SNAP INC, 10-Q filed on 8/2/2024
Quarterly Report
v3.24.2.u1
Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 30, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-38017  
Entity Registrant Name SNAP INC  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-5452795  
Entity Address, Address Line One 3000 31st Street  
Entity Address, City or Town Santa Monica  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 90405  
City Area Code (310)  
Local Phone Number 399-3339  
Title of 12(b) Security Class A Common Stock, par value $0.00001 per share  
Trading Symbol SNAP  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001564408  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Class A    
Entity Information [Line Items]    
Entity Common Stock Shares Outstanding   1,405,334,384
Class B    
Entity Information [Line Items]    
Entity Common Stock Shares Outstanding   22,523,290
Class C    
Entity Information [Line Items]    
Entity Common Stock Shares Outstanding   231,626,943
v3.24.2.u1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities        
Net loss $ (248,620) $ (377,308) $ (553,710) $ (705,982)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Depreciation and amortization 37,930 39,688 79,643 74,908
Stock-based compensation 259,311 317,943 523,063 632,874
Amortization of debt issuance costs 2,208 1,839 3,950 3,675
Losses (gains) on debt and equity securities, net 2,662 (4,434) 11,630 (15,267)
Other 10,583 (16,307) (6,029) (26,703)
Change in operating assets and liabilities, net of effect of acquisitions:        
Accounts receivable, net of allowance (36,916) (103,629) 125,291 184,744
Prepaid expenses and other current assets (34,526) (1,098) (48,155) (14,302)
Operating lease right-of-use assets 14,929 17,817 28,504 35,475
Other assets (955) (1,275) (6,097) (425)
Accounts payable (61,556) 8,426 (95,645) (28,546)
Accrued expenses and other current liabilities 45,821 52,981 27,440 (37,210)
Operating lease liabilities (13,940) (17,792) (27,870) (36,342)
Other liabilities 1,692 1,213 4,960 2,267
Net cash provided by (used in) operating activities (21,377) (81,936) 66,975 69,166
Cash flows from investing activities        
Purchases of property and equipment (52,062) (36,943) (102,510) (84,573)
Purchases of strategic investments (2,000) (3,290) (2,000) (7,770)
Sales of strategic investments 1,006 0 1,015 0
Cash paid for acquisitions, net of cash acquired 0 (50,254) 0 (50,254)
Purchases of marketable securities (774,852) (631,218) (1,240,524) (1,505,271)
Sales of marketable securities 166,557 85,922 166,557 91,273
Maturities of marketable securities 447,153 611,835 832,081 1,536,158
Other (100) (2,451) (100) (124)
Net cash provided by (used in) investing activities (214,298) (26,399) (345,481) (20,561)
Cash flows from financing activities        
Proceeds from issuance of convertible notes, net of issuance costs 740,350 0 740,350 0
Purchase of capped calls (68,850) 0 (68,850) 0
Proceeds from termination of capped calls 62,683 0 62,683 0
Proceeds from the exercise of stock options 2,425 382 2,494 411
Repurchases of Class A non-voting common stock (75,955) 0 (311,069) 0
Deferred payments for acquisitions (3,695) (242,088) (3,695) (244,116)
Repurchases of convertible notes (418,336) 0 (859,042) 0
Other (1,799) 0 (1,799) 0
Net cash provided by (used in) financing activities 236,823 (241,706) (438,928) (243,705)
Change in cash, cash equivalents, and restricted cash 1,148 (350,041) (717,434) (195,100)
Cash, cash equivalents, and restricted cash, beginning of period 1,063,880 1,578,717 1,782,462 1,423,776
Cash, cash equivalents, and restricted cash, end of period $ 1,065,028 $ 1,228,676 $ 1,065,028 $ 1,228,676
v3.24.2.u1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Revenue $ 1,236,768 $ 1,067,669 $ 2,431,541 $ 2,056,277
Costs and expenses:        
Cost of revenue 588,921 496,874 1,163,670 936,860
Research and development 406,196 477,663 855,955 932,775
Sales and marketing 266,320 280,597 542,354 549,030
General and administrative 229,306 216,874 456,769 407,215
Total costs and expenses 1,490,743 1,472,008 3,018,748 2,825,880
Operating loss (253,975) (404,339) (587,207) (769,603)
Interest income 36,462 43,144 76,360 81,092
Interest expense (5,113) (5,343) (9,856) (11,228)
Other income (expense), net (20,792) 1,323 (20,873) 12,695
Loss before income taxes (243,418) (365,215) (541,576) (687,044)
Income tax benefit (expense) (5,202) (12,093) (12,134) (18,938)
Net loss $ (248,620) $ (377,308) $ (553,710) $ (705,982)
Net loss per share attributable to Class A, Class B, and Class C common stockholders (Note 3):        
Basic (in usd per share) $ (0.15) $ (0.24) $ (0.34) $ (0.44)
Diluted (in usd per share) $ (0.15) $ (0.24) $ (0.34) $ (0.44)
Weighted average shares used in computation of net loss per share:        
Basic (in shares) 1,644,736 1,603,172 1,646,064 1,592,365
Diluted (in shares) 1,644,736 1,603,172 1,646,064 1,592,365
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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net loss $ (248,620) $ (377,308) $ (553,710) $ (705,982)
Other comprehensive income (loss), net of tax        
Unrealized gain (loss) on marketable securities, net of tax 137 (15,579) (3,467) (6,184)
Foreign currency translation 1,885 1,082 (892) 3,997
Net current period other comprehensive income (loss) 2,022 (14,497) (4,359) (2,187)
Total comprehensive loss $ (246,598) $ (391,805) $ (558,069) $ (708,169)
v3.24.2.u1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 1,060,551 $ 1,780,400
Marketable securities 2,020,723 1,763,680
Accounts receivable, net of allowance 1,141,849 1,278,176
Prepaid expenses and other current assets 198,074 153,587
Total current assets 4,421,197 4,975,843
Property and equipment, net 444,485 410,326
Operating lease right-of-use assets 521,101 516,862
Intangible assets, net 112,808 146,303
Goodwill 1,691,317 1,691,827
Other assets 229,131 226,597
Total assets 7,420,039 7,967,758
Current liabilities    
Accounts payable 179,586 278,961
Operating lease liabilities 21,279 49,321
Accrued expenses and other current liabilities 875,119 805,836
Convertible senior notes, net 36,170 0
Total current liabilities 1,112,154 1,134,118
Long-term convertible senior notes, net 3,602,563 3,749,400
Operating lease liabilities, noncurrent 579,896 546,279
Other liabilities 58,704 123,849
Total liabilities 5,353,317 5,553,646
Commitments and contingencies (Note 8)
Stockholders’ equity    
Additional paid-in capital 15,126,248 14,613,404
Accumulated deficit (12,591,315) (11,726,536)
Accumulated other comprehensive income (loss) 2,772 7,131
Total stockholders’ equity 2,066,722 2,414,112
Total liabilities and stockholders’ equity 7,420,039 7,967,758
Class A Non-voting Common Stock    
Stockholders’ equity    
Common stock, value 14 14
Treasury stock, at cost. 48,287 and 49,200 shares of Class A non-voting common stock at June 30, 2024 and December 31, 2023, respectively. (470,999) (479,903)
Class B Voting Common Stock    
Stockholders’ equity    
Common stock, value 0 0
Class C Voting Common Stock    
Stockholders’ equity    
Common stock, value $ 2 $ 2
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Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Jun. 30, 2024
Dec. 31, 2023
Common stock outstanding (in shares) 1,702,107  
Class A Non-voting Common Stock    
Common stock par value (in usd per share) $ 0.00001 $ 0.00001
Common stock authorized (in shares) 3,000,000 3,000,000
Common stock issued (in shares) 1,447,952 1,440,541
Common stock outstanding (in shares) 1,399,665 1,391,341
Treasury stock, shares (in shares) 48,287 49,200
Class B Voting Common Stock    
Common stock par value (in usd per share) $ 0.00001 $ 0.00001
Common stock authorized (in shares) 700,000 700,000
Common stock issued (in shares) 22,528 22,528
Common stock outstanding (in shares) 22,528 22,528
Class C Voting Common Stock    
Common stock par value (in usd per share) $ 0.00001 $ 0.00001
Common stock authorized (in shares) 260,888 260,888
Common stock issued (in shares) 231,627 231,627
Common stock outstanding (in shares) 231,627 231,627
v3.24.2.u1
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Treasury Stock, Common
Additional Paid-in Capital
Retained Earnings
AOCI Attributable to Parent
Class A Non-voting Common Stock
Class A Non-voting Common Stock
Common Stock
Class B
Class B
Common Stock
Class B
Common Stock
Class A Non-Voting Common Stock Conversion From Class B Voting Common Stock
Class C
Class C
Common Stock
Common stock, beginning of period (in shares) at Dec. 31, 2022     0 0 0   1,319,930   22,529     231,627
Treasury stock, beginning of period (in shares) at Dec. 31, 2022   51,312                    
Balance, beginning of period at Dec. 31, 2022   $ (500,514) $ 13,309,828 $ (10,214,657) $ (13,974)   $ 13   $ 0     $ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Shares issued in connection with exercise of stock options under stock-based compensation plans (in shares)             364   362      
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net             $ 1          
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net (in shares)             40,486          
Conversion of Class B voting common stock to Class A non-voting common stock (in shares)             352     (352)    
Reissuances of Class A non-voting common stock for vesting of restricted stock units (in shares)   (821)         821          
Reissuances of Class A non-voting common stock for vesting of restricted stock units   $ 8,014 (8,014)                  
Stock-based compensation expense     632,019                  
Shares issued in connection with exercise of stock options under stock-based compensation plans     $ 411                  
Net loss $ (705,982)     $ (705,982)   $ (593,302)   $ (9,987)     $ (102,693)  
Other comprehensive income (loss), net of tax $ (2,187)       $ (2,187)              
Common stock, end of period (in shares) at Jun. 30, 2023 1,666,610   0 0 0   1,361,953   22,539     231,627
Treasury stock, end of period (in shares) at Jun. 30, 2023   50,491                    
Balance, end of period at Jun. 30, 2023 $ 2,504,960 $ (492,500) $ 13,934,244 $ (10,920,639) $ (16,161)   $ 14   $ 0     $ 2
Common stock, beginning of period (in shares) at Mar. 31, 2023     0 0 0   1,341,056   22,522     231,627
Treasury stock, beginning of period (in shares) at Mar. 31, 2023   50,942                    
Balance, beginning of period at Mar. 31, 2023   $ (496,906) $ 13,620,326 $ (10,543,331) $ (1,664)   $ 13   $ 0     $ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Shares issued in connection with exercise of stock options under stock-based compensation plans (in shares)             361   361      
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net             $ 1          
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net (in shares)             19,741          
Conversion of Class B voting common stock to Class A non-voting common stock (in shares)             344     (344)    
Reissuances of Class A non-voting common stock for vesting of restricted stock units (in shares)   (451)         451          
Reissuances of Class A non-voting common stock for vesting of restricted stock units   $ 4,406 (4,406)                  
Stock-based compensation expense     317,942                  
Shares issued in connection with exercise of stock options under stock-based compensation plans     $ 382                  
Net loss (377,308)     $ (377,308)   $ (317,491)   $ (5,303)     $ (54,514)  
Other comprehensive income (loss), net of tax $ (14,497)       $ (14,497)              
Common stock, end of period (in shares) at Jun. 30, 2023 1,666,610   0 0 0   1,361,953   22,539     231,627
Treasury stock, end of period (in shares) at Jun. 30, 2023   50,491                    
Balance, end of period at Jun. 30, 2023 $ 2,504,960 $ (492,500) $ 13,934,244 $ (10,920,639) $ (16,161)   $ 14   $ 0     $ 2
Common stock, beginning of period (in shares) at Dec. 31, 2023     0 0 0 1,391,341 1,391,341 22,528 22,528   231,627 231,627
Treasury stock, beginning of period (in shares) at Dec. 31, 2023   49,200       49,200            
Balance, beginning of period at Dec. 31, 2023 2,414,112 $ (479,903) $ 14,613,404 $ (11,726,536) $ 7,131   $ 14   $ 0     $ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Shares issued in connection with exercise of stock options under stock-based compensation plans (in shares)             184   5      
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net (in shares)             35,107          
Conversion of Class B voting common stock to Class A non-voting common stock (in shares)             5     (5)    
Repurchases of Class A non-voting common stock (in shares)             (27,885)          
Repurchases of Class A non-voting common stock (in shares)   27,885                    
Repurchases of Class A non-voting common stock   $ (311,069)                    
Retirement of Class A non-voting common stock (in shares)   (27,885)       (27,900)            
Retirement of Class A non-voting common stock   $ 311,069   (311,069)   $ (311,100)            
Reissuances of Class A non-voting common stock for vesting of restricted stock units (in shares)   (913)         913          
Reissuances of Class A non-voting common stock for vesting of restricted stock units   $ 8,904 (8,904)                  
Stock-based compensation expense     523,063                  
Shares issued in connection with exercise of stock options under stock-based compensation plans     2,494                  
Purchase of capped calls     (68,850)                  
Termination of capped calls     62,683                  
Other     $ 2,358                  
Net loss (553,710)     $ (553,710)   $ (468,216)   $ (7,578)     $ (77,916)  
Other comprehensive income (loss), net of tax $ (4,359)       $ (4,359)              
Common stock, end of period (in shares) at Jun. 30, 2024 1,702,107   0 0 0 1,399,665 1,399,665 22,528 22,528   231,627 231,627
Treasury stock, end of period (in shares) at Jun. 30, 2024   48,287       48,287            
Balance, end of period at Jun. 30, 2024 $ 2,066,722 $ (470,999) $ 15,126,248 $ (12,591,315) $ 2,772   $ 14   $ 0     $ 2
Common stock, beginning of period (in shares) at Mar. 31, 2024     0 0 0   1,388,965   22,528     231,627
Treasury stock, beginning of period (in shares) at Mar. 31, 2024   48,793                    
Balance, beginning of period at Mar. 31, 2024   $ (475,939) $ 14,873,261 $ (12,266,740) $ 750   $ 14   $ 0     $ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Shares issued in connection with exercise of stock options under stock-based compensation plans (in shares)             179   5      
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net (in shares)             16,875          
Conversion of Class B voting common stock to Class A non-voting common stock (in shares)             5     (5)    
Repurchases of Class A non-voting common stock (in shares)             (6,865)          
Repurchases of Class A non-voting common stock (in shares)   6,865                    
Repurchases of Class A non-voting common stock   $ (75,955)                    
Retirement of Class A non-voting common stock (in shares)   (6,865)                    
Retirement of Class A non-voting common stock   $ 75,955   (75,955)                
Reissuances of Class A non-voting common stock for vesting of restricted stock units (in shares)   (506)         506          
Reissuances of Class A non-voting common stock for vesting of restricted stock units   $ 4,940 (4,940)                  
Stock-based compensation expense     259,311                  
Shares issued in connection with exercise of stock options under stock-based compensation plans     2,426                  
Purchase of capped calls     (68,850)                  
Termination of capped calls     62,683                  
Other     $ 2,357                  
Net loss (248,620)     $ (248,620)   $ (210,201)   $ (3,405)     $ (35,014)  
Other comprehensive income (loss), net of tax $ 2,022       $ 2,022              
Common stock, end of period (in shares) at Jun. 30, 2024 1,702,107   0 0 0 1,399,665 1,399,665 22,528 22,528   231,627 231,627
Treasury stock, end of period (in shares) at Jun. 30, 2024   48,287       48,287            
Balance, end of period at Jun. 30, 2024 $ 2,066,722 $ (470,999) $ 15,126,248 $ (12,591,315) $ 2,772   $ 14   $ 0     $ 2
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Description of Business and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
Snap Inc. is a technology company.
Snap Inc. (“we,” “our,” or “us”), a Delaware corporation, is headquartered in Santa Monica, California. Our flagship product, Snapchat, is a visual messaging application that was created to help people communicate through short videos and images called “Snaps.”
Basis of Presentation
The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Our consolidated financial statements include the accounts of Snap Inc. and our wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Our fiscal year ends on December 31. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) in February 2024 (the “Annual Report”).
In our opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position, results of operations, and cash flows. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024.
There have been no changes to our significant accounting policies described in our Annual Report that have had a material impact on our consolidated financial statements and related notes.
Use of Estimates
The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements. Management’s estimates are based on historical information available as of the date of the consolidated financial statements and various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from those estimates.
Key estimates relate primarily to determining the fair value of assets and liabilities assumed in business combinations, evaluation of contingencies, uncertain tax positions, and the fair value of strategic investments. On an ongoing basis, management evaluates our estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities.
Future Stock Split to be Effected in the Form of a Stock Dividend
In July 2022, our board of directors determined that it was advisable and in our best interest to approve a stock split to be effected in the form of a special dividend of one share of Class A common stock on each outstanding share of our common stock at a future date (the “Future Stock Split”). In connection with the Future Stock Split, we entered into certain agreements (the “Co-Founder Agreements”) with Evan Spiegel and Robert Murphy, our co-founders, and certain of their respective affiliates requiring them, among other things, to convert shares of Class B common stock and Class C common stock into Class A common stock under certain circumstances. In February 2024, the conditions for the declaration of such dividends were modified and the Co-Founder Agreements were amended to reflect such modifications. As modified, the Future Stock Split will not be declared and paid until the first business day following the date on which (i) the average of the volume weighted average price (the “VWAP”) per share of Class A common stock equals or exceeds $40 per share for 90 consecutive trading days (the “90-Day VWAP”) and (ii) the ratio of the 90-Day VWAP to $8.70 equals or exceeds the ratio of the average closing price of the S&P 500 Total Return index for the same 90 trading days for which the 90-Day VWAP was calculated to 8,862.85. If this does not occur by July 21, 2032, the Future Stock Split will not be declared and paid, and the Co-Founder Agreements will terminate.
No adjustments have been made to share or per share amounts for Class A common stock in the accompanying consolidated financial statements for the effects of the Future Stock Split as these triggering conditions have not been met.
v3.24.2.u1
Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
We determine revenue recognition by first identifying the contract or contracts with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations in the contract, and recognizing revenue when, or as, we satisfy a performance obligation.
Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We determine collectability by performing ongoing credit evaluations and monitoring customer accounts receivable balances. Sales tax, including value added tax, is excluded from reported revenue.
We generate substantially all of our revenues by offering various advertising products on Snapchat, which include Snap Ads and AR Ads, referred to as advertising revenue. AR Ads include Sponsored Lenses, which allow users to interact with an advertiser’s brand by enabling branded augmented reality experiences.
The substantial majority of advertising revenue is generated from the display of advertisements on Snapchat through contractual agreements that are either based on the number of advertising impressions delivered or on a fixed fee basis over a period of time. Revenue related to agreements based on the number of impressions delivered is recognized when the advertisement is served. Revenue related to fixed fee arrangements is recognized ratably over the service period, typically less than 30 days in duration, and such arrangements do not contain minimum impression guarantees.
In arrangements where another party is involved in providing specified services to a customer, we evaluate whether we are the principal or agent. In this evaluation, we consider if we obtain control of the specified goods or services before they are transferred to the customer, as well as other indicators such as the party primarily responsible for fulfillment, inventory risk, and discretion in establishing price. For advertising revenue arrangements where we are not the principal, we recognize revenue on a net basis. For the periods presented, revenue for arrangements where we are the agent was not material.
We also generate revenue from subscriptions and sales of hardware products. Sales of hardware products are reported net of allowances for returns. For the periods presented, all such revenue was not material.
The following table represents our revenue disaggregated by geography based on the billing address of the customer:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
North America (1) (2)
$741,588 $671,071 $1,474,976 $1,303,631 
Europe (3)
235,186 179,234 435,278 334,849 
Rest of world259,994 217,364 521,287 417,797 
Total revenue$1,236,768 $1,067,669 $2,431,541 $2,056,277 
(1)North America includes Mexico, the Caribbean, and Central America.
(2)United States revenue was $715.4 million and $1,426.2 million for the three and six months ended June 30, 2024, respectively, and $649.8 million and $1,262.2 million for the three and six months ended June 30, 2023, respectively.
(3)Europe includes Russia and Turkey. Effective March 2022, we halted advertising sales to Russian and Belarusian entities.

Deferred revenue related to advertising and subscriptions, included in accrued expenses and other current liabilities on our consolidated balance sheets, was $108.5 million and $93.7 million as of June 30, 2024 and December 31, 2023, respectively. We expect a substantial majority of our deferred revenue to be realized in less than one year.
v3.24.2.u1
Net Loss per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Net Loss per Share Net Loss per Share
We compute net loss per share using the two-class method required for multiple classes of common stock. We have three classes of authorized common stock for which voting rights differ by class.
Basic net loss per share is computed by dividing net loss attributable to each class of stockholders by the weighted-average number of shares of stock outstanding during the period, adjusted for restricted stock awards (“RSAs”) for which the risk of forfeiture has not yet lapsed.
For the calculation of diluted net loss per share, net loss per share attributable to common stockholders for basic net loss per share is adjusted by the effect of dilutive securities, including awards under our equity compensation plans. Diluted net loss per share attributable to common stockholders is computed by dividing the resulting net loss attributable to common stockholders by the weighted-average number of fully diluted common shares outstanding. We use the if‑converted method for calculating any potential dilutive effect of the convertible senior notes due in 2025, 2026, 2027, 2028, and 2030 (collectively, the “Convertible Notes”) on diluted net loss per share. The Convertible Notes would have a dilutive impact on net income per share when the average market price of Class A common stock for a given period exceeds the respective conversion price of the Convertible Notes. For the periods presented, our potentially dilutive shares relating to stock options, restricted stock units (“RSUs”), RSAs, and Convertible Notes were not included in the computation of diluted net loss per share as the effect of including these shares in the calculation would have been anti-dilutive.
The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands, except per share data)
Class AClass BClass CClass AClass BClass CClass AClass BClass CClass AClass BClass C
Numerator:
Net loss$(210,201)$(3,405)$(35,014)$(317,491)$(5,303)$(54,514)$(468,216)$(7,578)$(77,916)$(593,302)$(9,987)$(102,693)
Net loss attributable to common stockholders$(210,201)$(3,405)$(35,014)$(317,491)$(5,303)$(54,514)$(468,216)$(7,578)$(77,916)$(593,302)$(9,987)$(102,693)
Denominator:
Basic shares:
Weighted-average common shares - Basic1,390,58122,528231,6271,349,01222,533231,6271,391,90922,528231,6271,338,21122,527231,627
Diluted shares:
Weighted-average common shares - Diluted1,390,58122,528231,6271,349,01222,533231,6271,391,90922,528231,6271,338,21122,527231,627
Net loss per share attributable to common stockholders:
Basic$(0.15)$(0.15)$(0.15)$(0.24)$(0.24)$(0.24)$(0.34)$(0.34)$(0.34)$(0.44)$(0.44)$(0.44)
Diluted$(0.15)$(0.15)$(0.15)$(0.24)$(0.24)$(0.24)$(0.34)$(0.34)$(0.34)$(0.44)$(0.44)$(0.44)
The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:
Three and Six Months Ended
June 30,
20242023
(in thousands)
Stock options1,3952,387
Unvested RSUs and RSAs143,442148,390
Convertible Notes (if-converted)85,94589,379
v3.24.2.u1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders’ Equity
We maintain three share-based employee compensation plans: the 2017 Equity Incentive Plan (the “2017 Plan”), the 2014 Equity Incentive Plan (the “2014 Plan”), and the 2012 Equity Incentive Plan (the “2012 Plan,” and collectively with the 2017 Plan and the 2014 Plan, the “Stock Plans”). The 2017 Plan serves as the successor to the 2014 Plan and 2012 Plan and provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options, stock appreciation rights, RSAs, RSUs, performance stock awards, performance cash awards, and other forms of stock awards to employees, directors, and consultants, including employees and consultants of our affiliates.
Restricted Stock Units and Restricted Stock Awards
The following table summarizes the RSU and RSA activity for the six months ended June 30, 2024:
Number of Class A SharesWeighted-
Average
Grant Date
Fair Value
(in thousands, except per share data)
Unvested at December 31, 2023157,130$12.82 
Granted46,303$14.90 
Vested(36,345)$15.34 
Forfeited(23,646)$12.14 
Unvested at June 30, 2024143,442$12.97 
All RSUs and RSAs vest on the satisfaction of a service-based condition. Total unrecognized compensation cost related to outstanding RSUs and RSAs was $1.5 billion as of June 30, 2024 and is expected to be recognized over a weighted-average period of 2.0 years. The service condition for RSUs and RSAs is generally satisfied in equal monthly or quarterly installments over three to four years.
Stock Options
The following table summarizes the stock option award activity under the Stock Plans for the six months ended June 30, 2024:
Number of
Class A Shares		Number of
Class B Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value (1)
(in thousands, except per share data)
Outstanding at December 31, 20231,6925$14.90 4.41$5,225 
Granted——$— —$— 
Exercised(184)(5)$13.19 —$— 
Forfeited(113)—$12.48 —$— 
Outstanding at June 30, 20241,395—$15.33 2.61$3,597 
(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our Class A common stock as of June 30, 2024 and December 31, 2023.
As of June 30, 2024, there was no unrecognized compensation cost related to stock options granted under the Stock Plans.
Stock-Based Compensation Expense
Total stock-based compensation expense by function was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Cost of revenue$1,260 $2,365 $3,075 $4,250 
Research and development171,465 217,565 345,984 437,415 
Sales and marketing52,208 57,597 106,864 112,536 
General and administrative34,378 40,416 67,140 78,673 
Total$259,311 $317,943 $523,063 $632,874 
Stock Repurchases
In October 2023, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. We completed this program in April 2024. For the six months ended June 30, 2024, we repurchased and retired 27.9 million shares of our Class A common stock for an aggregate of $311.1 million, including costs associated with the repurchases.
v3.24.2.u1
Business Acquisitions
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Acquisitions Business Acquisitions
2023 Acquisitions
For the year ended December 31, 2023, aggregate purchase consideration for business acquisitions was $73.1 million, which primarily consisted of $56.3 million in cash and $12.6 million recorded in other liabilities on our consolidated balance sheet. Of the aggregate purchase consideration, $42.8 million was allocated to goodwill and the remainder primarily to identifiable intangible assets. The acquired assets are expected to enhance our existing platform, technology, and workforce. The goodwill amount represents synergies related to our existing platform expected to be realized from the business acquisitions and assembled workforce. The associated goodwill and intangible assets are not deductible for tax purposes.
v3.24.2.u1
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the six months ended June 30, 2024 were as follows:
Goodwill
(in thousands)
Balance as of December 31, 2023$1,691,827 
Goodwill acquired— 
Foreign currency translation(510)
Balance as of June 30, 2024$1,691,317 
Intangible assets consisted of the following:
As of June 30, 2024
Weighted-
Average
Remaining
Useful Life (Years)		Gross
Carrying
Amount		Accumulated
Amortization		Net
(in thousands, except years)
Domain names2.5$745 $(580)$165 
Technology2.6315,333 (220,870)94,463 
Patents8.739,373 (21,193)18,180 
Other—6,000 (6,000)— 
Total intangible assets
$361,451 $(248,643)$112,808 
As of December 31, 2023
Weighted-
Average
Remaining
Useful Life (Years)		Gross
Carrying
Amount		Accumulated
Amortization		Net
(in thousands, except years)
Domain names3.0$745 $(546)$199 
Technology2.8323,313 (197,608)125,705 
Patents8.839,373 (19,099)20,274 
Other—6,000 (5,875)125 
Total intangible assets
$369,431 $(223,128)$146,303 
Amortization of intangible assets was $15.0 million and $33.6 million for the three and six months ended June 30, 2024, respectively, and $18.4 million and $36.2 million for the three and six months ended June 30, 2023, respectively.
As of June 30, 2024, the estimated intangible asset amortization expense for the next five years and thereafter is as follows:
Estimated
Amortization
(in thousands)
Remainder of 2024$26,446 
202541,513 
202620,299 
202712,124 
20284,343 
Thereafter8,083 
Total$112,808 
v3.24.2.u1
Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
Convertible Notes
2030 Notes
In May 2024, we entered into a purchase agreement with certain counterparties for the sale of an aggregate of $750.0 million principal amount of convertible senior notes due in 2030 (the “2030 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2030 Notes consisted of a $650.0 million initial placement and an over-allotment option that provided the initial purchasers of the 2030 Notes with the option to purchase an additional $100.0 million aggregate principal amount of the
2030 Notes, which was fully exercised. The 2030 Notes were issued pursuant to an indenture dated May 13, 2024. The net proceeds from the issuance of the 2030 Notes were $671.5 million, net of debt issuance costs and cash used to purchase the capped call transactions (“2030 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method.
The 2030 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears beginning on November 1, 2024 at a rate of 0.50% per year. The 2030 Notes mature on May 1, 2030 unless repurchased, redeemed, or converted in accordance with their terms prior to such date.
The 2030 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 45.0846 shares of Class A common stock per $1,000 principal amount of 2030 Notes, which is equivalent to an initial conversion price of approximately $22.18 per share of our Class A common stock. The conversion rate is subject to customary adjustments for certain events as described in the indenture governing the 2030 Notes.
We may redeem for cash all or any portion of the 2030 Notes, at our option, on or after May 5, 2027 if (i) the 2030 Notes are “freely tradable” (as defined in the applicable indenture) and any accrued and unpaid additional interest has been paid as of the date we send the related redemption notice and (ii) the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any.
Holders of the 2030 Notes may convert all or a portion of their 2030 Notes at their option prior to February 1, 2030, in multiples of $1,000 principal amounts, only under the following circumstances:
•if the last reported sale price of our Class A common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter is greater than or equal to 130% of the applicable conversion price of the 2030 Notes on each such trading day;
•during the five consecutive business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount of the 2030 Notes for each day of that ten consecutive trading day period was less than 98% of the product of the last reported sale price of our Class A common stock and the applicable conversion rate of the 2030 Notes on such trading day;
•on a notice of redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, in which case we may be required to increase the conversion rate for the 2030 Notes so surrendered for conversion in connection with such redemption notice; or
•on the occurrence of specified corporate events.
On or after February 1, 2030, the 2030 Notes are convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.
Holders of the 2030 Notes who convert the 2030 Notes in connection with a make-whole fundamental change, as defined in the indenture governing the 2030 Notes, or in connection with a redemption are entitled to an increase in the conversion rate. Additionally, in the event of a fundamental change, holders of the 2030 Notes may require us to repurchase all or a portion of the 2030 Notes at a price equal to 100% of the principal amount of 2030 Notes, plus any accrued and unpaid interest, if any.
We accounted for the issuance of the 2030 Notes as a single liability measured at its amortized cost, as no other embedded features require bifurcation and recognition as derivatives.
2028 Notes
In February 2022, we entered into a purchase agreement for the sale of an aggregate of $1.50 billion principal amount of convertible senior notes due in 2028 (the “2028 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2028 Notes were $1.31 billion, net of debt issuance costs and cash used to purchase the capped call transactions (the “2028 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method.
The 2028 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears beginning on September 1, 2022 at a rate of 0.125% per year. The 2028 Notes mature on March 1, 2028 unless repurchased, redeemed, or converted in accordance with their terms prior to such date.
The 2028 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 17.7494 shares of Class A common stock per $1,000 principal amount of 2028 Notes, which is equivalent to an initial conversion price of approximately $56.34 per share of our Class A common stock. We may redeem for cash all or any portion of the 2028 Notes, at our option, on or after March 5, 2025 based on certain circumstances.
2027 Notes
In April 2021, we entered into a purchase agreement for the sale of an aggregate of $1.15 billion principal amount of convertible senior notes due in 2027 (the “2027 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2027 Notes were $1.05 billion, net of debt issuance costs and cash used to purchase the capped call transactions (the “2027 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method.
The 2027 Notes are unsecured and unsubordinated obligations which do not bear regular interest and for which the principal balance will not accrete. The 2027 Notes will mature on May 1, 2027 unless repurchased, redeemed, or converted in accordance with their terms prior to such date.
The 2027 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 11.2042 shares of Class A common stock per $1,000 principal amount of 2027 Notes, which is equivalent to an initial conversion price of approximately $89.25 per share of our Class A common stock. We may redeem for cash all or portions of the 2027 Notes, at our option, on or after May 5, 2024 based on certain circumstances.
2025 Notes
In April 2020, we entered into a purchase agreement for the sale of an aggregate of $1.0 billion principal amount of convertible senior notes due in 2025 (the “2025 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2025 Notes were $888.6 million, net of debt issuance costs and cash used to purchase the capped call transactions (the “2025 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method.
The 2025 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears beginning on November 1, 2020 at a rate of 0.25% per year. The 2025 Notes mature on May 1, 2025 unless repurchased, redeemed, or converted in accordance with their terms prior to such date.
The 2025 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 46.1233 shares of Class A common stock per $1,000 principal amount of 2025 Notes, which is equivalent to an initial conversion price of approximately $21.68 per share of our Class A common stock. We may redeem for cash all or portions of the 2025 Notes, at our option, on or after May 6, 2023 based on certain circumstances.
2026 Notes
In August 2019, we entered into a purchase agreement for the sale of an aggregate of $1.265 billion principal amount of convertible senior notes due in 2026 (the “2026 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2026 Notes were $1.15 billion, net of debt issuance costs and cash used to purchase the capped call transactions (the “2026 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method.
The 2026 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears beginning on February 1, 2020 at a rate of 0.75% per year. The 2026 Notes mature on August 1, 2026 unless repurchased, redeemed, or converted in accordance with the terms prior to such date.
The 2026 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 43.8481 shares of Class A common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $22.81 per share of our Class A common stock. We may redeem for cash all or portions of the 2026 Notes, at our option, on or after August 6, 2023 based on certain circumstances.
Note Repurchases
In February 2024, we entered into various privately negotiated repurchase transactions with certain holders of the 2025 Notes and 2026 Notes, pursuant to which we agreed to repurchase $100.0 million in aggregate principal of the 2025 Notes and $351.2 million in aggregate principal of the 2026 Notes for a cash repurchase price of $440.7 million, including associated costs. The February 2024 repurchase transactions resulted in an $8.8 million gain on extinguishment in the first quarter of 2024.
In May 2024, we entered into various privately negotiated repurchase transactions (collectively with the February 2024 repurchase transactions, the “Note Repurchases”) with certain holders of the 2025 Notes and 2026 Notes, pursuant to which we agreed to repurchase $147.9 million in aggregate principal of the 2025 Notes and approximately $237.5 million in aggregate principal of the 2026 Notes for a cash repurchase price of approximately $418.3 million, including associated costs. The May 2024 repurchase transactions were accounted for as both a debt modification and a partial debt extinguishment, resulting in a $15.5 million loss on extinguishment during the second quarter of 2024 and $20.9 million in capitalized debt issuance costs amortized over the term of the 2030 Notes. The capitalized debt issuance costs are primarily related to repurchase premiums and debt issuance costs carried over from the 2025 Notes and 2026 Notes.
Gains and losses on extinguishment are included within other income (expense), net on our consolidated statements of operations and included within Other as an adjustment to reconcile net loss to net cash provided by (used in) operating activities in our consolidated statements of cash flows.
The Convertible Notes consisted of the following:
As of June 30, 2024As of December 31, 2023
PrincipalUnamortized Debt Issuance CostsNet Carrying AmountPrincipalUnamortized Debt Issuance CostsNet Carrying Amount
(in thousands)
2025 Notes$36,240 $(70)$36,170 $284,105 $(871)$283,234 
2026 Notes249,754 (819)248,935 838,482 (3,402)835,080 
2027 Notes1,150,000 (6,049)1,143,951 1,150,000 (7,114)1,142,886 
2028 Notes1,500,000 (10,392)1,489,608 1,500,000 (11,800)1,488,200 
2030 Notes750,000 (29,931)720,069 — — — 
Total$3,685,994 $(47,261)$3,638,733 $3,772,587 $(23,187)$3,749,400 
As of June 30, 2024, the debt issuance costs on the 2025 Notes, 2026 Notes, 2027 Notes, 2028 Notes, and 2030 Notes will be amortized over the remaining period of approximately 0.8 years, 2.1 years, 2.8 years, 3.7 years and 5.8 years, respectively.
The following table summarizes interest expense related to the Convertible Notes for the three and six months ended June 30, 2024:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Contractual interest expense$1,703 $2,218 $3,540 $4,437 
Amortization of debt issuance costs2,088 1,720 3,710 3,437 
Total interest expense$3,791 $3,938 $7,250 $7,874 
As of June 30, 2024, the if-converted value of the Convertible Notes did not exceed the principal amount. The sale price for conversion was not satisfied as of June 30, 2024 for the Convertible Notes, and as a result, the Convertible Notes will not be eligible for optional conversion during the third quarter of 2024. No sinking fund is provided for the Convertible Notes, which means that we are not required to redeem or retire them periodically.
Refer to Note 7 in our consolidated financial statements in the Annual Report for additional details.
Capped Call Transactions
In connection with the pricing of the 2025 Notes, the 2026 Notes, the 2027 Notes, the 2028 Notes, and the 2030 Notes, we entered into the 2025 Capped Call Transactions, the 2026 Capped Call Transactions, the 2027 Capped Call Transactions, the 2028 Capped Call Transactions, and the 2030 Capped Call Transactions (collectively, the “Capped Call Transactions”), respectively, with certain counterparties at a net cost of $100.0 million, $102.1 million, $86.8 million, $177.0 million, and $68.9 million, respectively. The cap price of the 2025 Capped Call Transactions, the 2026 Capped Call Transactions, the 2027 Capped Call Transactions, the 2028 Capped Call Transactions, and the 2030 Capped Call Transactions is initially $32.12, $32.58, $121.02, $93.90, and $33.48 per share of our Class A common stock, respectively. All are subject to certain adjustments under the terms of the Capped Call Transactions. Conditions that cause adjustments to the initial strike price of the Capped Call Transactions mirror conditions that result in corresponding adjustments for the Convertible Notes.
The Capped Call Transactions are intended to reduce potential dilution to holders of our Class A common stock beyond the conversion prices up to the cap prices on any conversion of the Convertible Notes or offset any cash payments we are required to make in excess of the principal amount, as the case may be, with such reduction or offset subject to a cap. The cost of the Capped Call Transactions was recorded as a reduction of our additional paid-in capital in our consolidated balance sheets. The Capped Call Transactions will not be remeasured as long as they continue to meet the conditions for equity classification.
In May 2024, we entered into agreements to terminate all of the 2025 Capped Call Transactions, which resulted in $62.7 million recorded within additional paid-in capital in our consolidated balance sheets.
As of June 30, 2024, the remaining Capped Call Transactions were out-of-the-money.
Credit Facility
In May 2022, we entered into a five-year senior unsecured revolving credit facility (the “Credit Facility”) with certain lenders that allows us to borrow up to $1.05 billion to fund working capital and general corporate-purpose expenditures. Loans bear interest, at our option, at a rate equal to (i) a term secured overnight financing rate (“SOFR”) plus 0.75% or the base rate, if selected by us, for loans made in U.S. dollars, (ii) the Sterling overnight index average plus 0.7826% for loans made in Sterling, or (iii) foreign indices as stated in the credit agreement plus 0.75% for loans made in other permitted foreign currencies. The base rate is defined as the greatest of (i) the Wall Street Journal prime rate, (ii) the greater of the (a) federal funds rate and (b) the overnight bank funding rate, plus 0.50%, and (iii) the applicable SOFR for a period of one month (but not less than zero) plus 1.00. The Credit Facility also contains an annual commitment fee of 0.10% on the daily undrawn balance of the facility. As of June 30, 2024, we had $67.3 million in the form of outstanding standby letters of credit, with no amounts outstanding under the Credit Facility.
v3.24.2.u1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
We have non-cancelable contractual agreements primarily related to the hosting of our data processing, storage, and other computing services, as well as lease, content and developer partner, and other commitments. We had $2.2 billion in commitments as of June 30, 2024, primarily due within three years. For additional discussion on leases, see Note 9 to our consolidated financial statements.
Contingencies
We record a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably
possible. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Many legal and tax contingencies can take years to be resolved.
Pending Matters
In November 2021, we and certain of our officers and directors were named as defendants in a securities class action lawsuit purportedly brought on behalf of purchasers of our Class A common stock, alleging that we and certain of our officers made false or misleading statements and omissions concerning the impact that Apple’s App Tracking Transparency framework would have on our business. We believe we have meritorious defenses to this lawsuit and continue to defend the lawsuit vigorously. Based on the preliminary nature of the proceedings in this case, the outcome of this matter remains uncertain.
The outcomes of our legal proceedings are inherently unpredictable, subject to significant uncertainties, and could be material to our financial condition, results of operations, and cash flows for a particular period. For the pending matter described above, it is not possible to estimate the reasonably possible loss or range of loss.
We are subject to various other legal proceedings and claims in the ordinary course of business, including certain patent, trademark, privacy, regulatory, and employment matters. Although occasional adverse decisions or settlements may occur, we do not believe that the final disposition of any of our other pending matters will seriously harm our business, financial condition, results of operations, and cash flows.
Indemnifications
In the ordinary course of business, we may provide indemnifications of varying scope and terms to customers, vendors, lessors, investors, directors, officers, employees, and other parties with respect to certain matters. Indemnification may include losses from our breach of such agreements, services we provide, or third-party intellectual property infringement claims. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future indemnification payments may not be subject to a cap. We have not incurred material costs to defend lawsuits or settle claims related to these indemnifications as of June 30, 2024. We believe the fair value of these liabilities is immaterial and accordingly have no liabilities recorded for these agreements at June 30, 2024.
v3.24.2.u1
Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases Leases
We have non-cancelable lease agreements for certain of our offices with original lease terms expiring between 2024 and 2042. Total operating lease costs were $25.2 million and $50.7 million for the three and six months ended June 30, 2024, respectively, and $25.6 million and $50.6 million for the three and six months ended June 30, 2023.
The weighted-average remaining lease term (in years) and discount rate related to our operating leases were as follows:
As of June 30,
20242023
Weighted-average remaining lease term9.66.3
Weighted-average discount rate6.2 %4.9 %
The maturities of our operating lease liabilities as of June 30, 2024 were as follows:
Operating Leases
(in thousands)
Remainder of 2024$35,038 
202575,189 
202690,382 
202783,177 
202882,160 
Thereafter461,491 
Total lease payments827,437 
Less: Imputed interest(226,262)
Present value of lease liabilities$601,175 
As of June 30, 2024, we had additional operating leases that have not yet commenced for facilities with lease obligations of $20.5 million. These operating leases will commence between 2024 and 2026 with lease terms of approximately 6 years to 9 years.
Cash payments included in the measurement of our operating lease liabilities were $28.9 million and $57.1 million for the three and six months ended June 30, 2024, respectively, and $24.2 million and $48.4 million for the three and six months ended June 30, 2023.
Lease liabilities arising from obtaining operating lease right-of-use assets were $24.7 million and $35.5 million for the three and six months ended June 30, 2024, respectively, and $12.5 million and $14.2 million for the three and six months ended June 30, 2023.
v3.24.2.u1
Strategic Investments
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Strategic Investments Strategic Investments
We hold strategic investments primarily in privately held companies, which consist of equity securities, and to a lesser extent, debt securities. These strategic investments are primarily recorded at fair value on a non-recurring basis. The estimation of fair value for these privately held strategic investments requires the use of significant unobservable inputs, such as the issuance of new equity by the company, and as a result, we deem these assets as Level 3 financial instruments within the fair value measurement framework.
The following table summarizes our strategic investments as of June 30, 2024 and December 31, 2023:
As of
June 30, 2024
As of
December 31, 2023
(in thousands)
Initial cost$107,218 $106,368 
Cumulative upward adjustments147,591 147,317 
Cumulative downward adjustments, including impairments(65,306)(58,357)
Carrying value$189,503 $195,328 
Gains and losses recognized during the periods presented were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Gains (losses) recognized on strategic investments sold during the period, net$— $— $— $— 
Unrealized gains on strategic investments still held at the reporting date92 476 274 1,555 
Unrealized losses, including impairments, on strategic investments still held at the reporting date(650)(329)(7,099)(1,304)
Gains (losses) on strategic investments, net$(558)$147 $(6,825)$251 
Gains and losses on all strategic investments are included within other income (expense), net on our consolidated statements of operations and included as an adjustment to reconcile net loss to net cash provided by (used in) operating activities in our consolidated statements of cash flows. Strategic investments are included within other assets on our consolidated balance sheets.
v3.24.2.u1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and liabilities measured at fair value are classified into the following categories:
•Level 1: Quoted market prices in active markets for identical assets or liabilities.
•Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
•Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets.
We classify our cash equivalents and marketable securities within Level 1 or Level 2 because we use quoted market prices or alternative pricing sources and models utilizing observable market-based inputs to determine their fair value.
The following tables set forth our financial assets that are measured at fair value on a recurring basis, excluding publicly traded equity securities, as of June 30, 2024 and December 31, 2023:
June 30, 2024
Cost or
Amortized Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total Estimated
Fair Value
(in thousands)
Cash$1,060,610 $— $(59)$1,060,551 
Level 1 securities:
U.S. government securities1,744,110 57 (5,824)1,738,343 
U.S. government agency securities27,501 — (51)27,450 
Level 2 securities:
Corporate debt securities178,261 6 (300)177,967 
Commercial paper68,098 — — 68,098 
Total$3,078,580 $63 $(6,234)$3,072,409 
December 31, 2023
Cost or
Amortized Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total Estimated
Fair Value
(in thousands)
Cash$1,780,402 $— $— $1,780,402 
Level 1 securities:
U.S. government securities1,295,918 894 (3,919)1,292,893 
U.S. government agency securities138,420 31 (188)138,263 
Level 2 securities:
Corporate debt securities234,336 577 (99)234,814 
Commercial paper65,380 — — 65,380 
Certificates of deposit18,725 — — 18,725 
Total$3,533,181 $1,502 $(4,206)$3,530,477 
Gross unrealized losses on marketable debt securities were not material for the three and six months ended June 30, 2024 and 2023. As of June 30, 2024, we considered any decreases in fair value on our marketable debt securities to be driven by factors other than credit risk, including market risk. As of June 30, 2024, $814.2 million of our total $2.0 billion in marketable debt securities have contractual maturities between one and five years. All other marketable debt securities have contractual maturities less than one year.
We hold investments in publicly traded companies with an aggregate carrying value of $8.9 million and $13.6 million as of June 30, 2024 and December 31, 2023, respectively, recorded as marketable securities. We classify these publicly traded equity securities within Level 1 because we use quoted market prices to determine their fair value. Gains and losses recognized during the periods presented, which are included within other income (expense), net on our consolidated statements of operations, were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Gains (losses) recognized on publicly traded equity securities sold during the period, net$— $(1,496)$— $8,338 
Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net(2,019)5,778 (4,740)6,675 
Gains (losses) on publicly traded equity securities, net$(2,019)$4,282 $(4,740)$15,013 
We carry the Convertible Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets and present the fair value for disclosure purposes only. As of June 30, 2024, the fair value of the 2025 Notes, the 2026 Notes, the 2027 Notes, the 2028 Notes, and the 2030 Notes was $38.1 million, $266.6 million, $961.7 million, $1,198.7 million, and $771.4 million, respectively. As of December 31, 2023, the fair value of the 2025 Notes, the 2026 Notes, the 2027 Notes, and the 2028 Notes was $300.9 million, $893.2 million, $921.5 million, and $1,181.7 million, respectively. The estimated fair value of the Convertible Notes, which are classified as Level 2 financial instruments, was determined based on the estimated or actual bid prices of the Convertible Notes in an over-the-counter market on the last business day of the period.
v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items arising in that quarter. Our effective tax rate differs from the U.S. statutory tax rate primarily due to valuation allowances on our deferred tax assets as it is more likely than not that some or all of our deferred tax assets will not be realized. Income tax expense was $5.2 million and $12.1 million for the three and six months ended June 30, 2024, respectively, and $12.1 million and $18.9 million for the three and six months ended June 30, 2023.
v3.24.2.u1
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2024
Accumulated Other Comprehensive Income Loss [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The table below presents the changes in accumulated other comprehensive income (loss) (“AOCI”) by component and the reclassifications out of AOCI:
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Marketable
Securities		Foreign Currency
Translation		Total
(in thousands)
Balance at December 31, 2023$(2,860)$9,991 $7,131 
Other comprehensive income (loss) before reclassifications(3,547)(892)(4,439)
Amounts reclassified from AOCI (1)
80 — 80 
Net current period other comprehensive income (loss)(3,467)(892)(4,359)
Balance at June 30, 2024$(6,327)$9,099 $2,772 
(1)Realized gains and losses on marketable securities are reclassified from AOCI into other income (expense), net in our consolidated statements of operations.
v3.24.2.u1
Long-lived Assets
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Long-lived Assets Long-lived Assets
The following table lists long-lived assets by geographic area, which includes property and equipment, net and operating lease right-of-use assets:
As of
June 30, 2024
As of
December 31, 2023
(in thousands)
United States$649,690 $646,546 
United Kingdom244,358 218,326 
Rest of world (1)
71,538 62,316 
Total long-lived assets, net$965,586 $927,188 
(1)No individual country other than the United States and the United Kingdom exceeded 10% of our total long-lived assets for any period presented.
v3.24.2.u1
Restructuring
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
2024 Restructuring
In the first quarter of 2024, we announced a plan to reduce hierarchy and concentrate our team members in major hub locations to support in-person collaboration, resulting in the reduction of our global headcount by approximately 10%.
Restructuring charges associated with the 2024 restructuring were immaterial for the three months ended June 30, 2024. The following table summarizes the 2024 restructuring charges included in our consolidated statement of operations for the six months ended June 30, 2024:
Six Months Ended June 30, 2024
Severance and Related Charges (1)
Stock-Based Compensation Expense
Other (2)
Total
(in thousands)
Cost of revenue$932 $189 $— $1,121 
Research and development30,845 4,801 3,201 38,847 
Sales and marketing15,755 4,176 — 19,931 
General and administrative7,786 236 2,236 10,258 
Total$55,318 $9,402 $5,437 $70,157 
(1)Severance and related charges include cash severance expenses and other termination benefits. The majority of cash paid for the restructuring was related to severance and benefits.
(2)Other primarily includes intangible asset amortization and depreciation expense.
We substantially completed the 2024 restructuring in the second quarter of 2024. The liabilities related to the 2024 restructuring were immaterial as of June 30, 2024.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net loss $ (248,620) $ (377,308) $ (553,710) $ (705,982)
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 30, 2024
shares
Jun. 30, 2024
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
During the quarter ended June 30, 2024, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions, or written plans for the purchase or sale of our securities set forth in the table below:
Type of Trading Arrangement
Name and PositionDateAction
Rule 10b5-1 (1)
Expiration DateTotal Shares of Class A Common Stock to be Sold
Michael Lynton, Director and Chairperson of the Board
6/3/2024
Adoption (2)
X05/21/2026
Up to 377,256 (3)
Rebecca Morrow, Chief Accounting Officer
6/6/2024AdoptionX06/10/2025
 (4)
Poppy Thorpe, Director
6/10/2024AdoptionX09/15/2025
Up to 63,163
(1)Contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
(2)Plan adopted in accordance with Rule 10b5-1(c)(1)(ii)(D)(2).
(3)Trading arrangement provides for the sale of up to 377,256 shares of Class A common stock on behalf of Mr. Lynton, the Lynton Foundation, and certain family members of Mr. Lynton.
(4)Trading arrangement provides for the sale of a number of shares of Class A common stock held by Ms. Morrow with a value equal to up to $600,000.
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Michael Lynton [Member]    
Trading Arrangements, by Individual    
Name Michael Lynton  
Title Director and Chairperson of the Board  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 6/3/2024  
Expiration Date 05/21/2026  
Arrangement Duration 717 days  
Aggregate Available 377,256 377,256
Rebecca Morrow [Member]    
Trading Arrangements, by Individual    
Name Rebecca Morrow  
Title Chief Accounting Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 6/6/2024  
Expiration Date 06/10/2025  
Arrangement Duration 369 days  
Poppy Thorpe [Member]    
Trading Arrangements, by Individual    
Name Poppy Thorpe  
Title Director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 6/10/2024  
Expiration Date 09/15/2025  
Arrangement Duration 462 days  
Aggregate Available 63,163 63,163
v3.24.2.u1
Description of Business and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Our consolidated financial statements include the accounts of Snap Inc. and our wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Our fiscal year ends on December 31. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) in February 2024 (the “Annual Report”).
In our opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position, results of operations, and cash flows. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024.
There have been no changes to our significant accounting policies described in our Annual Report that have had a material impact on our consolidated financial statements and related notes.
Use of Estimates
Use of Estimates
The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements. Management’s estimates are based on historical information available as of the date of the consolidated financial statements and various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from those estimates.
Key estimates relate primarily to determining the fair value of assets and liabilities assumed in business combinations, evaluation of contingencies, uncertain tax positions, and the fair value of strategic investments. On an ongoing basis, management evaluates our estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities
Future Stock Split to be Effected in the Form of a Stock Dividend
Future Stock Split to be Effected in the Form of a Stock Dividend
In July 2022, our board of directors determined that it was advisable and in our best interest to approve a stock split to be effected in the form of a special dividend of one share of Class A common stock on each outstanding share of our common stock at a future date (the “Future Stock Split”). In connection with the Future Stock Split, we entered into certain agreements (the “Co-Founder Agreements”) with Evan Spiegel and Robert Murphy, our co-founders, and certain of their respective affiliates requiring them, among other things, to convert shares of Class B common stock and Class C common stock into Class A common stock under certain circumstances. In February 2024, the conditions for the declaration of such dividends were modified and the Co-Founder Agreements were amended to reflect such modifications. As modified, the Future Stock Split will not be declared and paid until the first business day following the date on which (i) the average of the volume weighted average price (the “VWAP”) per share of Class A common stock equals or exceeds $40 per share for 90 consecutive trading days (the “90-Day VWAP”) and (ii) the ratio of the 90-Day VWAP to $8.70 equals or exceeds the ratio of the average closing price of the S&P 500 Total Return index for the same 90 trading days for which the 90-Day VWAP was calculated to 8,862.85. If this does not occur by July 21, 2032, the Future Stock Split will not be declared and paid, and the Co-Founder Agreements will terminate.
No adjustments have been made to share or per share amounts for Class A common stock in the accompanying consolidated financial statements for the effects of the Future Stock Split as these triggering conditions have not been met
v3.24.2.u1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue by Geography
The following table represents our revenue disaggregated by geography based on the billing address of the customer:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
North America (1) (2)
$741,588 $671,071 $1,474,976 $1,303,631 
Europe (3)
235,186 179,234 435,278 334,849 
Rest of world259,994 217,364 521,287 417,797 
Total revenue$1,236,768 $1,067,669 $2,431,541 $2,056,277 
(1)North America includes Mexico, the Caribbean, and Central America.
(2)United States revenue was $715.4 million and $1,426.2 million for the three and six months ended June 30, 2024, respectively, and $649.8 million and $1,262.2 million for the three and six months ended June 30, 2023, respectively.
(3)Europe includes Russia and Turkey. Effective March 2022, we halted advertising sales to Russian and Belarusian entities.
v3.24.2.u1
Net Loss per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Numerators and Denominators of Basic and Diluted Net Loss per Share Computations for Common Stock
The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands, except per share data)
Class AClass BClass CClass AClass BClass CClass AClass BClass CClass AClass BClass C
Numerator:
Net loss$(210,201)$(3,405)$(35,014)$(317,491)$(5,303)$(54,514)$(468,216)$(7,578)$(77,916)$(593,302)$(9,987)$(102,693)
Net loss attributable to common stockholders$(210,201)$(3,405)$(35,014)$(317,491)$(5,303)$(54,514)$(468,216)$(7,578)$(77,916)$(593,302)$(9,987)$(102,693)
Denominator:
Basic shares:
Weighted-average common shares - Basic1,390,58122,528231,6271,349,01222,533231,6271,391,90922,528231,6271,338,21122,527231,627
Diluted shares:
Weighted-average common shares - Diluted1,390,58122,528231,6271,349,01222,533231,6271,391,90922,528231,6271,338,21122,527231,627
Net loss per share attributable to common stockholders:
Basic$(0.15)$(0.15)$(0.15)$(0.24)$(0.24)$(0.24)$(0.34)$(0.34)$(0.34)$(0.44)$(0.44)$(0.44)
Diluted$(0.15)$(0.15)$(0.15)$(0.24)$(0.24)$(0.24)$(0.34)$(0.34)$(0.34)$(0.44)$(0.44)$(0.44)
Schedule of Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss per Share
The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:
Three and Six Months Ended
June 30,
20242023
(in thousands)
Stock options1,3952,387
Unvested RSUs and RSAs143,442148,390
Convertible Notes (if-converted)85,94589,379
v3.24.2.u1
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of RSU and RSA Activity
The following table summarizes the RSU and RSA activity for the six months ended June 30, 2024:
Number of Class A SharesWeighted-
Average
Grant Date
Fair Value
(in thousands, except per share data)
Unvested at December 31, 2023157,130$12.82 
Granted46,303$14.90 
Vested(36,345)$15.34 
Forfeited(23,646)$12.14 
Unvested at June 30, 2024143,442$12.97 
Schedule of Stock Option Award Activity
The following table summarizes the stock option award activity under the Stock Plans for the six months ended June 30, 2024:
Number of
Class A Shares		Number of
Class B Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value (1)
(in thousands, except per share data)
Outstanding at December 31, 20231,6925$14.90 4.41$5,225 
Granted——$— —$— 
Exercised(184)(5)$13.19 —$— 
Forfeited(113)—$12.48 —$— 
Outstanding at June 30, 20241,395—$15.33 2.61$3,597 
(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our Class A common stock as of June 30, 2024 and December 31, 2023.
Schedule of Total Stock-based Compensation Expense
Total stock-based compensation expense by function was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Cost of revenue$1,260 $2,365 $3,075 $4,250 
Research and development171,465 217,565 345,984 437,415 
Sales and marketing52,208 57,597 106,864 112,536 
General and administrative34,378 40,416 67,140 78,673 
Total$259,311 $317,943 $523,063 $632,874 
v3.24.2.u1
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Amount of Goodwill
The changes in the carrying amount of goodwill for the six months ended June 30, 2024 were as follows:
Goodwill
(in thousands)
Balance as of December 31, 2023$1,691,827 
Goodwill acquired— 
Foreign currency translation(510)
Balance as of June 30, 2024$1,691,317 
Schedule of Intangible Assets
Intangible assets consisted of the following:
As of June 30, 2024
Weighted-
Average
Remaining
Useful Life (Years)		Gross
Carrying
Amount		Accumulated
Amortization		Net
(in thousands, except years)
Domain names2.5$745 $(580)$165 
Technology2.6315,333 (220,870)94,463 
Patents8.739,373 (21,193)18,180 
Other—6,000 (6,000)— 
Total intangible assets
$361,451 $(248,643)$112,808 
As of December 31, 2023
Weighted-
Average
Remaining
Useful Life (Years)		Gross
Carrying
Amount		Accumulated
Amortization		Net
(in thousands, except years)
Domain names3.0$745 $(546)$199 
Technology2.8323,313 (197,608)125,705 
Patents8.839,373 (19,099)20,274 
Other—6,000 (5,875)125 
Total intangible assets
$369,431 $(223,128)$146,303 
Schedule of Estimated Intangible Asset Amortization Expense
As of June 30, 2024, the estimated intangible asset amortization expense for the next five years and thereafter is as follows:
Estimated
Amortization
(in thousands)
Remainder of 2024$26,446 
202541,513 
202620,299 
202712,124 
20284,343 
Thereafter8,083 
Total$112,808 
v3.24.2.u1
Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Convertible Notes
The Convertible Notes consisted of the following:
As of June 30, 2024As of December 31, 2023
PrincipalUnamortized Debt Issuance CostsNet Carrying AmountPrincipalUnamortized Debt Issuance CostsNet Carrying Amount
(in thousands)
2025 Notes$36,240 $(70)$36,170 $284,105 $(871)$283,234 
2026 Notes249,754 (819)248,935 838,482 (3,402)835,080 
2027 Notes1,150,000 (6,049)1,143,951 1,150,000 (7,114)1,142,886 
2028 Notes1,500,000 (10,392)1,489,608 1,500,000 (11,800)1,488,200 
2030 Notes750,000 (29,931)720,069 — — — 
Total$3,685,994 $(47,261)$3,638,733 $3,772,587 $(23,187)$3,749,400 
Schedule of Debt
The following table summarizes interest expense related to the Convertible Notes for the three and six months ended June 30, 2024:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Contractual interest expense$1,703 $2,218 $3,540 $4,437 
Amortization of debt issuance costs2,088 1,720 3,710 3,437 
Total interest expense$3,791 $3,938 $7,250 $7,874 
v3.24.2.u1
Leases (Tables)
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Summary of Weighted Average Remaining Lease Term and Discount Rate Related to Operating Leases
The weighted-average remaining lease term (in years) and discount rate related to our operating leases were as follows:
As of June 30,
20242023
Weighted-average remaining lease term9.66.3
Weighted-average discount rate6.2 %4.9 %
Present Value of Operating Lease Liabilities
The maturities of our operating lease liabilities as of June 30, 2024 were as follows:
Operating Leases
(in thousands)
Remainder of 2024$35,038 
202575,189 
202690,382 
202783,177 
202882,160 
Thereafter461,491 
Total lease payments827,437 
Less: Imputed interest(226,262)
Present value of lease liabilities$601,175 
v3.24.2.u1
Strategic Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Strategic Investments
The following table summarizes our strategic investments as of June 30, 2024 and December 31, 2023:
As of
June 30, 2024
As of
December 31, 2023
(in thousands)
Initial cost$107,218 $106,368 
Cumulative upward adjustments147,591 147,317 
Cumulative downward adjustments, including impairments(65,306)(58,357)
Carrying value$189,503 $195,328 
Schedule of Gain (Loss) on Strategic Investments
Gains and losses recognized during the periods presented were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Gains (losses) recognized on strategic investments sold during the period, net$— $— $— $— 
Unrealized gains on strategic investments still held at the reporting date92 476 274 1,555 
Unrealized losses, including impairments, on strategic investments still held at the reporting date(650)(329)(7,099)(1,304)
Gains (losses) on strategic investments, net$(558)$147 $(6,825)$251 
Gains and losses recognized during the periods presented, which are included within other income (expense), net on our consolidated statements of operations, were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Gains (losses) recognized on publicly traded equity securities sold during the period, net$— $(1,496)$— $8,338 
Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net(2,019)5,778 (4,740)6,675 
Gains (losses) on publicly traded equity securities, net$(2,019)$4,282 $(4,740)$15,013 
v3.24.2.u1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured at Fair Value on Recurring Basis
The following tables set forth our financial assets that are measured at fair value on a recurring basis, excluding publicly traded equity securities, as of June 30, 2024 and December 31, 2023:
June 30, 2024
Cost or
Amortized Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total Estimated
Fair Value
(in thousands)
Cash$1,060,610 $— $(59)$1,060,551 
Level 1 securities:
U.S. government securities1,744,110 57 (5,824)1,738,343 
U.S. government agency securities27,501 — (51)27,450 
Level 2 securities:
Corporate debt securities178,261 6 (300)177,967 
Commercial paper68,098 — — 68,098 
Total$3,078,580 $63 $(6,234)$3,072,409 
December 31, 2023
Cost or
Amortized Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total Estimated
Fair Value
(in thousands)
Cash$1,780,402 $— $— $1,780,402 
Level 1 securities:
U.S. government securities1,295,918 894 (3,919)1,292,893 
U.S. government agency securities138,420 31 (188)138,263 
Level 2 securities:
Corporate debt securities234,336 577 (99)234,814 
Commercial paper65,380 — — 65,380 
Certificates of deposit18,725 — — 18,725 
Total$3,533,181 $1,502 $(4,206)$3,530,477 
Schedule of Gain (Loss) on Strategic Investments
Gains and losses recognized during the periods presented were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Gains (losses) recognized on strategic investments sold during the period, net$— $— $— $— 
Unrealized gains on strategic investments still held at the reporting date92 476 274 1,555 
Unrealized losses, including impairments, on strategic investments still held at the reporting date(650)(329)(7,099)(1,304)
Gains (losses) on strategic investments, net$(558)$147 $(6,825)$251 
Gains and losses recognized during the periods presented, which are included within other income (expense), net on our consolidated statements of operations, were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Gains (losses) recognized on publicly traded equity securities sold during the period, net$— $(1,496)$— $8,338 
Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net(2,019)5,778 (4,740)6,675 
Gains (losses) on publicly traded equity securities, net$(2,019)$4,282 $(4,740)$15,013 
v3.24.2.u1
Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2024
Accumulated Other Comprehensive Income Loss [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
The table below presents the changes in accumulated other comprehensive income (loss) (“AOCI”) by component and the reclassifications out of AOCI:
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Marketable
Securities		Foreign Currency
Translation		Total
(in thousands)
Balance at December 31, 2023$(2,860)$9,991 $7,131 
Other comprehensive income (loss) before reclassifications(3,547)(892)(4,439)
Amounts reclassified from AOCI (1)
80 — 80 
Net current period other comprehensive income (loss)(3,467)(892)(4,359)
Balance at June 30, 2024$(6,327)$9,099 $2,772 
(1)Realized gains and losses on marketable securities are reclassified from AOCI into other income (expense), net in our consolidated statements of operations.
v3.24.2.u1
Long-lived Assets (Tables)
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Long-lived Assets by Geographic Area
The following table lists long-lived assets by geographic area, which includes property and equipment, net and operating lease right-of-use assets:
As of
June 30, 2024
As of
December 31, 2023
(in thousands)
United States$649,690 $646,546 
United Kingdom244,358 218,326 
Rest of world (1)
71,538 62,316 
Total long-lived assets, net$965,586 $927,188 
(1)No individual country other than the United States and the United Kingdom exceeded 10% of our total long-lived assets for any period presented.
v3.24.2.u1
Restructuring (Tables)
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Charges (Benefits) The following table summarizes the 2024 restructuring charges included in our consolidated statement of operations for the six months ended June 30, 2024:
Six Months Ended June 30, 2024
Severance and Related Charges (1)
Stock-Based Compensation Expense
Other (2)
Total
(in thousands)
Cost of revenue$932 $189 $— $1,121 
Research and development30,845 4,801 3,201 38,847 
Sales and marketing15,755 4,176 — 19,931 
General and administrative7,786 236 2,236 10,258 
Total$55,318 $9,402 $5,437 $70,157 
(1)Severance and related charges include cash severance expenses and other termination benefits. The majority of cash paid for the restructuring was related to severance and benefits.
(2)Other primarily includes intangible asset amortization and depreciation expense.
v3.24.2.u1
Description of Business and Summary of Significant Accounting Policies (Details)
 1 Months Ended
Jul. 31, 2022
d
$ / shares
Description Of Business And Summary Of Significant Accounting Policies [Line Items]  
Weighted average price per share (in usd per share) $ 40
Common stock, convertible, threshold trading days | d 90
Common stock, convertible, volume weighted average price per share (in usd per share) $ 8.70
Common stock, convertible, volume weighted average price per share, S&P 500 total return index (in usd per share) $ 8,862.85
Class A  
Description Of Business And Summary Of Significant Accounting Policies [Line Items]  
Stock split ratio, common stock 1
v3.24.2.u1
Revenue - Disaggregation of Revenue by Geography (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Disaggregation Of Revenue [Line Items]          
Total revenue $ 1,236,768 $ 1,067,669 $ 2,431,541 $ 2,056,277  
Deferred revenue 108,500   108,500   $ 93,700
North America          
Disaggregation Of Revenue [Line Items]          
Total revenue 741,588 671,071 1,474,976 1,303,631  
Europe          
Disaggregation Of Revenue [Line Items]          
Total revenue 235,186 179,234 435,278 334,849  
Rest of world          
Disaggregation Of Revenue [Line Items]          
Total revenue 259,994 217,364 521,287 417,797  
United States          
Disaggregation Of Revenue [Line Items]          
Total revenue $ 715,400 $ 649,800 $ 1,426,200 $ 1,262,200  
v3.24.2.u1
Net Loss per Share - Additional Information (Details)
Jun. 30, 2024
class
Earnings Per Share [Abstract]  
Number of classes of stock 3
v3.24.2.u1
Net Loss per Share - Numerators and Denominators of Basic and Diluted Net Loss per Share Computations for Common Stock (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Numerator:        
Net loss $ (248,620) $ (377,308) $ (553,710) $ (705,982)
Basic shares:        
Weighted-average common shares - Basic (in shares) 1,644,736 1,603,172 1,646,064 1,592,365
Diluted shares:        
Weighted-average common shares - Diluted (in shares) 1,644,736 1,603,172 1,646,064 1,592,365
Net loss per share attributable to common stockholders:        
Basic (in usd per share) $ (0.15) $ (0.24) $ (0.34) $ (0.44)
Diluted (in usd per share) $ (0.15) $ (0.24) $ (0.34) $ (0.44)
Class A        
Numerator:        
Net loss $ (210,201) $ (317,491) $ (468,216) $ (593,302)
Net loss attributable to common stockholders $ (210,201) $ (317,491) $ (468,216) $ (593,302)
Basic shares:        
Weighted-average common shares - Basic (in shares) 1,390,581 1,349,012 1,391,909 1,338,211
Diluted shares:        
Weighted-average common shares - Diluted (in shares) 1,390,581 1,349,012 1,391,909 1,338,211
Net loss per share attributable to common stockholders:        
Basic (in usd per share) $ (0.15) $ (0.24) $ (0.34) $ (0.44)
Diluted (in usd per share) $ (0.15) $ (0.24) $ (0.34) $ (0.44)
Class B        
Numerator:        
Net loss $ (3,405) $ (5,303) $ (7,578) $ (9,987)
Net loss attributable to common stockholders $ (3,405) $ (5,303) $ (7,578) $ (9,987)
Basic shares:        
Weighted-average common shares - Basic (in shares) 22,528 22,533 22,528 22,527
Diluted shares:        
Weighted-average common shares - Diluted (in shares) 22,528 22,533 22,528 22,527
Net loss per share attributable to common stockholders:        
Basic (in usd per share) $ (0.15) $ (0.24) $ (0.34) $ (0.44)
Diluted (in usd per share) $ (0.15) $ (0.24) $ (0.34) $ (0.44)
Class C        
Numerator:        
Net loss $ (35,014) $ (54,514) $ (77,916) $ (102,693)
Net loss attributable to common stockholders $ (35,014) $ (54,514) $ (77,916) $ (102,693)
Basic shares:        
Weighted-average common shares - Basic (in shares) 231,627 231,627 231,627 231,627
Diluted shares:        
Weighted-average common shares - Diluted (in shares) 231,627 231,627 231,627 231,627
Net loss per share attributable to common stockholders:        
Basic (in usd per share) $ (0.15) $ (0.24) $ (0.34) $ (0.44)
Diluted (in usd per share) $ (0.15) $ (0.24) $ (0.34) $ (0.44)
v3.24.2.u1
Net Loss per Share - Schedule of Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss per Share (Details) - shares
shares in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Stock options    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares) 1,395 2,387
Unvested RSUs and RSAs    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares) 143,442 148,390
Convertible Notes (if-converted)    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares) 85,945 89,379
v3.24.2.u1
Stockholders' Equity - Additional Information (Details)
shares in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
plan
shares
Oct. 31, 2023
USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of share-based employee compensation plans | plan 3  
Class A    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share repurchase program, authorized amount   $ 500,000,000
Retirement of Class A non-voting common stock (in shares) | shares 27.9  
Stock repurchased and retired $ 311,100,000  
Restricted Stock Units and Restricted Stock Awards    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Unrecognized compensation cost $ 1,500,000,000  
Weighted average recognition period 2 years  
RSUs and RSAs Granted after February 2018 | Minimum    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Service condition satisfied, years 3 years  
RSUs and RSAs Granted after February 2018 | Maximum    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Service condition satisfied, years 4 years  
v3.24.2.u1
Stockholders' Equity - Summary of RSU and RSA Activity (Details) - Restricted Stock Units and Restricted Stock Awards - Class A
shares in Thousands
 6 Months Ended
Jun. 30, 2024
$ / shares
shares
Number of Class A Shares  
Outstanding restricted stock, unvested beginning balance (in shares) | shares 157,130
Outstanding restricted stock, Granted (in shares) | shares 46,303
Outstanding restricted stock, Vested (in shares) | shares (36,345)
Outstanding restricted stock, Forfeited (in shares) | shares (23,646)
Outstanding restricted stock, unvested ending balance (in shares) | shares 143,442
Weighted- Average Grant Date Fair Value  
Weighted-average grant date fair value per restricted stock, unvested beginning balance (in usd per share) | $ / shares $ 12.82
Weighted-average grant date fair value per restricted stock, Granted (in usd per share) | $ / shares 14.90
Weighted-average grant date fair value per restricted stock, Vested (in usd per share) | $ / shares 15.34
Weighted-average grant date fair value per restricted stock, Forfeited (in usd per share) | $ / shares 12.14
Weighted-average grant date fair value per restricted stock, unvested ending balance (in usd per share) | $ / shares $ 12.97
v3.24.2.u1
Stockholders' Equity - Summary of Stock Option Award Activity (Details) - Stock options
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Weighted- Average Exercise Price    
Weighted-Average Exercise Price, Beginning balance (in usd per share) | $ / shares $ 14.90  
Weighted-Average Exercise Price, Granted (in usd per share) | $ / shares 0  
Weighted-Average Exercise Price, Exercised (in usd per share) | $ / shares 13.19  
Weighted-Average Exercise Price, Forfeited (in usd per share) | $ / shares 12.48  
Weighted-Average Exercise Price, Ending balance (in usd per share) | $ / shares $ 15.33 $ 14.90
Weighted- Average Remaining Contractual Term (in years)    
Weighted-Average Remaining Contractual Term (in years) 2 years 7 months 9 days 4 years 4 months 28 days
Aggregate Intrinsic Value    
Aggregate Intrinsic Value, Outstanding | $ $ 3,597 $ 5,225
Class A    
Number of Shares    
Beginning balance (in shares) 1,692  
Granted (in shares) 0  
Exercised (in shares) (184)  
Forfeited (in shares) (113)  
Ending balance (in shares) 1,395 1,692
Class B    
Number of Shares    
Beginning balance (in shares) 5  
Granted (in shares) 0  
Exercised (in shares) (5)  
Forfeited (in shares) 0  
Ending balance (in shares) 0 5
v3.24.2.u1
Stockholders' Equity - Summary of Total Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based payment arrangement, expense $ 259,311 $ 317,943 $ 523,063 $ 632,874
Cost of revenue        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based payment arrangement, expense 1,260 2,365 3,075 4,250
Research and development        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based payment arrangement, expense 171,465 217,565 345,984 437,415
Sales and marketing        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based payment arrangement, expense 52,208 57,597 106,864 112,536
General and administrative        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based payment arrangement, expense $ 34,378 $ 40,416 $ 67,140 $ 78,673
v3.24.2.u1
Business Acquisitions - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Jun. 30, 2024
Business Acquisition [Line Items]    
Goodwill $ 1,691,827,000 $ 1,691,317,000
2023 Acquisitions    
Business Acquisition [Line Items]    
Purchase price consideration 73,100,000  
Payment to acquire business 56,300,000  
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities 12,600,000  
Goodwill 42,800,000  
Goodwill deductible for tax purposes $ 0  
v3.24.2.u1
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 1,691,827
Goodwill acquired 0
Foreign currency translation (510)
Goodwill, ending balance $ 1,691,317
v3.24.2.u1
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 361,451 $ 369,431
Accumulated Amortization (248,643) (223,128)
Net $ 112,808 $ 146,303
Domain names    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (Years) 2 years 6 months 3 years
Gross Carrying Amount $ 745 $ 745
Accumulated Amortization (580) (546)
Net $ 165 $ 199
Technology    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (Years) 2 years 7 months 6 days 2 years 9 months 18 days
Gross Carrying Amount $ 315,333 $ 323,313
Accumulated Amortization (220,870) (197,608)
Net $ 94,463 $ 125,705
Patents    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (Years) 8 years 8 months 12 days 8 years 9 months 18 days
Gross Carrying Amount $ 39,373 $ 39,373
Accumulated Amortization (21,193) (19,099)
Net 18,180 20,274
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 6,000 6,000
Accumulated Amortization (6,000) (5,875)
Net $ 0 $ 125
v3.24.2.u1
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of intangible assets $ 15.0 $ 18.4 $ 33.6 $ 36.2
v3.24.2.u1
Goodwill and Intangible Assets - Schedule of Estimated Intangible Asset Amortization Expense (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2024 $ 26,446  
2025 41,513  
2026 20,299  
2027 12,124  
2028 4,343  
Thereafter 8,083  
Net $ 112,808 $ 146,303
v3.24.2.u1
Debt - Additional Information (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2024
USD ($)
d
$ / shares
Feb. 29, 2024
USD ($)
May 31, 2022
USD ($)
Feb. 28, 2022
USD ($)
$ / shares
shares
Apr. 30, 2021
USD ($)
$ / shares
shares
Apr. 30, 2020
USD ($)
$ / shares
shares
Aug. 31, 2019
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
$ / shares
Mar. 31, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
$ / shares
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]                          
Debt instrument, principal amount               $ 3,685,994,000     $ 3,685,994,000   $ 3,772,587,000
Debt repurchase amount $ 418,300,000                        
Repurchases of convertible notes               (418,336,000)   $ 0 (859,042,000) $ 0  
Amortization of debt issuance costs               2,208,000   1,839,000 3,950,000 3,675,000  
Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Maximum borrowing capacity     $ 1,050,000,000.00                    
Credit facility expiration period     5 years                    
Annual commitment fee     0.10%                    
Outstanding letters of credit               67,300,000     67,300,000    
Amounts outstanding under the credit facility               0     0    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)                          
Debt Instrument [Line Items]                          
Basis spread on variable interest rate (percentage)     0.75%                    
Revolving Credit Facility | Sterling Overnight Index                          
Debt Instrument [Line Items]                          
Basis spread on variable interest rate (percentage)     0.7826%                    
Revolving Credit Facility | Miscellaneous                          
Debt Instrument [Line Items]                          
Basis spread on variable interest rate (percentage)     0.75%                    
Revolving Credit Facility | Overnight Funding Rate                          
Debt Instrument [Line Items]                          
Basis spread on variable interest rate (percentage)     0.50%                    
Revolving Credit Facility | One Month Secured Overnight Financing Rate S O F R Overnight Index Swap Rate                          
Debt Instrument [Line Items]                          
Credit facility expiration period     1 month                    
Basis spread on variable interest rate (percentage)     100.00%                    
2030 Notes                          
Debt Instrument [Line Items]                          
Debt instrument, principal amount               750,000,000     $ 750,000,000   0
Debt instrument convertible, amortization period                     5 years 9 months 18 days    
Amortization of debt issuance costs               20,900,000          
Cap price, net cost               $ 68,900,000     $ 68,900,000    
2030 Notes | Convertible Debt                          
Debt Instrument [Line Items]                          
Debt instrument, principal amount 750,000,000                        
Initial placement amount 650,000,000                        
Over-allotment option 100,000,000                        
Debt, net of issuance costs $ 671,500,000                        
Debt instrument, interest rate 0.50%                        
Debt instrument convertible, percentage of conversion price 130.00%                        
Debt instrument convertible, number of trading days | d 20                        
Debt instrument, redemption price percentage 100.00%                        
2030 Notes | Debt Conversion Terms One | Convertible Debt                          
Debt Instrument [Line Items]                          
Debt instrument convertible, percentage of conversion price 130.00%                        
Debt instrument convertible, number of trading days | d 20                        
Debt instrument convertible, number of consecutive trading days | d 30                        
2030 Notes | Debt Conversion Terms Two | Convertible Debt                          
Debt Instrument [Line Items]                          
Debt instrument convertible, percentage of conversion price 98.00%                        
Debt instrument convertible, number of trading days | d 5                        
Debt instrument convertible, number of consecutive trading days | d 10                        
2030 Notes | Class A                          
Debt Instrument [Line Items]                          
Cap price, per share (in usd per share) | $ / shares               $ 33.48     $ 33.48    
2030 Notes | Class A | Convertible Debt                          
Debt Instrument [Line Items]                          
Conversion price per share (in usd per share) | $ / shares $ 22.18                        
Debt Instrument, Convertible, Conversion Ratio 0.0450846                        
2028 Notes                          
Debt Instrument [Line Items]                          
Debt instrument, principal amount       $ 1,500,000,000       $ 1,500,000,000     $ 1,500,000,000   1,500,000,000
Proceeds from issuance of convertible notes, net of issuance costs       $ 1,310,000,000                  
Debt instrument, interest rate       0.125%                  
Debt instrument convertible, amortization period                     3 years 8 months 12 days    
Cap price, net cost               $ 177,000,000     $ 177,000,000    
2028 Notes | Class A                          
Debt Instrument [Line Items]                          
Shares issued upon conversion of each $1000 principal amount | shares       17.7494                  
Debt instrument, convertible principal amount used in conversion rate       $ 1,000                  
Conversion price per share (in usd per share) | $ / shares       $ 56.34                  
Cap price, per share (in usd per share) | $ / shares               $ 93.90     $ 93.90    
2027 Notes                          
Debt Instrument [Line Items]                          
Debt instrument, principal amount         $ 1,150,000,000     $ 1,150,000,000     $ 1,150,000,000   1,150,000,000
Debt, net of issuance costs         $ 1,050,000,000.00                
Debt instrument convertible, amortization period                     2 years 9 months 18 days    
Cap price, net cost               $ 86,800,000     $ 86,800,000    
2027 Notes | Class A                          
Debt Instrument [Line Items]                          
Shares issued upon conversion of each $1000 principal amount | shares         11.2042                
Debt instrument, convertible principal amount used in conversion rate         $ 1,000                
Conversion price per share (in usd per share) | $ / shares         $ 89.25                
Cap price, per share (in usd per share) | $ / shares               $ 121.02     $ 121.02    
2025 Notes                          
Debt Instrument [Line Items]                          
Debt instrument, principal amount           $ 1,000,000,000   $ 36,240,000     $ 36,240,000   284,105,000
Debt, net of issuance costs           $ 888,600,000              
Debt instrument, interest rate           0.25%              
Debt repurchase amount $ 147,900,000 $ 100,000,000                      
Debt instrument convertible, amortization period                     9 months 18 days    
Cap price, net cost               $ 100,000,000     $ 100,000,000    
2025 Notes | Class A                          
Debt Instrument [Line Items]                          
Shares issued upon conversion of each $1000 principal amount | shares           46.1233              
Debt instrument, convertible principal amount used in conversion rate           $ 1,000              
Conversion price per share (in usd per share) | $ / shares           $ 21.68              
Cap price, per share (in usd per share) | $ / shares               $ 32.12     $ 32.12    
2026 Notes                          
Debt Instrument [Line Items]                          
Debt instrument, principal amount   351,200,000         $ 1,265,000,000 $ 249,754,000     $ 249,754,000   $ 838,482,000
Debt, net of issuance costs             $ 1,150,000,000            
Debt instrument, interest rate             0.75%            
Debt repurchase amount $ 237,500,000                        
Debt instrument convertible, amortization period                     2 years 1 month 6 days    
Cap price, net cost               $ 102,100,000     $ 102,100,000    
2026 Notes | Class A                          
Debt Instrument [Line Items]                          
Shares issued upon conversion of each $1000 principal amount | shares             43.8481            
Debt instrument, convertible principal amount used in conversion rate             $ 1,000            
Conversion price per share (in usd per share) | $ / shares             $ 22.81            
Cap price, per share (in usd per share) | $ / shares               $ 32.58     $ 32.58    
Convertible Notes                          
Debt Instrument [Line Items]                          
Repurchases of convertible notes   $ (440,700,000)                      
Gain (loss) on extinguishment of debt               $ (15,500,000) $ 8,800,000        
Amortization of debt issuance costs               2,088,000   1,720,000 $ 3,710,000 3,437,000  
Contractual interest expense               $ 1,703,000   $ 2,218,000 $ 3,540,000 $ 4,437,000  
v3.24.2.u1
Debt - Schedule of Convertible Notes (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Feb. 29, 2024
Dec. 31, 2023
Feb. 28, 2022
Apr. 30, 2021
Apr. 30, 2020
Aug. 31, 2019
Debt Instrument [Line Items]              
Principal $ 3,685,994   $ 3,772,587        
Unamortized Debt Issuance Costs (47,261)   (23,187)        
Net Carrying Amount 3,638,733   3,749,400        
2025 Notes              
Debt Instrument [Line Items]              
Principal 36,240   284,105     $ 1,000,000  
Unamortized Debt Issuance Costs (70)   (871)        
Net Carrying Amount 36,170   283,234        
2026 Notes              
Debt Instrument [Line Items]              
Principal 249,754 $ 351,200 838,482       $ 1,265,000
Unamortized Debt Issuance Costs (819)   (3,402)        
Net Carrying Amount 248,935   835,080        
2027 Notes              
Debt Instrument [Line Items]              
Principal 1,150,000   1,150,000   $ 1,150,000    
Unamortized Debt Issuance Costs (6,049)   (7,114)        
Net Carrying Amount 1,143,951   1,142,886        
2028 Notes              
Debt Instrument [Line Items]              
Principal 1,500,000   1,500,000 $ 1,500,000      
Unamortized Debt Issuance Costs (10,392)   (11,800)        
Net Carrying Amount 1,489,608   1,488,200        
2030 Notes              
Debt Instrument [Line Items]              
Principal 750,000   0        
Unamortized Debt Issuance Costs (29,931)   0        
Net Carrying Amount $ 720,069   $ 0        
v3.24.2.u1
Debt - Schedule of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Debt Instrument [Line Items]        
Amortization of debt issuance costs $ 2,208 $ 1,839 $ 3,950 $ 3,675
Convertible Notes        
Debt Instrument [Line Items]        
Contractual interest expense 1,703 2,218 3,540 4,437
Amortization of debt issuance costs 2,088 1,720 3,710 3,437
Total interest expense $ 3,791 $ 3,938 $ 7,250 $ 7,874
v3.24.2.u1
Commitments and Contingencies - Additional Information (Details)
 6 Months Ended
Jun. 30, 2024
USD ($)
Loss Contingencies [Line Items]  
Commitments due within three years $ 2,200,000,000
Contractual obligation maturity 3 years
Indemnification Agreement  
Loss Contingencies [Line Items]  
Liabilities recorded $ 0
v3.24.2.u1
Leases - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Lessee Lease Description [Line Items]        
Operating lease cost $ 25.2 $ 25.6 $ 50.7 $ 50.6
Lease not yet commenced amount 20.5   20.5  
Operating cash outflows for operating leases 28.9 24.2 57.1 48.4
Lease liabilities arising from obtaining operating lease right-of-use assets $ 24.7 $ 12.5 $ 35.5 $ 14.2
Minimum        
Lessee Lease Description [Line Items]        
Operating leases, terms 6 years   6 years  
Maximum        
Lessee Lease Description [Line Items]        
Operating leases, terms 9 years   9 years  
v3.24.2.u1
Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate Related to Operating Leases (Details)
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]    
Weighted-average remaining lease term 9 years 7 months 6 days 6 years 3 months 18 days
Weighted-average discount rate 6.20% 4.90%
v3.24.2.u1
Leases - Present Value of Operating Lease Liabilities (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Leases [Abstract]  
Remainder of 2024 $ 35,038
2025 75,189
2026 90,382
2027 83,177
2028 82,160
Thereafter 461,491
Total lease payments 827,437
Less: Imputed interest (226,262)
Present value of lease liabilities $ 601,175
v3.24.2.u1
Strategic Investments - Schedule of Strategic Investments (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]    
Initial cost $ 107,218 $ 106,368
Cumulative upward adjustments 147,591 147,317
Cumulative downward adjustments, including impairments (65,306) (58,357)
Carrying value $ 189,503 $ 195,328
v3.24.2.u1
Strategic Investments - Gain (Loss) on Strategic Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]        
Gains (losses) recognized on strategic investments sold during the period, net $ 0 $ 0 $ 0 $ 0
Unrealized gains on strategic investments still held at the reporting date 92 476 274 1,555
Unrealized losses, including impairments, on strategic investments still held at the reporting date (650) (329) (7,099) (1,304)
Gains (losses) on strategic investments, net $ (558) $ 147 $ (6,825) $ 251
v3.24.2.u1
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Marketable Securities, Total Estimated Fair Value $ 2,000,000  
Fair Value, Measurements, Recurring    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Cash, Equity Securities and Marketable securities, Cost or Amortized Cost 3,078,580 $ 3,533,181
Equity Securities and Marketable securities, Gross Unrealized Gains 63 1,502
Equity Securities and Marketable securities, Gross Unrealized Losses (6,234) (4,206)
Cash, Equity Securities and Marketable Securities, Total Estimated Fair Value 3,072,409 3,530,477
Fair Value, Measurements, Recurring | Cash    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Cash, Cost or Amortized Cost 1,060,610 1,780,402
Cash Gross Unrealized Losses (59)  
Cash, Total Estimated Fair Value 1,060,551 1,780,402
Fair Value, Measurements, Recurring | Level 1 securities: | U.S. government securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Marketable securities, Cost or Amortized Cost 1,744,110 1,295,918
Marketable securities, Gross Unrealized Gains 57 894
Marketable securities, Gross Unrealized Losses (5,824) (3,919)
Marketable Securities, Total Estimated Fair Value 1,738,343 1,292,893
Fair Value, Measurements, Recurring | Level 1 securities: | U.S. government agency securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Marketable securities, Cost or Amortized Cost 27,501 138,420
Marketable securities, Gross Unrealized Gains 0 31
Marketable securities, Gross Unrealized Losses (51) (188)
Marketable Securities, Total Estimated Fair Value 27,450 138,263
Fair Value, Measurements, Recurring | Level 2 securities: | Corporate debt securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Marketable securities, Cost or Amortized Cost 178,261 234,336
Marketable securities, Gross Unrealized Gains 6 577
Marketable securities, Gross Unrealized Losses (300) (99)
Marketable Securities, Total Estimated Fair Value 177,967 234,814
Fair Value, Measurements, Recurring | Level 2 securities: | Commercial paper    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Marketable securities, Cost or Amortized Cost 68,098 65,380
Marketable securities, Gross Unrealized Gains 0 0
Marketable securities, Gross Unrealized Losses 0 0
Marketable Securities, Total Estimated Fair Value $ 68,098 65,380
Fair Value, Measurements, Recurring | Level 2 securities: | Certificates of deposit    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Marketable securities, Cost or Amortized Cost   18,725
Marketable securities, Gross Unrealized Gains   0
Marketable securities, Gross Unrealized Losses   0
Marketable Securities, Total Estimated Fair Value   $ 18,725
v3.24.2.u1
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Marketable securities contractual maturities $ 814.2  
Marketable securities, total estimated fair value 2,000.0  
Equity securities, cost or amortized cost 8.9 $ 13.6
Level 2 securities: | 2025 Notes    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Convertible notes 38.1 300.9
Level 2 securities: | 2026 Notes    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Convertible notes 266.6 893.2
Level 2 securities: | 2028 Notes    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Convertible notes 1,198.7 1,181.7
Level 2 securities: | 2027 Notes    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Convertible notes 961.7 $ 921.5
Level 2 securities: | 2030 Notes    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Convertible notes $ 771.4  
Minimum    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Marketable securities contractual maturities period 1 year  
Maximum    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Marketable securities contractual maturities period 5 years  
v3.24.2.u1
Fair Value Measurements - Gain (Loss) on Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Fair Value Disclosures [Abstract]        
Gains (losses) recognized on publicly traded equity securities sold during the period, net $ 0 $ (1,496) $ 0 $ 8,338
Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net (2,019) 5,778 (4,740) 6,675
Gains (losses) on publicly traded equity securities, net $ (2,019) $ 4,282 $ (4,740) $ 15,013
v3.24.2.u1
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ 5,202 $ 12,093 $ 12,134 $ 18,938
v3.24.2.u1
Accumulated Other Comprehensive Income (Loss) - Schedules of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance, beginning of period     $ 2,414,112  
Other comprehensive income (loss) before reclassifications     (4,439)  
Amounts reclassified from AOCI     80  
Net current period other comprehensive income (loss) $ 2,022 $ (14,497) (4,359) $ (2,187)
Balance, end of period 2,066,722 2,504,960 2,066,722 2,504,960
AOCI Attributable to Parent        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance, beginning of period 750 (1,664) 7,131 (13,974)
Net current period other comprehensive income (loss) 2,022 (14,497) (4,359) (2,187)
Balance, end of period 2,772 $ (16,161) 2,772 $ (16,161)
Marketable Securities        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance, beginning of period     (2,860)  
Other comprehensive income (loss) before reclassifications     (3,547)  
Amounts reclassified from AOCI     80  
Net current period other comprehensive income (loss)     (3,467)  
Balance, end of period (6,327)   (6,327)  
Foreign Currency Translation        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance, beginning of period     9,991  
Other comprehensive income (loss) before reclassifications     (892)  
Amounts reclassified from AOCI     0  
Net current period other comprehensive income (loss)     (892)  
Balance, end of period $ 9,099   $ 9,099  
v3.24.2.u1
Long-lived Assets - Long-lived Assets by Geographic Area (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets, net $ 965,586 $ 927,188
United States    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets, net 649,690 646,546
United Kingdom    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets, net 244,358 218,326
Rest of world    
Revenues From External Customers And Long Lived Assets [Line Items]    
Total long-lived assets, net $ 71,538 $ 62,316
v3.24.2.u1
Restructuring - Additional Information (Details)
 3 Months Ended
Mar. 31, 2024
Global Headcount Reduction  
Restructuring Cost And Reserve [Line Items]  
Percentage of employee reduction in reprioritization plan 10.00%
v3.24.2.u1
Restructuring - Schedule of Restructuring Charges (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Restructuring Cost And Reserve [Line Items]  
Restructuring charges $ 70,157
Cost of revenue  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 1,121
Research and development  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 38,847
Sales and marketing  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 19,931
General and administrative  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 10,258
Severance and Related Charges  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 55,318
Severance and Related Charges | Cost of revenue  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 932
Severance and Related Charges | Research and development  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 30,845
Severance and Related Charges | Sales and marketing  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 15,755
Severance and Related Charges | General and administrative  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 7,786
Stock Based Compensation Expense Benefit  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 9,402
Stock Based Compensation Expense Benefit | Cost of revenue  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 189
Stock Based Compensation Expense Benefit | Research and development  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 4,801
Stock Based Compensation Expense Benefit | Sales and marketing  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 4,176
Stock Based Compensation Expense Benefit | General and administrative  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 236
Other  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 5,437
Other | Cost of revenue  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 0
Other | Research and development  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 3,201
Other | Sales and marketing  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges 0
Other | General and administrative  
Restructuring Cost And Reserve [Line Items]  
Restructuring charges $ 2,236