TRADE DESK, INC., 10-Q filed on 8/8/2024
Quarterly Report
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Cover - shares
 6 Months Ended
Jun. 30, 2024
Jul. 31, 2024
Document 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 001-37879  
Entity Registrant Name TRADE DESK, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 27-1887399  
Entity Address, Address Line One 42 N. Chestnut Street  
Entity Address, City or Town Ventura  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 93001  
City Area Code 805  
Local Phone Number 585-3434  
Title of 12(b) Security Class A Common Stock, par value $0.000001 per share  
Trading Symbol TTD  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001671933  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Class A common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   447,658,970
Class B common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   43,918,900
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 1,009,363 $ 895,129
Short-term investments, net 497,168 485,159
Accounts receivable, net of allowance for credit losses of $10,576 and $12,826 as of June 30, 2024 and December 31, 2023, respectively 2,905,533 2,870,313
Prepaid expenses and other current assets 110,776 63,353
TOTAL CURRENT ASSETS 4,522,840 4,313,954
Property and equipment, net 191,912 161,422
Operating lease assets 229,411 197,732
Deferred income taxes 154,849 154,849
Other assets, non-current 60,910 60,730
TOTAL ASSETS 5,159,922 4,888,687
Current liabilities:    
Accounts payable 2,336,589 2,317,318
Accrued expenses and other current liabilities 120,218 137,996
Operating lease liabilities 61,579 55,524
TOTAL CURRENT LIABILITIES 2,518,386 2,510,838
Operating lease liabilities, non-current 202,769 180,369
Other liabilities, non-current 33,361 33,261
TOTAL LIABILITIES 2,754,516 2,724,468
Commitments and contingencies (Note 11)
STOCKHOLDERS’ EQUITY    
Preferred stock, par value $0.000001; 100,000 shares authorized, zero shares issued and outstanding as of June 30, 2024 and December 31, 2023 0 0
Common stock, par value $0.000001 Class A, 1,000,000 shares authorized; 447,681 and 444,997 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively Class B, 95,000 shares authorized; 43,919 and 43,919 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 0 0
Additional paid-in capital 2,217,043 1,967,265
Retained earnings 188,363 196,954
TOTAL STOCKHOLDERS’ EQUITY 2,405,406 2,164,219
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 5,159,922 $ 4,888,687
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Accounts receivable, allowance for credit losses $ 10,576 $ 12,826
Preferred stock    
Preferred stock, par value (in dollars per share) $ 0.000001 $ 0.000001
Preferred stock, authorized (in shares) 100,000,000 100,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock    
Common stock, par value (in dollars per share) $ 0.000001 $ 0.000001
Class A common stock    
Common stock    
Common stock, authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, issued (in shares) 447,681,000 444,997,000
Common stock, outstanding (in shares) 447,681,000 444,997,000
Class B common stock    
Common stock    
Common stock, authorized (in shares) 95,000,000 95,000,000
Common stock, issued (in shares) 43,919,000 43,919,000
Common stock, outstanding (in shares) 43,919,000 43,919,000
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CONDENSED 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 $ 584,550 $ 464,254 $ 1,075,803 $ 847,057
Operating expenses:        
Platform operations 110,459 86,654 214,089 171,521
Sales and marketing 133,867 111,489 255,592 208,711
Technology and development 110,035 98,308 217,721 192,018
General and administrative 135,469 126,130 265,024 256,442
Total operating expenses 489,830 422,581 952,426 828,692
Income from operations 94,720 41,673 123,377 18,365
Other expense (income):        
Interest income, net (17,817) (17,507) (34,478) (31,930)
Foreign currency exchange loss (gain), net 45 (747) (670) (24)
Total other income, net (17,772) (18,254) (35,148) (31,954)
Income before income taxes 112,492 59,927 158,525 50,319
Provision for income taxes 27,463 26,988 41,836 8,054
Net income $ 85,029 $ 32,939 $ 116,689 $ 42,265
Earnings per share:        
Basic (in dollars per share) $ 0.17 $ 0.07 $ 0.24 $ 0.09
Diluted (in dollars per share) $ 0.17 $ 0.07 $ 0.23 $ 0.08
Weighted-average shares outstanding:        
Basic (in shares) 489,353 488,431 488,952 489,068
Diluted (in shares) 500,040 499,349 499,117 499,570
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Class A and B Common Stock
Additional Paid-In Capital
Retained Earnings
Balance at beginning of period (in shares) at Dec. 31, 2022   490,468    
Balance at beginning of period at Dec. 31, 2022 $ 2,115,339   $ 1,449,825 $ 665,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Exercise of common stock options (in shares)   2,451    
Exercise of common stock options 10,365   10,365  
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)   414    
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (15,595)   (15,595)  
Repurchases of Class A common stock (in shares)   (5,139)    
Repurchases of Class A common stock (292,863)     (292,863)
Stock-based compensation 114,235   114,235  
Net income (loss) 9,326     9,326
Balance at end of period (in shares) at Mar. 31, 2023   488,194    
Balance at end of period at Mar. 31, 2023 1,940,807   1,558,830 381,977
Balance at beginning of period (in shares) at Dec. 31, 2022   490,468    
Balance at beginning of period at Dec. 31, 2022 2,115,339   1,449,825 665,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income (loss) 42,265      
Balance at end of period (in shares) at Jun. 30, 2023   490,049    
Balance at end of period at Jun. 30, 2023 2,071,410   1,700,498 370,912
Balance at beginning of period (in shares) at Mar. 31, 2023   488,194    
Balance at beginning of period at Mar. 31, 2023 1,940,807   1,558,830 381,977
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Exercise of common stock options (in shares)   1,074    
Exercise of common stock options 17,407   17,407  
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)   879    
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (15,459)   (15,459)  
Repurchases of Class A common stock (in shares)   (595)    
Repurchases of Class A common stock (44,004)     (44,004)
Stock-based compensation 118,404   118,404  
Net income (loss) 32,939     32,939
Issuance of common stock under employee stock purchase plan (in shares)   497    
Issuance of common stock under employee stock purchase plan 21,316   21,316  
Balance at end of period (in shares) at Jun. 30, 2023   490,049    
Balance at end of period at Jun. 30, 2023 2,071,410   1,700,498 370,912
Balance at beginning of period (in shares) at Dec. 31, 2023   488,916    
Balance at beginning of period at Dec. 31, 2023 2,164,219   1,967,265 196,954
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Exercise of common stock options (in shares)   719    
Exercise of common stock options 10,804   10,804  
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)   620    
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (26,806)   (26,806)  
Repurchases of Class A common stock (in shares)   (1,527)    
Repurchases of Class A common stock (125,370)     (125,370)
Stock-based compensation 112,048   112,048  
Net income (loss) 31,660     31,660
Balance at end of period (in shares) at Mar. 31, 2024   488,728    
Balance at end of period at Mar. 31, 2024 2,166,555   2,063,311 103,244
Balance at beginning of period (in shares) at Dec. 31, 2023   488,916    
Balance at beginning of period at Dec. 31, 2023 2,164,219   1,967,265 196,954
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income (loss) 116,689      
Balance at end of period (in shares) at Jun. 30, 2024   491,600    
Balance at end of period at Jun. 30, 2024 2,405,406   2,217,043 188,363
Balance at beginning of period (in shares) at Mar. 31, 2024   488,728    
Balance at beginning of period at Mar. 31, 2024 2,166,555   2,063,311 103,244
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Exercise of common stock options (in shares)   1,167    
Exercise of common stock options 27,360   27,360  
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)   1,007    
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (31,563)   (31,563)  
Repurchases of Class A common stock 90     90
Stock-based compensation 127,813   127,813  
Net income (loss) 85,029     85,029
Issuance of common stock under employee stock purchase plan (in shares)   698    
Issuance of common stock under employee stock purchase plan 30,122   30,122  
Balance at end of period (in shares) at Jun. 30, 2024   491,600    
Balance at end of period at Jun. 30, 2024 $ 2,405,406   $ 2,217,043 $ 188,363
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES:    
Net income $ 116,689 $ 42,265
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 42,624 39,359
Stock-based compensation 236,960 230,553
Noncash lease expense 26,460 24,325
Provision for expected credit losses on accounts receivable 133 318
Other (4,117) (8,423)
Changes in operating assets and liabilities:    
Accounts receivable (49,321) (35,368)
Prepaid expenses and other current and non-current assets (52,064) (3,659)
Accounts payable (13,247) 50,995
Accrued expenses and other current and non-current liabilities (9,989) 399
Operating lease liabilities (27,397) (25,102)
Net cash provided by operating activities 266,731 315,662
INVESTING ACTIVITIES:    
Purchases of investments (317,969) (316,307)
Maturities of investments 314,598 274,401
Purchases of property and equipment (29,339) (16,556)
Capitalized software development costs (4,424) (3,415)
Net cash used in investing activities (37,134) (61,877)
FINANCING ACTIVITIES:    
Repurchases of Class A common stock (125,280) (336,494)
Proceeds from exercise of stock options 38,164 27,772
Proceeds from employee stock purchase plan 30,122 21,316
Taxes paid related to net settlement of restricted stock awards (58,369) (31,054)
Net cash used in financing activities (115,363) (318,460)
Increase (decrease) in cash and cash equivalents 114,234 (64,675)
Cash and cash equivalents—Beginning of period 895,129 1,030,506
Cash and cash equivalents—End of period 1,009,363 965,831
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for operating lease liabilities 33,272 30,870
Operating lease assets obtained in exchange for operating lease liabilities 58,133 16,967
Capitalized assets financed by accounts payable 37,927 3,033
Stock-based compensation included in capitalized software development costs $ 2,901 $ 2,086
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Nature of Operations
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations
Note 1—Nature of Operations
The Trade Desk, Inc. (the “Company”) is a global technology company that empowers buyers of advertising. Through the Company’s self-service, cloud-based platform, ad buyers can create, manage and optimize more expressive data-driven digital advertising campaigns across ad formats and channels, including video (which includes connected television (“CTV”)), display, audio, digital-out-of-home, native and social, on a multitude of devices, such as computers, mobile devices, televisions and streaming devices. The Company’s platform integrations with major inventory, publisher and data partners provide ad buyers reach and decisioning capabilities, and the Company’s enterprise application programming interfaces (“APIs”) enable its clients to customize and expand platform functionality.
The Company is a Delaware corporation formed in November 2009 and headquartered in Ventura, California with offices in various cities in North America, Europe, Asia and Australia.
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Basis of Presentation and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies
Note 2—Basis of Presentation and Summary of Significant Accounting Policies
The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2023 was derived from audited financial statements but does not include all disclosures required by GAAP. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2023.
There have been no material changes to the Company’s accounting policies from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023, and these unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the Company’s audited annual consolidated financial statements for the year ended December 31, 2023, and include, in the opinion of management, all adjustments, consisting of normal recurring items, necessary for the fair statement of the condensed consolidated financial statements.
The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results expected for the full year ending December 31, 2024.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates.
Management regularly evaluates its estimates, primarily those related to: (1) revenue recognition criteria, including the determination of revenue reporting as net versus gross in the Company’s revenue arrangements, (2) allowances for credit losses, (3) operating lease assets and liabilities, including the Company’s incremental borrowing rate and terms and provisions of each lease, (4) the useful lives of property and equipment and capitalized software development costs, (5) income taxes, (6) assumptions used in the option pricing models to determine the fair value of stock-based compensation and (7) the recognition and disclosure of contingent liabilities. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.
As of June 30, 2024, the impacts to the Company’s business due to geopolitical developments and macroeconomic factors such as changes in interest and foreign currency exchange rates, inflation and supply chain disruptions, continue to evolve. As a result, many of the Company’s estimates and assumptions, including the allowance for credit losses, consider macroeconomic factors in the market, which require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change materially in future periods.
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which adds requirements to report significant expenses, requirements for entities with a single reportable segment to provide all disclosures otherwise required under Topic 280 and requirements to report segment information on an interim basis, among other clarifications and requirements. This guidance will be effective on a retrospective basis for annual periods beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and interim periods beginning with the Company’s Quarterly Report Form 10-Q for the fiscal quarter ended March 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of information and consistent categories in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective on a prospective basis, with an option to apply it retrospectively, for annual periods beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes.
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Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
Note 3—Earnings Per Share
The Company has two classes of common stock, Class A and Class B. Basic and diluted earnings per share attributable to common stockholders for Class A and Class B common stock were the same because they were entitled to the same liquidation and dividend rights.
Basic earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding adjusted for the potentially dilutive impact of stock options, restricted stock and the Employee Stock Purchase Plan (“ESPP”), using the two-class method required for participating securities. Restricted stock awards are considered to be participating securities due to their non-forfeitable dividend rights.
The computation of basic and diluted earnings per share is as follows (in thousands, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Numerator:
Net income$85,029 $32,939 $116,689 $42,265 
Denominator:
Weighted-average shares outstanding—basic489,353 488,431 488,952 489,068 
Effect of dilutive securities10,687 10,918 10,165 10,502 
Weighted-average shares outstanding—diluted500,040 499,349 499,117 499,570 
Basic earnings per share$0.17 $0.07 $0.24 $0.09 
Diluted earnings per share$0.17 $0.07 $0.23 $0.08 
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings per share
2,480 7,578 2,480 7,578 
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Cash, Cash Equivalents and Short-Term Investments, Net
 6 Months Ended
Jun. 30, 2024
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Cash, Cash Equivalents and Short-Term Investments, Net
Note 4—Cash, Cash Equivalents and Short-Term Investments, Net
Cash, cash equivalents and short-term investments in marketable securities were as follows (in thousands):
As of June 30, 2024
Cash and
Cash
Equivalents		Short-Term
Investments, Net		Total
Cash$205,707 $— $205,707 
Level 1:   
Money market funds761,789 — 761,789 
Level 2:   
Commercial paper27,903 204,389 232,292 
Corporate debt securities— 192,131 192,131 
U.S. government and agency securities13,964 100,648 114,612 
Total$1,009,363 $497,168 $1,506,531 
As of December 31, 2023
Cash and
Cash
Equivalents		Short-Term
Investments, Net		Total
Cash$289,512 $— $289,512 
Level 1:  
Money market funds560,673 — 560,673 
Level 2:  
Commercial paper36,013 168,224 204,237 
Corporate debt securities— 185,465 185,465 
U.S. government and agency securities8,931 131,470 140,401 
Total$895,129 $485,159 $1,380,288 
The Company’s gross unrealized gains or losses from its short-term investments, recorded at fair value, for the three and six months ended June 30, 2024 and 2023, were immaterial.
The contractual maturities of the Company’s short-term investments are as follows (in thousands):
June 30, 2024
Due in one year$458,730 
Due in one to two years38,438 
Total$497,168 
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Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases
Note 5—Leases
The components of lease expense recorded in the condensed consolidated statements of operations were as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Operating lease cost$13,486 $12,209 $26,197 $24,056 
Short-term lease cost414 442 888 914 
Variable lease cost3,792 2,851 7,608 5,954 
Sublease income— (604)(42)(1,150)
Total lease cost$17,692 $14,898 $34,651 $29,774 
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Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt
Note 6—Debt
Credit Facility
On June 15, 2021, the Company and a syndicate of banks, led by JPMorgan Chase Bank, N.A., as agent, entered into a Loan and Security Agreement (the “Credit Facility”). The Credit Facility consists of a $450 million revolving loan facility, with a $20 million sublimit for swingline borrowings and a $15 million sublimit for the issuance of letters of credit. Under certain circumstances, the Company has the right to increase the Credit Facility by an amount not to exceed $300 million. The Credit Facility is collateralized by substantially all of the Company’s assets, including a pledge of certain of its accounts receivable, deposit accounts, intellectual property, investment property and equipment.
On December 17, 2021, the Company amended the Credit Facility to expand the process for issuing letters of credit and the related invoicing, particularly with respect to letters of credit not denominated in U.S. Dollars. On February 9, 2023, the Company further amended its Credit Facility (as amended, the “Amended Credit Facility”) to transition from a variable interest rate based on the London Interbank Offered Rate to a variable interest rate based on the secured overnight financing rate (“SOFR”).
Loans under the Amended Credit Facility bear interest at a rate equal to, at the Company’s option, an annual rate of either a Base Rate or an adjusted term SOFR rate (defined as SOFR for a specified term plus a credit spread adjustment of 10 basis points, subject to a 0% floor), plus an applicable margin (“Base Rate Borrowings” and “Term SOFR Borrowings”). The Base Rate is defined as a rate per annum for any day equal to the greatest of (1) the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the United States, (2) the New York Federal Reserve Bank Rate in effect on such day plus half of 1%, and (3) the adjusted term SOFR rate for a one-month interest period on such day plus 1%. The applicable margin is between 0.25% to 1.25% for Base Rate Borrowings and between 1.25% and 2.25% for Term SOFR Borrowings based on the Company maintaining certain leverage ratios. The fee for undrawn amounts under the Amended Credit Facility ranges, based on the applicable leverage, from 0.200% to 0.350%. The Company is also required to pay customary letter of credit fees, as necessary.
As of June 30, 2024, the Company did not have an outstanding debt balance under the Amended Credit Facility. Availability under the Amended Credit Facility was $442 million as of June 30, 2024, which is net of outstanding letters of credit of $8 million. The Amended Credit Facility matures, and all outstanding amounts become due and payable, on June 15, 2026.
The Amended Credit Facility contains customary conditions to borrowings, events of default and covenants, including covenants that restrict the Company’s ability to sell assets, make changes to the nature of the Company’s business, engage in mergers or acquisitions, incur, assume or permit to exist additional indebtedness and guarantees, create or permit to exist liens, pay dividends, issue equity instruments, make distributions or redeem or repurchase capital stock or make other investments, engage in transactions with affiliates and make payments in respect of subordinated debt. The Amended Credit Facility also requires the Company to maintain compliance with a maximum ratio of consolidated funded debt to consolidated EBITDA of 3.50 to 1.00. As of June 30, 2024, the Company was in compliance with all covenants.
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Capitalization
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Capitalization
Note 7—Capitalization
Share Repurchase Program
In February 2023, the Company’s board of directors approved a share repurchase program with authorization to purchase up to $700 million of its Class A common stock. As of December 31, 2023, $53 million remained available and authorized for repurchases. In February 2024, an additional $647 million was authorized under this program, bringing the total amount available for future repurchases back to $700 million. The share repurchase program, which has no expiration date, is designed to help offset the impact of future share dilution from employee stock issuances. Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases to be determined at the Company’s discretion, depending on market conditions and corporate needs. Open market repurchases are structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. This program does not obligate the Company to acquire any particular amount of Class A common stock, and may be modified, suspended or terminated at any time at the discretion of the Company’s board of directors.
During the three months ended June 30, 2024, the Company did not repurchase any shares of its Class A common stock. During the six months ended June 30, 2024, the Company repurchased and subsequently retired 1.5 million shares of its Class A common stock for an aggregate repurchase amount of $125 million. The repurchase amounts included in the condensed consolidated statements of stockholders’ equity included immaterial amounts related to the 1% excise tax on share repurchases, net of share issuances, as a result of the Inflation Reduction Act of 2022 (“IRA”). As of June 30, 2024, $575 million remained available and authorized for repurchases. Activity under the share repurchase program was recognized in the condensed consolidated financial statements on a trade-date basis.
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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
Note 8—Stock-Based Compensation
Stock-Based Compensation Expense
Stock-based compensation expense recorded in the condensed consolidated statements of operations was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Platform operations$7,272 $4,967 $12,827 $8,913 
Sales and marketing25,068 18,800 45,360 32,923 
Technology and development32,509 26,689 60,483 47,556 
General and administrative61,491 66,627 118,290 141,161 
Total$126,340 $117,083 $236,960 $230,553 
Stock Options
The following summarizes stock option activity:
Shares
Under Options
(in thousands)
Weighted-
Average
Exercise Price
Outstanding as of December 31, 2023
12,258$31.05 
Granted2,35381.50 
Exercised(1,886)20.45 
Expired/Forfeited(168)52.99 
Outstanding as of June 30, 2024
12,557$41.80 
Exercisable as of June 30, 2024
7,911$23.85 
As of June 30, 2024, the Company had unrecognized stock-based compensation relating to stock options, excluding the CEO Performance Option (as defined below), of approximately $182 million, which is expected to be recognized over a weighted-average period of 3.1 years.
CEO Performance Option
In October 2021, the Company granted a market-based performance award to the Company’s Chief Executive Officer (the “CEO Performance Option”) under the Company’s 2016 Incentive Award Plan. The CEO Performance Option has an exercise price of $68.29 per share. As of December 31, 2023, the CEO Performance Option had 19.2 million options outstanding. No options were granted, exercised, forfeited or expired during the three and six months ended June 30, 2024. As of June 30, 2024, the CEO Performance Option had 2.4 million exercisable options and 19.2 million options outstanding. Stock-based compensation of $36 million and $48 million for the CEO Performance Option was recorded as a component of general and administrative expense during the three months ended June 30, 2024 and 2023, respectively. Stock-based compensation of $71 million and $108 million for the CEO Performance Option was recorded as a component of general and administrative expense during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company had unrecognized stock-based compensation relating to the CEO Performance Option of $129 million that is expected to be recognized over a weighted-average period of 1.3 years, assuming no acceleration of vesting.
Restricted Stock
The following summarizes restricted stock activity:
Shares
(in thousands)
Weighted-
Average
Grant Date
Fair Value
Unvested as of December 31, 2023
10,546 $62.22 
Granted3,979 81.84 
Vested(2,088)57.88 
Forfeited(426)63.21 
Unvested as of June 30, 2024
12,011 $69.44 
As of June 30, 2024, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $777 million, which is expected to be recognized over a weighted-average period of 2.9 years.
Employee Stock Purchase Plan (“ESPP”)
Stock-based compensation expense related to the ESPP totaled $7 million and $5 million for the three months ended June 30, 2024 and 2023, respectively. Stock-based compensation expense related to the ESPP totaled $13 million and $8 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company had unrecognized stock-based compensation relating to ESPP awards of approximately $11 million, which is expected to be recognized over a weighted-average period of 0.6 years.
On May 28, 2024, the Company’s stockholders approved the 2024 Employee Stock Purchase Plan (the “2024 ESPP”), an amendment and restatement of the original 2016 Employee Stock Purchase Plan (the “2016 ESPP”). The changes from the 2016 ESPP to the 2024 ESPP include removing the ten-year plan expiration date, changing the offering period commencement dates on future offering periods from May 16th and November 16th to May 15th and November 15th, respectively, and providing other minor technical and administrative updates. Existing offering periods under the 2016 ESPP continue unchanged under the 2024 ESPP, and the “evergreen” provision for annual increases in issuable ESPP shares will still end on and include January 1, 2026. The Company does not currently expect the new or modified provisions of the 2024 ESPP to materially impact its financial statements.
v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
Note 9—Income Taxes
In determining the interim provision for income taxes for each of the three and six months ended June 30, 2024 and 2023, the Company utilized the annual estimated effective tax rate applied to the actual year-to-date income and added the tax effects of any discrete items in the reporting period in which they occur.
For the three months ended June 30, 2024 and 2023, the provision for income taxes included benefits associated with stock-based awards of $18 million and $9 million, respectively. For the six months ended June 30, 2024 and 2023, the provision for income taxes included benefits associated with stock-based awards of $29 million and $36 million, respectively.

For the six months ended June 30, 2024 and 2023, the Company’s effective tax rate differed from the United States federal statutory tax rate of 21% primarily due to nondeductible stock-based compensation and state and foreign taxes, partially offset by the impact of tax benefits associated with stock-based awards and research and development tax credits.
There were no material changes to the Company’s unrecognized tax benefits during the six months ended June 30, 2024, and the Company does not expect to have any significant changes to unrecognized tax benefits through the end of the fiscal year.
v3.24.2.u1
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2024
Segments, Geographical Areas [Abstract]  
Segment and Geographic Information
Note 10—Segment and Geographic Information
The Company has one primary business activity and operates in one reportable and operating segment.
The Company reports revenue net of amounts it pays suppliers for the cost of advertising inventory, third-party data and other add-on features (collectively, “Supplier Features”). The Company generally bills clients based on the gross amount of Supplier Features they purchase through its platform, and for platform fees, value-added services and platform features (“Gross Billings”), net of allowances. The Company’s accounts receivable are recorded at the amount of Gross Billings for the amounts it is responsible to collect, and accounts payable are recorded at the net amount payable to suppliers. Accordingly, both accounts receivable and accounts payable appear large in relation to revenue reported on a net basis.
Gross Billings, based on the address of the clients or client affiliates, set forth as a percentage of total Gross Billings, were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
United States87 %88 %87 %88 %
International13 %12 %13 %12 %
Total100 %100 %100 %100 %
v3.24.2.u1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 11— Commitments and Contingencies
Guarantees, Indemnification and Other
In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to clients, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon the Company to provide indemnification under such agreements, and thus, there are no claims that the Company is aware of that could have a material effect on the Company’s balance sheet, statement of operations or statement of cash flows. Accordingly, no amounts for any obligation have been recorded at June 30, 2024 and 2023.
The Company is under audit by various domestic and foreign tax authorities. The Company believes that the amount of losses or any estimable range of possible losses with respect to these matters will not, either individually or in the aggregate, have a material adverse effect on its business and condensed consolidated financial statements. Due to the inherent complexity and uncertainty of these matters and judicial process in certain jurisdictions, the final outcome may be materially different from the Company’s expectations.
Litigation
From time to time, the Company is subject to various legal proceedings, litigation and claims, either asserted or unasserted, that arise in the ordinary course of business. Although the outcome of the various legal proceedings, litigation and claims cannot be predicted with certainty, management does not believe that any of these proceedings or other claims will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors.
On May 27, 2022, a stockholder filed a derivative lawsuit captioned Huizenga v. Green, et al., No. 2022-0461, asserting claims on behalf of the Company against certain members of the Company’s board of directors in the Court of Chancery of the State of Delaware. On June 27, 2022, a second derivative lawsuit captioned Pfeiffer v. Green, et al., No. 2022-0560, was filed in the Court of Chancery of the State of Delaware alleging substantially similar claims. Those lawsuits were consolidated on August 18, 2022, and a lead plaintiff was appointed on October 7, 2022. The two complaints allege generally that the defendants breached their fiduciary duties to the Company and its stockholders in connection with the negotiation and approval of the CEO Performance Option. The plaintiffs seek a court order rescinding the CEO Performance Option and monetary damages. On November 10, 2022, the plaintiffs filed a consolidated complaint, and on January 12, 2023, the defendants moved to dismiss the consolidated complaint. On March 24, 2023, plaintiffs filed an opposition to defendants’ motions to dismiss. Defendants filed their replies in support of their motions to dismiss on May 19, 2023. The court heard oral argument on the motions on April 3, 2024.

Litigation is inherently uncertain and there can be no assurance regarding the likelihood that the motions to dismiss or defense of the various actions will be successful.
Employment Contracts
The Company has entered into agreements with severance terms with certain employees and officers, all of whom are employed on an at-will basis, subject to certain severance obligations in the event of certain involuntary terminations. The Company may be required to accelerate the vesting of certain stock options and restricted stock in the event of changes in control, as defined, and involuntary terminations.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure            
Net income $ 85,029 $ 31,660 $ 32,939 $ 9,326 $ 116,689 $ 42,265
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2023 was derived from audited financial statements but does not include all disclosures required by GAAP. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2023
Use of Estimates
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates.
Management regularly evaluates its estimates, primarily those related to: (1) revenue recognition criteria, including the determination of revenue reporting as net versus gross in the Company’s revenue arrangements, (2) allowances for credit losses, (3) operating lease assets and liabilities, including the Company’s incremental borrowing rate and terms and provisions of each lease, (4) the useful lives of property and equipment and capitalized software development costs, (5) income taxes, (6) assumptions used in the option pricing models to determine the fair value of stock-based compensation and (7) the recognition and disclosure of contingent liabilities. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.
As of June 30, 2024, the impacts to the Company’s business due to geopolitical developments and macroeconomic factors such as changes in interest and foreign currency exchange rates, inflation and supply chain disruptions, continue to evolve. As a result, many of the Company’s estimates and assumptions, including the allowance for credit losses, consider macroeconomic factors in the market, which require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change materially in future periods.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which adds requirements to report significant expenses, requirements for entities with a single reportable segment to provide all disclosures otherwise required under Topic 280 and requirements to report segment information on an interim basis, among other clarifications and requirements. This guidance will be effective on a retrospective basis for annual periods beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and interim periods beginning with the Company’s Quarterly Report Form 10-Q for the fiscal quarter ended March 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of information and consistent categories in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective on a prospective basis, with an option to apply it retrospectively, for annual periods beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes.
v3.24.2.u1
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Computation of Basic and Diluted EPS
The computation of basic and diluted earnings per share is as follows (in thousands, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Numerator:
Net income$85,029 $32,939 $116,689 $42,265 
Denominator:
Weighted-average shares outstanding—basic489,353 488,431 488,952 489,068 
Effect of dilutive securities10,687 10,918 10,165 10,502 
Weighted-average shares outstanding—diluted500,040 499,349 499,117 499,570 
Basic earnings per share$0.17 $0.07 $0.24 $0.09 
Diluted earnings per share$0.17 $0.07 $0.23 $0.08 
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings per share
2,480 7,578 2,480 7,578 
v3.24.2.u1
Cash, Cash Equivalents and Short-Term Investments, Net (Tables)
 6 Months Ended
Jun. 30, 2024
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Schedule of Cash, Cash Equivalents and Short-term Investments in Marketable Securities
Cash, cash equivalents and short-term investments in marketable securities were as follows (in thousands):
As of June 30, 2024
Cash and
Cash
Equivalents		Short-Term
Investments, Net		Total
Cash$205,707 $— $205,707 
Level 1:   
Money market funds761,789 — 761,789 
Level 2:   
Commercial paper27,903 204,389 232,292 
Corporate debt securities— 192,131 192,131 
U.S. government and agency securities13,964 100,648 114,612 
Total$1,009,363 $497,168 $1,506,531 
As of December 31, 2023
Cash and
Cash
Equivalents		Short-Term
Investments, Net		Total
Cash$289,512 $— $289,512 
Level 1:  
Money market funds560,673 — 560,673 
Level 2:  
Commercial paper36,013 168,224 204,237 
Corporate debt securities— 185,465 185,465 
U.S. government and agency securities8,931 131,470 140,401 
Total$895,129 $485,159 $1,380,288 
Schedule of Contractual Maturities of Short-Term Investments
The contractual maturities of the Company’s short-term investments are as follows (in thousands):
June 30, 2024
Due in one year$458,730 
Due in one to two years38,438 
Total$497,168 
v3.24.2.u1
Leases (Tables)
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Summary of Components of Lease Expense
The components of lease expense recorded in the condensed consolidated statements of operations were as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Operating lease cost$13,486 $12,209 $26,197 $24,056 
Short-term lease cost414 442 888 914 
Variable lease cost3,792 2,851 7,608 5,954 
Sublease income— (604)(42)(1,150)
Total lease cost$17,692 $14,898 $34,651 $29,774 
v3.24.2.u1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense recorded in the condensed consolidated statements of operations was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Platform operations$7,272 $4,967 $12,827 $8,913 
Sales and marketing25,068 18,800 45,360 32,923 
Technology and development32,509 26,689 60,483 47,556 
General and administrative61,491 66,627 118,290 141,161 
Total$126,340 $117,083 $236,960 $230,553 
Summary of Stock Option Activity
The following summarizes stock option activity:
Shares
Under Options
(in thousands)
Weighted-
Average
Exercise Price
Outstanding as of December 31, 2023
12,258$31.05 
Granted2,35381.50 
Exercised(1,886)20.45 
Expired/Forfeited(168)52.99 
Outstanding as of June 30, 2024
12,557$41.80 
Exercisable as of June 30, 2024
7,911$23.85 
Summary of Restricted Stock Activity
The following summarizes restricted stock activity:
Shares
(in thousands)
Weighted-
Average
Grant Date
Fair Value
Unvested as of December 31, 2023
10,546 $62.22 
Granted3,979 81.84 
Vested(2,088)57.88 
Forfeited(426)63.21 
Unvested as of June 30, 2024
12,011 $69.44 
v3.24.2.u1
Segment and Geographic Information (Tables)
 6 Months Ended
Jun. 30, 2024
Segments, Geographical Areas [Abstract]  
Gross Billings Percentage, Based on Billing Address of Clients or Client Affiliates
Gross Billings, based on the address of the clients or client affiliates, set forth as a percentage of total Gross Billings, were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
United States87 %88 %87 %88 %
International13 %12 %13 %12 %
Total100 %100 %100 %100 %
v3.24.2.u1
Earnings Per Share - Additional Information (Detail)
Jun. 30, 2024
Class
Earnings Per Share [Abstract]  
Number of classes of common stock 2
v3.24.2.u1
Earnings Per Share - Computation of Basic and Diluted EPS (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Numerator:            
Net income $ 85,029 $ 31,660 $ 32,939 $ 9,326 $ 116,689 $ 42,265
Denominator:            
Weighted-average shares outstanding—basic (in shares) 489,353   488,431   488,952 489,068
Effect of dilutive securities (in shares) 10,687   10,918   10,165 10,502
Weighted-average shares outstanding—diluted (in shares) 500,040   499,349   499,117 499,570
Basic earnings per share (in dollars per share) $ 0.17   $ 0.07   $ 0.24 $ 0.09
Diluted earnings per share (in dollars per share) $ 0.17   $ 0.07   $ 0.23 $ 0.08
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings per share (in shares) 2,480   7,578   2,480 7,578
v3.24.2.u1
Cash, Cash Equivalents and Short-Term Investments, Net - Schedule of Cash, Cash Equivalents and Short-term Investments in Marketable Securities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Schedule of Available-for-Sale Securities [Line Items]    
Cash and Cash Equivalents $ 1,009,363 $ 895,129
Short-Term Investments, Net 497,168 485,159
Total 1,506,531 1,380,288
Cash    
Schedule of Available-for-Sale Securities [Line Items]    
Cash and Cash Equivalents 205,707 289,512
Total 205,707 289,512
Level 1 | Money Market Funds    
Schedule of Available-for-Sale Securities [Line Items]    
Cash and Cash Equivalents 761,789 560,673
Total 761,789 560,673
Level 2 | Commercial Paper    
Schedule of Available-for-Sale Securities [Line Items]    
Cash and Cash Equivalents 27,903 36,013
Short-Term Investments, Net 204,389 168,224
Total 232,292 204,237
Level 2 | Corporate Debt Securities    
Schedule of Available-for-Sale Securities [Line Items]    
Cash and Cash Equivalents 0 0
Short-Term Investments, Net 192,131 185,465
Total 192,131 185,465
Level 2 | U.S. Government and Agency Securities    
Schedule of Available-for-Sale Securities [Line Items]    
Cash and Cash Equivalents 13,964 8,931
Short-Term Investments, Net 100,648 131,470
Total $ 114,612 $ 140,401
v3.24.2.u1
Cash, Cash Equivalents and Short-Term Investments, Net - Schedule of Contractual Maturities of Short-Term Investments (Detail)
$ in Thousands
Jun. 30, 2024
USD ($)
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Due in one year $ 458,730
Due in one to two years 38,438
Total $ 497,168
v3.24.2.u1
Leases (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]        
Operating lease cost $ 13,486 $ 12,209 $ 26,197 $ 24,056
Short-term lease cost 414 442 888 914
Variable lease cost 3,792 2,851 7,608 5,954
Sublease income 0 (604) (42) (1,150)
Total lease cost $ 17,692 $ 14,898 $ 34,651 $ 29,774
v3.24.2.u1
Debt (Detail) - USD ($)
Feb. 09, 2023
Jun. 15, 2021
Jun. 30, 2024
Loan and Security Agreement Revolving Loan Facility      
Long-term debt:      
Line of credit facility   $ 450,000,000  
Loan and Security Agreement Revolving Loan Facility Swingline Borrowings      
Long-term debt:      
Line of credit facility   20,000,000  
Loan and Security Agreement Revolving Loan Facility Letter of Credit      
Long-term debt:      
Line of credit facility   15,000,000  
Loan and Security Agreement      
Long-term debt:      
Line of credit maximum amount right to increase   $ 300,000,000  
Amended Credit Facility      
Long-term debt:      
Outstanding debt balance     $ 0
Availability under the credit facility     $ 442,000,000
Maximum ratio of consolidated funded debt to consolidated EBITDA     350.00%
Amended Credit Facility | Minimum      
Long-term debt:      
Fee percentage for undrawn amounts 0.20%    
Amended Credit Facility | Maximum      
Long-term debt:      
Fee percentage for undrawn amounts 0.35%    
Amended Credit Facility | NYFRB Rate      
Long-term debt:      
Basis spread on variable rate 0.50%    
Amended Credit Facility | Base Rate | Minimum      
Long-term debt:      
Basis spread on variable rate 0.25%    
Amended Credit Facility | Base Rate | Maximum      
Long-term debt:      
Basis spread on variable rate 1.25%    
Amended Credit Facility | Secured Overnight Financing Rate (SOFR)      
Long-term debt:      
Basis spread on variable rate 0.10%    
Floor interest rate 0.00%    
Amended Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum      
Long-term debt:      
Basis spread on variable rate 1.25%    
Amended Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum      
Long-term debt:      
Basis spread on variable rate 2.25%    
Amended Credit Facility | Adjusted Secured Overnight Financing Rate (SOFR)      
Long-term debt:      
Basis spread on variable rate 1.00%    
Amended Credit Facility, Letter of Credit      
Long-term debt:      
Outstanding letters of credit     $ 8,000,000
v3.24.2.u1
Capitalization (Detail) - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Feb. 15, 2024
Dec. 31, 2023
Feb. 28, 2023
Class of Stock [Line Items]                
Aggregate repurchases of Class A common stock   $ 125,370 $ 44,004 $ 292,863        
Class A common stock | 2023 Stock Repurchase Program                
Class of Stock [Line Items]                
Stock repurchase program, authorized amount               $ 700,000
Stock repurchase program, remaining amount authorized $ 575,000       $ 575,000 $ 700,000 $ 53,000  
Additional amount authorized for share repurchase           $ 647,000    
Repurchases of Class A common stock (in shares) 0.0       1.5      
Aggregate repurchases of Class A common stock         $ 125,000      
v3.24.2.u1
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Stock-based compensation expense, by operating expense category        
Stock-based compensation expense $ 126,340 $ 117,083 $ 236,960 $ 230,553
Platform operations        
Stock-based compensation expense, by operating expense category        
Stock-based compensation expense 7,272 4,967 12,827 8,913
Sales and marketing        
Stock-based compensation expense, by operating expense category        
Stock-based compensation expense 25,068 18,800 45,360 32,923
Technology and development        
Stock-based compensation expense, by operating expense category        
Stock-based compensation expense 32,509 26,689 60,483 47,556
General and administrative        
Stock-based compensation expense, by operating expense category        
Stock-based compensation expense $ 61,491 $ 66,627 $ 118,290 $ 141,161
v3.24.2.u1
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Stock Options - $ / shares
shares in Thousands
 6 Months Ended
Jun. 30, 2024
Shares Under Options  
Outstanding at the beginning of the period (in shares) 12,258
Granted (in shares) 2,353
Exercised (in shares) (1,886)
Expired/Forfeited (in shares) (168)
Outstanding at the end of the period (in shares) 12,557
Exercisable at the end of the period (in shares) 7,911
Weighted-Average Exercise Price  
Outstanding at the beginning of the period (in dollars per share) $ 31.05
Granted (in dollars per share) 81.50
Exercised (in dollars per share) 20.45
Expired/Forfeited (in dollars per share) 52.99
Outstanding at the end of the period (in dollars per share) 41.80
Exercisable at end of period (in dollars per share) $ 23.85
v3.24.2.u1
Stock-Based Compensation - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Oct. 31, 2021
Stock-Based Compensation            
Stock-based compensation expense $ 126,340 $ 117,083 $ 236,960 $ 230,553    
Stock Options            
Stock-Based Compensation            
Unrecognized stock-based compensation relating to options $ 182,000   $ 182,000      
Weighted-average period for recognition of stock based expense (in years)     3 years 1 month 6 days      
Options outstanding (in shares) 12,557,000   12,557,000   12,258,000  
Options expired / forfeited (in shares)     168,000      
Options granted (in shares)     2,353,000      
Exercise of common stock options (in shares)     1,886,000      
Exercisable at the end of the period (in shares) 7,911,000   7,911,000      
CEO Performance Option | 2016 Incentive Award Plan | Chief Executive Officer            
Stock-Based Compensation            
Unrecognized stock-based compensation relating to options $ 129,000   $ 129,000      
Weighted-average period for recognition of stock based expense (in years)     1 year 3 months 18 days      
Exercise price (in dollars per share)           $ 68.29
Options outstanding (in shares) 19,200,000   19,200,000   19,200,000  
Options expired / forfeited (in shares) 0   0      
Options granted (in shares) 0   0      
Exercise of common stock options (in shares) 0   0      
Exercisable at the end of the period (in shares) 2,400,000   2,400,000      
Stock-based compensation recorded $ 36,000 48,000 $ 71,000 108,000    
Restricted Stock            
Stock-Based Compensation            
Weighted-average period for recognition of stock based expense (in years)     2 years 10 months 24 days      
Unrecognized stock-based compensation 777,000   $ 777,000      
ESPP            
Stock-Based Compensation            
Weighted-average period for recognition of stock based expense (in years)     7 months 6 days      
Unrecognized stock-based compensation 11,000   $ 11,000      
Stock-based compensation expense $ 7,000 $ 5,000 $ 13,000 $ 8,000    
v3.24.2.u1
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail)
shares in Thousands
 6 Months Ended
Jun. 30, 2024
$ / shares
shares
RSU  
Unvested, beginning balance (in shares) | shares 10,546
Granted (in shares) | shares 3,979
Vested (in shares) | shares (2,088)
Forfeited (in shares) | shares (426)
Unvested, ending balance (in shares) | shares 12,011
Weighted- Average Grant Date Fair Value  
Unvested, beginning balance (in dollars per share) | $ / shares $ 62.22
Granted (in dollars per share) | $ / shares 81.84
Vested (in dollars per share) | $ / shares 57.88
Forfeited (in dollars per share) | $ / shares 63.21
Unvested, ending balance (in dollars per share) | $ / shares $ 69.44
v3.24.2.u1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Provision for (benefit from) income taxes, benefits associated with stock-based awards $ 18 $ 9 $ 29 $ 36
Federal tax at statutory rate (as a percent)     21.00% 21.00%
v3.24.2.u1
Segment and Geographic Information (Detail)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
businessActivity
segment
Jun. 30, 2023
Revenues From External Customers and Long Lived Assets [Line Items]        
Number of business activities | businessActivity     1  
Number of reportable segments     1  
Number of operating segments     1  
Gross billings 100.00% 100.00% 100.00% 100.00%
U.S.        
Revenues From External Customers and Long Lived Assets [Line Items]        
Gross billings 87.00% 88.00% 87.00% 88.00%
International        
Revenues From External Customers and Long Lived Assets [Line Items]        
Gross billings 13.00% 12.00% 13.00% 12.00%
v3.24.2.u1
Commitments and Contingencies (Detail) - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Indemnifications    
Guarantees and Indemnifications    
Recorded obligation $ 0 $ 0