,658 
Mexico
7,800 12,835 
International(1)
24,867 26,516 
Total property and equipment, net and operating lease right-of-use assets
$131,491 $124,344 
(1)Other than the United States, Ireland and Mexico, no other country exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.25.0.1
Description of business and summary of significant accounting policies - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Summary of Significant Accounting Policies [Line Items]      
Number of operating segments | segment 1    
Deferred revenue $ 23,400 $ 15,300  
Service period 4 years    
Advertising expenses $ 161,500 145,600 $ 139,700
Estimated useful lives of intangible assets (up to) 10 years    
Impairment and abandonment charges for leases and leasehold improvements $ 0 $ 117,315 $ 0
2019 Plan | Minimum      
Summary of Significant Accounting Policies [Line Items]      
Service period 2 years    
2019 Plan | Maximum      
Summary of Significant Accounting Policies [Line Items]      
Service period 4 years    
RSUs | 2009 Plan      
Summary of Significant Accounting Policies [Line Items]      
Service period 4 years    
v3.25.0.1
Description of business and summary of significant accounting policies - Estimated Useful Lives of Property and Equipment (Details)
Dec. 31, 2024
Computer and network equipment  
Property, Plant and Equipment [Line Items]  
Useful Life 3 years
Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Useful Life 4 years
Leasehold improvements  
Property, Plant and Equipment [Line Items]  
Useful Life 10 years
v3.25.0.1
Cash, cash equivalents and marketable securities - Composition of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Cash and cash equivalents:    
Amortized Cost $ 1,136,471 $ 1,361,980
Unrealized Gains 1 0
Unrealized Losses (12) (44)
Fair Value 1,136,460 1,361,936
Marketable securities:    
Amortized Cost 1,375,512 1,149,425
Unrealized Gains 2,167 1,896
Unrealized Losses (1,270) (2,173)
Fair Value 1,376,409 1,149,148
Total    
Amortized Cost 2,511,983 2,511,405
Unrealized Gains 2,168 1,896
Unrealized Losses (1,282) (2,217)
Fair Value 2,512,869 2,511,084
Corporate bonds    
Marketable securities:    
Amortized Cost 515,301 428,002
Unrealized Gains 1,385 1,277
Unrealized Losses (474) (1,322)
Fair Value 516,212 427,957
U.S. treasury securities    
Marketable securities:    
Amortized Cost 425,677 336,721
Unrealized Gains 439 251
Unrealized Losses (763) (616)
Fair Value 425,353 336,356
Commercial paper    
Marketable securities:    
Amortized Cost 260,205 200,963
Unrealized Gains 191 212
Unrealized Losses (11) (30)
Fair Value 260,385 201,145
Certificates of deposit    
Marketable securities:    
Amortized Cost 171,892 132,314
Unrealized Gains 151 152
Unrealized Losses (22) (9)
Fair Value 172,021 132,457
U.S. agency bonds    
Marketable securities:    
Amortized Cost   42,324
Unrealized Gains   3
Unrealized Losses   (77)
Fair Value   42,250
Non-U.S. government and supranational bonds    
Marketable securities:    
Amortized Cost 2,437 9,101
Unrealized Gains 1 1
Unrealized Losses 0 (119)
Fair Value 2,438 8,983
Cash    
Cash and cash equivalents:    
Amortized Cost 111,718 220,583
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 111,718 220,583
Money market funds    
Cash and cash equivalents:    
Amortized Cost 861,824 1,032,675
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 861,824 1,032,675
Commercial paper    
Cash and cash equivalents:    
Amortized Cost 150,464 106,312
Unrealized Gains 1 0
Unrealized Losses (9) (44)
Fair Value 150,456 106,268
Corporate bonds    
Cash and cash equivalents:    
Amortized Cost 8,307 859
Unrealized Gains 0 0
Unrealized Losses (3) 0
Fair Value 8,304 859
Certificates of deposit    
Cash and cash equivalents:    
Amortized Cost 4,158 1,551
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value $ 4,158 $ 1,551
v3.25.0.1
Cash, cash equivalents and marketable securities - Fair Value of Marketable Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]    
Due in one year or less $ 1,040,147  
Due after one to five years 336,262  
Total $ 1,376,409 $ 1,149,148
v3.25.0.1
Fair value of financial instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 1,136,460 $ 1,361,936
Marketable securities 1,376,409 1,149,148
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 516,212 427,957
Corporate bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 516,212 427,957
Corporate bonds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Corporate bonds | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 516,212 427,957
Corporate bonds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 425,353 336,356
U.S. treasury securities | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 425,353 336,356
U.S. treasury securities | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 425,353 336,356
U.S. treasury securities | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
U.S. treasury securities | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 260,385 201,145
Commercial paper | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 260,385 201,145
Commercial paper | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Commercial paper | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 260,385 201,145
Commercial paper | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 172,021 132,457
Certificates of deposit | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 172,021 132,457
Prepaid expenses and other current assets   2,542
Other assets 4,761 4,054
Certificates of deposit | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Prepaid expenses and other current assets   0
Other assets 0 0
Certificates of deposit | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 172,021 132,457
Prepaid expenses and other current assets   2,542
Other assets 4,761 4,054
Certificates of deposit | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Prepaid expenses and other current assets   0
Other assets 0 0
U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   42,250
U.S. agency bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   42,250
U.S. agency bonds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   0
U.S. agency bonds | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   42,250
U.S. agency bonds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   0
Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 2,438 8,983
Non-U.S. government and supranational bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 2,438 8,983
Non-U.S. government and supranational bonds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Non-U.S. government and supranational bonds | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 2,438 8,983
Non-U.S. government and supranational bonds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 861,824 1,032,675
Money market funds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 861,824 1,032,675
Money market funds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 861,824 1,032,675
Money market funds | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 150,456 106,268
Commercial paper | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 150,456 106,268
Commercial paper | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Commercial paper | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 150,456 106,268
Commercial paper | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 8,304 859
Corporate bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 8,304 859
Corporate bonds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Corporate bonds | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 8,304 859
Corporate bonds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 4,158 1,551
Certificates of deposit | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 4,158 1,551
Certificates of deposit | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Certificates of deposit | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 4,158 1,551
Certificates of deposit | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 $ 0
v3.25.0.1
Other balance sheet components - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Less: accumulated depreciation $ (89,746) $ (90,116)
Property and equipment, net 45,624 32,225
Total property and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment 132,173 112,006
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment 78,136 64,326
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment 22,630 21,077
Computer and network equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment 31,407 26,603
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment $ 3,197 $ 10,335
v3.25.0.1
Other balance sheet components - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Balance Sheet Components [Abstract]      
Depreciation expense $ 13.9 $ 14.1 $ 21.6
v3.25.0.1
Other balance sheet components - Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other Balance Sheet Components [Abstract]    
Accrued hosting expenses $ 56,946 $ 53,262
Accrued compensation 52,717 48,924
Accrued legal expenses 47,599 12,081
Operating lease liabilities $ 34,425 $ 35,666
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Deferred revenue $ 23,387 $ 15,283
Other accrued expenses 99,033 72,816
Accrued expenses and other current liabilities $ 314,107 $ 238,032
v3.25.0.1
Goodwill and intangible assets, net - Composition of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 57,607 $ 57,607
Accumulated Amortization (47,731) (40,372)
Net Carrying Amount $ 9,876 17,235
Weighted-Average Useful Life 10 years  
Acquired technology, patents and other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 39,907 39,907
Accumulated Amortization (31,065) (24,246)
Net Carrying Amount $ 8,842 $ 15,661
Weighted-Average Useful Life 4 years 10 months 24 days 4 years 10 months 24 days
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 17,700 $ 17,700
Accumulated Amortization (16,666) (16,126)
Net Carrying Amount $ 1,034 $ 1,574
Weighted-Average Useful Life 1 year 7 months 6 days 1 year 7 months 6 days
v3.25.0.1
Goodwill and intangible assets, net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 7.4 $ 7.4 $ 24.9
v3.25.0.1
Goodwill and intangible assets, net - Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 $ 5,464  
2026 3,424  
2027 476  
2028 434  
2029 78  
Thereafter 0  
Net Carrying Amount $ 9,876 $ 17,235
v3.25.0.1
Commitments and contingencies - Non-cancelable Contractual Commitments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Purchase Commitments  
2025 $ 0
2026 0
2027 0
2028 0
2029 0
Thereafter 1,110,191
Total 1,110,191
Operating Leases  
2025 41,288
2026 38,328
2027 30,219
2028 24,059
2029 21,676
Thereafter 70,195
Total lease payments 225,765
Total Commitments  
2025 41,288
2026 38,328
2027 30,219
2028 24,059
2029 21,676
Thereafter 1,180,386
Total $ 1,335,956
v3.25.0.1
Commitments and contingencies - Purchase Commitments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Apr. 30, 2021
Commitments and Contingencies Disclosure [Abstract]    
Minimum required purchases $ 1,110.2 $ 3,250.0
v3.25.0.1
Commitments and contingencies - Revolving Credit Facility (Details) - Line of Credit
$ in Millions
 1 Months Ended
Oct. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Oct. 31, 2023
USD ($)
Nov. 30, 2018
USD ($)
Revolving Credit Facility        
Commitments And Contingencies [Line Items]        
Maximum borrowing capacity $ 400.0   $ 500.0 $ 500.0
Term of borrowing agreement 5 years      
Commitment fee rate 0.15%      
Ration of consolidated net debt to EBITDA (no greater than) 3.50      
Future ratio of consolidated net debt to EBITDA (no greater than) 4.00      
Remaining borrowing capacity   $ 500.0    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)        
Commitments And Contingencies [Line Items]        
Base rate component, spread on variable rate 0.0010      
Basis spread on variable rate 1.50%      
Revolving Credit Facility | Alternative Base Rate        
Commitments And Contingencies [Line Items]        
Basis spread on variable rate 0.50%      
Revolving Credit Facility | Credit Agreement Amended And Restated        
Commitments And Contingencies [Line Items]        
Accordion feature maximum borrowings capacity $ 405.0   $ 305.0  
Letter of Credit        
Commitments And Contingencies [Line Items]        
Commitment fee 0.125%      
v3.25.0.1
Leases - Operating Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lease cost:      
Operating lease cost $ 41,031 $ 51,044 $ 66,022
Short-term lease cost 1,532 759 2,809
Total $ 42,563 $ 51,803 $ 68,831
v3.25.0.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Weighted-average remaining term of operating leases 6 years 7 months 6 days 7 years 2 months 12 days  
Weighted-average discount rate used to measure the present value of operating lease liabilities 5.40% 5.10%  
Cash payments included in the measurement of operating lease liabilities $ 50.4 $ 61.8 $ 64.0
v3.25.0.1
Leases - Maturities of Operating Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 41,288
2026 38,328
2027 30,219
2028 24,059
2029 21,676
Thereafter 70,195
Total lease payments 225,765
Less imputed interest (39,976)
Total operating lease liabilities $ 185,789
v3.25.0.1
Stockholder's Equity - Narrative (Details) - USD ($)
 12 Months Ended
Sep. 16, 2023
Feb. 02, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Nov. 30, 2024
Nov. 05, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Grant-date fair value of stock options vested     $ 25,200,000 $ 28,400,000 $ 9,500,000    
Aggregate intrinsic value of stock options exercised     74,400,000 70,200,000 180,200,000    
Share-based compensation expense, tax benefit     158,700,000 0 $ 0    
Unrecognized share-based compensation expense     $ 1,038,300,000        
Weighted-average recognition period for unrecognized share-based compensation expense     1 year 9 months 18 days        
Weighted-average grant-date fair value of stock options granted (in dollars per share)         $ 11.79    
Repurchases of Class A common stock     $ 600,198,000 $ 500,000,000      
Stock Repurchase Program, February 2023              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Authorized stock repurchase amount   $ 500,000,000.0          
Repurchases of Class A common stock (in shares)   21,215,663          
Repurchases of Class A common stock   $ 500,000,000.0          
Stock repurchased, average price per share (in dollars per share)   $ 23.57          
Stock Repurchase Program, September 2023              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Authorized stock repurchase amount $ 1,000,000,000.0            
Repurchases of Class A common stock (in shares) 15,894,701            
Repurchases of Class A common stock $ 500,000,000.0            
Stock repurchased, average price per share (in dollars per share) $ 31.46            
Remaining authorized stock repurchase amount           $ 500,000,000  
Stock Repurchase Program, November 2024              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Authorized stock repurchase amount             $ 2,000,000,000
Repurchases of Class A common stock (in shares)     19,125,363        
Repurchases of Class A common stock     $ 600,200,000        
Stock repurchased, average price per share (in dollars per share)     $ 31.38        
Remaining authorized stock repurchase amount     $ 1,899,800,000        
Stock options              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Dividend yield         0.00%    
2009 Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares reserved for issuance (in shares)     0        
2009 Plan | Stock options              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Expiration period     10 years        
2009 Plan | RSUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Expiration period     7 years        
2019 Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Percentage of outstanding shares, additional reserve     5.00%        
2019 Plan | Class A              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares reserved for issuance (in shares)     171,858,312        
2019 Plan | Stock options              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Expiration period     10 years        
v3.25.0.1
Stockholder's Equity - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Shares    
Beginning balance (in shares) 13,043  
Exercised (in shares) (2,643)  
Forfeited (in shares) (10)  
Ending balance (in shares) 10,390 13,043
Exercisable (in shares) 6,648  
Weighted-Average Exercise Price    
Beginning balance (in dollars per share) $ 15.41  
Exercised (in dollars per share) 8.35  
Forfeited (in dollars per share) 2.96  
Ending balance (in dollars per share) 17.21 $ 15.41
Exercisable (in dollars per share) $ 15.67  
Weighted-Average Remaining Contractual Term, Outstanding 6 years 2 months 12 days 6 years 1 month 6 days
Weighted-Average Remaining Contractual Term, Exercisable 5 years 4 months 24 days  
Aggregate Intrinsic Value, Outstanding $ 122,472 $ 282,197
Aggregate Intrinsic Value, Exercisable $ 88,644  
v3.25.0.1
Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units and Restricted Stock Awards Outstanding
shares in Thousands
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 45,099
Granted (in shares) | shares 23,636
Released (in shares) | shares (26,149)
Forfeited (in shares) | shares (5,369)
Ending balance (in shares) | shares 37,217
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 25.83
Granted (in dollars per share) | $ / shares 34.67
Released (in dollars per share) | $ / shares 28.54
Forfeited (in dollars per share) | $ / shares 27.28
Ending balance (in dollars per share) | $ / shares $ 29.33
v3.25.0.1
Stockholder's Equity - Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total share-based compensation $ 765,795 $ 647,860 $ 497,123
Cost of revenue      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total share-based compensation 14,836 11,117 7,629
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total share-based compensation 497,442 422,964 324,161
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total share-based compensation 122,149 96,798 99,467
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total share-based compensation $ 131,368 $ 116,981 $ 65,866
v3.25.0.1
Stockholder's Equity - Fair Value of Stock Options (Details) - Stock options
 12 Months Ended
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected term (in years) 6 years 1 month 6 days
Risk-free interest rate 3.20%
Expected volatility 61.10%
Dividend yield 0.00%
v3.25.0.1
Net income (loss) per share - Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Denominator:      
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 678,831 674,641 665,732
Basic net income (loss) per share (in dollars per share) $ 2.74 $ (0.05) $ (0.14)
Denominator:      
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 678,831 674,641 665,732
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 698,376 674,641 665,732
Diluted net income (loss) per share (in dollars per share) $ 2.67 $ (0.05) $ (0.14)
Class A      
Numerator:      
Net income (loss) $ 1,633,901 $ (30,937) $ (83,110)
Denominator:      
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 595,639 586,109 576,061
Basic net income (loss) per share (in dollars per share) $ 2.74 $ (0.05) $ (0.14)
Numerator:      
Net income (loss) $ 1,633,901 $ (30,937) $ (83,110)
Reallocation of net income as a result of conversion of Class B to Class A common stock 228,205 0 0
Reallocation of net income to Class B common stock 0 0 0
Diluted net income (loss) $ 1,862,106 $ (30,937) $ (83,110)
Denominator:      
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 595,639 586,109 576,061
Conversion of Class B to Class A common stock (in shares) 83,192 0 0
Weighted average effect of dilutive potential common stock (in shares) 19,545 0 0
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 698,376 586,109 576,061
Diluted net income (loss) per share (in dollars per share) $ 2.67 $ (0.05) $ (0.14)
Class B      
Numerator:      
Net income (loss) $ 228,205 $ (4,673) $ (12,937)
Denominator:      
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 83,192 88,532 89,671
Basic net income (loss) per share (in dollars per share) $ 2.74 $ (0.05) $ (0.14)
Numerator:      
Net income (loss) $ 228,205 $ (4,673) $ (12,937)
Reallocation of net income as a result of conversion of Class B to Class A common stock 0 0 0
Reallocation of net income to Class B common stock (6,387) 0 0
Diluted net income (loss) $ 221,818 $ (4,673) $ (12,937)
Denominator:      
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 83,192 88,532 89,671
Conversion of Class B to Class A common stock (in shares) 0 0 0
Weighted average effect of dilutive potential common stock (in shares) 0 0 0
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 83,192 88,532 89,671
Diluted net income (loss) per share (in dollars per share) $ 2.67 $ (0.05) $ (0.14)
v3.25.0.1
Net income (loss) per share - Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Loss Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average anti-dilutive shares of common stock (in shares) 7,980 67,691 69,661
Outstanding stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average anti-dilutive shares of common stock (in shares) 0 14,463 17,405
Unvested restricted stock units and restricted stock awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average anti-dilutive shares of common stock (in shares) 7,980 53,228 52,256
v3.25.0.1
Income taxes - Components of Loss Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
United States $ 317,169 $ 20,713 $ 29,108
Foreign (29,564) (37,153) (115,052)
Income (loss) before provision for (benefit from) income taxes $ 287,605 $ (16,440) $ (85,944)
v3.25.0.1
Income taxes - Composition of the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 7,671 $ 7,833 $ 1,681
State 10,533 6,698 7,385
Foreign 7,729 6,477 4,381
Total current tax expense 25,933 21,008 13,447
Deferred:      
Federal (1,434,298) 6 (1,861)
State (162,684) 3 (356)
Foreign (3,452) (1,847) (1,127)
Total deferred tax expense (benefit) (1,600,434) (1,838) (3,344)
Provision for (benefit from) income taxes $ (1,574,501) $ 19,170 $ 10,103
v3.25.0.1
Income taxes - Reconciliation of the Difference Between Income Taxes Computed at the Statutory Federal Income Tax Rate and the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Tax at U.S. statutory rate $ 60,397 $ (3,453) $ (18,048)
State income taxes, net of benefit (120,204) 5,111 5,502
Foreign operations 12,007 17,721 29,855
Permanent book/tax differences 1,171 692 3,671
Share-based compensation (23,019) (18,925) (20,663)
Change in valuation allowance (1,421,323) 111,497 62,048
Tax credits (83,587) (93,887) (52,319)
Other 57 414 57
Provision for (benefit from) income taxes $ (1,574,501) $ 19,170 $ 10,103
v3.25.0.1
Income taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Net operating loss carryforwards $ 524,598 $ 751,273
Research tax credits 677,104 570,061
Reserves, accruals, and other 33,312 26,855
Lease obligation 41,493 44,676
Share-based compensation 33,793 30,146
Research capitalization and amortization 623,368 411,113
Total deferred tax assets 1,933,668 1,834,124
Less: valuation allowance (322,070) (1,821,027)
Deferred tax assets, net of valuation allowance 1,611,598 13,097
Deferred tax liabilities:    
Depreciation and amortization (6,394) (7,467)
Prepaid expenses (2,665) (2,682)
Total deferred tax liabilities (9,059) (10,149)
Deferred tax assets (liabilities) $ 1,602,539 $ 2,948
v3.25.0.1
Income taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]      
Deferred tax benefit $ 1,600,434 $ 1,838 $ 3,344
Increase (decrease) in deferred tax asset valuation allowance (1,499,000)    
Unrecognized tax benefits that would affect effective tax rate 314,100    
Effective tax rate impact 178,300    
Remaining unrecognized tax benefits 135,800    
Federal      
Income Taxes [Line Items]      
Deferred tax benefit 1,597,000    
Net operating loss carryforwards 1,909,500    
Federal | Research Tax Credits      
Income Taxes [Line Items]      
Tax credit carryforwards 603,800    
State | California      
Income Taxes [Line Items]      
Net operating loss carryforwards 554,300    
State | California | Research Tax Credits      
Income Taxes [Line Items]      
Tax credit carryforwards 428,900    
State | Other States      
Income Taxes [Line Items]      
Net operating loss carryforwards 1,549,900    
Foreign | Ireland      
Income Taxes [Line Items]      
Net operating loss carryforwards 202,000    
Foreign | Other Foreign      
Income Taxes [Line Items]      
Net operating loss carryforwards 7,300    
Foreign | California | Research Tax Credits      
Income Taxes [Line Items]      
Tax credit carryforwards $ 1,800    
v3.25.0.1
Income taxes - Changes in Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Gross Unrecognized Tax Benefits    
Beginning balance $ 250,905 $ 239,938
Increases for tax positions of prior years 6,545 3,736
Decreases for tax positions of prior years (196) (119)
Increases for tax positions of current year 56,819 44,377
Audit settlement 0 (37,027)
Ending balance $ 314,073 $ 250,905
v3.25.0.1
Geographical information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 3,646,166 $ 3,055,071 $ 2,802,574
Total property and equipment, net and operating lease right-of-use assets 131,491 124,344  
United States and Canada      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 2,739,887 2,350,188 2,264,640
Europe      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 601,187 501,290 410,516
Rest of World      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 305,092 203,593 127,418
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 2,612,100 2,226,300 $ 2,144,300
Total property and equipment, net and operating lease right-of-use assets 74,623 66,335  
Ireland      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total property and equipment, net and operating lease right-of-use assets 24,201 18,658  
Mexico      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total property and equipment, net and operating lease right-of-use assets 7,800 12,835  
International      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total property and equipment, net and operating lease right-of-use assets $ 24,867 $ 26,516