APPLOVIN CORP, 10-K filed on 2/26/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 22, 2024
Jun. 30, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-40325    
Entity Registrant Name AppLovin Corporation    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 45-3264542    
Entity Address, Address Line One 1100 Page Mill Road    
Entity Address, City or Town Palo Alto    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94304    
City Area Code 800    
Local Phone Number 839-9646    
Title of 12(b) Security Class A common stock, par value $0.00003 per share    
Trading Symbol APP    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 5.9
Documents Incorporated by Reference
Portions of the registrant’s Definitive Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2023.
    
Amendment Flag false    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2023    
Entity Central Index Key 0001751008    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   270,884,360  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   71,112,622  
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location San Jose, California
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 502,152 $ 1,080,484
Accounts receivable, net 953,810 702,814
Prepaid expenses and other current assets 160,201 155,785
Total current assets 1,616,163 1,939,083
Property and equipment, net 173,331 78,543
Operating lease right-of-use assets 48,210 60,379
Goodwill 1,842,850 1,823,755
Intangible assets, net 1,292,635 1,677,660
Other assets 385,998 268,426
Total assets 5,359,187 5,847,846
Current liabilities:    
Accounts payable 371,702 273,196
Accrued and other current liabilities 252,202 147,801
Licensed asset obligation 13,054 15,254
Short-term debt 215,000 33,310
Deferred revenue 78,559 64,018
Operating lease liabilities 13,605 14,334
Deferred acquisition costs, current 0 31,045
Total current liabilities 944,122 578,958
Non-current liabilities:    
Long-term debt 2,905,906 3,178,412
Operating lease liabilities, non-current 42,905 54,153
Licensed asset obligation, non-current 0 26,970
Other non-current liabilities 209,925 106,676
Total liabilities 4,102,858 3,945,169
Commitments and contingencies (Note 5)
Redeemable noncontrolling interest 0 0
Stockholders’ equity:    
Preferred stock, $0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and 2022 0 0
Class A, Class B and Class F common stock, $0.00003 par value—1,700,000,000 (Class A 1,500,000,000, Class B 200,000,000, Class F nil) and 1,700,000,000 (Class A 1,500,000,000, Class B 200,000,000, Class F nil) shares authorized, 339,886,712 (Class A 268,774,090, Class B 71,112,622, Class F nil) and 373,873,683 (Class A 302,711,061, Class B 71,162,622, Class F nil) shares issued and outstanding as of December 31, 2023 and 2022, respectively 11 11
Additional paid-in capital 2,134,581 3,155,748
Accumulated other comprehensive loss (65,274) (83,382)
Accumulated deficit (812,989) (1,169,700)
Total stockholders’ equity 1,256,329 1,902,677
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity $ 5,359,187 $ 5,847,846
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Preferred stock, par or stated value per share (in dollars per share) $ 0.00003 $ 0.00003
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par or stated value per share (in dollars per share) $ 0.00003 $ 0.00003
Common stock, shares authorized (in shares) 1,700,000,000 1,700,000,000
Common stock, shares issued (in shares) 339,886,712 373,873,683
Common stock, shares outstanding (in shares) 339,886,712 373,873,683
Common Class A    
Common stock, shares authorized (in shares) 1,500,000,000 1,500,000,000
Common stock, shares issued (in shares) 268,774,090 302,711,061
Common stock, shares outstanding (in shares) 268,774,090 302,711,061
Common Class B    
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 71,112,622 71,162,622
Common stock, shares outstanding (in shares) 71,112,622 71,162,622
Common Class F    
Common stock, shares authorized (in shares) 0 0
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.24.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Revenue $ 3,283,087 $ 2,817,058 $ 2,793,104
Costs and expenses:      
Cost of revenue 1,059,191 1,256,065 988,095
Sales and marketing 830,718 919,550 1,129,892
Research and development 592,386 507,607 366,402
General and administrative 152,585 181,627 158,699
Total costs and expenses 2,634,880 2,864,849 2,643,088
Income (loss) from operations 648,207 (47,791) 150,016
Other income (expense):      
Interest expense and loss on settlement of debt (275,665) (171,863) (103,170)
Other Income (expense), net 8,028 14,477 (535)
Total other expense, net (267,637) (157,386) (103,705)
Net income (loss) before income taxes 380,570 (205,177) 46,311
Provision for (benefit from) income taxes 23,859 (12,230) 10,973
Net income (loss) 356,711 (192,947) 35,338
Less: Net loss attributable to noncontrolling interest 0 (201) (108)
Net income (loss) attributable to AppLovin 356,711 (192,746) 35,446
Less: Net income attributable to participating securities 1,769 0 3,743
Net income (loss) attributable to common stock—Basic 354,942 (192,746) 31,703
Net income (loss) attributable to common stock—Diluted $ 354,993 $ (192,746) $ 31,879
Net income (loss) per share attributable to Class A and Class B common stockholders:      
Basic (in dollars per share) $ 1.01 $ (0.52) $ 0.10
Diluted (in dollars per share) $ 0.98 $ (0.52) $ 0.09
Weighted average common shares used to compute net income (loss) per share attributable to Class A and Class B common stockholders:      
Basic (in shares) 351,952,187 371,568,011 324,836,076
Diluted (in shares) 362,589,246 371,568,011 342,763,632
v3.24.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 356,711 $ (192,947) $ 35,338
Other comprehensive income (loss):      
Foreign currency translation adjustment, net of tax 18,108 (37,928) (46,058)
Total other comprehensive income (loss), net of tax 18,108 (37,928) (46,058)
Comprehensive income (loss) including noncontrolling interest 374,819 (230,875) (10,720)
Less: Comprehensive loss attributable to noncontrolling interest 0 (201) (108)
Comprehensive income (loss) attributable to AppLovin $ 374,819 $ (230,674) $ (10,612)
v3.24.0.1
Consolidated Statements of Redeemable Noncontrolling Interest and Stockholders’ Equity (Deficit) - USD ($)
$ in Thousands
Total
Equity Grants
IPO
Class A, Class B, and Class F Common Stock
Class A, Class B, and Class F Common Stock
Equity Grants
Class A, Class B, and Class F Common Stock
IPO
Additional Paid-In Capital
Additional Paid-In Capital
Equity Grants
Additional Paid-In Capital
IPO
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Redeemable Noncontrolling Interest
Convertible Preferred Stock
Preferred Stock
Convertible Preferred Stock
Preferred Stock
IPO
Balance at beginning of period at Dec. 31, 2020                       $ 309    
Increase (Decrease) in Temporary Equity [Roll Forward]                            
Net income $ 108                     (108)    
Balance at end of period at Dec. 31, 2021                       201    
Balance at beginning of period (in shares) at Dec. 31, 2020       226,364,401                 109,090,908  
Balance at beginning of period at Dec. 31, 2020 (158,545)     $ 7     $ 453,655     $ 604 $ (1,012,400)   $ 399,589  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stock issued in connection with equity awards (in shares)         4,326,297                  
Stock issued in connection with equity awards   $ 29,761           $ 29,761            
Repurchase of Class A Common Stock (in shares)       (604,509)                    
Repurchase of common stock 0                          
Exercise of warrant, net of shares withheld (in shares)       6,229,081                    
Exercise of warrant, net of shares withheld 0                          
Issuance of Class A common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions (in shares)       22,500,000                    
Issuance of Class A common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions 1,747,971     $ 1     1,747,970              
Conversion of securities to common stock (in shares)       7,050,049   109,090,908               (109,090,908)
Conversion of securities to common stock 392,170   $ 0     $ 3 392,170   $ 399,586         $ (399,589)
Issuance of Class A common stock (in shares)       90,830                    
Issuance of Class A common stock 2,503           2,503              
Issuance of Class A common stock under employee stock purchase plan (in shares)       42,303                    
Issuance of Class A common stock under employee stock purchase plan 2,877           2,877              
Stock-based compensation 131,965           131,965              
Other comprehensive Income (loss), net of tax (46,058)                 (46,058)        
Net income (loss) 35,446                   35,446      
Balance at end of period (in shares) at Dec. 31, 2021       375,089,360                 0  
Balance at end of period at Dec. 31, 2021 2,138,090     $ 11     3,160,487     (45,454) (976,954)   $ 0  
Increase (Decrease) in Temporary Equity [Roll Forward]                            
Net income 201                     (201)    
Balance at end of period at Dec. 31, 2022 0                     0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stock issued in connection with equity awards (in shares)       6,513,432                    
Stock issued in connection with equity awards 25,017           25,017              
Shares withheld related to net share settlement (in shares)       (1,186,147)                    
Shares withheld related to net share settlement (27,535)           (27,535)              
Repurchase of Class A Common Stock (in shares)       (9,389,682)                    
Repurchase of common stock (338,880)           (338,880)              
Issuance of Class A common stock in connection with acquisitions (in shares)       2,579,692                    
Issuance of Class A common stock in connection with acquisitions 137,422           137,422              
Issuance of Class A common stock under employee stock purchase plan (in shares)       267,028                    
Issuance of Class A common stock under employee stock purchase plan 5,530           5,530              
Stock-based compensation 193,707           193,707              
Other comprehensive Income (loss), net of tax (37,928)                 (37,928)        
Net income (loss) (192,746)                   (192,746)      
Balance at end of period (in shares) at Dec. 31, 2022       373,873,683                 0  
Balance at end of period at Dec. 31, 2022 1,902,677     $ 11     3,155,748     (83,382) (1,169,700)   $ 0  
Increase (Decrease) in Temporary Equity [Roll Forward]                            
Net income 0                     0    
Balance at end of period at Dec. 31, 2023 0                     $ 0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stock issued in connection with equity awards (in shares)       19,944,808                    
Stock issued in connection with equity awards 21,142           21,142              
Shares withheld related to net share settlement (in shares)       (7,641,545)                    
Shares withheld related to net share settlement (246,435)           (246,435)              
Repurchase of Class A Common Stock (in shares)       (46,665,285)                    
Repurchase of common stock (1,153,593)           (1,153,593)              
Issuance of Class A common stock under employee stock purchase plan (in shares)       375,051                    
Issuance of Class A common stock under employee stock purchase plan 4,856           4,856              
Stock-based compensation 352,863           352,863              
Other comprehensive Income (loss), net of tax 18,108                 18,108        
Net income (loss) 356,711                   356,711      
Balance at end of period (in shares) at Dec. 31, 2023       339,886,712                 0  
Balance at end of period at Dec. 31, 2023 $ 1,256,329     $ 11     $ 2,134,581     $ (65,274) $ (812,989)   $ 0  
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income (loss) $ 356,711 $ (192,947) $ 35,338
Adjustments to reconcile net income (loss) to operating activities:      
Amortization, depreciation and write-offs 489,008 547,084 431,063
Stock-based compensation 363,107 191,612 133,177
Impairment of investments 27,953 0 0
Change in operating right-of-use asset 17,842 17,107 26,313
Amortization of debt issuance costs and discount 9,363 12,678 12,825
Impairment and loss in connection with sale of long-lived assets 0 127,892 0
Other 6,200 1,786 7,431
Changes in operating assets and liabilities:      
Accounts receivable (261,279) (174,829) (201,948)
Prepaid expenses and other current assets (12,280) (3,725) (97,324)
Other assets (121,688) (77,343) (45,938)
Accounts payable 98,574 3,479 98,612
Operating lease liabilities (18,612) (18,898) (26,854)
Accrued and other liabilities 92,754 (6,412) 3,063
Deferred revenue 13,857 (14,711) (13,907)
Net cash provided by operating activities 1,061,510 412,773 361,851
Investing Activities      
Acquisitions of businesses and intangible assets (63,899) (1,345,776) (1,210,549)
Purchase of investments and other (17,934) (66,342) (15,000)
Purchase of property and equipment (4,246) (662) (1,390)
Proceeds from sale of assets and other 8,250 41,312 12,009
Net cash used in investing activities (77,829) (1,371,468) (1,214,930)
Financing Activities      
Repurchases of common stock (1,153,593) (338,880) 0
Principal repayments of debt (497,994) (25,810) (719,810)
Payments of withholding taxes related to net share settlement (246,435) (27,535) 0
Payments of deferred acquisition costs (33,903) (124,184) (234,068)
Payments of licensed asset obligation (27,110) (17,374) (17,970)
Principal payments of finance leases (20,170) (24,083) (15,271)
Payments of debt issuance cost (4,655) 0 (14,941)
Proceeds from debt issuance 395,281 0 2,344,000
Proceeds from exercise of stock options 20,932 25,487 31,156
Proceeds from the issuance of common stock through ESPP 4,856 5,531 2,877
Proceeds from issuance of common stock in initial public offering, net of issuance costs as adjusted for cost reimbursement 0 0 1,745,228
Payments of related party notes 0 0 (11,655)
Net cash provided by (used in) financing activities (1,562,791) (526,848) 3,109,546
Effect of foreign exchange rate on cash, cash equivalents and restricted cash equivalents 778 (4,477) (3,198)
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents (578,332) (1,490,020) 2,253,269
Cash, cash equivalents and restricted cash equivalents at beginning of the period 1,080,484 2,570,504 317,235
Cash, cash equivalents and restricted cash equivalents at end of the period 502,152 1,080,484 2,570,504
Supplemental non-cash investing and financing activities disclosures:      
Right-of-use assets acquired under finance leases 113,440 46,108 20,497
Right-of-use assets acquired under operating leases 6,471 7,105 6,130
Conversion of convertible securities to Class A common stock 0 0 392,170
Issuance of convertible securities related to acquisitions 0 0 342,170
Issuance of common stock and common stock warrants in connection with acquisitions 0 137,422 0
Acquisitions not yet paid 0 31,045 79,095
Assets acquired not yet paid 0 33,566 25,640
Proceeds from sale of long-lived assets not yet received 0 7,000 0
Settlement of bonus compensation through issuance of common stock 0 0 2,503
Accretion of interest on related party promissory notes 0 0 595
Supplemental disclosure of cash flow information:      
Cash paid for income taxes, net of refunds 75,433 86,264 90,616
Cash paid for interest $ 248,828 $ 165,959 $ 76,695
v3.24.0.1
Description of Business
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
AppLovin Corporation (the “Company” or “AppLovin”) was incorporated in the state of Delaware on July 18, 2011. The Company is a leader in the advertising ecosystem providing an end-to-end software platform that allows businesses to reach, monetize and grow their global audiences. The Company also has a globally diversified portfolio of apps—free-to-play mobile games that it operates through its owned or partner studios.
The Company is headquartered in Palo Alto, California, and has several operating locations in the U.S. as well as various international office locations in North America, Asia, and Europe.
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Principles of Consolidation—The accompanying consolidated financial statements have been prepared in conformity with U.S generally accepted accounting principles ("GAAP"). Consolidated financial statements include accounts and operations of the Company and its wholly owned and majority owned subsidiaries, and the ownership interest of minority investors is recorded as noncontrolling interest. In accordance with the provisions of Accounting Standards Codification ("ASC") 810, Consolidation, the Company is also required to consolidate any variable interest entities ("VIE") when it is the primary beneficiary. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with all VIEs on an ongoing basis. All intercompany transactions and balances have been eliminated upon consolidation.
Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to fair values of assets and liabilities acquired through acquisitions, useful lives of intangible assets and property and equipment, expected period of consumption of virtual goods, income and indirect taxes, contingent liabilities, evaluation of recoverability of intangible assets and long-lived assets, goodwill impairment, stock-based compensation, fair value of derivatives and other financial instruments. These estimates are inherently subject to judgment and actual results could differ materially from those estimates.
Risk and Uncertainties—The Company is subject to risks and uncertainties, including, but not limited to, as a result of the political uncertainty and international conflicts around the world, such as between Russia and Ukraine and in the Middle East, as well as, friction between the United States and China. As of the issuance date of these consolidated financial statements, the Company’s results of operations have not been materially impacted. However, the future impact of these events remains uncertain as the response to and information related to these events is rapidly evolving. A weakened global economy may negatively impact in-app purchasing decisions and consumer buying decisions across the globe generally, which could adversely affect advertiser activity. The full impact of these events on the global economy and the extent to which these events may impact the Company’s business, financial condition, and results of operations in the future remains uncertain. The severity of the impact of the political uncertainty and international conflicts around the world on the Company’s business will depend on a number of factors, including, but not limited to, the duration and severity of these events and the extent and severity of the impact on the Company’s customers, all of which are uncertain and cannot be predicted. The Company’s future results of operations and liquidity could be adversely impacted by delays in payments of outstanding receivable amounts beyond normal payment terms and uncertain demand.
Revenue from Contracts with Customers—The Company generates Software Platform and Apps revenue. Software Platform revenue is generated primarily from fees collected from advertisers including advertising networks who use the Software Platform. Apps revenue consists of in-app purchase ("IAP") revenue generated from in-app purchases made by users within the Company’s apps (“Apps”), and in-app advertising ("IAA") revenue generated from third-party advertisers that purchase ad inventory from Apps.
Software Platform Revenue
The vast majority of the Software Platform Revenue is generated through AppDiscovery and MAX, which provide the technology to match advertisers and owners of digital advertising inventory (“Publishers”) via auctions at large scale and microsecond-level speeds. The terms for all mobile advertising arrangements are governed by the Company’s terms and conditions and generally stipulate payment terms of 30 days subsequent to the end of the month. Substantially all of the Company's contracts with customers are fully cancellable at any time or upon a short notice.
The Company’s performance obligation is to provide customers with access to the Software Platform, which facilitates the advertiser’s purchase of ad inventory from Publishers. The Company does not control the ad inventory prior to its transfer to the advertiser, because the Company does not have the substantive ability to direct the use of nor obtain substantially all of the remaining benefits from the ad inventory. The Company is not primarily responsible for fulfillment. The Company is an agent as it relates to the sale of third-party advertising inventory and presents revenue on a net basis. The transaction price is the product of either the number of completions of agreed upon actions or advertisements displayed and the contractually agreed upon price per advertising unit with the advertiser less consideration paid or payable to Publishers. The Company recognizes Software
Platform Revenue when the agreed upon action is completed or when the ad is displayed to users. The number of advertisements delivered and completions of agreed upon actions is determined at the end of each month, which resolves any uncertainty in the transaction price during the reporting period.
Software Platform Revenue also includes revenue generated from Adjust's measurement and analytics marketing platform that is recognized ratably over the subscription period of generally up to twelve months. Revenue from other services under Software Platform was not material.
Apps Revenue
In-App Purchase Revenue
IAP Revenue includes fees collected from users to purchase virtual goods to enhance their gameplay experience. The identified performance obligation is to provide users with the ability to acquire, use, and hold virtual items over the estimated period of time the virtual items are available to the user or until the virtual item is consumed. Payment is required at the time of purchase, and the purchase price is a fixed amount.
Users make IAPs through the Company’s distribution partners. The transaction price is equal to the gross amount charged to users because the Company is the principal in the transaction. IAP fees are non-refundable. Such payments are initially recorded as deferred revenue. The Company categorizes its virtual goods as either consumable or durable. Consumable virtual goods represent goods that can be consumed by a specific player action in gameplay; accordingly, the Company recognizes revenue from the sale of consumable virtual goods as the goods are consumed. Durable virtual goods represent goods that are accessible to the user over an extended period of time; accordingly, the Company recognizes revenue from the sale of durable virtual goods ratably over the period of time the goods are available to the user, which is generally the estimated average user life (“EAUL”).
The EAUL represents the Company’s best estimate of the expected life of paying users for the applicable game. The EAUL begins when a user makes the first purchase of durable virtual goods and ends when a user is determined to be inactive. The Company determines the EAUL on a game-by-game basis. For a newly launched game with limited playing data, the Company determines its EAUL based on the EAUL of a game with sufficiently similar characteristics.
The Company determines the EAUL on a quarterly basis and applies such calculated EAUL to all bookings in the respective quarter. Determining the EAUL is subjective and requires management’s judgment. Future playing patterns may differ from historical playing patterns, and therefore the EAUL may change in the future. The EAULs are generally between 5 and 10 months.
In-App Advertising Revenue
IAA Revenue is generated by selling ad inventory on the Company's Apps to third-party advertisers. Advertisers purchase ad inventory either through the Software Platform or through third-party advertising networks (“Ad Networks”). Revenue from the sale of ad inventory through Ad Networks is recognized net of the amounts retained by Ad Networks as the Company is unable to determine the gross amount paid by the advertisers to Ad Networks. The Company recognizes revenue when the ad is displayed to users.
The Company presents taxes collected from customers and remitted to governmental authorities on a net basis.
Disaggregation of Revenue
The following table presents revenue disaggregated by segment and type (in thousands):
Year Ended
December 31,
202320222021
Software Platform Revenue$1,841,762 $1,049,167 $673,952 
In-App Purchases Revenue989,007 1,179,133 1,458,595 
In-App Advertising Revenue452,318 588,758 660,557 
Total Apps Revenue1,441,325 1,767,891 2,119,152 
Total Revenue$3,283,087 $2,817,058 $2,793,104 
Revenue disaggregated by geography, based on user location, consists of the following (in thousands):
Year Ended
December 31,
202320222021
United States$1,970,856 $1,728,958 $1,687,080 
Rest of the World1,312,231 1,088,100 1,106,024 
Total Revenue$3,283,087 $2,817,058 $2,793,104 
Contract Balances
Contract liabilities consist of deferred revenue, which are recorded for payments received in advance of the satisfaction of performance obligations. During the years ended December 31, 2023 and 2022, the Company recognized $63.6 million and $78.6 million of revenue that was included in deferred revenue as of December 31, 2022 and 2021, respectively.
Unsatisfied Performance Obligations
Substantially all of the Company’s unsatisfied performance obligations relate to contracts with an original expected length of one year or less.
Publisher Bonuses
In the first quarter of 2022, the Company paid or promised to pay a total of $209.6 million in bonuses to publishers consisting primarily of non-recurring bonuses to migrate publishers to MAX, the Company's own in-app mediation platform. The Company accounted for such publisher bonuses as a reduction to revenue since the publishers receiving such bonuses are also customers of the Company.
Cash and Cash Equivalents—Cash and cash equivalents primarily consist of cash on deposit with banks and investments in money market funds with maturities of 90 or less from the date of purchase.
Restricted Cash Equivalents—The Company classifies cash equivalents that are legally or contractually restricted for withdrawal or usage as restricted cash equivalents. Restricted cash equivalents as of December 31, 2021 consisted of investments in certain money market fund of funds held in an escrow account related to the MoPub acquisition, which was closed in January 2022. The Company had no restricted cash equivalents as of December 31, 2023 or 2022.
Non-Marketable Equity Investments—Non-marketable equity securities are investments without readily determinable fair values that are recorded using a measurement alternative measured at cost less any impairment, plus or minus changes resulting from qualifying observable price changes. An impairment loss is recorded when an event or circumstance indicates a decline in value has occurred. For certain of these securities, the Company has elected to apply the net asset value (NAV) practical expedient. The NAV is the estimated fair value of these investments. See Note 3, Fair Value Measurements for additional information.
Accounts Receivable, net—The Company records accounts receivable at the invoiced amount, net of allowance for potentially uncollectible amounts. The Company reviews accounts receivable periodically and estimates the allowance based on known troubled accounts, historical experience, and other currently available evidence. As of December 31, 2023 and 2022, the allowance for uncollectible amounts was not material.
Derivatives—The Company accounts for derivative instruments at fair value within its consolidated balance sheets, and the accounting treatment for each derivative is based on its hedge designation. The Company does not enter into derivative instruments for trading or speculative purposes. Changes in the fair value of derivatives that are designated as cash flow hedges are recorded within accumulated other comprehensive income (loss) until earnings are affected by the variability of cash flows. Changes in the fair value of non-designated derivatives are recorded immediately through earnings. The Company’s policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item. See Note 3, Fair Value Measurements for additional information.
Fair Value of Financial Instruments—The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows:
Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2—Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly.
Level 3—Unobservable inputs of which there is little or no market data, which require the Company to develop its own assumptions.
Concentration of Credit Risk and Uncertainties—The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company maintains its cash and cash equivalents with large, reputable financial institutions in amounts which exceed Federal Deposit Insurance Corporation limits.
The Company performs ongoing credit evaluations of its customers and generally requires no collateral for its accounts receivable.
No individual customer represented 10% or more of the Company’s accounts receivable as of December 31, 2023. One customer represented 12% of the Company's accounts receivable as of December 31, 2022, which was collected in full during the first quarter of 2023.
The Company also uses various distribution partners to collect payments for IAPs made by users within Apps. No individual distribution partner represented 10% or more of the Company's accounts receivable as of December 31, 2023 and 2022.
No individual customer represented 10% or more of the Company’s revenue during the years ended December 31, 2023, 2022 and 2021.
Property and Equipment, net—Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which is as follows:
Useful Life
Computer equipment
3-5 years
Software and licenses
3 years
Furniture and fixtures
3-5 years
Leasehold improvements
Over the shorter of useful life (up to 10 years) or lease term
When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in operations in the period realized. Maintenance and repairs are charged to operations as incurred.
Leases—Leases consist of real estate property, network and other equipment. The Company determines if an arrangement is or contains a lease at inception. Operating and finance lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments consist primarily of the fixed payments under the arrangement, less any lease incentives. The Company generally uses an incremental borrowing rate estimated based on the information available at the lease commencement date or on the date of lease modification, if applicable, to determine the present value of lease payments unless the implicit rate is readily determinable. Operating lease costs are recognized on a straight-line basis over the lease terms. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease terms.
The Company accounts for lease and non-lease components as a single lease component of contracts for real estate property leases and does not recognize right-of-use assets and lease liabilities for leases with a term of 12 months or less. Generally, the lease term is based on non-cancelable lease term when determining the lease assets and liabilities. The lease terms may include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Payments under our lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the lease right-of-use assets and liabilities. Variable lease payments are primarily comprised of real estate taxes, common area maintenance, and insurance.
Deferred Offering Costs—Deferred offering costs, which consist primarily of accounting, legal and other fees directly attributable to the Company’s initial public offering (“IPO”), were initially capitalized in other assets on the Company’s consolidated balance sheets. After the completion of the IPO, the Company presented deferred offering costs in stockholders’ equity as a reduction of the IPO proceeds.
Segment Reporting—The Company's chief operating decision maker (“CODM”) is the Chief Executive Officer ("CEO") who manages the business, allocates resources and assesses operating performance based on financial information presented for each of the two operating segments: Software Platform and Apps. Both operating segments are also individual reportable segments. For information regarding reportable segments, see Note 14 - Segments and Geographic Information.
Asset Acquisitions and Business Combinations—The Company performs an initial test to determine whether substantially all of the fair value of the gross assets transferred are concentrated in a single identifiable asset or a group of similar identifiable assets, such that the acquisition would not represent a business. If that test suggests that the set of assets and activities is a business, the Company then performs a second test to evaluate whether the assets and activities transferred include inputs and substantive processes that together, significantly contribute to the ability to create outputs, which would constitute a business. If the result of the second test suggests that the acquired assets and activities constitute a business, the Company accounts for the transaction as a business combination.
For transactions accounted for as business combinations, the Company allocates the fair value of acquisition consideration to the identifiable assets acquired and liabilities assumed based on their estimated fair value. Acquisition consideration includes the fair value of any promised contingent consideration. The excess of the fair value of acquisition consideration over the fair value of identifiable assets acquired and liabilities assumed is recorded as goodwill. Contingent consideration is remeasured to its fair value each reporting period with changes in the fair value of contingent consideration recorded in general and administrative expenses. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates and assumptions in valuing certain identifiable intangible assets include, but are not limited to, forecasted revenue and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. In certain circumstances, the allocations of the excess purchase price are based upon preliminary estimates and assumptions and subject to revision when the Company receives final information, including appraisals and other analyses. During the measurement period, which is one year from the acquisition date, the Company may
record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. Acquisition-related costs are expensed as incurred.
For transactions accounted for as asset acquisitions, the cost, including certain transaction costs, is allocated to the assets acquired on the basis of relative fair values. The Company generally includes contingent consideration in the cost of the assets acquired only when the uncertainty is resolved. The Company amortizes contingent consideration adjustments to the cost of the acquired assets prospectively using the straight-line method over the remaining useful life of the assets. No goodwill is recognized in asset acquisitions.
Services and Development Agreements—The Company enters into strategic agreements with third-party mobile gaming studios. The Company has historically allowed these studios to continue their operations with a significant degree of autonomy. In some cases, the Company bought Apps from these studios and entered into service and development agreements whereby these studios provide support in improving existing Apps and developing new Apps. The substantial majority of payments associated with service agreements for existing Apps are expensed to research and development when the services are rendered as the payments primarily relate to developing enhancements for the Apps. Payments for new Apps associated with development agreements are generally made in connection with the development of a particular App, and therefore, the Company is subject to development risk prior to the release of the App. Accordingly, payments that are due prior to completion of an App are generally expensed to research and development over the development period as the services are incurred. Payments due after completion of an App are generally capitalized and expensed as cost of revenue. For additional information, see Note 6 - Acquisitions and Dispositions.
Software Development Costs—The Company incurs development costs related to internal-use software and Apps. Development costs meet the criteria for capitalization once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. Software development costs that meet the capitalization criteria were not material for the periods presented.
Goodwill—The Company tests goodwill for impairment at the reporting unit level on an annual basis during the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. A qualitative assessment is performed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, the Company compares the carrying value of the reporting unit, including goodwill, to its fair value. A goodwill impairment loss is recognized for the amount that the carrying value of the reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. No goodwill impairment loss was recorded during the year ended December 31, 2023, 2022 and 2021.
Intangible Assets—Intangible assets consist primarily of Apps, user base, developed technology, customer relationships and certain intellectual property licenses resulting from acquisitions. Intangible assets are amortized over the period of estimated benefit using the straight-line method. The Company's estimates of useful lives of intangible assets are based on cash flow forecasts which incorporate various assumptions, including forecasted user acquisition costs, user attrition rates and level of user engagement.
Impairment of Long-Lived Assets—The Company reviews long-lived assets that are held and used for impairment whenever events or changes in circumstances indicate the carrying value of an asset or asset group may not be recoverable. If such indicators are present, the Company assesses the recoverability of the asset or asset group by comparing its carrying value to the undiscounted future cash flows expected to be generated by the asset or asset group. If the future undiscounted cash flows are less than the carrying value of the asset or asset group, an impairment charge is recognized by the amount by which the carrying value of the asset or asset group, exceeds its estimated fair value. There were no material impairment charges related to long-lived assets that are held and used for the years ended December 31, 2023, 2022 and 2021.
The Company classifies an asset as held for sale when management commits to a formal plan to actively market the asset for sale at a price reasonable in relation to fair value, the asset is available for immediate sale in its present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the asset and the transfer is expected to be completed within one year and it is unlikely that significant changes will be made to the plan. Upon classification as held for sale, the Company recognizes the asset at the lower of its carrying value or its estimated fair value, less costs to sell. In addition, the Company ceases to record depreciation or amortization for assets that are classified as held for sale. During the year ended December 31, 2022, the Company classified certain assets within the Apps reportable segment as held for sale and recognized a total impairment charge of $53.0 million, representing the excess of the assets' carrying value over their estimated fair value, less cost to sell, in cost of revenue in the Company's consolidated statements of operations. As of December 31, 2022, the carrying value of assets held for sale was not material. No assets were classified as held for sale in 2023 or 2021.
Cost of Revenue—Cost of revenue consists primarily of third-party payment processing fees related to IAP Revenue and charged by various distribution partners, amortization of intangible assets related to acquired technology and Apps, amortization of finance lease right-of-use assets related to certain servers and networking equipment and costs for third-party cloud service providers.
Sales and Marketing—Sales and marketing expenses consist primarily of user acquisition costs, amortization of acquired customer-related intangible assets, and personnel costs. Advertising costs, which consist primarily of user acquisition costs, are
expensed as incurred. Advertising costs totaled $539.4 million, $665.9 million, and $983.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Research and Development—Research and development expenses consist primarily of personnel costs and third-party costs for development of Apps.
General and Administrative—General and administrative expenses consist primarily of personnel costs of the Company’s finance, accounting, legal, human resources, and other administrative functions, third-party professional service costs, provision for expected credit losses, software, facilities costs and other administrative costs.
Stock-Based Compensation—The Company accounts for stock-based compensation based on the fair value of stock-based awards as of the grant date. The Company recognizes the fair value as stock-based compensation expense following the straight-line attribution method over the requisite service period for restricted stock units ("RSUs") and stock options, and over the offering period for purchase rights issued under the Employee Stock Purchase Plan ("ESPP"). Stock-based compensation expense for performance-based RSUs (“PSUs”) with a market condition is recognized ratably on a tranche-by-tranche basis using the accelerated attribution method over the respective derived service period, unless the market condition is satisfied earlier. The Company accounts for forfeitures for all awards as they occur.
The fair value of RSUs is estimated on the date of grant based on the closing price of the Company's publicly traded Class A common stock on the date of grant.
The Company determines the fair value of PSUs with market conditions using the Monte Carlo simulation pricing model. This requires the input of assumptions, including the expected stock volatility, the risk-free interest rate, the expected dividend yield and the discount for post-vesting restrictions, as applicable.
The Company determines the fair value of stock options and purchase rights under the ESPP using the Black-Scholes option-pricing model. This requires the input of assumptions, including the expected term, the expected stock volatility, the risk-free interest rate, and the expected dividend yield.
For awards that are liability classified, the Company updates the grant date fair value at each reporting period. Liability-classified awards are reclassified to equity upon settlement in shares of the Company’s common stock.
Income Taxes—The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
The Company recognizes deferred tax assets to the extent that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax asset valuation allowance would be made to reduce the provision for income taxes.
The Company records uncertain tax positions on the basis of a two-step process in which determinations are made (1) whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position; and (2) for those tax positions that meet the more- likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with a tax authority.
The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included on the related tax liability line in the consolidated balance sheets.
Foreign Currency Transactions—Generally, the functional currency of our international subsidiaries is the U.S. dollar. In cases where the functional currency is not the U.S. dollar, the Company translates the financial statements of these subsidiaries to U.S. dollars using the exchange rate at the balance sheet date for assets and liabilities, and average exchange rates during the period for revenue and expenses. The Company records translation gains and losses in accumulated other comprehensive income (loss) as a component of stockholders’ equity. The Company reflects foreign exchange transaction gains and losses resulting from the conversion of the transaction currency to functional currency as a component of other income (expense), net.
Comprehensive Income (Loss)—Comprehensive income (loss) is composed of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of foreign currency translation adjustments.
Net Income (Loss) Per Share Attributable to Common Stockholders—Basic and diluted net income (loss) per share attributable to common stockholders is presented under the two-class method required for participating securities. The Company considers convertible preferred stock, options exercised in exchange for nonrecourse promissory notes, early exercised unvested stock options, unvested restricted stock awards and common stock subject to certain share repurchase agreements to be participating securities. Under the two-class method, the net loss attributable to common stockholders is not allocated to participating securities as the holders of these instruments do not have a contractual obligation to share in the Company’s losses. Net income is attributed to common stockholders and participating securities based on the respective participation rights.
Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the effect of potentially dilutive impact of securities.
Share Repurchases—The Company retires its Class A common stock upon repurchase, and records any excess of the cost of the repurchased shares over their par value as a reduction to additional paid-in capital, or in the absence of additional paid-in capital, to accumulated deficit.
Recent Accounting Pronouncements (Issued and Adopted)—In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and requires specific disclosures for equity securities subject to contractual sale restrictions. The Company adopted this ASU on January 1, 2023 with no material impact on its consolidated financial statements.
Recent Accounting Pronouncements (Issued and Not Yet Adopted)—In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. The amendments will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments must be applied retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures, which requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments will be effective for annual periods beginning after December 15, 2024. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
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Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table sets forth the Company’s financial instruments that were measured at fair value by level within the fair value hierarchy on a recurring basis as of the dates indicated (in thousands):
As of December 31, 2023
Balance Sheet LocationTotalLevel 1Level 2Level 3
Financial Assets:
Money market deposit accounts
Cash and cash equivalents$1,352 $1,352 $— $— 
Total financial assets$1,352 $1,352 $— $— 
As of December 31, 2022
Balance Sheet LocationTotalLevel 1Level 2Level 3
Financial Assets:
Money market funds1
Cash and cash equivalents$604,399 $604,399 $— $— 
Interest rate swapPrepaid expenses and other current assets7,319 — 7,319 — 
Total financial assets$611,718 $604,399 $7,319 $— 
(1) Includes balances in money market deposit accounts of $524.2 million as of December 31, 2022.
Derivatives Not Designated as Hedging Instruments
In October 2022 and March 2023, the Company entered into multiple pay-fixed receive-variable interest rate swaps as part of its interest rate risk management strategy in connection with the term loans under a certain credit agreement (see Note 9 - Credit Agreement). The Company elected to not designate the interest rate swaps as hedging instruments for accounting purposes and recorded both realized and unrealized gains and losses associated with the interest rate swaps immediately through earnings in interest expense in the Company's consolidated statement of operations. The fair value of the outstanding interest rate swaps are determined using widely accepted valuation techniques including discounted cash flow analysis based on the expected cash flows of the interest rate swaps. The Company has determined that the significant inputs, such as interest yield curve and discount rate, used to value its interest rate swaps fall within Level 2 of the fair value hierarchy. All interest rate swaps were settled during 2023 and the Company had no outstanding interest rate swaps as of December 31, 2023. The Company recorded a net gain of $15.8 million and a net gain of $5.9 million related to the interest rate swaps during the year ended December 31, 2023 and 2022, respectively. Cash paid for or received from the settlements of the interest rate swaps are presented in net cash provided by operating activities and the supplemental disclosure of cash paid for interest, net in the Company's consolidated statement of cash flows.
Non-Marketable Equity Securities Measured at Net Asset Value
The Company held equity interests in certain private equity funds of $56.7 million and $32.3 million as of December 31, 2023 and December 31, 2022, respectively, which are measured using the net asset value practical expedient. Under the net asset value practical expedient, the Company records investments based on the proportionate share of the underlying funds’ net asset value. These investments are included in other assets in the Company’s consolidated balance sheets.
These funds vary in investment strategies and generally have an initial term of 7 to 10 years, which may be extended for 2 to 3 additional years with the applicable approval. These investments are subject to certain restrictions regarding transfers and withdrawals and generally cannot be redeemed with the funds. Distributions from the funds will be received as the underlying investments are liquidated. The Company’s maximum exposure to loss is limited to the carrying value of these investments of $56.7 million and the unfunded commitments of $41.2 million as of December 31, 2023.
During the year ended December 31, 2023, the Company made total capital contributions of $17.9 million related to these investments. The Company recorded an immaterial unrealized gain related to these investments for each year presented.
Non-Marketable Equity Securities Measured at Fair Value on a Non-Recurring Basis
In the second quarter of 2022, the Company purchased certain non-marketable equity securities for total proceeds of $38.0 million. Non-marketable equity securities are investments in privately held companies without readily determinable fair values. The Company elected the measurement alternative to account for these investments. Under the measurement alternative, the carrying value of the non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer or for impairment. Any changes in carrying value are recorded within other income (expense), net in the Company's consolidated statement of operations. During the year ended December 31, 2023, the Company recorded an impairment charge of $28.0 million related to these investments. As of December 31, 2023, the carrying amount of these investments was $10.1 million, which was included in other assets in the Company’s consolidated balance sheets.
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Supplemental Financial Statement Information
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Statement Information Supplemental Financial Statement Information
Property and equipment, net consists of the following (in thousands):
December 31,
20232022
Computer equipment$219,729 $106,215 
Leasehold improvements17,553 17,380 
Furniture and fixtures4,144 3,650 
Software and licenses3,911 156 
Total property and equipment245,337 127,401 
Less: accumulated depreciation(72,006)(48,858)
Total property and equipment, net$173,331 $78,543 
Depreciation expenses were $26.4 million, $29.3 million and $25.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Accrued and other current liabilities consist of the following (in thousands):
December 31,
2023
2022
Tax accruals and withholdings$141,854 $81,957 
Compensation and related liabilities48,263 24,302 
Accrued expenses and other62,085 41,542 
Total accrued and other current liabilities$252,202 $147,801 
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments—As of December 31, 2023, the Company's non-cancelable minimum purchase commitments totaled $252.0 million, which consisted primarily of a certain arrangement related to cloud platform services. In May 2022, the Company entered into a new order form under an existing master agreement that required the Company to purchase at least $550.0 million of cloud services through May 2025. The Company made payments of $229.4 million, $79.4 million and $55.0 million under this arrangement for the year ended December 31, 2023, 2022 and 2021, respectively.
Future minimum payments under these non-cancelable purchase commitments with a remaining term in excess of one year were as follows (in thousands):
2024$160,159 
202587,450
20263,276
20271,078
2028— 
Total non-cancelable purchase commitments
$251,963 
In addition, the Company had total unfunded commitments of $41.2 million related to investments in certain private equity funds. For additional information, see Note 3 - Fair Value Measurements.
Contingencies—From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated.
Letters of Credit—As of December 31, 2023 and 2022, the Company had outstanding letters of credit in the aggregate amount of $6.3 million and $11.1 million, respectively, which were issued as security for certain leased office facilities under the Credit Agreement. These letters of credit have never been drawn upon. For additional information, see Note 9 - Credit Agreement.
Legal Proceedings—The Company is involved from time to time in litigation, claims, and proceedings. The outcomes of the Company’s legal proceedings are inherently unpredictable and subject to significant uncertainty.
The Company records a liability when it is probable that a loss has been incurred and the amount can be reasonably estimated. If it is determined that a loss is reasonably possible and the loss or range of loss can be estimated, the reasonably possible loss is disclosed. The Company evaluates developments in legal matters that could affect the amount of liability that has been previously accrued, and related reasonably possible losses disclosed, and makes adjustments as appropriate. Significant judgment is required to determine the likelihood of matters and the estimated amount of a loss related to such matters. To date, losses in connection with legal proceedings have not been material.
The Company expenses legal fees in the period in which they are incurred.
Indemnifications—The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including certain customers, business partners, investors, contractors and the Company’s officers, directors and certain employees. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded in the Company’s consolidated statements of operations in connection with the indemnification provisions have not been material. As of December 31, 2023, the Company did not have any material indemnification claims that were probable or reasonably possible.
Non-income Taxes—The Company may be subject to audit by various tax authorities with regard to non-income tax matters. The subject matter of non-income tax audits primarily arises from different interpretations on tax treatment and tax rates applied. The Company accrues liabilities for non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable. If a loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the reasonably possible loss.
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Acquisitions and Dispositions
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Dispositions Acquisitions and Dispositions
2023 Acquisitions
During the year ended December 31, 2023, the Company recognized total earn-out costs of $52.2 million, related to asset acquisitions closed in 2021 and prior. No other business or asset acquisition was completed during 2023.
2022 Acquisitions
Business Combinations
Wurl—On April 1, 2022, the Company completed its acquisition of all of the equity interests of Wurl, Inc. ("Wurl"), a connected TV ("CTV") software platform company, for a total purchase price of $378.2 million, consisting of $219.3 million in cash, 2,579,692 shares of the Company's Class A common stock valued at $137.4 million and a deferred payment of $22.7 million, with a present value of $21.5 million at the closing of the acquisition, relating to an indemnity holdback amount to be paid in 18 months following the transaction close date, less any eligible claims against Wurl paid by AppLovin. The transaction is expected to enable the Company to expand into the connected TV market. The Company accounted for the acquisition as a business combination. Transaction costs incurred by the Company in connection with the acquisition, including professional fees, were $1.9 million. During the fourth quarter of 2023, the indemnity holdback was paid.
The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed (in thousands):
Cash and cash equivalents$400 
Accounts receivable and other current assets15,194 
Intangible assets
Customer Relationships—estimated useful life of 15 years
41,000 
Developed Technology—estimated useful life of 6 years
60,500 
Tradename—estimated useful life of 10 years
14,700 
Goodwill264,149 
Property and equipment, net363 
Other assets159 
Accounts payable, accrued liabilities and other current liabilities(12,854)
Deferred revenue(209)
Deferred income tax liability(5,235)
Total purchase consideration$378,167 
The income approach was used to determine the fair value of the customer relationships, developed technology, and tradename. Goodwill represents the excess of the purchase price over the fair value of identifiable assets acquired and liabilities assumed at the acquisition date and is primarily attributable to the assembled workforce and expected synergies at the time of the acquisition. For tax purposes, no tax deductible goodwill was generated as a result of this acquisition.
Contemporaneously with entering into the definitive agreement, the Company also adopted a multi-year performance-based incentive plan for certain key employees of Wurl, under which the key employees may earn up to a total of $600.0 million in additional shares of the Company's Class A common stock through 2025, contingent upon the achievement of certain revenue and other performance targets by the acquired business and the continued employment of such key employees between 2023 and 2025. In April 2023, the Company amended the multi-year performance-based incentive plan into a one-year plan for 2023, under which the Company may be obligated to issue up to a total of $90.0 million in additional shares of the Company's Class A common stock, contingent upon Wurl’s achievement of certain revenue and other performance targets and the continued employment of the key employees. At the end of the performance period, the Company determined that $15.7 million was earned under the plan based on Wurl's financial results, which is expected to be settled in the first quarter of 2024. The plan was accounted for as liability classified share-based compensation awards.
The Company’s consolidated statement of operations as of December 31, 2022, includes Wurl's revenue of $35.0 million and pre-tax loss of $11.8 million for the period from the acquisition date of April 1, 2022 to December 31, 2022.
See Pro forma results of operations below under "Supplemental Pro Forma Information".
MoPub—On January 1, 2022, the Company completed its acquisition from Twitter, Inc. of certain assets that comprised of its MoPub business for a total purchase price of $1.03 billion in cash. The acquisition allows the Company to integrate certain product features of the MoPub platform into MAX, the Company's own in-app mediation platform, and migrate publishers and demand partners from the MoPub platform to MAX. The Company accounted for the acquisition as a business combination. Transaction costs incurred by the Company in connection with the acquisition, including professional fees, were $14.4 million.
The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired (in thousands):
Intangible assets
Advertiser Relationships—estimated useful life of 9 years
$212,700 
Publisher Relationships—estimated useful life of 9 years
123,300 
Developed Technology—estimated useful life of 5 years
61,800 
Tradename—estimated useful life of 3 months
60 
Goodwill632,472 
Total purchase consideration$1,030,332 
The income approach was used to determine the fair value of the advertiser relationships, publisher relationships, developed technology and tradename. Goodwill represents the excess of the purchase price over the preliminary fair value of identifiable assets acquired at the acquisition date and is primarily attributable to the assembled workforce and expected synergies at the time of the acquisition. For tax purposes, an estimated tax deductible goodwill of $645.1 million was generated as a result of this acquisition. No liabilities were assumed in the transaction.
Contemporaneously with the signing of the asset purchase agreement, the Company entered into an agreement for Twitter, Inc. to provide certain transitional services to facilitate the migration of publishers and demand partners to MAX during a
three-month transitional period following the closing of the transaction (the "TSA"). The Company accounted for the TSA as a transaction separate from the business combination since it was negotiated primarily for the benefit of the Company. In the first quarter of 2022, the Company recognized total expense of $ $7.0 million related to the transitional services, which was included primarily in cost of revenue in the Company's consolidated statement of operations.
Due to the significant integration of the MoPub business with MAX, it was impractical to determine the impact of the acquired business on revenue or earnings.
See Pro forma results of operations below under "Supplemental Pro Forma Information".
Asset Acquisitions
During the year ended December 31, 2022, the Company recognized total earn-out costs of $104.2 million, related to asset acquisitions closed in 2021 and prior.
Supplemental Pro Forma Information
The unaudited supplemental pro forma information below presents the combined historical results of operations of the Company, the MoPub Business, Wurl and Adjust (an acquisition completed in 2021) for each of the periods presented as if the MoPub business and Wurl had been acquired as of January 1, 2021 and Adjust had been acquired as of January 1, 2020 (in thousands):
Year Ended December 31,
20222021
Revenue
$2,826,090 $3,036,661 
Net income (loss)
$(184,317)$25,940 
The unaudited supplemental pro forma information above includes the following adjustments to net income (loss) in the appropriate pro forma periods (in thousands):
Year Ended December 31,
20222021
An (increase) in amortization expense related to the fair value of acquired identifiable intangible assets, net of the amortization expense already reflected in actual historical results$(3,512)$(73,121)
A decrease (increase) in expenses related to the TSA$7,000 $(7,000)
A net increase in revenue related to fair value adjustment$— $1,902 
A decrease (increase) in expenses related to transaction expenses$16,899 $(7,341)
An (increase) in interest cost$— $(2,641)
A decrease in expenses related to transaction bonuses$1,101 $8,899 
An (increase) due to replacement stock awards$(1,221)$(10,145)
An (increase) decrease in income tax provision$(4,654)$20,535 
The unaudited supplemental pro forma information has been presented for illustrative purposes only and is not necessarily indicative of results of operations that would have been achieved had the acquisitions taken place on the date indicated, or of the Company's future consolidated results of operations. The supplemental pro forma information presented above has been derived from the Company's historical consolidated financial statements and from the historical accounting records of Wurl, the MoPub business, and Adjust.
Asset Dispositions
During the fourth quarter of 2022, the Company completed the sale of certain non-strategic assets for $44.0 million as part of its operational optimization of the Apps reportable segment. As a result of the sale, the Company recorded a total net loss of $74.9 million in cost of revenue in the Company's consolidated statements of operations.
v3.24.0.1
Goodwill and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
During the second quarter of 2022, the Company revised the presentation of its segment information to reflect changes in the way the Company manages and evaluates the business. As a result, beginning in the second quarter of 2022, the Company reports operating results based on two reportable segments—Software Platform and Apps. This change also resulted in a change in reporting units to coincide with the new operating segments. Given the change in reporting units, the Company performed a relative fair value calculation to allocate historical goodwill of $1.8 billion between the two new reporting units, with $1.5 billion and $0.3 billion of goodwill allocated to Software Platform and Apps, respectively. The Company also performed a qualitative impairment test immediately before and after the change in reporting units and determined that it is not more likely than not that the fair value of the reporting units is less than their carrying amounts, including goodwill. Accordingly, the Company concluded that the goodwill relating to those reporting units was not impaired.
The following table presents the changes in the carrying amount of goodwill by reporting unit (in thousands):
Software PlatformAppsTotal
December 31, 2021$966,427 
Additions
891,387 
Foreign currency translation
(38,710)
Segment allocation in the second quarter of 2022$1,473,474 $345,630 1,819,104 
Additions
5,281 — 5,281 
Foreign currency translation
(519)(111)(630)
December 31, 20221,478,014 345,741 1,823,755 
Additions— — — 
Foreign currency translation
19,095 — 19,095 
December 31, 2023$1,497,109 $345,741 $1,842,850 
Intangible assets, net consisted of the following (in thousands):
Weighted-
Average
Remaining
Useful Life
(Years)		As of December 31, 2023As of December 31, 2022
Gross
Carrying
Value		Accumulated
Amortization		Net Book
Value		Gross
Carrying
Value		Accumulated
Amortization		Net Book
Value
Apps3.8$1,818,907 $(1,152,611)$666,296 $1,790,820 $(836,375)$954,445 
Customer relationships8.2519,175 (111,374)407,801 515,084 (58,881)456,203 
User base2.368,817 (46,874)21,943 68,817 (37,122)31,695 
License asset2.059,207 (31,003)28,204 59,207 (16,901)42,306 
Developed technology3.6207,900 (88,716)119,184 206,060 (53,879)152,181 
Other3.871,196 (21,989)49,207 53,933 (13,103)40,830 
Total intangible assets
$2,745,202 $(1,452,567)$1,292,635 $2,693,921 $(1,016,261)$1,677,660 
The Company recorded amortization expenses related to acquired intangible assets as follows (in thousands):
Year Ended December 31,
202320222021
Cost of revenue$382,956 $448,462 $373,726 
Sales and marketing67,190 66,173 22,661 
Total$450,146 $514,635 $396,387 
As of December 31, 2023, the expected future amortization expense related to acquired intangible assets is estimated as follows (in thousands):
2024$295,810 
2025295,810 
2026274,394 
2027216,621 
202849,450 
Thereafter160,550 
Total$1,292,635 
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
The Company leases real estate property under operating leases. The Company also leases networking equipment under arrangements with certain providers of IT infrastructure services which were accounted as finance leases or operating leases.
The Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement date or on the date of lease modification, if applicable. The Company determines its incremental borrowing rate based on the rate of interest it would have to pay to borrow on a collateralized basis with an equal lease payment amount, over a similar term, and in a similar economic environment.
Operating Leases—The Company has entered into various non-cancelable operating leases primarily for its office facilities. The most significant leases are related to the Company's corporate headquarters in Palo Alto, California. As of December 31, 2023, the remaining lease terms varied from 1.1 to 6.2 years. For certain leases, the Company has an option to extend the lease term for periods varying from 1 to 5 years. These renewal options are not considered in the remaining lease
term unless it is reasonably certain that the Company will exercise such options. For leases with an initial term greater than 12 months, the Company has recorded a right-of-use asset and lease liability representing the fixed component of the lease payments.
Further, the Company leases certain networking equipment, colocation space and office space under lease arrangements with terms 12 months or less, which are classified as short-term leases.
The table below presents the operating lease-related assets and liabilities (in thousands):
Year Ended December 31,
Balance Sheet Classification20232022
Operating lease right-of-use assets$48,210 $60,379 
Current operating lease liabilities$13,605 $14,334 
Non-current operating lease liabilities$42,905 $54,153 
Weighted-average remaining term (years)4.14.9
Weighted-average discount rate5.2 %5.1 %
The table below presents certain information related to the lease costs for operating leases which are allocated to cost of revenue, sales and marketing, research and development, and general and administrative expenses (in thousands):
Year Ended December 31,
202320222021
Operating lease cost$16,674 $20,783 $28,676 
Short-term lease cost1,406 1,272 9,683 
Variable lease cost4,923 1,419 7,862 
Total lease cost$23,003 $23,474 $46,221 
Cash paid for amounts included in the measurement of operating lease liabilities was $17.1 million, $22.0 million and $25.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. Right-of-use assets acquired under operating leases was $6.5 million, $7.1 million and $6.1 million for the years ended December 31, 2023 , 2022 and 2021, respectively.
Finance Leases—The Company has entered into various non-cancelable finance leases primarily for networking equipment with weighted average remaining lease term of approximately 7.0 years. The Company has recorded a right-of-use asset and lease liability representing the fixed component of the lease payments.
The table below presents the finance lease-related assets and liabilities (in thousands):
Year Ended December 31,
20232022Balance Sheet Classification
Finance lease right-of-use assets$159,414 $65,187 Property and equipment, net
Current finance lease liabilities$19,683 $22,304 
Accrued and other current liabilities
Non-current finance lease liabilities$144,174 $44,736 Other non-current liabilities
Weighted-average remaining term (years)7.03.4
Weighted-average discount rate5.6 %5.0 %
The Company recognized depreciation expenses related to finance lease of networking equipment of $22.7 million, $24.1 million and $17.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company recognized interest expenses related to finance lease of networking equipment of $7.0 million, $2.8 million and $1.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Cash paid for amounts included in the measurement of finance lease liabilities was $20.2 million, $24.1 million and $15.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.
One of the Company’s 2020 acquired companies entered into a sublease agreement in 2017. This agreement was with an unrelated third party to occupy approximately 104,852 square feet of the Company’s office space. The Company recorded rent expense on a straight-line basis for the lease, net of sublease income. The sublease agreement expired as of December 31, 2022.
For the years ended December 31, 2023 and 2022, the Company has the following operating sublease information (in thousands):
Year Ended December 31,
20232022
Fixed sublease expense$627 $4,736 
Variable sublease expense153 1,023 
Sublease income(597)(5,334)
Variable sublease income(153)(1,023)
Net sublease (income) loss$30 $(598)
Undiscounted cash flow—The tables below reconcile the undiscounted cash flows for each of the first five years and total of the remaining years to the operating and finance lease liabilities recorded in the consolidated balance sheets (in thousands):
As of December 31, 2023
Operating
Leases		Finance
Leases		Total
2024$16,046 $27,511 $43,557 
202515,531 27,471 43,002 
202613,906 27,448 41,354 
202711,368 27,446 38,814 
20284,802 27,446 32,248 
Thereafter694 54,893 55,587 
Total lease payments62,347 192,215 254,562 
Less: amount representing interest(5,837)(28,358)(34,195)
Present value of future lease payments56,510 163,857 220,367 
Less: current obligations under leases(13,605)(19,683)(33,288)
Non-current lease obligations$42,905 $144,174 $187,079 
As of December 31, 2023, the Company did not have any additional significant lease that had not yet commenced.
Leases Leases
The Company leases real estate property under operating leases. The Company also leases networking equipment under arrangements with certain providers of IT infrastructure services which were accounted as finance leases or operating leases.
The Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement date or on the date of lease modification, if applicable. The Company determines its incremental borrowing rate based on the rate of interest it would have to pay to borrow on a collateralized basis with an equal lease payment amount, over a similar term, and in a similar economic environment.
Operating Leases—The Company has entered into various non-cancelable operating leases primarily for its office facilities. The most significant leases are related to the Company's corporate headquarters in Palo Alto, California. As of December 31, 2023, the remaining lease terms varied from 1.1 to 6.2 years. For certain leases, the Company has an option to extend the lease term for periods varying from 1 to 5 years. These renewal options are not considered in the remaining lease
term unless it is reasonably certain that the Company will exercise such options. For leases with an initial term greater than 12 months, the Company has recorded a right-of-use asset and lease liability representing the fixed component of the lease payments.
Further, the Company leases certain networking equipment, colocation space and office space under lease arrangements with terms 12 months or less, which are classified as short-term leases.
The table below presents the operating lease-related assets and liabilities (in thousands):
Year Ended December 31,
Balance Sheet Classification20232022
Operating lease right-of-use assets$48,210 $60,379 
Current operating lease liabilities$13,605 $14,334 
Non-current operating lease liabilities$42,905 $54,153 
Weighted-average remaining term (years)4.14.9
Weighted-average discount rate5.2 %5.1 %
The table below presents certain information related to the lease costs for operating leases which are allocated to cost of revenue, sales and marketing, research and development, and general and administrative expenses (in thousands):
Year Ended December 31,
202320222021
Operating lease cost$16,674 $20,783 $28,676 
Short-term lease cost1,406 1,272 9,683 
Variable lease cost4,923 1,419 7,862 
Total lease cost$23,003 $23,474 $46,221 
Cash paid for amounts included in the measurement of operating lease liabilities was $17.1 million, $22.0 million and $25.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. Right-of-use assets acquired under operating leases was $6.5 million, $7.1 million and $6.1 million for the years ended December 31, 2023 , 2022 and 2021, respectively.
Finance Leases—The Company has entered into various non-cancelable finance leases primarily for networking equipment with weighted average remaining lease term of approximately 7.0 years. The Company has recorded a right-of-use asset and lease liability representing the fixed component of the lease payments.
The table below presents the finance lease-related assets and liabilities (in thousands):
Year Ended December 31,
20232022Balance Sheet Classification
Finance lease right-of-use assets$159,414 $65,187 Property and equipment, net
Current finance lease liabilities$19,683 $22,304 
Accrued and other current liabilities
Non-current finance lease liabilities$144,174 $44,736 Other non-current liabilities
Weighted-average remaining term (years)7.03.4
Weighted-average discount rate5.6 %5.0 %
The Company recognized depreciation expenses related to finance lease of networking equipment of $22.7 million, $24.1 million and $17.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company recognized interest expenses related to finance lease of networking equipment of $7.0 million, $2.8 million and $1.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Cash paid for amounts included in the measurement of finance lease liabilities was $20.2 million, $24.1 million and $15.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.
One of the Company’s 2020 acquired companies entered into a sublease agreement in 2017. This agreement was with an unrelated third party to occupy approximately 104,852 square feet of the Company’s office space. The Company recorded rent expense on a straight-line basis for the lease, net of sublease income. The sublease agreement expired as of December 31, 2022.
For the years ended December 31, 2023 and 2022, the Company has the following operating sublease information (in thousands):
Year Ended December 31,
20232022
Fixed sublease expense$627 $4,736 
Variable sublease expense153 1,023 
Sublease income(597)(5,334)
Variable sublease income(153)(1,023)
Net sublease (income) loss$30 $(598)
Undiscounted cash flow—The tables below reconcile the undiscounted cash flows for each of the first five years and total of the remaining years to the operating and finance lease liabilities recorded in the consolidated balance sheets (in thousands):
As of December 31, 2023
Operating
Leases		Finance
Leases		Total
2024$16,046 $27,511 $43,557 
202515,531 27,471 43,002 
202613,906 27,448 41,354 
202711,368 27,446 38,814 
20284,802 27,446 32,248 
Thereafter694 54,893 55,587 
Total lease payments62,347 192,215 254,562 
Less: amount representing interest(5,837)(28,358)(34,195)
Present value of future lease payments56,510 163,857 220,367 
Less: current obligations under leases(13,605)(19,683)(33,288)
Non-current lease obligations$42,905 $144,174 $187,079 
As of December 31, 2023, the Company did not have any additional significant lease that had not yet commenced.
v3.24.0.1
Credit Agreement
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Credit Agreement Credit Agreement
On August 15, 2018, the Company entered into a credit agreement with the lenders party thereto and Bank of America, N.A., as administrative agent for the lenders, which has been amended multiple times (the “Credit Agreement”; as amended, the “Amended Credit Agreement”). The Amended Credit Agreement provides for senior secured credit facilities consisting of two term loans (the “Term Loans”), with each having an outstanding balance of $1.5 billion, and a Revolving Credit Facility, with a maximum commitment of $610.0 million, as of December 31, 2023. During the third quarter of 2023, the Company drew down $185.0 million from the Revolving Credit Facility, with a remaining unused commitment of $418.7 million as of December 31, 2023, which is net of outstanding letters of credit of $6.3 million.
The Term Loans mature on October 25, 2028 and August 19, 2030. The Company is required to make equal quarterly repayments of $3.8 million for each term loan with the remaining balance due on the respective maturity date. The Revolving Credit Facility matures on June 12, 2028.
The Term Loans and the borrowings under the Revolving Credit Facility bear interest at a rate equal to an applicable margin plus, at the Company’s option, either (a) a secured overnight financing rate (“SOFR”) for a specified term, subject to a 0.50% floor, or (b) a base rate equal to the highest of (i) the prime rate then in effect, (ii) the federal funds rate, plus 0.50% and (iii) the SOFR rate for a one-month interest period, plus 1.00%. The applicable margin with respect to the Term Loans is equal to 3.10% in the case of SOFR loans and 2.00% in the case of base rate loans. The applicable margin with respect to the amounts outstanding under the Revolving Credit Facility is between 2.10% to 2.35% in the case of SOFR loans and between 1.00% and 1.25% in the case of base rate loans, based on the Company maintaining certain leverage ratios. The fee for unused commitments under the Revolving Credit Facility ranges, based on the applicable leverage, from 0.25% to 0.50%. As of December 31, 2023, the interest rates for the Term Loans and the borrowings under the Revolving Credit Facility were 8.45% and 7.45%, respectively, and the fee for unused commitments under the Revolving Credit Facility was 0.25%.
The Company may be required to prepay certain outstanding amounts in the event of certain circumstances or transactions and is permitted to voluntarily prepay or repay outstanding loans under the Revolving Credit Facility or Term Loans at any time, in whole or in part, subject to prior written notice, minimum amount requirements, and customary “breakage” costs with respect to SOFR loans. Amounts prepaid under the Revolving Credit Facility may subsequently be reborrowed.
The Company’s obligations under the Credit Agreement are secured by substantially all of the assets of the Company and its domestic subsidiary guarantors (other than customarily excluded assets).
The Credit Agreement contains customary affirmative and negative covenants, including covenants limiting the ability of AppLovin and its restricted subsidiaries to, among other things, incur debt, grant liens, undergo certain fundamental business changes, make investments, pay-out dividends to third parties, dispose of assets, and enter into transactions with affiliates, in each case, subject to limitations and exceptions set forth in the Credit Agreement. The Credit Agreement also contains customary events of default that include, among other things, certain payment defaults, cross defaults to other indebtedness, covenant defaults, change of control defaults, judgment defaults, and bankruptcy and insolvency defaults. If an event of default exists, the lenders may require the immediate payment of all obligations under the Credit Agreement and may exercise certain other rights and remedies provided for under the Credit Agreement, the other loan documents and applicable law. As of December 31, 2023, the Company was in compliance with all covenants.
During the third quarter of 2023, the Company entered into a refinancing transaction under which the Company replaced a previous term loan with one of the Term Loans. The Company evaluated the transaction on a creditor-by-creditor basis to determine the appropriate application of modification or extinguishment accounting and recorded a loss on extinguishment of debt of $4.3 million in interest expense and loss on settlement of debt, and an expense for third-party costs related to modification of debt of $11.1 million, in other income (expense), net, in the Company’s consolidated statement of operations for the year ended December 31, 2023. The Company recorded the refinanced term loan at face value less unamortized debt discount and issuance cost of $19.4 million, which is amortized over the term of the refinanced term loan using the effective interest method.
The following table presents the amount of interest expense recognized relating to the contractual interest expense, the amortization of the debt discount and issuance costs, and loss on debt extinguishment with respect to the Company's term loans, for the years ended December 31, 2023, 2022, and 2021 (in thousands):
Year Ended December 31,
202320222021
Contractual interest expense
$262,607 $162,150 $70,882 
Amortization of debt discount and issuance costs8,256 9,887 7,442 
Loss on debt extinguishment 4,337 — 16,852 
Total interest expense from term loans
$275,200 $172,037 $95,176 
The aggregate future maturities of long-term debt as of December 31, 2023 are as follows (in thousands):
2024$30,000 
202530,000
202630,000
202730,000
20281,428,750
Thereafter1,417,500
Total outstanding term loan principal$2,966,250 
Revolver credit facility185,000 
Unaccreted discount and debt issuance costs(30,344)
Total debt$3,120,906 
Less: short-term debt215,000
Long-term debt$2,905,906 
v3.24.0.1
Equity
 12 Months Ended
Dec. 31, 2023
Common Stock [Abstract]  
Equity Equity
Initial Public Offering and Capital Structure Change
The Company’s registration statement on Form S-1 (the “IPO Registration Statement”) related to its IPO was declared effective on April 14, 2021, and the Company’s Class A common stock began trading on the Nasdaq Global Select Market on April 15, 2021. On April 19, 2021, the Company completed its IPO, in which the Company sold 22,500,000 shares of Class A common stock at price to the public of $80.00 per share. The Company received aggregate net proceeds of $1.75 billion after deducting underwriting discounts and commissions of $47.2 million and offering expenses of $7.9 million subject to certain cost reimbursements. KKR Capital Markets LLC ("KKR Capital Markets") was an underwriter for the IPO and is an affiliate of KKR Denali Holdings L.P. (“KKR Denali”), who is a principal stockholder of the Company. The Company used $400.0 million of the net proceeds from the IPO to repay the entire then outstanding amount under the Revolving Credit Facility. KKR Capital Markets is a lender under the Revolving Credit Facility and an affiliate of KKR Denali, a principal stockholder of the Company. For additional information, see Note 9 - Credit Agreement.
Following the effectiveness of the IPO Registration Statement, the Company filed the IPO Certificate. The IPO Certificate authorized a total of 1,500,000,000 shares of Class A common stock, 200,000,000 shares of Class B common stock, 150,000,000 shares of Class C common stock, and 100,000,000 shares of preferred stock. Upon the filing and effectiveness of the IPO Certificate, all shares of Class F common stock and Series A convertible preferred stock then outstanding automatically converted into the equivalent number of shares of Class A common stock, respectively (the “Capital
Stock Conversions”). Following the Capital Stock Conversions and immediately prior to the completion of the IPO, a total of 150,307,622 shares of Class A common stock held by Adam Foroughi, the Company’s co-founder, CEO, and Chairperson; Herald Chen, the Company’s former President and Chief Financial Officer, and a member of the Company’s board of directors; and KKR Denali (collectively with certain affiliates, the Class B Stockholders) were exchanged for an equivalent number of shares of Class B common stock pursuant to the terms of certain exchange agreements.
Preferred Stock
The preferred stock may be issued from time to time in one or more series. The Company's board of directors is authorized to determine the designation, powers, preferences, and rights of the shares of each such series and any qualifications, limitations or restrictions thereof.
Common Stock
The rights of the holders of all classes of common stock pursuant to the IPO Certificate are as follows:
The rights of the holders of Class A common stock, Class B common stock, and Class C common stock (referred to together as the “common stock”) are identical, except with respect to voting and conversion.
Voting Rights
Holders of the Class A common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders, holders of the Class B common stock are entitled to 20 votes for each share held on all matters submitted to a vote of stockholders, and holders of the Class C common stock are not entitled to vote on any matter that is submitted to a vote of stockholders, except as otherwise required by law. The holders of the Class A common stock and Class B common stock will vote together as a single class, unless otherwise required by law. Under the IPO Certificate, approval of the holders of at least a majority of the outstanding shares of the Class B common stock voting as a separate class will be required to increase the number of authorized shares of the Class B common stock. In addition, Delaware law could require either holders of the Class A common stock, the Class B common stock, or the Class C common stock to vote separately as a single class in the following circumstances:
•if the Company were to seek to amend the IPO Certificate to increase or decrease the par value of a class of stock, then that class would be required to vote separately to approve the proposed amendment; and
•if the Company were to seek to amend the IPO Certificate in a manner that alters or changes the powers, preferences or special rights of a class of stock in a manner that affected its holders adversely, then that class would be required to vote separately to approve the proposed amendment.
Until the date on which the final conversion of all outstanding shares of Class B common stock pursuant to the terms of the IPO Certificate occurs, approval of at least two-thirds of the outstanding shares of the Company’s Class B common stock voting as a separate class will be required to amend or modify any provision of the IPO Certificate inconsistent with, or otherwise alter, any provision of the IPO Certificate to modify the voting, conversion, or other rights, powers, preferences, privileges, or restrictions of the Company’s Class B common stock.
Upon the closing of the IPO, the Class B Stockholders held all of the issued and outstanding shares of the Company’s Class B common stock. The Class B Stockholders have entered into a voting agreement (the “Voting Agreement”) whereby all Class B common stock held by the Class B Stockholders and their respective permitted entities and permitted transferees will be voted as determined by two of Mr. Foroughi, Mr. Chen, and KKR Denali (one of which must be Mr. Foroughi).
Dividend Rights
Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of the Company’s common stock will be entitled to receive dividends out of funds legally available if the Company’s Board, in its discretion, determines to issue dividends and then only at the times and in the amounts that the Company’s Board may determine.
No Preemptive or Similar Rights
The Company’s common stock will not be entitled to preemptive rights, and is not subject to conversion, redemption or sinking fund provisions.
Right to Receive Liquidation Distributions
If the Company becomes subject to a liquidation, dissolution or winding-up, the assets legally available for distribution to the Company’s stockholders would be distributable ratably among the holders of the Company’s common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock.
Conversion of Class B Common Stock
Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. Following the closing of the IPO, shares of Class B common stock will automatically convert into shares of Class A common stock upon sale or transfer except for certain transfers described in the IPO Certificate, including transfers for
estate planning, transfers among KKR Denali and its affiliates, or other transfers among the Class B Stockholders. Withdrawal from the Voting Agreement constitutes a transfer.
Each share of Class B common stock will convert automatically into one share of Class A common stock upon the date fixed by the Company’s Board that is no less than 61 days and no more than 180 days following the date on which (i) the Voting Agreement is terminated or (ii) Adam Foroughi is no longer involved with the Company as a member of the Board or as an executive officer.
Conversion of Class C Common Stock
After the conversion or exchange of all outstanding shares of the Company’s Class B common stock into shares of Class A common stock, all outstanding shares of Class C common stock will convert automatically into Class A common stock, on a share-for-share basis, on the date or time specified by the holders of a majority of the outstanding shares of Class A common stock, voting as a separate class.
Stock Repurchase Program
In February 2022, the Company's Board authorized the repurchase of up to $750.0 million of the Company’s Class A common stock. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company may also, from time to time, enter into Rule 10b-5 trading plans, to facilitate repurchases of shares. In May and August 2023, the Company's Board authorized increases to the repurchase program of $296.0 million and $447.6 million, respectively.
The repurchase program does not obligate the Company to acquire any particular amount of Class A common stock, has no expiration date and may be modified, suspended, or terminated at any time at the Company's discretion. During the twelve months ended December 31, 2023 and 2022, the Company repurchased 46,665,285 and 9,042,407 shares of Class A common stock for an aggregate amount, including commissions and fees, of $1,153.6 million and $338.8 million, respectively.
v3.24.0.1
Stock-based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
2011 Equity Incentive Plan
The Company’s 2011 Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock units ("RSUs"), stock appreciation rights ("SARs") and restricted stock to the Company's employees, directors, consultants, and other service providers of the Company. Immediately prior to the effectiveness of the 2021 Plan, the 2011 Plan was terminated, and no further awards were granted thereunder. All outstanding awards under the 2011 Plan continue to be governed by their existing terms.
2021 Equity Incentive Plan
The 2021 Equity Incentive Plan (the “2021 Plan”) provides for the grant of RSUs, nonstatutory stock options, restricted stock, SARs, performance units, and performance shares to the Company’s employees, directors, consultants and other service providers. A total of 39,000,000 shares of the Company’s Class A common stock were initially reserved for issuance under the 2021 Plan. In addition, the shares reserved for issuance under our 2021 Plan include any shares subject to awards granted under the 2011 Plan in the case of certain occurrences, such as expirations, terminations, exercise and tax-related withholding, or failures to vest. The number of shares available for issuance under the 2021 Plan also include an annual increase of shares, equal to the least of (a) 39,000,000 shares, (b) five percent (5%) of the outstanding shares of all classes of the Company’s common stock as of the last day of the immediately preceding fiscal year, or (c) such other amount as the Company’s Board may determine. As of December 31, 2023, a total of 47,217,073 shares were reserved for future issuance under the 2021 Plan.
2021 Partner Studio Incentive Plan
The 2021 Partner Studio Incentive Plan (the “2021 Partner Plan”) provides for the grant of nonstatutory stock options, restricted stock, RSUs, SARs, performance units, and performance shares to individuals or entities engaged by the Company to render bona fide services. A total of 390,000 shares of the Company’s Class A common stock were initially reserved for issuance pursuant to the 2021 Partner Plan. In 2022, the Board reserved an additional 2,000,000 shares of Class A common stock for issuance under the 2021 Partner Plan. As of December 31, 2023, a total of 1,483,999 shares were reserved for future issuance under the 2021 Partner Plan.
Employee Stock Purchase Plan ("ESPP")
The ESPP permits participants to purchase shares of the Company’s Class A common stock through contributions of up to 15% of their eligible compensation. The ESPP provides for consecutive, overlapping 24-month offering periods, during which the contributed amount by the participant will be used to purchase shares of the Company’s Class A common stock at the end of each 6-month purchase period with the purchase price of the shares being 85% of the lower of the fair market value of the Company’s Class A common stock on the first day of an offering period or on the exercise date. No participant may purchase, in any one purchase period, more than 590 shares of Class A common stock, or 3,500 shares of Class A common stock for offering periods commencing on or after May 20, 2023. Participants may end their participation at any time during an offering and will be
paid their accrued contributions that have not yet been used to purchase shares. Participation ends automatically upon termination of employment with the Company.
A total of 7,800,000 shares of the Company’s Class A common stock were initially reserved for issuance under the ESPP. The number of shares available for issuance under the ESPP also include an annual increase of shares, equal to the least of: (a) 7,800,000 shares, (b) one percent (1%) of the outstanding shares of all classes of the Company’s common stock as of the last day of the immediately preceding fiscal year, or (c) such other amount as the Company’s board of directors may determine. As of December 31, 2023, a total of 14,602,928 shares were reserved for future issuance under the ESPP.
PSUs
In March 2023, the Company’s Board, upon recommendation of the Compensation Committee of the Board (the "Compensation Committee"), granted to each of Adam Foroughi, the Company’s CEO and Chairperson, and Vasily Shikin, the Company’s CTO, 6,902,000 performance-based RSUs (“PSUs”), and delegated authority to Mr. Foroughi to grant up to additional 3,451,000 PSUs to non-executive employees (the "Additional Participants") in consultation with the chair of the Compensation Committee under the 2021 Plan. The PSUs are divided into five equal tranches that are eligible to vest based on the achievement of certain stock price targets (see below), measured based on the minimum closing price of the Company’s Class A common stock over a consecutive 30 trading day period during the five-year performance period beginning on the date of grant, subject to the recipient’s continued employment through the applicable vesting date. In the event of a change in control of the Company during the performance period, any unvested PSUs are eligible to vest a pro-rated amount if the per share transaction price in the change in control is between two stock price targets that have not previously been achieved, subject to the recipient’s continued employment through the date immediately prior to the change in control. PSUs for Mr. Foroughi and Mr. Shikin may continue to vest for up to one year after termination of employment if certain conditions are met. In April 2023, the remaining 3,451,000 PSUs were granted to the Additional Participants.
The following table presents the number of PSUs that are eligible to vest based on the achievement of the respective stock price targets for each of Mr. Foroughi, Mr. Shikin and the Additional Participants (in aggregate):
PSUs Eligible to Vest
Company Stock Price TargetAdam ForoughiVasily ShikinAdditional Participants
(in aggregate)
$36.00 1,380,400 1,380,400 690,200 
$46.75 1,380,400 1,380,400 690,200 
$57.50 1,380,400 1,380,400 690,200 
$68.25 1,380,400 1,380,400 690,200 
$79.00 1,380,400 1,380,400 690,200 
6,902,000 6,902,000 3,451,000 
A summary of the PSU activities is as follows (in thousands, except share and per share data):
Number of Performance Stock UnitsWeighted
Average
Grant Date
Fair Value		Aggregate Intrinsic Value
Balances at December 31, 2022— $— $— 
Granted17,255,000 7.20 
Vested(3,451,000)7.20 
Balances at December 31, 202313,804,000 $7.20 $550,089 
The Company used a Monte Carlo simulation model to calculate the grant date fair value of the PSUs and the derived service period for each of the five vesting tranches, which is the measure of the expected time to achieve the respective stock price target, as described above. The Monte Carlo simulation model incorporates the likelihood of achieving the stock price targets and requires the input of assumptions including the underlying stock price, expected volatility, risk-free rate and dividend yield. The Company also applied a discount for lack of marketability to the value of PSUs for employees other than the CEO as the shares issued for these awards are subject to a holding period of approximately one year.
The following assumptions were used to estimate the fair value of PSUs:
Year Ended December 31,
2023
Stock price on the date of grant
$12.41 - $16.43
Expected volatility
73.76% - 73.95%
Risk-free interest rate
3.58% - 3.60%
Discount for lack of marketability
20.43% - 20.65%
Dividend yield
0%
The Company recognizes stock-based compensation expense over the derived service period of each of the five vesting tranches, ranging from 1.7 to 3.1 years, using the accelerated attribution method. If the stock price targets are met sooner than the derived service period, the Company will adjust its stock-based compensation expense to reflect the cumulative expense associated with the vested awards. Subject to continued employment of the recipients, the Company will recognize stock-based compensation expense over the derived service period, regardless of whether the stock price targets are achieved. As of December 31, 2023 unrecognized stock-based compensation expense related to the PSU grants was $66.9 million which will be recognized over the remaining derived service period of each unvested tranche. The fair value of PSUs vested as of the vesting dates during the year ended December 31, 2023 was $132.7 million.
RSUs
A summary of the RSU activities is as follows (in thousands, except share and per share data):
Number of Restricted Stock UnitsWeighted
Average
Grant Date
Fair Value		Aggregate Intrinsic Value
Balances at December 31, 202215,616,743 $29.87 $164,444 
Granted8,230,406 25.11 
Vested(13,668,092)18.89 
Cancelled(969,748)36.14 
Balances at December 31, 20239,209,309 $41.14 $366,991 
In general, the Company's RSUs vest over a service period of 1 or 4 years. As of December 31, 2023, there was $336.1 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of 1.49 years. The fair value of RSUs vested as of the vesting dates during the year ended December 31, 2023 was $403.1 million.
ESPP
The weighted-average assumptions used to estimate the fair value of shares to be issued under the ESPP are as follows:
Year Ended December 31,
202320222021
Weighted-average expected term1.251.251.25
Expected volatility62 %62 %44 %
Risk-free interest rate4.94 %3.35 %0.17 %
Dividend yield0 %0 %0 %
During the year ended December 31, 2023, 375,051 shares of Class A common stock were purchased under the ESPP. As of December 31, 2023, total unrecognized compensation cost related to the ESPP was $4.8 million, which will be amortized over a weighted-average period of 1.16 years.
Stock Options
A summary of the stock option activities is as follows (in thousands, except share and per share data):
Number of
Options		Weighted
Average
Exercise
Price Per
Share		Weighted
Average
Remaining
Contractual
Term (Years)
Balances at December 31, 202212,715,804 $6.38 6.8
Granted31,074 25.55 
Exercised(2,826,105)7.40 
Forfeited(106,141)9.43 
Balances at December 31, 20239,814,632 $6.11 5.8
Vested and exercisable at December 31, 20239,402,839 $5.87 5.7
Vested and expected to vest at December 31, 20238,437,259 $6.57 6.0
The weighted-average assumptions used to estimate the fair value of stock options granted are as follows:
Year Ended December 31,
20232021
Weighted-average expected term5.465.21
Expected volatility69 %43 %
Risk-free interest rate4.21 %0.48 %
Dividend yield0 %0 %
No stock option was granted during the year ended December 31, 2022.
The aggregate intrinsic value of options outstanding as of December 31, 2023 and 2022, was $331.1 million and $63.6 million, respectively. As of December 31, 2023 there was approximately $8.5 million of total unrecognized compensation costs related to unvested options granted, which is expected to be recognized over the weighted-average vesting period of 0.74 years. The total intrinsic value of share options exercised during the years ended December 31, 2023, 2022, and 2021 was $60.1 million, $87.5 million, and $622.1 million, respectively.
Early Exercise of Stock Options—Subject to the Board’s approval, the Plan allows for the early exercise of options granted. Under the terms of the Plan, option holders, upon early exercise, must sign a restricted stock purchase agreement that gives the Company the right to repurchase any unvested shares, at the original exercise price, in the event the optionees’ employment terminates for any reason. The right to exercise options before they are vested does not change existing vesting schedules in any way and the early exercised options may not be sold or transferred before they are vested. The repurchase right lapses over time as the shares vest at the same rate as the original option vesting schedule. The cash amounts received in exchange for these early exercised shares are recorded as a liability on the accompanying balance sheets and reclassified into common stock and additional paid-in-capital as the shares vest. The Company’s right to repurchase these shares lapses by 1/4th of the shares on the 1-year anniversary of the vesting start date and ratably each month over the next 36-months. Shares subject to repurchase as a result of early exercised options were not material as of December 31, 2023 or 2022.
During the years ended December 31, 2021 and 2020, the Company provided financing to certain employees in the form of promissory notes to early exercise stock options. These promissory notes are partially collateralized by shares and in-substance are nonrecourse. For accounting purposes, exercised options via nonrecourse promissory notes are not substantive and are continued to be treated as options. In February 2021, promissory notes issued to executive officers in the amount of $20.9 million were settled through either share repurchase, in the amount of $17.2 million, or cash payment, in the amount of $3.7 million. In connection with the repurchase of shares, the Company accelerated vesting of 60,968 shares of Class A common stock for one of the Company’s officers. The acceleration of vesting was accounted as an option modification with an immaterial impact to the stock-based compensation expense. The Company did not provide this type of financing to employees during the years ended December 31, 2023 and 2022.
As of December 31, 2023 and 2022, the Company had 1,399,999 and 1,399,999 shares of Class A common stock options, respectively, that were exercised via nonrecourse promissory notes of which 19,479 and 43,855 shares, respectively, were unvested and subject to repurchase. The principal balances of nonrecourse promissory notes outstanding amounted to $4.9 million and $4.9 million as of December 31, 2023 and 2022, respectively.
The Company recognized stock-based compensation expense for all equity awards for the periods indicated as follows (in thousands):
Year Ended December 31,
202320222021
Cost of revenue$5,229 $6,307 $2,335 
Sales and marketing79,879 41,533 15,224 
Research and development230,806 94,319 63,344 
General and administrative47,193 49,453 52,274 
Total stock-based compensation expense$363,107 $191,612 $133,177 
For the years ended December 31, 2023, 2022 and 2021, the Company recognized net income tax benefit (deficiency) related to stock-based compensation of $34.3 million, $(10.9) million and $24.5 million, respectively.
v3.24.0.1
Net Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 20 votes per share. Each share of Class B common stock is convertible into a share of Class A common stock voluntarily at any time by the holder, and automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a proportional basis and the resulting net loss per share attributable to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the years ended December 31, 2023, 2022 and 2021 (in thousands, except share and per share data):
Year Ended December 31,
202320222021
BASIC EPS
Numerator:
Net income (loss)$356,711 $(192,746)$35,446 
Less:
Income attributable to convertible preferred stock— — (3,209)
Income attributable to options exercises by promissory notes(1,412)— (387)
Income attributable to unvested early exercised options(23)— (95)
Income attributable to common stock subject to share repurchase agreements
(334)— — 
Income attributable to unvested RSA's— — (52)
Net income (loss) attributable to Class A and Class B common stockholders
$354,942 $(192,746)$31,703 
Denominator:
Weighted-average shares used in computing net income (loss) per share: Basic 351,952,187 371,568,011 324,836,076 
Net income (loss) per share attributable to common stock: Basic$1.01 $(0.52)$0.10 
DILUTED EPS
Numerator:
Net income (loss)$356,711 $(192,746)$35,446 
Less:
Income attributable to convertible preferred stock— — (3,058)
Income attributable to options exercises by promissory notes(1,371)— (369)
Income attributable to unvested early exercised options(23)— (91)
Income attributable to common stock subject to share repurchase agreements
(324)— — 
Income attributable to unvested RSA's— — (49)
Net income (loss) attributable to Class A and Class B common stockholders$354,993 $(192,746)$31,879 
Denominator:
Weighted-average shares used in computing net income (loss) per share: Basic351,952,187 371,568,011 324,836,076 
Weighted-average dilutive stock options, RSUs, and convertible security10,637,059 — 17,927,556 
Weighted-average shares used in computing net income (loss) per share: Diluted362,589,246 371,568,011 342,763,632 
Net income (loss) per share attributable to common stock: Diluted$0.98 $(0.52)$0.09 
The following table presents the forms of antidilutive potential common shares:
Year Ended December 31,
202320222021
Stock options exercised for promissory notes1,399,999 1,399,999 2,884,999 
Early exercised stock options3,147 99,372 487,000 
Unvested RSAs— — 181,737 
Stock options115,229 11,315,805 — 
Unvested RSU3,340,992 15,616,743 291,093 
ESPP1,917 856,811 246,246 
Total antidilutive potential common shares4,861,284 29,288,730 4,091,075 
The table above excludes any unvested PSUs since the related market conditions had not been met as of December 31, 2023.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Net income (loss) before income taxes for the years ended December 31, 2023, 2022 and 2021, includes the following components (in thousands):
Year Ended December 31,
202320222021
U.S.
$14,911 $8,660 $193,161 
Foreign
365,659 (213,837)(146,850)
Net income (loss) before income taxes
$380,570 $(205,177)$46,311 
Provision for (benefit from) income taxes for the years ended December 31, 2023, 2022 and 2021 consist of the following (in thousands):
Year Ended December 31,
202320222021
Current:
Federal$46,515 $74,843 $64,585 
State
12,407 13,548 10,234 
Foreign
47,309 1,548 1,914 
106,231 89,939 76,733 
Deferred:
Federal(65,476)(74,588)(52,162)
State
(6,454)(6,718)(2,394)
Foreign
(10,442)(20,863)(11,204)
(82,372)(102,169)(65,760)
Total provision for (benefit from) income taxes.
$23,859 $(12,230)$10,973 
The reconciliation of federal statutory income tax rate to the effective income tax rate is as follows (in thousands):
Year Ended December 31,
202320222021
Tax provision (benefit) at U.S. federal statutory rate$79,920 $(43,034)$9,725 
State income taxes, net of federal benefit(5,259)(1,356)1,866 
Foreign income taxed at different rates(39,171)27,114 10,563 
Global intangible low-taxed income19,417 2,917 — 
Stock-based compensation(3,793)22,064 (8,807)
Capital loss(2,121)(14,687)— 
Foreign-derived intangible income(20,569)(17,667)(10,477)
Research and development credits(25,128)(11,803)(6,193)
Foreign income inclusion919 357 (2,622)
Change in valuation allowance15,182 21,061 15,905 
Return to Provision3,223 (1,323)(951)
Other1,239 4,127 1,964 
Total provision for (benefit from) income taxes$23,859 $(12,230)$10,973 
The Company operates in jurisdictions outside of the US, such as Singapore, where it has tax incentive arrangements. The Company's qualifying income earned in Singapore is taxed at reduced rates, subject to its compliance with the conditions specified in these incentives and legislative developments. These Singapore tax incentives are expected to expire in June 2028 which the Company can affirmatively elect to renew. Before taking into consideration the effects of the U.S. Tax Cuts and Jobs Act and other indirect tax impacts, the effect of these tax incentives and tax holiday decreased the provision for income taxes by approximately $38.0 million ($0.11 per diluted share) for the year ended December 31, 2023.
The following summarizes the current and deferred tax assets and liabilities (in thousands):
As of December 31,
20232022
Deferred tax assets:
Accrued expenses and reserves$12,558 $7,139 
Stock-based compensation11,169 7,439 
Tax credit carryforwards22,896 11,474 
Net operating loss24,817 30,144 
Identified intangibles24,284 2,820 
Operating lease liability10,201 13,884 
Other comprehensive income24,540 30,186 
Foreign tax deduction7,560 9,137 
Capital loss17,688 17,125 
Capitalized R&D expenses142,386 78,315 
Valuation allowance(55,822)(40,640)
Total deferred tax assets242,277 167,023 
Deferred tax liabilities:

Depreciation and amortization(1,587)(1,976)
Operating lease right-of-use assets(6,808)(14,107)
Other(6,909)(693)
Total deferred tax liabilities(15,304)(16,776)
Net deferred tax assets$226,973 $150,247 
As of December 31, 2023 and 2022, the Company has federal net operating loss carryforwards of 8.5 million and $47.9 million, respectively, to reduce future taxable income. The post-2017 Tax Act net operating losses are not subject to expiration. As of December 31, 2023 and 2022, the Company has federal tax credit carryforwards of $5.1 million and $1.7 million, respectively, to offset future tax liability. The credit carryforwards will begin to expire in 2039. As of December 31, 2023 and 2022, the Company has federal capital loss carryforward of $77.1 million and $74.0 million, respectively to reduce future capital gains. The capital loss carryforward will begin to expire in 2026.
As of December 31, 2023 and 2022, the Company has California net operating loss carryforwards of $3.6 million and $11.1 million, respectively, to reduce future taxable income. The net operating losses will begin to expire in 2037. As of December 31, 2023 and 2022, the Company has California tax credit carryforwards of 33.3 million and $17.6 million, respectively, to offset future tax liability. The credit carryforwards are not subject to expiration.
As of December 31, 2023 and 2022, the Company had Texas tax credit carryforwards of $0.5 million and $0.4 million, respectively, to offset future tax liability. The credit carryforwards will begin to expire in 2040.
As of December 31, 2023 and 2022, the Company has foreign net operating loss carryforwards of $140.5 million and $119.4 million, respectively, to reduce future taxable income, which will begin to expire in 2026.
The valuation allowance on the Company's net deferred tax assets increased by $15.2 million, $21.8 million, and $18.3 million during the years ended December 31, 2023, 2022 and 2021, respectively.
In assessing the realizability of the Company’s deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management’s assessment is based on the weight of available evidence, including cumulative losses since inception and expected future losses and as such, management believes it is more likely than not that the deferred tax assets will be realized. As of December 31, 2023, 2022 and 2021, the Company maintained a valuation allowance with respect to certain of its deferred tax assets relating primarily to certain state tax credits, U.S. capital losses and operating losses in certain non-U.S. jurisdictions that we believe are not likely to be realized.
Internal Revenue Code (IRC) Section 382 places a limitation on the amount of taxable income that can be offset by net operating loss carryforwards and tax credits after a greater than 50% change in control in ownership; California has similar rules. The Company’s capitalization described herein may have resulted in such a change. Utilization of the net operating loss carryforwards may be subject to annual limitations under IRC Section 382 and similar state provisions. The annual limitation may result in the expiration of the net operating loss carryforwards before utilization.
The Company has not provided U.S. income or foreign withholding taxes on the undistributed earnings of its foreign subsidiaries as of December 31, 2023 and 2022, because it intends to permanently reinvest such earnings outside of the U.S. If these foreign earnings were to be repatriated in the future, the related U.S. tax liability will be immaterial, due to the participation exemption put in place in the Tax Act.
Uncertain Tax Positions
The following table summarizes the activity related to the gross unrecognized tax benefits (in thousands):
As of December 31,
202320222021
Balance at beginning of year
$19,052 $18,456 $14,401 
Increases related to prior year positions
3,522 — 5,027 
Decreases related to prior year positions— (2,837)— 
Increases related to current year positions
13,548 7,083 2,631 
Decreases related to lapse of statutes
(242)(758)(172)
Decreases related to settlements
— (2,892)(3,431)
Balance at end of year
$35,880 $19,052 $18,456 
Of the unrecognized tax benefits, $23.9 million and $12.9 million represents the amount that if recognized, would favorably affect the effective income tax rate in 2023 and 2022, respectively. The Company does not expect a significant change to its unrecognized tax benefits or recorded liabilities over the next twelve months. The unrecognized tax benefits may increase or change during the next year for items that arise in the ordinary course of business.
The Company records interest and penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2023, 2022 and 2021, the Company had approximately $4.0 million, $2.6 million and $3.6 million of interest and penalties, respectively.
The tax return for years 2017 through 2023 remain open to examination for federal and other major domestic taxing jurisdictions and for years 2017 through 2023 for other major foreign jurisdictions.
v3.24.0.1
Segments and Geographic Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segments and Geographic Information Segments and Geographic Information
The Company determines its operating segments based on how its CODM manages the business, allocates resources, makes operating decisions and evaluates operating performance. Beginning in the second quarter of 2022, the Company's two operating and reportable segments are as follows:
•Software Platform: Software Platform generates revenue primarily from fees paid by advertisers for the placement of ads on mobile applications owned by Publishers.
•Apps: Apps generates revenue when a user of one of the Apps makes an in-app purchase ("IAP Revenue") and when clients purchase the digital advertising inventory of the Company's portfolio of Apps ("IAA Revenue").
The CODM evaluates the performance of each operating segment using revenue and segment adjusted EBITDA. The Company defines segment adjusted EBITDA as revenue less expenses, excluding depreciation and amortization and certain items that the Company does not believe are reflective of the operating segments’ core operations. Expenses include indirect costs that are allocated to operating segments based on a reasonable allocation methodology, which are generally related to sales and marketing activities and general and administrative overhead. Revenue and expenses exclude transactions between the Company's operating segments. The CODM does not evaluate operating segments using asset information, and, accordingly, the Company does not report asset information by segment.
The following table provides information about the Company's reportable segments and a reconciliation of the total segment adjusted EBITDA to consolidated income (loss) before income taxes (in thousands). For comparative purposes, amounts in prior periods have been recast:
As of December 31,
202320222021
Revenue:
Software Platform$1,841,762 $1,049,167 $673,952 
Apps1,441,325 1,767,891 2,119,152 
Total Revenue$3,283,087 $2,817,058 $2,793,104 
Segment Adjusted EBITDA:
Software Platform$1,275,705 $808,415 $457,302 
Apps226,953 254,795 269,512 
Total Segment Adjusted EBITDA$1,502,658 $1,063,210 $726,814 
Interest expense and loss on settlement of debt
$(275,665)$(171,863)$(103,170)
Other income (expense), net
7,831 18,647 7,545 
Amortization, depreciation and write-offs(489,008)(547,084)(431,063)
Impairment and loss on disposal of long-lived assets— (127,892)— 
Non-operating foreign exchange gain
1,224 164 1,537 
Stock-based compensation(363,107)(191,612)(135,468)
Acquisition-related expense and transaction bonus(1,047)(21,279)(16,887)
Publisher bonuses— (209,635)(3,227)
MoPub acquisition transition services— (6,999)— 
Restructuring costs(2,316)(10,834)— 
Change in fair value of contingent consideration— — 230 
Income (loss) before provision for tax$380,570 $(205,177)$46,311 
The following table presents long-lived assets by geographic area which consist of property and equipment, net (in thousands):
As of December 31,
20232022
United States$47,612 $25,548 
Germany79,863 32,044 
Netherlands45,307 20,629 
All other countries549 322 
Total property and equipment, net
$173,331 $78,543 
For information regarding revenue disaggregated by geography, see Note 2 - Summary of Significant Accounting Policies
v3.24.0.1
Restructuring
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring RestructuringIn 2022, the Company undertook certain workforce reduction measures and recorded a total restructuring charge of $10.8 million comprising primarily of one-time termination benefits.
v3.24.0.1
Related Party
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party Related Party
KKR Capital Markets, an affiliate of KKR Denali, acted as a joint lead arranger and joint bookrunner for the Credit Agreement. KKR Denali is also one of the Company’s principal stockholders. In 2023, 2022 and 2021 , the Company paid KKR Capital Markets fees of $1.2 million, nil and $2.3 million, respectively, for services rendered in connection with the Credit Agreement.
In March 2021, the Company borrowed $250.0 million under the Revolving Credit Facility (together, the "Revolving Credit Loans"). A lender of the Revolving Credit Loans is an affiliate of KKR Denali, a principal stockholder of the Company. The Company repaid such Revolving Credit Loans in full with the net proceeds from the IPO in April 2021.
In December 2021, the Company completed a secondary offering of 7,500,000 shares of its Class A common stock, at a price of $83.00 per share, with all shares offered by certain of the Company's stockholders, including KKR Denali. The Company made a payment of $5.0 million to KKR Capital Markets in connection with the secondary offering.
In December 2019, the Company purchased 2,475,000 shares and 300,000 shares of the Company’s Class A common stock from the Company’s chief executive officer and from a Company’s Board member, respectively. The chief executive officer is also the Company’s principal stockholder. The fair value of the purchased shares was $14.0 million. The purchase of shares was paid through the issuance of two unsecured 5-year promissory notes with the principal amount of $10.0 million and $1.2 million, respectively. The promissory notes are redeemable upon the earlier of maturity, (ii) immediately prior to an acquisition of the Company as defined in the Company’s 2011 Equity Incentive Plan, or (iii) immediately prior to the Company’s filing an S-1 with the Securities and Exchange Commission. The promissory notes bear interest at a rate of 2% per annum paid annually. Both promissory notes were recorded in other non-current liabilities at the aggregated initial fair value of $9.1 million representing a discount of 19% to its principal amount and resulting in a purchase of the Company’s common stock shares below its fair value. The discount is amortized over a period of five years under the effective interest method with amortization expense included in interest expense. The shares of the Company’s Class A common stock purchased in exchange for the issuance of the promissory note were added to the pool of shares available for the grant under the Company’s 2011 Equity Incentive Plan. The Company recorded the difference between fair value of the shares purchased and the fair value of promissory notes as an increase to additional paid-in capital. In December 2021, the Company repaid both promissory notes and recognized a loss on debt extinguishment of $1.4 million based on the difference between the $11.7 million repayment amount and the carrying value of such promissory notes on the settlement date. The interest expense recognized on this note was not material for the years ended December 31, 2021 and 2020.
In May 2023, the Company repurchased 15,952,381 shares of its Class A common stock from KKR Denali Holdings L.P. ("KKR Denali") in a private transaction at a price per share equal to $21.00, for an aggregate purchase price of $335.0 million under the Company's share repurchase program. In August 2023, the Company repurchased 15,000,000 shares of its Class A common stock from KKR Denali in a private transaction at a price per share equal to $36.85, for an aggregate purchase price of $552.8 million under the Company's share repurchase program.
The Company published a mobile game app developed by a mobile game developer owned by a member of the Company's Board under a game assignment and revenue share agreement entered into in October 2020. The Company made payments to the mobile game developer under this agreement of $0.7 million during the year ended December 31, 2021. Payments for the year ended December 31, 2022 and 2023 were not material.
v3.24.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In February 2024, the Company's Board authorized an increase to the repurchase program of $1.250 billion, such that up to $1.252 billion of Class A common stock may be repurchased.
On February 14, 2024, the Company agreed to invest $50 million in the Series C preferred stock financing of Humans, Inc., the developer of the Flip Shop social shopping app ("Flip Shop"). The Series C financing was led by an existing investor in Flip Shop. Eduardo Vivas, a member of the Company’s Board of Directors, is expected to become the Chief Operating Officer of Flip Shop, and will serve as a member of their board of directors. On a post-investment basis, the Company will hold approximately 4.1% of fully diluted outstanding shares of Flip Shop. On February 14, 2024, Flip Shop entered into a commercial agreement with the Company related to Flip Shop's use of the Company's AXON technology.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net income (loss) $ 356,711 $ (192,746) $ 35,446
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2023
shares
Dec. 31, 2023
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted   false
Non-Rule 10b5-1 Arrangement Terminated   false
Katie Jansen [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On December 8, 2023, Katie Jansen, our Chief Marketing Officer, entered into a Rule 10b5-1 trading plan providing for the potential sale of the net shares (after withholding taxes) of our Class A common stock issuable upon vesting and settlement of 110,321 RSUs granted to Ms. Jansen prior to the adoption of the trading plan. The trading plan is scheduled to be effective until November 30, 2024, or earlier if all transactions under the trading plan are completed. The trading plan is intended to satisfy the affirmative defense in Rule 10b5-1(c).
Name Katie Jansen  
Title Chief Marketing Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 8, 2023  
Arrangement Duration 358 days  
Aggregate Available 110,321 110,321
Basil Shikin [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On November 2, 2023, Basil Shikin, our Chief Technology Officer, terminated a Rule 10b5-1 trading plan, which was previously adopted on March 14, 2023 and intended to satisfy the affirmative defense in Rule 10b5-1(c). The terminated trading plan provided for the potential sale of up to an aggregate of 120,000 shares of our Class A common stock issuable upon the vesting and settlement of RSUs granted to Mr. Shikin. The terminated trading plan was scheduled to be effective from June 13, 2023 until February 23, 2024, or earlier if all transactions under the trading plan were completed.
Name Basil Shikin  
Title Chief Technology Officer  
Adoption Date March 14, 2023  
Rule 10b5-1 Arrangement Terminated true  
Termination Date November 2, 2023  
Aggregate Available 120,000 120,000
Herald Chen [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
In our Quarterly Report on Form 10-Q for the period ending September 30, 2023, we reported that Herald Chen, our then President, Chief Financial Officer and a member of our board of directors, terminated a Rule 10b5-1 trading plan, which he previously adopted on June 14, 2023, that was intended to satisfy the affirmative defense in Rule 10b5-1(c) (the "Chen Plan"). However, the Chen Plan was not terminated during that reporting period. On December 14, 2023, Mr. Chen, modified the Chen Plan, which originally provided for the potential sale of up to an aggregate of 1,200,000 shares of our Class A common stock held by Mr. Chen and was scheduled to be effective from January 1, 2024 until December 31, 2025, or earlier if all transactions under the trading plan were completed. Under the terms of the modification, which did not change the aggregate number of shares subject to potential sale under the plan, the earliest trading date was changed from January 1, 2024 to March 13, 2024 and the end date remains December 31, 2025. As of this Annual Report, Mr. Chen has not sold any shares of our Class A common stock under the original Chen Plan or modified Chen Plan. The modified trading plan is intended to satisfy the affirmative defense in Rule 10b5-1(c).
Name Herald Chen  
Title President, Chief Financial Officer and a member of our board of directors  
Herald Chen, June 2023 Plan [Member] | Herald Chen [Member]    
Trading Arrangements, by Individual    
Adoption Date June 14, 2023  
Termination Date December 14, 2023,  
Herald Chen, December 2023 Plan [Member] | Herald Chen [Member]    
Trading Arrangements, by Individual    
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 14, 2023  
Arrangement Duration 658 days  
Aggregate Available 1,200,000 1,200,000
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation—The accompanying consolidated financial statements have been prepared in conformity with U.S generally accepted accounting principles ("GAAP"). Consolidated financial statements include accounts and operations of the Company and its wholly owned and majority owned subsidiaries, and the ownership interest of minority investors is recorded as noncontrolling interest. In accordance with the provisions of Accounting Standards Codification ("ASC") 810, Consolidation, the Company is also required to consolidate any variable interest entities ("VIE") when it is the primary beneficiary. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with all VIEs on an ongoing basis. All intercompany transactions and balances have been eliminated upon consolidation.
Use of Estimates
Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to fair values of assets and liabilities acquired through acquisitions, useful lives of intangible assets and property and equipment, expected period of consumption of virtual goods, income and indirect taxes, contingent liabilities, evaluation of recoverability of intangible assets and long-lived assets, goodwill impairment, stock-based compensation, fair value of derivatives and other financial instruments. These estimates are inherently subject to judgment and actual results could differ materially from those estimates.
Risk and Uncertainties
Risk and Uncertainties—The Company is subject to risks and uncertainties, including, but not limited to, as a result of the political uncertainty and international conflicts around the world, such as between Russia and Ukraine and in the Middle East, as well as, friction between the United States and China. As of the issuance date of these consolidated financial statements, the Company’s results of operations have not been materially impacted. However, the future impact of these events remains uncertain as the response to and information related to these events is rapidly evolving. A weakened global economy may negatively impact in-app purchasing decisions and consumer buying decisions across the globe generally, which could adversely affect advertiser activity. The full impact of these events on the global economy and the extent to which these events may impact the Company’s business, financial condition, and results of operations in the future remains uncertain. The severity of the impact of the political uncertainty and international conflicts around the world on the Company’s business will depend on a number of factors, including, but not limited to, the duration and severity of these events and the extent and severity of the impact on the Company’s customers, all of which are uncertain and cannot be predicted. The Company’s future results of operations and liquidity could be adversely impacted by delays in payments of outstanding receivable amounts beyond normal payment terms and uncertain demand.
Revenue from Contracts with Customers
Revenue from Contracts with Customers—The Company generates Software Platform and Apps revenue. Software Platform revenue is generated primarily from fees collected from advertisers including advertising networks who use the Software Platform. Apps revenue consists of in-app purchase ("IAP") revenue generated from in-app purchases made by users within the Company’s apps (“Apps”), and in-app advertising ("IAA") revenue generated from third-party advertisers that purchase ad inventory from Apps.
Software Platform Revenue
The vast majority of the Software Platform Revenue is generated through AppDiscovery and MAX, which provide the technology to match advertisers and owners of digital advertising inventory (“Publishers”) via auctions at large scale and microsecond-level speeds. The terms for all mobile advertising arrangements are governed by the Company’s terms and conditions and generally stipulate payment terms of 30 days subsequent to the end of the month. Substantially all of the Company's contracts with customers are fully cancellable at any time or upon a short notice.
The Company’s performance obligation is to provide customers with access to the Software Platform, which facilitates the advertiser’s purchase of ad inventory from Publishers. The Company does not control the ad inventory prior to its transfer to the advertiser, because the Company does not have the substantive ability to direct the use of nor obtain substantially all of the remaining benefits from the ad inventory. The Company is not primarily responsible for fulfillment. The Company is an agent as it relates to the sale of third-party advertising inventory and presents revenue on a net basis. The transaction price is the product of either the number of completions of agreed upon actions or advertisements displayed and the contractually agreed upon price per advertising unit with the advertiser less consideration paid or payable to Publishers. The Company recognizes Software
Platform Revenue when the agreed upon action is completed or when the ad is displayed to users. The number of advertisements delivered and completions of agreed upon actions is determined at the end of each month, which resolves any uncertainty in the transaction price during the reporting period.
Software Platform Revenue also includes revenue generated from Adjust's measurement and analytics marketing platform that is recognized ratably over the subscription period of generally up to twelve months. Revenue from other services under Software Platform was not material.
Apps Revenue
In-App Purchase Revenue
IAP Revenue includes fees collected from users to purchase virtual goods to enhance their gameplay experience. The identified performance obligation is to provide users with the ability to acquire, use, and hold virtual items over the estimated period of time the virtual items are available to the user or until the virtual item is consumed. Payment is required at the time of purchase, and the purchase price is a fixed amount.
Users make IAPs through the Company’s distribution partners. The transaction price is equal to the gross amount charged to users because the Company is the principal in the transaction. IAP fees are non-refundable. Such payments are initially recorded as deferred revenue. The Company categorizes its virtual goods as either consumable or durable. Consumable virtual goods represent goods that can be consumed by a specific player action in gameplay; accordingly, the Company recognizes revenue from the sale of consumable virtual goods as the goods are consumed. Durable virtual goods represent goods that are accessible to the user over an extended period of time; accordingly, the Company recognizes revenue from the sale of durable virtual goods ratably over the period of time the goods are available to the user, which is generally the estimated average user life (“EAUL”).
The EAUL represents the Company’s best estimate of the expected life of paying users for the applicable game. The EAUL begins when a user makes the first purchase of durable virtual goods and ends when a user is determined to be inactive. The Company determines the EAUL on a game-by-game basis. For a newly launched game with limited playing data, the Company determines its EAUL based on the EAUL of a game with sufficiently similar characteristics.
The Company determines the EAUL on a quarterly basis and applies such calculated EAUL to all bookings in the respective quarter. Determining the EAUL is subjective and requires management’s judgment. Future playing patterns may differ from historical playing patterns, and therefore the EAUL may change in the future. The EAULs are generally between 5 and 10 months.
In-App Advertising Revenue
IAA Revenue is generated by selling ad inventory on the Company's Apps to third-party advertisers. Advertisers purchase ad inventory either through the Software Platform or through third-party advertising networks (“Ad Networks”). Revenue from the sale of ad inventory through Ad Networks is recognized net of the amounts retained by Ad Networks as the Company is unable to determine the gross amount paid by the advertisers to Ad Networks. The Company recognizes revenue when the ad is displayed to users.
The Company presents taxes collected from customers and remitted to governmental authorities on a net basis.
Contract Balances
Contract liabilities consist of deferred revenue, which are recorded for payments received in advance of the satisfaction of performance obligations. During the years ended December 31, 2023 and 2022, the Company recognized $63.6 million and $78.6 million of revenue that was included in deferred revenue as of December 31, 2022 and 2021, respectively.
Unsatisfied Performance Obligations
Substantially all of the Company’s unsatisfied performance obligations relate to contracts with an original expected length of one year or less.
Publisher Bonuses
In the first quarter of 2022, the Company paid or promised to pay a total of $209.6 million in bonuses to publishers consisting primarily of non-recurring bonuses to migrate publishers to MAX, the Company's own in-app mediation platform. The Company accounted for such publisher bonuses as a reduction to revenue since the publishers receiving such bonuses are also customers of the Company.
Cash and Cash Equivalents and Restricted Cash Equivalents
Cash and Cash Equivalents—Cash and cash equivalents primarily consist of cash on deposit with banks and investments in money market funds with maturities of 90 or less from the date of purchase.
Restricted Cash Equivalents—The Company classifies cash equivalents that are legally or contractually restricted for withdrawal or usage as restricted cash equivalents. Restricted cash equivalents as of December 31, 2021 consisted of investments in certain money market fund of funds held in an escrow account related to the MoPub acquisition, which was closed in January 2022. The Company had no restricted cash equivalents as of December 31, 2023 or 2022.
Non-Marketable Equity Investments
Non-Marketable Equity Investments—Non-marketable equity securities are investments without readily determinable fair values that are recorded using a measurement alternative measured at cost less any impairment, plus or minus changes resulting from qualifying observable price changes. An impairment loss is recorded when an event or circumstance indicates a decline in value has occurred. For certain of these securities, the Company has elected to apply the net asset value (NAV) practical expedient. The NAV is the estimated fair value of these investments. See Note 3, Fair Value Measurements for additional information.
Accounts Receivable, net Accounts Receivable, net—The Company records accounts receivable at the invoiced amount, net of allowance for potentially uncollectible amounts. The Company reviews accounts receivable periodically and estimates the allowance based on known troubled accounts, historical experience, and other currently available evidence. As of December 31, 2023 and 2022, the allowance for uncollectible amounts was not material.
Derivatives Derivatives—The Company accounts for derivative instruments at fair value within its consolidated balance sheets, and the accounting treatment for each derivative is based on its hedge designation. The Company does not enter into derivative instruments for trading or speculative purposes. Changes in the fair value of derivatives that are designated as cash flow hedges are recorded within accumulated other comprehensive income (loss) until earnings are affected by the variability of cash flows. Changes in the fair value of non-designated derivatives are recorded immediately through earnings. The Company’s policy for classifying cash flows from derivatives is to report the cash flows consistent with the underlying hedged item.
Fair Value of Financial Instruments
Fair Value of Financial Instruments—The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows:
Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2—Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly.
Level 3—Unobservable inputs of which there is little or no market data, which require the Company to develop its own assumptions.
Concentration of Credit Risk and Uncertainties
Concentration of Credit Risk and Uncertainties—The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company maintains its cash and cash equivalents with large, reputable financial institutions in amounts which exceed Federal Deposit Insurance Corporation limits.
The Company performs ongoing credit evaluations of its customers and generally requires no collateral for its accounts receivable.
No individual customer represented 10% or more of the Company’s accounts receivable as of December 31, 2023. One customer represented 12% of the Company's accounts receivable as of December 31, 2022, which was collected in full during the first quarter of 2023.
The Company also uses various distribution partners to collect payments for IAPs made by users within Apps. No individual distribution partner represented 10% or more of the Company's accounts receivable as of December 31, 2023 and 2022.
No individual customer represented 10% or more of the Company’s revenue during the years ended December 31, 2023, 2022 and 2021.
Property and Equipment, net
Property and Equipment, net—Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which is as follows:
Useful Life
Computer equipment
3-5 years
Software and licenses
3 years
Furniture and fixtures
3-5 years
Leasehold improvements
Over the shorter of useful life (up to 10 years) or lease term
When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in operations in the period realized. Maintenance and repairs are charged to operations as incurred.
Leases
Leases—Leases consist of real estate property, network and other equipment. The Company determines if an arrangement is or contains a lease at inception. Operating and finance lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments consist primarily of the fixed payments under the arrangement, less any lease incentives. The Company generally uses an incremental borrowing rate estimated based on the information available at the lease commencement date or on the date of lease modification, if applicable, to determine the present value of lease payments unless the implicit rate is readily determinable. Operating lease costs are recognized on a straight-line basis over the lease terms. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease terms.
The Company accounts for lease and non-lease components as a single lease component of contracts for real estate property leases and does not recognize right-of-use assets and lease liabilities for leases with a term of 12 months or less. Generally, the lease term is based on non-cancelable lease term when determining the lease assets and liabilities. The lease terms may include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Payments under our lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the lease right-of-use assets and liabilities. Variable lease payments are primarily comprised of real estate taxes, common area maintenance, and insurance.
Deferred Offering Costs Deferred Offering Costs—Deferred offering costs, which consist primarily of accounting, legal and other fees directly attributable to the Company’s initial public offering (“IPO”), were initially capitalized in other assets on the Company’s consolidated balance sheets. After the completion of the IPO, the Company presented deferred offering costs in stockholders’ equity as a reduction of the IPO proceeds.
Segment Reporting Segment Reporting—The Company's chief operating decision maker (“CODM”) is the Chief Executive Officer ("CEO") who manages the business, allocates resources and assesses operating performance based on financial information presented for each of the two operating segments: Software Platform and Apps. Both operating segments are also individual reportable segments. For information regarding reportable segments, see Note 14 - Segments and Geographic Information.
Asset Acquisitions and Business Combinations
Asset Acquisitions and Business Combinations—The Company performs an initial test to determine whether substantially all of the fair value of the gross assets transferred are concentrated in a single identifiable asset or a group of similar identifiable assets, such that the acquisition would not represent a business. If that test suggests that the set of assets and activities is a business, the Company then performs a second test to evaluate whether the assets and activities transferred include inputs and substantive processes that together, significantly contribute to the ability to create outputs, which would constitute a business. If the result of the second test suggests that the acquired assets and activities constitute a business, the Company accounts for the transaction as a business combination.
For transactions accounted for as business combinations, the Company allocates the fair value of acquisition consideration to the identifiable assets acquired and liabilities assumed based on their estimated fair value. Acquisition consideration includes the fair value of any promised contingent consideration. The excess of the fair value of acquisition consideration over the fair value of identifiable assets acquired and liabilities assumed is recorded as goodwill. Contingent consideration is remeasured to its fair value each reporting period with changes in the fair value of contingent consideration recorded in general and administrative expenses. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates and assumptions in valuing certain identifiable intangible assets include, but are not limited to, forecasted revenue and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. In certain circumstances, the allocations of the excess purchase price are based upon preliminary estimates and assumptions and subject to revision when the Company receives final information, including appraisals and other analyses. During the measurement period, which is one year from the acquisition date, the Company may
record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. Acquisition-related costs are expensed as incurred.
For transactions accounted for as asset acquisitions, the cost, including certain transaction costs, is allocated to the assets acquired on the basis of relative fair values. The Company generally includes contingent consideration in the cost of the assets acquired only when the uncertainty is resolved. The Company amortizes contingent consideration adjustments to the cost of the acquired assets prospectively using the straight-line method over the remaining useful life of the assets. No goodwill is recognized in asset acquisitions.
Services and Development Agreements
Services and Development Agreements—The Company enters into strategic agreements with third-party mobile gaming studios. The Company has historically allowed these studios to continue their operations with a significant degree of autonomy. In some cases, the Company bought Apps from these studios and entered into service and development agreements whereby these studios provide support in improving existing Apps and developing new Apps. The substantial majority of payments associated with service agreements for existing Apps are expensed to research and development when the services are rendered as the payments primarily relate to developing enhancements for the Apps. Payments for new Apps associated with development agreements are generally made in connection with the development of a particular App, and therefore, the Company is subject to development risk prior to the release of the App. Accordingly, payments that are due prior to completion of an App are generally expensed to research and development over the development period as the services are incurred. Payments due after completion of an App are generally capitalized and expensed as cost of revenue. For additional information, see Note 6 - Acquisitions and Dispositions.
Software Development Costs
Software Development Costs—The Company incurs development costs related to internal-use software and Apps. Development costs meet the criteria for capitalization once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. Software development costs that meet the capitalization criteria were not material for the periods presented.
Goodwill
Goodwill—The Company tests goodwill for impairment at the reporting unit level on an annual basis during the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. A qualitative assessment is performed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, the Company compares the carrying value of the reporting unit, including goodwill, to its fair value. A goodwill impairment loss is recognized for the amount that the carrying value of the reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. No goodwill impairment loss was recorded during the year ended December 31, 2023, 2022 and 2021.
Intangible Assets
Intangible Assets—Intangible assets consist primarily of Apps, user base, developed technology, customer relationships and certain intellectual property licenses resulting from acquisitions. Intangible assets are amortized over the period of estimated benefit using the straight-line method. The Company's estimates of useful lives of intangible assets are based on cash flow forecasts which incorporate various assumptions, including forecasted user acquisition costs, user attrition rates and level of user engagement.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets—The Company reviews long-lived assets that are held and used for impairment whenever events or changes in circumstances indicate the carrying value of an asset or asset group may not be recoverable. If such indicators are present, the Company assesses the recoverability of the asset or asset group by comparing its carrying value to the undiscounted future cash flows expected to be generated by the asset or asset group. If the future undiscounted cash flows are less than the carrying value of the asset or asset group, an impairment charge is recognized by the amount by which the carrying value of the asset or asset group, exceeds its estimated fair value. There were no material impairment charges related to long-lived assets that are held and used for the years ended December 31, 2023, 2022 and 2021.
The Company classifies an asset as held for sale when management commits to a formal plan to actively market the asset for sale at a price reasonable in relation to fair value, the asset is available for immediate sale in its present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the asset and the transfer is expected to be completed within one year and it is unlikely that significant changes will be made to the plan. Upon classification as held for sale, the Company recognizes the asset at the lower of its carrying value or its estimated fair value, less costs to sell. In addition, the Company ceases to record depreciation or amortization for assets that are classified as held for sale. During the year ended December 31, 2022, the Company classified certain assets within the Apps reportable segment as held for sale and recognized a total impairment charge of $53.0 million, representing the excess of the assets' carrying value over their estimated fair value, less cost to sell, in cost of revenue in the Company's consolidated statements of operations. As of December 31, 2022, the carrying value of assets held for sale was not material. No assets were classified as held for sale in 2023 or 2021.
Cost of Revenue
Cost of Revenue—Cost of revenue consists primarily of third-party payment processing fees related to IAP Revenue and charged by various distribution partners, amortization of intangible assets related to acquired technology and Apps, amortization of finance lease right-of-use assets related to certain servers and networking equipment and costs for third-party cloud service providers.
Sales and Marketing
Sales and Marketing—Sales and marketing expenses consist primarily of user acquisition costs, amortization of acquired customer-related intangible assets, and personnel costs. Advertising costs, which consist primarily of user acquisition costs, are
expensed as incurred. Advertising costs totaled $539.4 million, $665.9 million, and $983.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Research and Development Research and Development—Research and development expenses consist primarily of personnel costs and third-party costs for development of Apps.
General and Administrative General and Administrative—General and administrative expenses consist primarily of personnel costs of the Company’s finance, accounting, legal, human resources, and other administrative functions, third-party professional service costs, provision for expected credit losses, software, facilities costs and other administrative costs.
Stock-Based Compensation
Stock-Based Compensation—The Company accounts for stock-based compensation based on the fair value of stock-based awards as of the grant date. The Company recognizes the fair value as stock-based compensation expense following the straight-line attribution method over the requisite service period for restricted stock units ("RSUs") and stock options, and over the offering period for purchase rights issued under the Employee Stock Purchase Plan ("ESPP"). Stock-based compensation expense for performance-based RSUs (“PSUs”) with a market condition is recognized ratably on a tranche-by-tranche basis using the accelerated attribution method over the respective derived service period, unless the market condition is satisfied earlier. The Company accounts for forfeitures for all awards as they occur.
The fair value of RSUs is estimated on the date of grant based on the closing price of the Company's publicly traded Class A common stock on the date of grant.
The Company determines the fair value of PSUs with market conditions using the Monte Carlo simulation pricing model. This requires the input of assumptions, including the expected stock volatility, the risk-free interest rate, the expected dividend yield and the discount for post-vesting restrictions, as applicable.
The Company determines the fair value of stock options and purchase rights under the ESPP using the Black-Scholes option-pricing model. This requires the input of assumptions, including the expected term, the expected stock volatility, the risk-free interest rate, and the expected dividend yield.
For awards that are liability classified, the Company updates the grant date fair value at each reporting period. Liability-classified awards are reclassified to equity upon settlement in shares of the Company’s common stock.
Income Taxes
Income Taxes—The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
The Company recognizes deferred tax assets to the extent that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax asset valuation allowance would be made to reduce the provision for income taxes.
The Company records uncertain tax positions on the basis of a two-step process in which determinations are made (1) whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position; and (2) for those tax positions that meet the more- likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with a tax authority.
The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included on the related tax liability line in the consolidated balance sheets.
Foreign Currency Transactions
Foreign Currency Transactions—Generally, the functional currency of our international subsidiaries is the U.S. dollar. In cases where the functional currency is not the U.S. dollar, the Company translates the financial statements of these subsidiaries to U.S. dollars using the exchange rate at the balance sheet date for assets and liabilities, and average exchange rates during the period for revenue and expenses. The Company records translation gains and losses in accumulated other comprehensive income (loss) as a component of stockholders’ equity. The Company reflects foreign exchange transaction gains and losses resulting from the conversion of the transaction currency to functional currency as a component of other income (expense), net.
Comprehensive Income (Loss)
Comprehensive Income (Loss)—Comprehensive income (loss) is composed of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of foreign currency translation adjustments.
Net Income (Loss) Per Share Attributable to Common Stockholders
Net Income (Loss) Per Share Attributable to Common Stockholders—Basic and diluted net income (loss) per share attributable to common stockholders is presented under the two-class method required for participating securities. The Company considers convertible preferred stock, options exercised in exchange for nonrecourse promissory notes, early exercised unvested stock options, unvested restricted stock awards and common stock subject to certain share repurchase agreements to be participating securities. Under the two-class method, the net loss attributable to common stockholders is not allocated to participating securities as the holders of these instruments do not have a contractual obligation to share in the Company’s losses. Net income is attributed to common stockholders and participating securities based on the respective participation rights.
Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the effect of potentially dilutive impact of securities.
Share Repurchases
Share Repurchases—The Company retires its Class A common stock upon repurchase, and records any excess of the cost of the repurchased shares over their par value as a reduction to additional paid-in capital, or in the absence of additional paid-in capital, to accumulated deficit.
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Issued and Adopted)—In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and requires specific disclosures for equity securities subject to contractual sale restrictions. The Company adopted this ASU on January 1, 2023 with no material impact on its consolidated financial statements.
Recent Accounting Pronouncements (Issued and Not Yet Adopted)—In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. The amendments will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments must be applied retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures, which requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments will be effective for annual periods beginning after December 15, 2024. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Revenue Disaggregated by Type
The following table presents revenue disaggregated by segment and type (in thousands):
Year Ended
December 31,
202320222021
Software Platform Revenue$1,841,762 $1,049,167 $673,952 
In-App Purchases Revenue989,007 1,179,133 1,458,595 
In-App Advertising Revenue452,318 588,758 660,557 
Total Apps Revenue1,441,325 1,767,891 2,119,152 
Total Revenue$3,283,087 $2,817,058 $2,793,104 
Schedule of Revenue Disaggregated by Geography
Revenue disaggregated by geography, based on user location, consists of the following (in thousands):
Year Ended
December 31,
202320222021
United States$1,970,856 $1,728,958 $1,687,080 
Rest of the World1,312,231 1,088,100 1,106,024 
Total Revenue$3,283,087 $2,817,058 $2,793,104 
Schedule of Estimated Useful Life of Property and Equipment Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which is as follows:
Useful Life
Computer equipment
3-5 years
Software and licenses
3 years
Furniture and fixtures
3-5 years
Leasehold improvements
Over the shorter of useful life (up to 10 years) or lease term
Property and equipment, net consists of the following (in thousands):
December 31,
20232022
Computer equipment$219,729 $106,215 
Leasehold improvements17,553 17,380 
Furniture and fixtures4,144 3,650 
Software and licenses3,911 156 
Total property and equipment245,337 127,401 
Less: accumulated depreciation(72,006)(48,858)
Total property and equipment, net$173,331 $78,543 
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments that were Measured at Fair Value by Level within the Fair Value Hierarchy on a Recurring Basis
The following table sets forth the Company’s financial instruments that were measured at fair value by level within the fair value hierarchy on a recurring basis as of the dates indicated (in thousands):
As of December 31, 2023
Balance Sheet LocationTotalLevel 1Level 2Level 3
Financial Assets:
Money market deposit accounts
Cash and cash equivalents$1,352 $1,352 $— $— 
Total financial assets$1,352 $1,352 $— $— 
As of December 31, 2022
Balance Sheet LocationTotalLevel 1Level 2Level 3
Financial Assets:
Money market funds1
Cash and cash equivalents$604,399 $604,399 $— $— 
Interest rate swapPrepaid expenses and other current assets7,319 — 7,319 — 
Total financial assets$611,718 $604,399 $7,319 $— 
(1) Includes balances in money market deposit accounts of $524.2 million as of December 31, 2022.
v3.24.0.1
Supplemental Financial Statement Information (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Property and Equipment, Net Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which is as follows:
Useful Life
Computer equipment
3-5 years
Software and licenses
3 years
Furniture and fixtures
3-5 years
Leasehold improvements
Over the shorter of useful life (up to 10 years) or lease term
Property and equipment, net consists of the following (in thousands):
December 31,
20232022
Computer equipment$219,729 $106,215 
Leasehold improvements17,553 17,380 
Furniture and fixtures4,144 3,650 
Software and licenses3,911 156 
Total property and equipment245,337 127,401 
Less: accumulated depreciation(72,006)(48,858)
Total property and equipment, net$173,331 $78,543 
Schedule of Accrued Liabilities
Accrued and other current liabilities consist of the following (in thousands):
December 31,
2023
2022
Tax accruals and withholdings$141,854 $81,957 
Compensation and related liabilities48,263 24,302 
Accrued expenses and other62,085 41,542 
Total accrued and other current liabilities$252,202 $147,801 
v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Purchase Commitments
Future minimum payments under these non-cancelable purchase commitments with a remaining term in excess of one year were as follows (in thousands):
2024$160,159 
202587,450
20263,276
20271,078
2028— 
Total non-cancelable purchase commitments
$251,963 
v3.24.0.1
Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of the Fair Value of Identifiable Assets Acquired and Liabilities Assumed
The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed (in thousands):
Cash and cash equivalents$400 
Accounts receivable and other current assets15,194 
Intangible assets
Customer Relationships—estimated useful life of 15 years
41,000 
Developed Technology—estimated useful life of 6 years
60,500 
Tradename—estimated useful life of 10 years
14,700 
Goodwill264,149 
Property and equipment, net363 
Other assets159 
Accounts payable, accrued liabilities and other current liabilities(12,854)
Deferred revenue(209)
Deferred income tax liability(5,235)
Total purchase consideration$378,167 
The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired (in thousands):
Intangible assets
Advertiser Relationships—estimated useful life of 9 years
$212,700 
Publisher Relationships—estimated useful life of 9 years
123,300 
Developed Technology—estimated useful life of 5 years
61,800 
Tradename—estimated useful life of 3 months
60 
Goodwill632,472 
Total purchase consideration$1,030,332 
Schedule of Supplemental Pro Forma Information
The unaudited supplemental pro forma information below presents the combined historical results of operations of the Company, the MoPub Business, Wurl and Adjust (an acquisition completed in 2021) for each of the periods presented as if the MoPub business and Wurl had been acquired as of January 1, 2021 and Adjust had been acquired as of January 1, 2020 (in thousands):
Year Ended December 31,
20222021
Revenue
$2,826,090 $3,036,661 
Net income (loss)
$(184,317)$25,940 
The unaudited supplemental pro forma information above includes the following adjustments to net income (loss) in the appropriate pro forma periods (in thousands):
Year Ended December 31,
20222021
An (increase) in amortization expense related to the fair value of acquired identifiable intangible assets, net of the amortization expense already reflected in actual historical results$(3,512)$(73,121)
A decrease (increase) in expenses related to the TSA$7,000 $(7,000)
A net increase in revenue related to fair value adjustment$— $1,902 
A decrease (increase) in expenses related to transaction expenses$16,899 $(7,341)
An (increase) in interest cost$— $(2,641)
A decrease in expenses related to transaction bonuses$1,101 $8,899 
An (increase) due to replacement stock awards$(1,221)$(10,145)
An (increase) decrease in income tax provision$(4,654)$20,535 
v3.24.0.1
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Activity
The following table presents the changes in the carrying amount of goodwill by reporting unit (in thousands):
Software PlatformAppsTotal
December 31, 2021$966,427 
Additions
891,387 
Foreign currency translation
(38,710)
Segment allocation in the second quarter of 2022$1,473,474 $345,630 1,819,104 
Additions
5,281 — 5,281 
Foreign currency translation
(519)(111)(630)
December 31, 20221,478,014 345,741 1,823,755 
Additions— — — 
Foreign currency translation
19,095 — 19,095 
December 31, 2023$1,497,109 $345,741 $1,842,850 
Schedule of Intangible Assets Acquired Net
Intangible assets, net consisted of the following (in thousands):
Weighted-
Average
Remaining
Useful Life
(Years)		As of December 31, 2023As of December 31, 2022
Gross
Carrying
Value		Accumulated
Amortization		Net Book
Value		Gross
Carrying
Value		Accumulated
Amortization		Net Book
Value
Apps3.8$1,818,907 $(1,152,611)$666,296 $1,790,820 $(836,375)$954,445 
Customer relationships8.2519,175 (111,374)407,801 515,084 (58,881)456,203 
User base2.368,817 (46,874)21,943 68,817 (37,122)31,695 
License asset2.059,207 (31,003)28,204 59,207 (16,901)42,306 
Developed technology3.6207,900 (88,716)119,184 206,060 (53,879)152,181 
Other3.871,196 (21,989)49,207 53,933 (13,103)40,830 
Total intangible assets
$2,745,202 $(1,452,567)$1,292,635 $2,693,921 $(1,016,261)$1,677,660 
Schedule of Finite-Lived Intangible Assets, Amortization Expense
The Company recorded amortization expenses related to acquired intangible assets as follows (in thousands):
Year Ended December 31,
202320222021
Cost of revenue$382,956 $448,462 $373,726 
Sales and marketing67,190 66,173 22,661 
Total$450,146 $514,635 $396,387 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of December 31, 2023, the expected future amortization expense related to acquired intangible assets is estimated as follows (in thousands):
2024$295,810 
2025295,810 
2026274,394 
2027216,621 
202849,450 
Thereafter160,550 
Total$1,292,635 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Operating Lease Assets and Liabilities
The table below presents the operating lease-related assets and liabilities (in thousands):
Year Ended December 31,
Balance Sheet Classification20232022
Operating lease right-of-use assets$48,210 $60,379 
Current operating lease liabilities$13,605 $14,334 
Non-current operating lease liabilities$42,905 $54,153 
Weighted-average remaining term (years)4.14.9
Weighted-average discount rate5.2 %5.1 %
Schedule of Lease, Cost
The table below presents certain information related to the lease costs for operating leases which are allocated to cost of revenue, sales and marketing, research and development, and general and administrative expenses (in thousands):
Year Ended December 31,
202320222021
Operating lease cost$16,674 $20,783 $28,676 
Short-term lease cost1,406 1,272 9,683 
Variable lease cost4,923 1,419 7,862 
Total lease cost$23,003 $23,474 $46,221 
Schedule of Finance Lease Assets and Liabilites
The table below presents the finance lease-related assets and liabilities (in thousands):
Year Ended December 31,
20232022Balance Sheet Classification
Finance lease right-of-use assets$159,414 $65,187 Property and equipment, net
Current finance lease liabilities$19,683 $22,304 
Accrued and other current liabilities
Non-current finance lease liabilities$144,174 $44,736 Other non-current liabilities
Weighted-average remaining term (years)7.03.4
Weighted-average discount rate5.6 %5.0 %
Schedule of Operating Sublease
For the years ended December 31, 2023 and 2022, the Company has the following operating sublease information (in thousands):
Year Ended December 31,
20232022
Fixed sublease expense$627 $4,736 
Variable sublease expense153 1,023 
Sublease income(597)(5,334)
Variable sublease income(153)(1,023)
Net sublease (income) loss$30 $(598)
Schedule of Lease Liability Maturity
Undiscounted cash flow—The tables below reconcile the undiscounted cash flows for each of the first five years and total of the remaining years to the operating and finance lease liabilities recorded in the consolidated balance sheets (in thousands):
As of December 31, 2023
Operating
Leases		Finance
Leases		Total
2024$16,046 $27,511 $43,557 
202515,531 27,471 43,002 
202613,906 27,448 41,354 
202711,368 27,446 38,814 
20284,802 27,446 32,248 
Thereafter694 54,893 55,587 
Total lease payments62,347 192,215 254,562 
Less: amount representing interest(5,837)(28,358)(34,195)
Present value of future lease payments56,510 163,857 220,367 
Less: current obligations under leases(13,605)(19,683)(33,288)
Non-current lease obligations$42,905 $144,174 $187,079 
v3.24.0.1
Credit Agreement (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table presents the amount of interest expense recognized relating to the contractual interest expense, the amortization of the debt discount and issuance costs, and loss on debt extinguishment with respect to the Company's term loans, for the years ended December 31, 2023, 2022, and 2021 (in thousands):
Year Ended December 31,
202320222021
Contractual interest expense
$262,607 $162,150 $70,882 
Amortization of debt discount and issuance costs8,256 9,887 7,442 
Loss on debt extinguishment 4,337 — 16,852 
Total interest expense from term loans
$275,200 $172,037 $95,176 
Schedule of Future Maturities of Long-Term Debt
The aggregate future maturities of long-term debt as of December 31, 2023 are as follows (in thousands):
2024$30,000 
202530,000
202630,000
202730,000
20281,428,750
Thereafter1,417,500
Total outstanding term loan principal$2,966,250 
Revolver credit facility185,000 
Unaccreted discount and debt issuance costs(30,344)
Total debt$3,120,906 
Less: short-term debt215,000
Long-term debt$2,905,906 
v3.24.0.1
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Arrangement, Performance Shares, Outstanding Activity
The following table presents the number of PSUs that are eligible to vest based on the achievement of the respective stock price targets for each of Mr. Foroughi, Mr. Shikin and the Additional Participants (in aggregate):
PSUs Eligible to Vest
Company Stock Price TargetAdam ForoughiVasily ShikinAdditional Participants
(in aggregate)
$36.00 1,380,400 1,380,400 690,200 
$46.75 1,380,400 1,380,400 690,200 
$57.50 1,380,400 1,380,400 690,200 
$68.25 1,380,400 1,380,400 690,200 
$79.00 1,380,400 1,380,400 690,200 
6,902,000 6,902,000 3,451,000 
A summary of the PSU activities is as follows (in thousands, except share and per share data):
Number of Performance Stock UnitsWeighted
Average
Grant Date
Fair Value		Aggregate Intrinsic Value
Balances at December 31, 2022— $— $— 
Granted17,255,000 7.20 
Vested(3,451,000)7.20 
Balances at December 31, 202313,804,000 $7.20 $550,089 
Schedule of Weighted Average Assumptions Used, PSUs
The following assumptions were used to estimate the fair value of PSUs:
Year Ended December 31,
2023
Stock price on the date of grant
$12.41 - $16.43
Expected volatility
73.76% - 73.95%
Risk-free interest rate
3.58% - 3.60%
Discount for lack of marketability
20.43% - 20.65%
Dividend yield
0%
Schedule of Outstanding Restricted Stock Awards Activity
A summary of the RSU activities is as follows (in thousands, except share and per share data):
Number of Restricted Stock UnitsWeighted
Average
Grant Date
Fair Value		Aggregate Intrinsic Value
Balances at December 31, 202215,616,743 $29.87 $164,444 
Granted8,230,406 25.11 
Vested(13,668,092)18.89 
Cancelled(969,748)36.14 
Balances at December 31, 20239,209,309 $41.14 $366,991 
Schedule of Weighted Average Assumptions Used
The weighted-average assumptions used to estimate the fair value of shares to be issued under the ESPP are as follows:
Year Ended December 31,
202320222021
Weighted-average expected term1.251.251.25
Expected volatility62 %62 %44 %
Risk-free interest rate4.94 %3.35 %0.17 %
Dividend yield0 %0 %0 %
The weighted-average assumptions used to estimate the fair value of stock options granted are as follows:
Year Ended December 31,
20232021
Weighted-average expected term5.465.21
Expected volatility69 %43 %
Risk-free interest rate4.21 %0.48 %
Dividend yield0 %0 %
Schedule of Stock Options Activity Under the Plan
A summary of the stock option activities is as follows (in thousands, except share and per share data):
Number of
Options		Weighted
Average
Exercise
Price Per
Share		Weighted
Average
Remaining
Contractual
Term (Years)
Balances at December 31, 202212,715,804 $6.38 6.8
Granted31,074 25.55 
Exercised(2,826,105)7.40 
Forfeited(106,141)9.43 
Balances at December 31, 20239,814,632 $6.11 5.8
Vested and exercisable at December 31, 20239,402,839 $5.87 5.7
Vested and expected to vest at December 31, 20238,437,259 $6.57 6.0
Schedule of Stock-based Payment Arrangement Expenses
The Company recognized stock-based compensation expense for all equity awards for the periods indicated as follows (in thousands):
Year Ended December 31,
202320222021
Cost of revenue$5,229 $6,307 $2,335 
Sales and marketing79,879 41,533 15,224 
Research and development230,806 94,319 63,344 
General and administrative47,193 49,453 52,274 
Total stock-based compensation expense$363,107 $191,612 $133,177 
v3.24.0.1
Net Income (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the years ended December 31, 2023, 2022 and 2021 (in thousands, except share and per share data):
Year Ended December 31,
202320222021
BASIC EPS
Numerator:
Net income (loss)$356,711 $(192,746)$35,446 
Less:
Income attributable to convertible preferred stock— — (3,209)
Income attributable to options exercises by promissory notes(1,412)— (387)
Income attributable to unvested early exercised options(23)— (95)
Income attributable to common stock subject to share repurchase agreements
(334)— — 
Income attributable to unvested RSA's— — (52)
Net income (loss) attributable to Class A and Class B common stockholders
$354,942 $(192,746)$31,703 
Denominator:
Weighted-average shares used in computing net income (loss) per share: Basic 351,952,187 371,568,011 324,836,076 
Net income (loss) per share attributable to common stock: Basic$1.01 $(0.52)$0.10 
DILUTED EPS
Numerator:
Net income (loss)$356,711 $(192,746)$35,446 
Less:
Income attributable to convertible preferred stock— — (3,058)
Income attributable to options exercises by promissory notes(1,371)— (369)
Income attributable to unvested early exercised options(23)— (91)
Income attributable to common stock subject to share repurchase agreements
(324)— — 
Income attributable to unvested RSA's— — (49)
Net income (loss) attributable to Class A and Class B common stockholders$354,993 $(192,746)$31,879 
Denominator:
Weighted-average shares used in computing net income (loss) per share: Basic351,952,187 371,568,011 324,836,076 
Weighted-average dilutive stock options, RSUs, and convertible security10,637,059 — 17,927,556 
Weighted-average shares used in computing net income (loss) per share: Diluted362,589,246 371,568,011 342,763,632 
Net income (loss) per share attributable to common stock: Diluted$0.98 $(0.52)$0.09 
Schedule of Antidilutive Potential Common Shares
The following table presents the forms of antidilutive potential common shares:
Year Ended December 31,
202320222021
Stock options exercised for promissory notes1,399,999 1,399,999 2,884,999 
Early exercised stock options3,147 99,372 487,000 
Unvested RSAs— — 181,737 
Stock options115,229 11,315,805 — 
Unvested RSU3,340,992 15,616,743 291,093 
ESPP1,917 856,811 246,246 
Total antidilutive potential common shares4,861,284 29,288,730 4,091,075 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Net Income (Loss) Before Income Taxes
Net income (loss) before income taxes for the years ended December 31, 2023, 2022 and 2021, includes the following components (in thousands):
Year Ended December 31,
202320222021
U.S.
$14,911 $8,660 $193,161 
Foreign
365,659 (213,837)(146,850)
Net income (loss) before income taxes
$380,570 $(205,177)$46,311 
Schedule of Provision for (Benefit from) Income Taxes
Provision for (benefit from) income taxes for the years ended December 31, 2023, 2022 and 2021 consist of the following (in thousands):
Year Ended December 31,
202320222021
Current:
Federal$46,515 $74,843 $64,585 
State
12,407 13,548 10,234 
Foreign
47,309 1,548 1,914 
106,231 89,939 76,733 
Deferred:
Federal(65,476)(74,588)(52,162)
State
(6,454)(6,718)(2,394)
Foreign
(10,442)(20,863)(11,204)
(82,372)(102,169)(65,760)
Total provision for (benefit from) income taxes.
$23,859 $(12,230)$10,973 
Schedule of Reconciliation of Federal Statutory Income Tax Rate to the Effective Income Tax Rate
The reconciliation of federal statutory income tax rate to the effective income tax rate is as follows (in thousands):
Year Ended December 31,
202320222021
Tax provision (benefit) at U.S. federal statutory rate$79,920 $(43,034)$9,725 
State income taxes, net of federal benefit(5,259)(1,356)1,866 
Foreign income taxed at different rates(39,171)27,114 10,563 
Global intangible low-taxed income19,417 2,917 — 
Stock-based compensation(3,793)22,064 (8,807)
Capital loss(2,121)(14,687)— 
Foreign-derived intangible income(20,569)(17,667)(10,477)
Research and development credits(25,128)(11,803)(6,193)
Foreign income inclusion919 357 (2,622)
Change in valuation allowance15,182 21,061 15,905 
Return to Provision3,223 (1,323)(951)
Other1,239 4,127 1,964 
Total provision for (benefit from) income taxes$23,859 $(12,230)$10,973 
Schedule of Current and Deferred Tax Assets and Liabilities
The following summarizes the current and deferred tax assets and liabilities (in thousands):
As of December 31,
20232022
Deferred tax assets:
Accrued expenses and reserves$12,558 $7,139 
Stock-based compensation11,169 7,439 
Tax credit carryforwards22,896 11,474 
Net operating loss24,817 30,144 
Identified intangibles24,284 2,820 
Operating lease liability10,201 13,884 
Other comprehensive income24,540 30,186 
Foreign tax deduction7,560 9,137 
Capital loss17,688 17,125 
Capitalized R&D expenses142,386 78,315 
Valuation allowance(55,822)(40,640)
Total deferred tax assets242,277 167,023 
Deferred tax liabilities:

Depreciation and amortization(1,587)(1,976)
Operating lease right-of-use assets(6,808)(14,107)
Other(6,909)(693)
Total deferred tax liabilities(15,304)(16,776)
Net deferred tax assets$226,973 $150,247 
Schedule of Activity Related to the Gross Unrecognized Tax Benefits
The following table summarizes the activity related to the gross unrecognized tax benefits (in thousands):
As of December 31,
202320222021
Balance at beginning of year
$19,052 $18,456 $14,401 
Increases related to prior year positions
3,522 — 5,027 
Decreases related to prior year positions— (2,837)— 
Increases related to current year positions
13,548 7,083 2,631 
Decreases related to lapse of statutes
(242)(758)(172)
Decreases related to settlements
— (2,892)(3,431)
Balance at end of year
$35,880 $19,052 $18,456 
v3.24.0.1
Segments and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table provides information about the Company's reportable segments and a reconciliation of the total segment adjusted EBITDA to consolidated income (loss) before income taxes (in thousands). For comparative purposes, amounts in prior periods have been recast:
As of December 31,
202320222021
Revenue:
Software Platform$1,841,762 $1,049,167 $673,952 
Apps1,441,325 1,767,891 2,119,152 
Total Revenue$3,283,087 $2,817,058 $2,793,104 
Segment Adjusted EBITDA:
Software Platform$1,275,705 $808,415 $457,302 
Apps226,953 254,795 269,512 
Total Segment Adjusted EBITDA$1,502,658 $1,063,210 $726,814 
Interest expense and loss on settlement of debt
$(275,665)$(171,863)$(103,170)
Other income (expense), net
7,831 18,647 7,545 
Amortization, depreciation and write-offs(489,008)(547,084)(431,063)
Impairment and loss on disposal of long-lived assets— (127,892)— 
Non-operating foreign exchange gain
1,224 164 1,537 
Stock-based compensation(363,107)(191,612)(135,468)
Acquisition-related expense and transaction bonus(1,047)(21,279)(16,887)
Publisher bonuses— (209,635)(3,227)
MoPub acquisition transition services— (6,999)— 
Restructuring costs(2,316)(10,834)— 
Change in fair value of contingent consideration— — 230 
Income (loss) before provision for tax$380,570 $(205,177)$46,311 
Schedule of Property and Equipment, Net
The following table presents long-lived assets by geographic area which consist of property and equipment, net (in thousands):
As of December 31,
20232022
United States$47,612 $25,548 
Germany79,863 32,044 
Netherlands45,307 20,629 
All other countries549 322 
Total property and equipment, net
$173,331 $78,543 
v3.24.0.1
Summary of Significant Accounting Policies - Narrative (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Accounting Policies [Line Items]        
Recognized revenue   $ 63,600,000 $ 78,600,000  
Restricted cash equivalents   $ 0 0  
Number of operating segments | segment   2    
Impairment of goodwill   $ 0 0 $ 0
Material impairment charges   0 0 0
Impairment charge     53,000,000  
Advertising expense   $ 539,400,000 665,900,000 983,700,000
Minimum threshold percentage of income tax benefit for settlement with tax authority   50.00%    
Segment Reconciling Items        
Accounting Policies [Line Items]        
Publisher bonuses   $ 0 $ (209,635,000) $ (3,227,000)
Segment Reconciling Items | Mo Pub        
Accounting Policies [Line Items]        
Publisher bonuses $ 209,600,000      
Software Platform        
Accounting Policies [Line Items]        
Number of operating segments | segment   2    
Apps        
Accounting Policies [Line Items]        
Number of operating segments | segment   2    
Accounts Receivable | Customer Concentration Risk | One Customer        
Accounting Policies [Line Items]        
Concentration risk, percentage     12.00%  
Minimum        
Accounting Policies [Line Items]        
Estimated average user life   5 months    
Maximum        
Accounting Policies [Line Items]        
Estimated average user life   10 months    
v3.24.0.1
Summary of Significant Accounting Policies - Schedule of Revenue Disaggregated by Type (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue from External Customer [Line Items]      
Revenue $ 3,283,087 $ 2,817,058 $ 2,793,104
In-App Purchases Revenue      
Revenue from External Customer [Line Items]      
Revenue 989,007 1,179,133 1,458,595
In-App Advertising Revenue      
Revenue from External Customer [Line Items]      
Revenue 452,318 588,758 660,557
Apps      
Revenue from External Customer [Line Items]      
Revenue 1,441,325 1,767,891 2,119,152
Operating Segments | Software Platform      
Revenue from External Customer [Line Items]      
Revenue 1,841,762 1,049,167 673,952
Operating Segments | Apps      
Revenue from External Customer [Line Items]      
Revenue $ 1,441,325 $ 1,767,891 $ 2,119,152
v3.24.0.1
Summary of Significant Accounting Policies - Schedule of Revenue Disaggregated by Geography (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Total Revenue $ 3,283,087 $ 2,817,058 $ 2,793,104
United States      
Disaggregation of Revenue [Line Items]      
Total Revenue 1,970,856 1,728,958 1,687,080
Rest of the World      
Disaggregation of Revenue [Line Items]      
Total Revenue $ 1,312,231 $ 1,088,100 $ 1,106,024
v3.24.0.1
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Property and Equipment (Details)
Dec. 31, 2023
Software and licenses  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 3 years
Leasehold improvements  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 10 years
Minimum | Computer equipment  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 3 years
Minimum | Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 3 years
Maximum | Computer equipment  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 5 years
Maximum | Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 5 years
v3.24.0.1
Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value By Fair Value Hierarchy Level [Line Items]    
Financial Assets $ 1,352 $ 611,718
Money market deposits   524,200
Money market funds | Cash and cash equivalents    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Financial Assets 1,352 604,399
Interest rate swap | Prepaid expenses and other current assets    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Financial Assets   7,319
Level 1    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Financial Assets 1,352 604,399
Level 1 | Money market funds | Cash and cash equivalents    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Financial Assets 1,352 604,399
Level 1 | Interest rate swap | Prepaid expenses and other current assets    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Financial Assets   0
Level 2    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Financial Assets 0 7,319
Level 2 | Money market funds | Cash and cash equivalents    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Financial Assets 0 0
Level 2 | Interest rate swap | Prepaid expenses and other current assets    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Financial Assets   7,319
Level 3    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Financial Assets 0 0
Level 3 | Money market funds | Cash and cash equivalents    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Financial Assets $ 0 0
Level 3 | Interest rate swap | Prepaid expenses and other current assets    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Financial Assets   $ 0
v3.24.0.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Jun. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure Of Reconciliation Of The Companys Financial Asset And Liability Measured At Fair Value [Line Items]          
Unfunded commitments     $ 41,200    
Capital contributions     17,900    
Payments to acquire other investments   $ 38,000      
Impairment of investments $ 28,000   27,953 $ 0 $ 0
Carrying amount of investments     10,100    
Interest rate swap          
Disclosure Of Reconciliation Of The Companys Financial Asset And Liability Measured At Fair Value [Line Items]          
Derivative, gain on derivative, net     $ 15,800 5,900  
Minimum          
Disclosure Of Reconciliation Of The Companys Financial Asset And Liability Measured At Fair Value [Line Items]          
Investment fund term     7 years    
Investment fund option to extend term     2 years    
Maximum          
Disclosure Of Reconciliation Of The Companys Financial Asset And Liability Measured At Fair Value [Line Items]          
Investment fund term     10 years    
Investment fund option to extend term     3 years    
Fair Value Measured at Net Asset Value Per Share          
Disclosure Of Reconciliation Of The Companys Financial Asset And Liability Measured At Fair Value [Line Items]          
Equity securities without readily determinable fair value, amount     $ 56,700 $ 32,300  
v3.24.0.1
Supplemental Financial Statement Information - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 245,337 $ 127,401
Less: accumulated depreciation (72,006) (48,858)
Total property and equipment, net 173,331 78,543
Computer equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 219,729 106,215
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 17,553 17,380
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 4,144 3,650
Software and licenses    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 3,911 $ 156
v3.24.0.1
Supplemental Financial Statement Information - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Depreciation expense $ 26.4 $ 29.3 $ 25.6
v3.24.0.1
Supplemental Financial Statement Information - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Tax accruals and withholdings $ 141,854 $ 81,957
Compensation and related liabilities 48,263 24,302
Accrued expenses and other 62,085 41,542
Total accrued and other current liabilities $ 252,202 $ 147,801
v3.24.0.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
May 31, 2022
Purchase obligation $ 251,963      
Amended contractual obligation       $ 550,000
Payments for purchase obligations 229,400 $ 79,400 $ 55,000  
Unfunded commitments 41,200      
Letters of credit outstanding, amount 6,300      
Standby Letters of Credit        
Letters of credit outstanding, amount $ 6,300 $ 11,100    
v3.24.0.1
Commitments and Contingencies - Schedule of Future Minimum Purchase Commitments (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2024 $ 160,159
2025 87,450
2026 3,276
2027 1,078
2028 0
Total non-cancelable purchase commitments $ 251,963
v3.24.0.1
Acquisitions and Dispositions - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Apr. 01, 2023
Apr. 01, 2022
Jan. 01, 2022
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]                
Issuance of convertible securities related to acquisitions           $ 0 $ 0 $ 342,170,000
Wurl Incentive Plan                
Business Acquisition [Line Items]                
Earnout payment   $ 600,000,000            
Maximum compensation amount $ 90,000,000              
Deferred compensation           15,700,000    
Mobile Game Apps | Reportable Segment Assets Member | Disposal Group, Disposed of by Sale, Not Discontinued Operations                
Business Acquisition [Line Items]                
Disposal group, including discontinued operation, consideration         $ 44,000,000   44,000,000  
Loss on disposal group             74,900,000  
Acquisition of Certain Mobile Game Apps                
Business Acquisition [Line Items]                
Asset acquisition, consideration transferred, contingent consideration, costs           52,200,000 $ 104,200,000  
Wurl, Inc.                
Business Acquisition [Line Items]                
Total consideration   378,200,000            
Consideration paid   219,300,000            
Business combination, consideration transferred, equity interests issued and issuable   137,400,000            
Issuance of convertible securities related to acquisitions   $ 22,700,000            
Transferred indemnity holdback period   18 months            
Acquisition-related expense and transaction bonus   $ 1,900,000            
Business combination, pro forma information, revenue of acquiree actual         35,000,000      
Business combination, pro forma information, loss of acquiree , actual         $ 11,800,000      
Wurl, Inc. | Portion at Other than Fair Value Measurement                
Business Acquisition [Line Items]                
Issuance of convertible securities related to acquisitions   $ 21,500,000            
Wurl, Inc. | Common Class A                
Business Acquisition [Line Items]                
Interests issued and issuable shares   2,579,692            
Mo Pub                
Business Acquisition [Line Items]                
Consideration paid     $ 1,030,000,000.00          
Acquisition-related expense and transaction bonus           $ 14,400,000    
Business acquisition, goodwill, expected tax deductible amount     645,100,000          
Transaction assumed liabilities     $ 0          
Recognized total expense       $ 7,000,000        
v3.24.0.1
Acquisitions and Dispositions - Summary of the Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Apr. 01, 2022
Jan. 01, 2022
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Business Acquisition [Line Items]            
Goodwill     $ 1,842,850 $ 1,823,755 $ 1,819,104 $ 966,427
Wurl, Inc.            
Business Acquisition [Line Items]            
Cash and cash equivalents $ 400          
Accounts receivable and other current assets 15,194          
Goodwill 264,149          
Property and equipment, net 363          
Other assets 159          
Accounts payable, accrued liabilities and other current liabilities (12,854)          
Deferred revenue (209)          
Deferred income tax liability (5,235)          
Total purchase consideration 378,167          
Wurl, Inc. | Customer relationships            
Business Acquisition [Line Items]            
Intangible assets $ 41,000          
Weighted- Average Remaining Useful Life (Years) 15 years          
Wurl, Inc. | Developed Technology            
Business Acquisition [Line Items]            
Intangible assets $ 60,500          
Weighted- Average Remaining Useful Life (Years) 6 years          
Wurl, Inc. | Tradename            
Business Acquisition [Line Items]            
Intangible assets $ 14,700          
Weighted- Average Remaining Useful Life (Years) 10 years          
Mo Pub            
Business Acquisition [Line Items]            
Goodwill   $ 632,472        
Total purchase consideration   1,030,332        
Mo Pub | Developed Technology            
Business Acquisition [Line Items]            
Intangible assets   $ 61,800        
Weighted- Average Remaining Useful Life (Years)   5 years        
Mo Pub | Tradename            
Business Acquisition [Line Items]            
Intangible assets   $ 60        
Weighted- Average Remaining Useful Life (Years)   3 months        
Mo Pub | Advertiser Relationships            
Business Acquisition [Line Items]            
Intangible assets   $ 212,700        
Weighted- Average Remaining Useful Life (Years)   9 years        
Mo Pub | Publisher Relationships            
Business Acquisition [Line Items]            
Intangible assets   $ 123,300        
Weighted- Average Remaining Useful Life (Years)   9 years        
v3.24.0.1
Acquisitions and Dispositions - Supplemental Pro Forma Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]    
Revenue $ 2,826,090 $ 3,036,661
Net income (loss) $ (184,317) $ 25,940
v3.24.0.1
Acquisitions and Dispositions - Pro Forma Adjustments to Net Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss) $ 356,711 $ (192,947) $ 35,338
An (increase) in amortization expense related to the fair value of acquired identifiable intangible assets, net of the amortization expense already reflected in actual historical results      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss)   (3,512) (73,121)
A decrease (increase) in expenses related to the TSA      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss)   7,000 (7,000)
A net increase in revenue related to fair value adjustment      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss)   0 1,902
A decrease (increase) in expenses related to transaction expenses      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss)   16,899 (7,341)
An (increase) in interest cost      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss)   0 (2,641)
A decrease in expenses related to transaction bonuses      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss)   1,101 8,899
An (increase) due to replacement stock awards      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss)   (1,221) (10,145)
An (increase) decrease in income tax provision      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss)   $ (4,654) $ 20,535
v3.24.0.1
Goodwill and Intangible Assets, Net - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2022
USD ($)
segment
Dec. 31, 2023
USD ($)
reporting_unit
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Goodwill [Line Items]        
Number of reportable segments | segment 2 2    
Goodwill $ 1,819,104 $ 1,842,850 $ 1,823,755 $ 966,427
Number of reporting units | reporting_unit   2    
Operating Segments | Software Platform Revenue        
Goodwill [Line Items]        
Goodwill 1,473,474 $ 1,497,109 1,478,014  
Operating Segments | Apps        
Goodwill [Line Items]        
Goodwill $ 345,630 $ 345,741 $ 345,741  
v3.24.0.1
Goodwill and Intangible Assets, Net - Summary of Goodwill Activity (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2023
Goodwill [Roll Forward]      
Balance at beginning of period $ 1,819,104 $ 966,427 $ 1,823,755
Additions 5,281 891,387 0
Foreign currency translation (630) (38,710) 19,095
Balance at end of period 1,823,755 1,819,104 1,842,850
Operating Segments | Software Platform Revenue      
Goodwill [Roll Forward]      
Balance at beginning of period 1,473,474   1,478,014
Additions 5,281   0
Foreign currency translation (519)   19,095
Balance at end of period 1,478,014 1,473,474 1,497,109
Operating Segments | Apps      
Goodwill [Roll Forward]      
Balance at beginning of period 345,630   345,741
Additions 0   0
Foreign currency translation (111)   0
Balance at end of period $ 345,741 $ 345,630 $ 345,741
v3.24.0.1
Goodwill and Intangible Assets, Net - Summary of Intangible Assets Acquired Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]    
Net Book Value $ 1,292,635 $ 1,677,660
Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 2,745,202 2,693,921
Accumulated Amortization (1,452,567) (1,016,261)
Net Book Value $ 1,292,635 1,677,660
Apps | Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (Years) 3 years 9 months 18 days  
Gross Carrying Value $ 1,818,907 1,790,820
Accumulated Amortization (1,152,611) (836,375)
Net Book Value $ 666,296 954,445
Customer relationships | Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (Years) 8 years 2 months 12 days  
Gross Carrying Value $ 519,175 515,084
Accumulated Amortization (111,374) (58,881)
Net Book Value $ 407,801 456,203
User base | Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (Years) 2 years 3 months 18 days  
Gross Carrying Value $ 68,817 68,817
Accumulated Amortization (46,874) (37,122)
Net Book Value $ 21,943 31,695
License asset | Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (Years) 2 years  
Gross Carrying Value $ 59,207 59,207
Accumulated Amortization (31,003) (16,901)
Net Book Value $ 28,204 42,306
Developed technology | Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (Years) 3 years 7 months 6 days  
Gross Carrying Value $ 207,900 206,060
Accumulated Amortization (88,716) (53,879)
Net Book Value $ 119,184 152,181
Other | Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (Years) 3 years 9 months 18 days  
Gross Carrying Value $ 71,196 53,933
Accumulated Amortization (21,989) (13,103)
Net Book Value $ 49,207 $ 40,830
v3.24.0.1
Goodwill and Intangible Assets, Net - Summary of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite Lived Intangible Assets Amortization Expense [Line Items]      
Amortization of intangible assets $ 450,146 $ 514,635 $ 396,387
Cost of revenue      
Finite Lived Intangible Assets Amortization Expense [Line Items]      
Amortization of intangible assets 382,956 448,462 373,726
Sales and marketing      
Finite Lived Intangible Assets Amortization Expense [Line Items]      
Amortization of intangible assets $ 67,190 $ 66,173 $ 22,661
v3.24.0.1
Goodwill and Intangible Assets, Net - Summary of Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2024 $ 295,810
2025 295,810
2026 274,394
2027 216,621
2028 49,450
Thereafter 160,550
Total $ 1,292,635
v3.24.0.1
Leases - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
ft²
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Operating Leased Assets [Line Items]      
Operating leases liabilities $ 17,100 $ 22,000 $ 25,500
Operating lease payments use 6,471 7,105 6,130
Depreciation expense 26,400 29,300 25,600
Finance lease Interest expense 7,000 2,800 1,500
Finance lease payments $ 20,200 24,100 15,300
Unrelated Third Party      
Operating Leased Assets [Line Items]      
Area of real estate property | ft² 104,852    
Network Equipment Under Finance Lease      
Operating Leased Assets [Line Items]      
Depreciation expense $ 22,700 $ 24,100 $ 17,800
Minimum      
Operating Leased Assets [Line Items]      
Lessee, operating lease, remaining lease term 1 year 1 month 6 days    
Lessee, operating lease, option to extend term 1 year    
Maximum      
Operating Leased Assets [Line Items]      
Lessee, operating lease, remaining lease term 6 years 2 months 12 days    
Lessee, operating lease, option to extend term 5 years    
v3.24.0.1
Leases - Summary of Operating Lease Asstes and Liabilites (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Operating lease right-of-use assets $ 48,210 $ 60,379
Current operating lease liabilities 13,605 14,334
Non-current operating lease liabilities $ 42,905 $ 54,153
Weighted-average remaining term (years) 4 years 1 month 6 days 4 years 10 months 24 days
Weighted-average discount rate 5.20% 5.10%
v3.24.0.1
Leases - Summary of Lease, Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Operating lease cost $ 16,674 $ 20,783 $ 28,676
Short-term lease cost 1,406 1,272 9,683
Variable lease cost 4,923 1,419 7,862
Total lease cost $ 23,003 $ 23,474 $ 46,221
v3.24.0.1
Leases - Summary of Finance Lease Asstes and Liabilites (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Finance lease right-of-use assets $ 159,414 $ 65,187
Current finance lease liabilities 19,683 22,304
Non-current finance lease liabilities $ 144,174 $ 44,736
Weighted-average remaining term (years) 7 years 3 years 4 months 24 days
Weighted-average discount rate 5.60% 5.00%
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property and equipment, net Property and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued and other current liabilities Accrued and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other non-current liabilities Other non-current liabilities
v3.24.0.1
Leases - Summary of Operating Sublease (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Fixed sublease expense $ 627 $ 4,736
Variable sublease expense 153 1,023
Sublease income (597) (5,334)
Variable sublease income (153) (1,023)
Net sublease (income) loss $ 30 $ (598)
v3.24.0.1
Leases - Summary of Lease Liability Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Operating Leases    
2024 $ 16,046  
2025 15,531  
2026 13,906  
2027 11,368  
2028 4,802  
Thereafter 694  
Total lease payments 62,347  
Less: amount representing interest (5,837)  
Present value of future lease payments 56,510  
Current operating lease liabilities (13,605) $ (14,334)
Non-current operating lease liabilities 42,905 54,153
Finance Leases    
2024 27,511  
2025 27,471  
2026 27,448  
2027 27,446  
2028 27,446  
Thereafter 54,893  
Total lease payments 192,215  
Less: amount representing interest (28,358)  
Present value of future lease payments 163,857  
Less: current obligations under leases (19,683) (22,304)
Non-current lease obligations 144,174 $ 44,736
Total    
2024 43,557  
2025 43,002  
2026 41,354  
2027 38,814  
2028 32,248  
Thereafter 55,587  
Total lease payments 254,562  
Less: amount representing interest (34,195)  
Present value of future lease payments 220,367  
Less: current obligations under leases (33,288)  
Non-current lease obligations $ 187,079  
v3.24.0.1
Credit Agreement - Narrative (Details)
 1 Months Ended 12 Months Ended
Aug. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Aug. 15, 2018
USD ($)
Loan
Debt Instrument [Line Items]      
Number of term loans | Loan     2
Proceeds from lines of credit $ 185,000,000    
Revolver credit facility   $ 418,700,000  
Letters of credit outstanding, amount   6,300,000  
Debt discount and debt issuance costs   30,344,000  
Secured Debt | Initial Term Loan      
Debt Instrument [Line Items]      
Loss on debt extinguishment   4,300,000  
Secured Debt | Amendment No. 9 Replacement Term Loans      
Debt Instrument [Line Items]      
Debt issuance costs, expensed   $ 11,100,000  
Debt discount and debt issuance costs $ 19,400,000    
Term Loans      
Debt Instrument [Line Items]      
Interest rate, effective percentage   8.45%  
Term Loans | Base Rate      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate   2.00%  
Term Loans | Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate   3.10%  
Term Loans | Secured Debt      
Debt Instrument [Line Items]      
New term loan     $ 1,500,000,000
Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of credit facility maximum borrowing capacity   $ 610,000,000  
Interest rate, effective percentage   7.45%  
Revolving Credit Facility | Base Rate | Minimum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate   1.00%  
Revolving Credit Facility | Base Rate | Maximum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate   1.25%  
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate   2.10%  
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate   2.35%  
Term Loans And Amended Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Floor      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate   0.50%  
Term Loans And Amended Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate   1.00%  
Term Loans And Amended Revolving Credit Facility | Federal Funds Rate | Base Rate      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate   0.50%  
Term Loans And Amended Revolving Credit Facility | Secured Debt      
Debt Instrument [Line Items]      
Quarterly repayments   $ 3,800,000  
Unused capacity, commitment fee percentage   0.25%  
Term Loans And Amended Revolving Credit Facility | Secured Debt | Minimum      
Debt Instrument [Line Items]      
Unused capacity, commitment fee percentage   0.25%  
Term Loans And Amended Revolving Credit Facility | Secured Debt | Maximum      
Debt Instrument [Line Items]      
Unused capacity, commitment fee percentage   0.50%  
v3.24.0.1
Credit Agreement - Schedule of Debt Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]      
Amortization of debt issuance costs and discount $ 9,363 $ 12,678 $ 12,825
Term Loans      
Debt Instrument [Line Items]      
Contractual interest expense 262,607 162,150 70,882
Amortization of debt issuance costs and discount 8,256 9,887 7,442
Loss on debt extinguishment 4,337 0 16,852
Total interest expense from term loans $ 275,200 $ 172,037 $ 95,176
v3.24.0.1
Credit Agreement - Summary of Future Maturities of Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
2024 $ 30,000  
2025 30,000  
2026 30,000  
2027 30,000  
2028 1,428,750  
Thereafter 1,417,500  
Total outstanding term loan principal 2,966,250  
Debt instrument increase in the credit facility 185,000  
Unaccreted discount and debt issuance costs (30,344)  
Total debt 3,120,906  
Less: short-term debt 215,000  
Long-term debt $ 2,905,906 $ 3,178,412
v3.24.0.1
Equity - Narrative (Details)
 12 Months Ended
Apr. 19, 2021
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
vote
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
Dec. 31, 2019
USD ($)
Aug. 31, 2023
USD ($)
May 31, 2023
USD ($)
Feb. 28, 2022
USD ($)
Common Stock [Line Items]                
Common stock, shares authorized (in shares)   1,700,000,000 1,700,000,000          
Preferred stock, shares authorized (in shares)   100,000,000 100,000,000          
Shares issued for each share converted (in shares)   1            
Fair value of the shares purchased | $   $ 1,153,593,000 $ 338,880,000 $ 0 $ 14,000,000      
KKR Denali Holdings L P                
Common Stock [Line Items]                
Repayment of revolving credit facility | $ $ 400,000,000              
IPO                
Common Stock [Line Items]                
Conversion of preferred stock to common stock in connection with initial public offering (in shares) 22,500,000              
Sale of stock issue price (in dollars per share) | $ / shares $ 80.00              
Sale of stock net consideration received on the transaction | $ $ 1,750,000,000              
Underwriting discounts and commissions | $ 47,200,000              
Offering expenses | $ $ 7,900,000              
Minimum                
Common Stock [Line Items]                
Conversion of stock conversion period   61 days            
Maximum                
Common Stock [Line Items]                
Conversion of stock conversion period   180 days            
Common Class A                
Common Stock [Line Items]                
Common stock, shares authorized (in shares)   1,500,000,000 1,500,000,000          
Number of votes for each warrant or right | vote   1            
Stock repurchase program, authorized amount | $           $ 447,600,000 $ 296,000,000 $ 750,000,000
Number of shares repurchased by the company   46,665,285 9,042,407          
Fair value of the shares purchased | $   $ 1,153,600,000 $ 338,800,000          
Common Class B                
Common Stock [Line Items]                
Common stock, shares authorized (in shares)   200,000,000 200,000,000          
Number of votes for each warrant or right | vote   20            
Restated Certificate of Incorporation | Common Class A                
Common Stock [Line Items]                
Common stock, shares authorized (in shares) 1,500,000,000              
Restated Certificate of Incorporation | Common Class B                
Common Stock [Line Items]                
Common stock, shares authorized (in shares) 200,000,000              
Restated Certificate of Incorporation | Common Class C                
Common Stock [Line Items]                
Common stock, shares authorized (in shares) 150,000,000              
Restated Certificate of Incorporation | Preferred Stock                
Common Stock [Line Items]                
Preferred stock, shares authorized (in shares) 100,000,000              
Conversion Of Class A Common Stock Into Class B Common Stock | Common Class A | KKR Denali                
Common Stock [Line Items]                
Common stock shares converted from one class to another (in shares) 150,307,622              
Conversion Of Class A Common Stock Into Class B Common Stock | Common Class A | Adam Foroughi                
Common Stock [Line Items]                
Common stock shares converted from one class to another (in shares) 150,307,622              
Conversion Of Class A Common Stock Into Class B Common Stock | Common Class A | Herald Chen                
Common Stock [Line Items]                
Common stock shares converted from one class to another (in shares) 150,307,622              
v3.24.0.1
Stock-based Compensation - Narrative (Details)
$ in Millions
 1 Months Ended 5 Months Ended 7 Months Ended 12 Months Ended
Apr. 30, 2023
shares
Mar. 31, 2023
tranche
consecutiveTradingDay
shares
Feb. 28, 2021
USD ($)
shares
May 19, 2023
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2023
USD ($)
tranche
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Number of vesting eligible traches | tranche   5            
Number of trading day | consecutiveTradingDay   30            
Performance period         5 years 5 years    
Granted (in shares)           31,074    
Number of vesting traches | tranche           5    
Intrinsic value of options outstanding | $         $ 331.1 $ 331.1 $ 63.6  
Options exercised in period, intrinsic value | $           60.1 87.5 $ 622.1
Employee promissory note settled in shares | $     $ 17.2          
Employee promissory note settled in cash | $     3.7          
Income tax benefits | $           34.3   $ 24.5
Income tax deficiency | $             (10.9)  
Promissory Notes                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Employee promissory note settled | $     $ 20.9          
Employee promissory note outstanding | $         $ 4.9 $ 4.9 $ 4.9  
Tranche One                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Exercised options, right to repurchase, term           1 year    
Tranche Two                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Exercised options, right to repurchase, term           36 months    
Common Class A                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Number of shares recognized cost (in shares)     60,968          
Number of share options exercised (in shares)         1,399,999 1,399,999 1,399,999  
Common Class A | Promissory Notes                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Early exercised options with promissory note (in shares)           19,479 43,855  
2021 Equity Incentive Plan                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Common stock, capital shares reserved for future issuance (in shares)         47,217,073 47,217,073   39,000,000
Increase in the number of shares available for future issuance (in shares)           39,000,000    
Increase in the number of shares available for future issuance as a percentage of outstanding stock           5.00%    
2021 Partner Studio Incentive Plan                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Common stock, capital shares reserved for future issuance (in shares)         1,483,999 1,483,999   390,000
Number of additional shares authorized (in shares)             2,000,000  
Employee Stock Purchase Plan                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Common stock, capital shares reserved for future issuance (in shares)         14,602,928 14,602,928    
Expiration period           24 months    
Employee Stock Purchase Plan | Common Class A                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Increase in the number of shares available for future issuance as a percentage of outstanding stock           1.00%    
Maximum employee subscription rate         15.00% 15.00%    
Purchase period of common stock           6 months    
Purchase price of common stock, percent           85.00%    
Maximum number of shares per employee (in shares)       590 3,500      
Number of shares available for grant (in shares)         7,800,000 7,800,000    
Number of additional shares available for issuance (in shares)           7,800,000    
Performance-Based Restricted Stock Units                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Granted (in shares)           17,255,000    
Nonvested award, cost not yet recognized, amount | $         $ 66.9 $ 66.9    
Vested in period, fair value | $           $ 132.7    
Performance-Based Restricted Stock Units | P S U Grants                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Number of shares available for grant (in shares)         3,451,000 3,451,000    
Granted (in shares)   6,902,000            
Granted (in shares) 3,451,000              
Holding period           1 year    
Performance-Based Restricted Stock Units | P S U Grants | Minimum                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Award requisite service period           1 year 8 months 12 days    
Performance-Based Restricted Stock Units | P S U Grants | Maximum                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Award requisite service period           3 years 1 month 6 days    
Unvested RSU                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Granted (in shares)           8,230,406    
Nonvested award, cost not yet recognized, amount | $         $ 336.1 $ 336.1    
Vested in period, fair value | $           $ 403.1    
Weighted average vesting period           1 year 5 months 26 days    
Unvested RSU | Minimum                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Award requisite service period           1 year    
Unvested RSU | Maximum                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Award requisite service period           4 years    
ESPP                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Nonvested award, cost not yet recognized, amount | $         4.8 $ 4.8    
Weighted average vesting period           1 year 1 month 28 days    
Stock options                
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                
Weighted average vesting period           8 months 26 days    
Unrecognized compensation costs | $         $ 8.5 $ 8.5    
v3.24.0.1
Stock-based Compensation - Schedule of Share-Based Payment Arrangement, Performance Shares, Outstanding Activity (Details)
Dec. 31, 2023
$ / shares
shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Vested and expected to vest (in shares) 8,437,259
P S U Grants | Performance-Based Restricted Stock Units  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Vested and expected to vest (in shares) 3,451,000
P S U Grants | Chief Executive Officer | Performance-Based Restricted Stock Units | Adam Foroughi  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Vested and expected to vest (in shares) 6,902,000
P S U Grants | Chief Treasury Officers | Performance-Based Restricted Stock Units | Vasily Shikin  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Vested and expected to vest (in shares) 6,902,000
Common Stock Price Target One | P S U Grants  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Common stock, par or stated value per share (in dollars per share) | $ / shares $ 36.00
Common Stock Price Target One | P S U Grants | Performance-Based Restricted Stock Units  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 690,200
Common Stock Price Target One | P S U Grants | Chief Executive Officer | Performance-Based Restricted Stock Units | Adam Foroughi  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 1,380,400
Common Stock Price Target One | P S U Grants | Chief Treasury Officers | Performance-Based Restricted Stock Units | Vasily Shikin  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 1,380,400
Common Stock Price Target Two | P S U Grants  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Common stock, par or stated value per share (in dollars per share) | $ / shares $ 46.75
Common Stock Price Target Two | P S U Grants | Performance-Based Restricted Stock Units  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 690,200
Common Stock Price Target Two | P S U Grants | Chief Executive Officer | Performance-Based Restricted Stock Units | Adam Foroughi  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 1,380,400
Common Stock Price Target Two | P S U Grants | Chief Treasury Officers | Performance-Based Restricted Stock Units | Vasily Shikin  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 1,380,400
Common Stock Price Target Three | P S U Grants  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Common stock, par or stated value per share (in dollars per share) | $ / shares $ 57.50
Common Stock Price Target Three | P S U Grants | Performance-Based Restricted Stock Units  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 690,200
Common Stock Price Target Three | P S U Grants | Chief Executive Officer | Performance-Based Restricted Stock Units | Adam Foroughi  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 1,380,400
Common Stock Price Target Three | P S U Grants | Chief Treasury Officers | Performance-Based Restricted Stock Units | Vasily Shikin  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 1,380,400
Common Stock Price Target Four | P S U Grants  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Common stock, par or stated value per share (in dollars per share) | $ / shares $ 68.25
Common Stock Price Target Four | P S U Grants | Performance-Based Restricted Stock Units  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 690,200
Common Stock Price Target Four | P S U Grants | Chief Executive Officer | Performance-Based Restricted Stock Units | Adam Foroughi  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 1,380,400
Common Stock Price Target Four | P S U Grants | Chief Treasury Officers | Performance-Based Restricted Stock Units | Vasily Shikin  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 1,380,400
Common Stock Price Target Five | P S U Grants  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Common stock, par or stated value per share (in dollars per share) | $ / shares $ 79.00
Common Stock Price Target Five | P S U Grants | Performance-Based Restricted Stock Units  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 690,200
Common Stock Price Target Five | P S U Grants | Chief Executive Officer | Performance-Based Restricted Stock Units | Adam Foroughi  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 1,380,400
Common Stock Price Target Five | P S U Grants | Chief Treasury Officers | Performance-Based Restricted Stock Units | Vasily Shikin  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
PSUs Eligible to Vest (in shares) 1,380,400
v3.24.0.1
Stock-based Compensation - Summary of Weighted Average Assumptions Used (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Performance-Based Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility, minimum 73.76%    
Expected volatility, maximum 73.95%    
Risk-free interest rate, minimum 3.58%    
Risk-free interest rate, maximum 3.60%    
Dividend yield 0.00%    
Performance-Based Restricted Stock Units | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock price on the date of grant (in dollars per share) $ 12.41    
Discount for lack of marketability 20.43%    
Performance-Based Restricted Stock Units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock price on the date of grant (in dollars per share) $ 16.43    
Discount for lack of marketability 20.65%    
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average expected term 5 years 5 months 15 days   5 years 2 months 15 days
Expected volatility 69.00%   43.00%
Risk-free interest rate 4.21%   0.48%
Dividend yield 0.00%   0.00%
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average expected term 1 year 3 months 1 year 3 months 1 year 3 months
Expected volatility 62.00% 62.00% 44.00%
Risk-free interest rate 4.94% 3.35% 0.17%
Dividend yield 0.00% 0.00% 0.00%
v3.24.0.1
Stock-based Compensation - Summary of Outstanding Restricted Stock Awards Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock Units    
Number of Restricted Stock Units    
Balance at beginning of period (in shares) 15,616,743  
Granted (in shares) 8,230,406  
Vested (in shares) (13,668,092)  
Cancelled (in shares) (969,748)  
Balance at end of period (in shares) 9,209,309  
Weighted Average Grant Date Fair Value    
Balance at beginning of period (in dollars per share) $ 29.87  
Granted (in dollars per share) 25.11  
Vested (in dollars per share) 18.89  
Cancelled (in dollars per share) 36.14  
Balance at end of period (in dollars per share) $ 41.14  
Aggregate Intrinsic Value $ 366,991 $ 164,444
Performance-Based Restricted Stock Units    
Number of Restricted Stock Units    
Balance at beginning of period (in shares) 0  
Granted (in shares) 17,255,000  
Vested (in shares) (3,451,000)  
Balance at end of period (in shares) 13,804,000  
Weighted Average Grant Date Fair Value    
Balance at beginning of period (in dollars per share) $ 0  
Granted (in dollars per share) 7.20  
Vested (in dollars per share) 7.20  
Balance at end of period (in dollars per share) $ 7.20  
Aggregate Intrinsic Value $ 550,089 $ 0
v3.24.0.1
Stock-based Compensation - Summary of Stock Options Activity Under the Plan (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Number of Options    
Balance at beginning of period (in shares) 12,715,804  
Granted (in shares) 31,074  
Exercised (in shares) (2,826,105)  
Forfeited (in shares) (106,141)  
Balance at end of period (in shares) 9,814,632 12,715,804
Vested and exercisable (in shares) 9,402,839  
Vested and expected to vest (in shares) 8,437,259  
Weighted Average Exercise Price Per Share    
Balance at beginning of period (in dollars per share) $ 6.38  
Granted (in dollars per share) 25.55  
Exercised (in dollars per share) 7.40  
Forfeited (in dollars per share) 9.43  
Balance at end of period (in dollars per share) 6.11 $ 6.38
Vested and exercisable (in dollars per share) 5.87  
Vested and expected to vest (in dollars per share) $ 6.57  
Additional Disclosures    
Weighted Average Remaining Contractual Term 5 years 9 months 18 days 6 years 9 months 18 days
Weighted Average Remaining Contractual Term , Vested and exercisable 5 years 8 months 12 days  
Weighted Average Remaining Contractual Term, Vested and expected to vest 6 years  
v3.24.0.1
Stock-based Compensation - Summary of Stock-based Payment Arrangement Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 363,107 $ 191,612 $ 133,177
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 5,229 6,307 2,335
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 79,879 41,533 15,224
Research and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 230,806 94,319 63,344
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 47,193 $ 49,453 $ 52,274
v3.24.0.1
Net Income (Loss) Per Share - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
vote
Common Class A  
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]  
Common stock, voting rights, votes per share 1
Common Class B  
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]  
Common stock, voting rights, votes per share 20
v3.24.0.1
Net Income (Loss) Per Share - Summary of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Numerator:      
Net income (loss) $ 356,711 $ (192,746) $ 35,446
Income attributable to convertible preferred stock 0 0 (3,209)
Income attributable to options exercises by promissory notes (1,412) 0 (387)
Income attributable to unvested early exercised options (23) 0 (95)
Income attributable to common stock subject to share repurchase agreements (334) 0 0
Income attributable to unvested RSA's 0 0 (52)
Net income (loss) attributable to Class A and Class B common stockholders $ 354,942 $ (192,746) $ 31,703
Denominator:      
Weighted-average shares used in computing net income (loss) per share Basic (in shares) 351,952,187 371,568,011 324,836,076
Net income (loss) per share attributable to common stock Basic (in dollars per share) $ 1.01 $ (0.52) $ 0.10
Numerator:      
Net income (loss) $ 356,711 $ (192,746) $ 35,446
Income attributable to convertible preferred stock 0 0 (3,058)
Income attributable to options exercises by promissory notes (1,371) 0 (369)
Income attributable to unvested early exercised options (23) 0 (91)
Income attributable to common stock subject to share repurchase agreements (324) 0 0
Income attributable to unvested RSA's 0 0 (49)
Net income (loss) attributable to Class A and Class B common stockholders $ 354,993 $ (192,746) $ 31,879
Denominator:      
Weighted-average shares used in computing net income (loss) per share Basic (in shares) 351,952,187 371,568,011 324,836,076
Weighted-average dilutive stock options, RSUs, and convertible security (in shares) 10,637,059 0 17,927,556
Weighted-average shares used in computing net income (loss) per share: Diluted (in shares) 362,589,246 371,568,011 342,763,632
Net income (loss) per share attributable to common stock: Diluted (in dollars per share) $ 0.98 $ (0.52) $ 0.09
v3.24.0.1
Net Income (Loss) Per Share - Summary of Antidilutive Potential Common Shares (Details) - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive potential common shares (in shares) 4,861,284 29,288,730 4,091,075
Stock options exercised for promissory notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive potential common shares (in shares) 1,399,999 1,399,999 2,884,999
Early exercised stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive potential common shares (in shares) 3,147 99,372 487,000
Unvested RSAs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive potential common shares (in shares) 0 0 181,737
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive potential common shares (in shares) 115,229 11,315,805 0
Unvested RSU      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive potential common shares (in shares) 3,340,992 15,616,743 291,093
ESPP      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive potential common shares (in shares) 1,917 856,811 246,246
v3.24.0.1
Income Taxes - Schedule of Net Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
U.S. $ 14,911 $ 8,660 $ 193,161
Foreign 365,659 (213,837) (146,850)
Net income (loss) before income taxes $ 380,570 $ (205,177) $ 46,311
v3.24.0.1
Income Taxes - Schedule of Provision for Benefit from Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current:      
Federal $ 46,515 $ 74,843 $ 64,585
State 12,407 13,548 10,234
Foreign 47,309 1,548 1,914
Total current 106,231 89,939 76,733
Deferred:      
Federal (65,476) (74,588) (52,162)
State (6,454) (6,718) (2,394)
Foreign (10,442) (20,863) (11,204)
Total deferred (82,372) (102,169) (65,760)
Total provision for (benefit from) income taxes $ 23,859 $ (12,230) $ 10,973
v3.24.0.1
Income Taxes - Schedule of Reconciliation of Federal Statutory Income Tax Rate to the Effective Income Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Tax provision (benefit) at U.S. federal statutory rate $ 79,920 $ (43,034) $ 9,725
State income taxes, net of federal benefit (5,259) (1,356) 1,866
Foreign income taxed at different rates (39,171) 27,114 10,563
Global intangible low-taxed income 19,417 2,917 0
Stock-based compensation (3,793) 22,064 (8,807)
Capital loss (2,121) (14,687) 0
Foreign-derived intangible income (20,569) (17,667) (10,477)
Research and development credits (25,128) (11,803) (6,193)
Foreign income inclusion 919 357 (2,622)
Change in valuation allowance 15,182 21,061 15,905
Return to Provision 3,223 (1,323) (951)
Other 1,239 4,127 1,964
Total provision for (benefit from) income taxes $ 23,859 $ (12,230) $ 10,973
v3.24.0.1
Income Taxes - Schedule of Current and Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Accrued expenses and reserves $ 12,558 $ 7,139
Stock-based compensation 11,169 7,439
Tax credit carryforwards 22,896 11,474
Net operating loss 24,817 30,144
Identified intangibles 24,284 2,820
Operating lease liability 10,201 13,884
Other comprehensive income 24,540 30,186
Foreign tax deduction 7,560 9,137
Capital loss 17,688 17,125
Capitalized R&D expenses 142,386 78,315
Valuation allowance (55,822) (40,640)
Total deferred tax assets 242,277 167,023
Deferred tax liabilities:    
Depreciation and amortization (1,587) (1,976)
Operating lease right-of-use assets (6,808) (14,107)
Other (6,909) (693)
Total deferred tax liabilities (15,304) (16,776)
Net deferred tax assets $ 226,973 $ 150,247
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2021
Dec. 31, 2022
Valuation allowance increase amount   $ 18.3  
Unrecognized tax benefits that would impact effective tax rate $ 23.9   $ 12.9
Interest and penalties related to unrecognized tax benefits $ 4.0 $ 3.6 2.6
Maximum      
Limitations on the amount of taxable income that can be offset by net operating loss carryforwards and tax credits, percentage of change in control in ownership 50.00%    
Not Subject to Expiration | California      
Operating loss carryforwards net $ 3.6   11.1
Tax credit carryforwards 33.3   17.6
Not Subject to Expiration | German Tax Authority      
Operating loss carryforwards net 15.2   21.8
2040 | Texas Tax Authority      
Tax credit carryforwards 0.5   0.4
Domestic Tax Authority | Capital Loss Carryforward      
Tax credit carryforwards 77.1   74.0
Domestic Tax Authority | Not Subject to Expiration      
Operating loss carryforwards net 8.5   47.9
Domestic Tax Authority | 2039      
Tax credit carryforwards 5.1   1.7
Foreign Tax Authority      
Income tax holiday, aggregate dollar amount $ 38.0    
Income tax holiday, income tax benefits per share $ 0.11    
Foreign Tax Authority | 2026      
Operating loss carryforwards net $ 140.5   $ 119.4
v3.24.0.1
Income Taxes - Schedule of Activity Related to the Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of year $ 19,052 $ 18,456 $ 14,401
Increases related to prior year positions 3,522 0 5,027
Decreases related to prior year positions 0 (2,837) 0
Increases related to current year positions 13,548 7,083 2,631
Decreases related to lapse of statutes (242) (758) (172)
Decreases related to settlements 0 (2,892) (3,431)
Balance at end of year $ 35,880 $ 19,052 $ 18,456
v3.24.0.1
Segments and Geographic Information - Narrative (Details) - segment
 3 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2023
Segment Reporting [Abstract]    
Number of reportable segments 2 2
Number of operating segments   2
v3.24.0.1
Segments and Geographic Information - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue   $ 3,283,087 $ 2,817,058 $ 2,793,104
Segment Adjusted EBITDA   1,502,658 1,063,210 726,814
Interest expense and loss on settlement of debt   275,665 171,863 103,170
Other Income (expense), net   8,028 14,477 (535)
Amortization, depreciation and write-offs   489,008 547,084 431,063
Impairment and loss in connection with sale of long-lived assets   0 127,892 0
Stock-based compensation   363,107 191,612 133,177
Income (loss) before income taxes   380,570 (205,177) 46,311
Mo Pub        
Acquisition-related expense and transaction bonus   14,400    
Segment Reconciling Items        
Interest expense and loss on settlement of debt   (275,665) (171,863) (103,170)
Other Income (expense), net   7,831 18,647 7,545
Amortization, depreciation and write-offs   (489,008) (547,084) (431,063)
Impairment and loss in connection with sale of long-lived assets   0 (127,892) 0
Non-operating foreign exchange gain   1,224 164 1,537
Stock-based compensation   (363,107) (191,612) (135,468)
Acquisition-related expense and transaction bonus   (1,047) (21,279) (16,887)
Publisher bonuses   0 (209,635) (3,227)
Restructuring costs   (2,316) (10,834) 0
Change in fair value of contingent consideration   0 0 230
Segment Reconciling Items | Mo Pub        
Publisher bonuses $ 209,600      
MoPub acquisition transition services   0 (6,999) 0
Software Platform Revenue | Operating Segments        
Revenue   1,841,762 1,049,167 673,952
Segment Adjusted EBITDA   1,275,705 808,415 457,302
Apps        
Revenue   1,441,325 1,767,891 2,119,152
Apps | Operating Segments        
Revenue   1,441,325 1,767,891 2,119,152
Segment Adjusted EBITDA   $ 226,953 $ 254,795 $ 269,512
v3.24.0.1
Segments and Geographic Information - Schedule of Long-lived Assets by Geographic Area (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property and equipment, net $ 173,331 $ 78,543
United States    
Property and equipment, net 47,612 25,548
Germany    
Property and equipment, net 79,863 32,044
Netherlands    
Property and equipment, net 45,307 20,629
All other countries    
Property and equipment, net $ 549 $ 322
v3.24.0.1
Restructuring - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Restructuring and Related Activities [Abstract]  
Restructuring charges $ 10.8
v3.24.0.1
Related Party (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Aug. 31, 2023
USD ($)
$ / shares
shares
May 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2019
USD ($)
promissory_note
shares
Mar. 31, 2021
USD ($)
Related Party Transaction [Line Items]                
Debt instrument increase in the credit facility       $ 185,000        
Accounts payable       371,702 $ 273,196      
Fair value of the shares purchased       $ 1,153,593 338,880 $ 0 $ 14,000  
Interest rate             2.00%  
Promissory notes issued for common stock repurchased             $ 9,100  
Percentage of principal amount discounted             19.00%  
Debt instrument, discount amortization period       5 years        
Payments of related party notes       $ 0 $ 0 $ 11,655    
Secondary Offering                
Related Party Transaction [Line Items]                
Sale of stock, number of shares issued in transaction | shares     7,500,000          
Sale of stock issue price (in dollars per share) | $ / shares     $ 83.00     $ 83.00    
Unsecured Debt                
Related Party Transaction [Line Items]                
Number of unsecured promissory notes | promissory_note             2  
Debt instrument, term             5 years  
Unsecured Debt | Issuance of First Unsecured Debt                
Related Party Transaction [Line Items]                
Long term note payable issued for shares repurchased             $ 10,000  
Unsecured Debt | Issuance of Second Unsecured Debt                
Related Party Transaction [Line Items]                
Long term note payable issued for shares repurchased             $ 1,200  
Common Class A                
Related Party Transaction [Line Items]                
Number of shares repurchased by the company | shares       46,665,285 9,042,407      
Fair value of the shares purchased       $ 1,153,600 $ 338,800      
Chief Executive Officer | Common Class A                
Related Party Transaction [Line Items]                
Number of shares repurchased by the company | shares             2,475,000  
Director | Common Class A                
Related Party Transaction [Line Items]                
Number of shares repurchased by the company | shares             300,000  
Related Party | Common Class A                
Related Party Transaction [Line Items]                
Number of shares repurchased by the company | shares 15,000,000 15,952,381            
Fair value of the shares purchased $ 552,800 $ 335,000            
Repurchased shares (in dollar per share) | $ / shares $ 36.85 $ 21.00            
Amended Revolving Credit Facility                
Related Party Transaction [Line Items]                
Debt instrument increase in the credit facility               $ 250,000
KKR Capital Markets LLC | Secondary Offering                
Related Party Transaction [Line Items]                
Accounts payable     $ 5,000     $ 5,000    
KKR Capital Markets LLC | Fifth Amendment Term Loan And Revolving Credit Facility | Affiliated Entity                
Related Party Transaction [Line Items]                
Debt issuance costs paid to related party       1,200 0 2,300    
Chief Executive Officer And Board Member | Management | Share Purchases                
Related Party Transaction [Line Items]                
Payments of related party notes     11,700          
Chief Executive Officer And Board Member | Management | Unsecured Debt | Share Purchases                
Related Party Transaction [Line Items]                
Loss on debt extinguishment     $ 1,400          
Mobile Game Developer | Affiliated Entity | Game Assignment and Revenue Share Agreement                
Related Party Transaction [Line Items]                
Payments for related party transaction       $ 0 $ 0 $ 700    
v3.24.0.1
Subsequent Events (Details) - Subsequent Event - USD ($)
Feb. 29, 2024
Feb. 14, 2024
Subsequent Event [Line Items]    
Stock repurchase program, authorized amount $ 1,250,000,000  
Common stock available to be repurchased $ 1,252,000,000  
Series C Preferred Stock    
Subsequent Event [Line Items]    
Investment in equity securities   $ 50,000,000
Flip Shop    
Subsequent Event [Line Items]    
Ownership in equity investment   4.10%