APPLOVIN CORP, 10-K filed on 2/27/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 24, 2025
Jun. 28, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-40325    
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     $ 23.7
Documents Incorporated by Reference
Portions of the registrant’s Definitive Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2024.
    
Amendment Flag false    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2024    
Entity Central Index Key 0001751008    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   309,269,690  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   30,688,541  
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location San Jose, California
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 741,411 $ 502,152
Accounts receivable, net 1,414,246 953,810
Prepaid expenses and other current assets 156,533 160,201
Total current assets 2,312,190 1,616,163
Property and equipment, net 160,530 173,331
Operating lease right-of-use assets 38,069 48,210
Goodwill 1,803,426 1,842,850
Intangible assets, net 896,677 1,292,635
Other assets 658,367 385,998
Total assets 5,869,259 5,359,187
Current liabilities:    
Accounts payable 563,427 371,702
Accrued and other current liabilities 409,392 265,256
Short-term debt 0 215,000
Deferred revenue 69,839 78,559
Operating lease liabilities, current 14,814 13,605
Total current liabilities 1,057,472 944,122
Long-term debt 3,508,983 2,905,906
Operating lease liabilities, non-current 32,608 42,905
Other non-current liabilities 180,378 209,925
Total liabilities 4,779,441 4,102,858
Commitments and contingencies (Note 5)
Stockholders’ equity:    
Preferred stock, $0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and 2023 0 0
Class A, Class B, and Class C Common stock, $0.00003 par value—1,850,000,000 (Class A 1,500,000,000, Class B 200,000,000, Class C 150,000,000) shares authorized, 340,041,739 (Class A 309,353,198, Class B 30,688,541, Class C nil) and 339,886,712 (Class A 268,774,090, Class B 71,112,622, Class C nil) shares issued and outstanding as of December 31, 2024 and 2023, respectively 11 11
Additional paid-in capital 593,699 2,134,581
Accumulated other comprehensive loss (103,096) (65,274)
Retained earnings (Accumulated deficit) 599,204 (812,989)
Total stockholders’ equity 1,089,818 1,256,329
Total liabilities and stockholders’ equity $ 5,869,259 $ 5,359,187
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Preferred stock, par 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) 1,850,000,000  
Common stock, shares issued (in shares) 340,041,739 339,886,712
Common stock, shares outstanding (in shares) 340,041,739 339,886,712
Common Class A    
Common stock, shares authorized (in shares) 1,500,000,000  
Common stock, shares issued (in shares) 309,353,198 268,774,090
Common stock, shares outstanding (in shares) 309,353,198 268,774,090
Common Class B    
Common stock, shares authorized (in shares) 200,000,000  
Common stock, shares issued (in shares) 30,688,541 71,112,622
Common stock, shares outstanding (in shares) 30,688,541 71,112,622
Common Class C    
Common stock, shares authorized (in shares) 150,000,000  
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Revenue $ 4,709,248 $ 3,283,087 $ 2,817,058
Costs and expenses:      
Cost of revenue 1,166,806 1,059,191 1,256,065
Sales and marketing 849,209 830,718 919,550
Research and development 638,689 592,386 507,607
General and administrative 181,085 152,585 181,627
Total costs and expenses 2,835,789 2,634,880 2,864,849
Income (loss) from operations 1,873,459 648,207 (47,791)
Other income (expense):      
Interest expense and loss on settlement of debt (318,260) (275,665) (171,863)
Other income, net 20,806 8,028 14,477
Total other expense, net (297,454) (267,637) (157,386)
Net income (loss) before income taxes 1,576,005 380,570 (205,177)
Provision for (benefit from) income taxes (3,771) 23,859 (12,230)
Net income (loss) 1,579,776 356,711 (192,947)
Less: Net loss attributable to noncontrolling interest 0 0 (201)
Net income (loss) attributable to AppLovin 1,579,776 356,711 (192,746)
Less: Net income attributable to participating securities 2,717 1,769 0
Net income (loss) attributable to common stock—Basic 1,577,059 354,942 (192,746)
Net income (loss) attributable to common stock—Diluted $ 1,577,144 $ 354,993 $ (192,746)
Net income (loss) per share attributable to Class A and Class B common stockholders:      
Basic (in dollars per share) $ 4.68 $ 1.01 $ (0.52)
Diluted (in dollars per share) $ 4.53 $ 0.98 $ (0.52)
Weighted-average common shares used to compute net income (loss) per share attributable to Class A and Class B common stockholders:      
Basic (in shares) 336,921,483 351,952,187 371,568,011
Diluted (in shares) 347,807,555 362,589,246 371,568,011
v3.25.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 1,579,776 $ 356,711 $ (192,947)
Other comprehensive income (loss):      
Foreign currency translation adjustment, net of tax (37,822) 18,108 (37,928)
Other comprehensive income (loss), net of tax (37,822) 18,108 (37,928)
Comprehensive income (loss) including noncontrolling interest 1,541,954 374,819 (230,875)
Less: Comprehensive loss attributable to noncontrolling interest 0 0 (201)
Comprehensive income (loss) attributable to AppLovin $ 1,541,954 $ 374,819 $ (230,674)
v3.25.0.1
Consolidated Statements of Redeemable Noncontrolling Interest and Stockholders’ Equity - USD ($)
$ in Thousands
Total
Class A and Class B Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings (Accumulated Deficit)
Redeemable Noncontrolling Interest
Balance at beginning of period at Dec. 31, 2021           $ 201
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net loss $ 201         $ (201)
Balance at beginning of period (in shares) at Dec. 31, 2021   375,089,360        
Balance at beginning of period at Dec. 31, 2021 2,138,090 $ 11 $ 3,160,487 $ (45,454) $ (976,954)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock issued in connection with equity awards (in shares)   6,780,460        
Stock issued in connection with equity awards 30,547   30,547      
Shares withheld related to net share settlement of equity awards (in shares)   (1,186,147)        
Shares withheld related to net share settlement of equity awards (27,535)   (27,535)      
Repurchase of Class A Common Stock (in shares)   (9,389,682)        
Repurchase of Class A 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      
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        
Balance at end of period at Dec. 31, 2022 1,902,677 $ 11 3,155,748 (83,382) (1,169,700)  
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net loss 0          
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock issued in connection with equity awards (in shares)   20,319,859        
Stock issued in connection with equity awards 25,998   25,998      
Shares withheld related to net share settlement of equity awards (in shares)   (7,641,545)        
Shares withheld related to net share settlement of equity awards (246,435)   (246,435)      
Repurchase of Class A Common Stock (in shares)   (46,665,285)        
Repurchase of Class A common stock (1,153,593)   (1,153,593)      
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        
Balance at end of period at Dec. 31, 2023 1,256,329 $ 11 2,134,581 (65,274) (812,989)  
Increase (Decrease) in Temporary Equity [Roll Forward]            
Net loss 0          
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock issued in connection with equity awards (in shares)   25,821,647        
Stock issued in connection with equity awards 55,596   55,596      
Shares withheld related to net share settlement of equity awards (in shares)   (9,585,212)        
Shares withheld related to net share settlement of equity awards (1,152,131)   (1,152,131)      
Repurchase of Class A Common Stock (in shares)   (16,081,408)        
Repurchase of Class A common stock (981,297)   (813,714)   (167,583)  
Stock-based compensation 369,367   369,367      
Other comprehensive Income (loss), net of tax (37,822)     (37,822)    
Net income (loss) 1,579,776       1,579,776  
Balance at end of period (in shares) at Dec. 31, 2024   340,041,739        
Balance at end of period at Dec. 31, 2024 $ 1,089,818 $ 11 $ 593,699 $ (103,096) $ 599,204  
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income (loss) $ 1,579,776 $ 356,711 $ (192,947)
Adjustments to reconcile net income (loss) to operating activities:      
Amortization, depreciation and write-offs 448,680 489,008 547,084
Stock-based compensation, excluding cash-settled awards 369,367 363,107 191,612
Impairment of investments 0 27,953 0
Loss on settlement of debt 28,375 4,337 0
Change in operating right-of-use assets 12,689 17,842 17,107
Amortization of debt issuance costs and discount 5,460 9,363 12,678
Loss on disposal of long-lived assets 1,646 0 127,892
Other 2,557 1,863 1,786
Changes in operating assets and liabilities:      
Accounts receivable (467,028) (261,279) (174,829)
Prepaid expenses and other current assets 4,056 (12,280) (3,725)
Other assets (189,387) (121,688) (77,343)
Accounts payable 189,585 98,574 3,479
Operating lease liabilities (14,106) (18,612) (18,898)
Accrued and other liabilities 133,974 92,754 (6,412)
Deferred revenue (6,633) 13,857 (14,711)
Net cash provided by operating activities 2,099,011 1,061,510 412,773
Investing Activities      
Acquisitions of businesses and intangible assets (25,553) (63,899) (1,345,776)
Purchase of non-marketable equity securities (76,983) (17,934) (66,342)
Purchase of property and equipment (4,776) (4,246) (662)
Proceeds from sale of assets and other 558 8,250 41,312
Net cash used in investing activities (106,754) (77,829) (1,371,468)
Financing Activities      
Principal repayments of debt (4,225,223) (497,994) (25,810)
Payments of withholding taxes related to net share settlement (1,143,525) (246,435) (27,535)
Repurchases of common stock (981,297) (1,153,593) (338,880)
Payments of deferred acquisition costs 0 (33,903) (124,184)
Payments of licensed asset obligation 0 (27,110) (17,374)
Payments of debt issuance cost (35,563) (4,655) 0
Principal payments of finance leases (20,875) (20,170) (24,083)
Proceeds from issuance of debt 4,614,841 395,281 0
Proceeds from issuance of common stock upon exercise of stock options and purchase of ESPP shares 41,798 25,788 31,018
Net cash used in financing activities (1,749,844) (1,562,791) (526,848)
Effect of foreign exchange rate on cash, cash equivalents, and restricted cash equivalents (3,154) 778 (4,477)
Net (decrease) increase in cash, cash equivalents, and restricted cash equivalents 239,259 (578,332) (1,490,020)
Cash, cash equivalents, and restricted cash equivalents at beginning of the period 502,152 1,080,484 2,570,504
Cash and cash equivalents at end of the period 741,411 502,152 1,080,484
Supplemental non-cash investing and financing activities disclosures:      
Right-of-use assets acquired under finance leases 20,874 113,440 46,108
Right-of-use assets acquired under operating leases 5,451 6,471 7,105
Accrued withholding taxes related to net share settlement of restricted stock units 8,606 0 0
Issuance of common stock and common stock warrants in connection with acquisitions 0 0 137,422
Acquisitions not yet paid 0 0 31,045
Assets acquired not yet paid 510 0 33,566
Proceeds from sale of long-lived assets not yet received 0 0 7,000
Supplemental disclosure of cash flow information:      
Cash paid for income taxes, net of refunds 67,332 75,433 86,264
Cash paid for interest $ 270,615 $ 248,828 $ 165,959
v3.25.0.1
Description of Business
 12 Months Ended
Dec. 31, 2024
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 end-to-end Advertising solutions that allow 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.
The Company reports financial results under two segments: Advertising and Apps. Concurrent with this Form 10-K filing, the Company renamed the segment formerly known as Software Platform to Advertising. The segment name change did not result in any change to the composition of the Company's segments and therefore did not result in any change to historical results. See Note 14 - Segments and Geographic Information.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation and 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.
Certain prior period amounts reported in the Company's consolidated financial statements and notes thereto have been reclassified to conform to current period presentation.
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 Advertising and Apps Revenue. Advertising Revenue is generated primarily from fees collected from advertisers including advertising networks who use the Advertising solutions. Apps Revenue consists of in-app purchase revenue ("IAP Revenue") generated from in-app purchases made by users within the Company’s apps (“Apps”), and in-app advertising revenue ("IAA Revenue") generated from third-party advertisers that purchase ad inventory from Apps.
Advertising Revenue
The vast majority of the Advertising 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 Advertising solutions, 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 Advertising 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.
Advertising 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 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 five and ten 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 Advertising solutions 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,
202420232022
Advertising Revenue$3,224,058 $1,841,762 $1,049,167 
In-App Purchases Revenue1,002,656 989,007 1,179,133 
In-App Advertising Revenue482,534 452,318 588,758 
Total Apps Revenue1,485,190 1,441,325 1,767,891 
Total Revenue$4,709,248 $3,283,087 $2,817,058 
Revenue disaggregated by geography, based on user location, consisted of the following (in thousands):
Year Ended December 31,
202420232022
United States$2,688,993 $1,970,856 $1,728,958 
Rest of the World2,020,255 1,312,231 1,088,100 
Total Revenue$4,709,248 $3,283,087 $2,817,058 
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, 2024 and 2023, the Company recognized $78.0 million and $63.6 million of revenue that was included in deferred revenue as of December 31, 2023 and 2022, 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 highly liquid investments with original maturities of 90 days or less from the date of purchase.
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. For certain securities, the Company applies the net asset value (NAV) practical expedient, where NAV represents the estimated fair value of these investments. See Note 3 - Financial Instruments and 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, 2024 and 2023, 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 classifies cash flows from derivatives in a manner consistent with the underlying hedged item. See Note 3 - Financial Instruments and 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 and 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, net as of December 31, 2024 or 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, net as of December 31, 2024 or
2023. No individual customer represented 10% or more of the Company’s total revenue during the years ended December 31, 2024, 2023, or 2022.
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
Leasehold improvements
Over the shorter of useful life (up to 10 years) or lease term
Software and licenses
3 years
Furniture and fixtures
3-5 years
Computer equipment
3-5 years
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 primarily of operating leases for office facilities and finance leases for servers and networking equipment. The Company determines if an arrangement is or contains a lease at inception. The Company accounts for lease and non-lease components as a single lease component and does not recognize right-of-use assets and lease liabilities for leases with a term of 12 months or less. Payments under the Company's lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, primarily including common-area maintenance, utilities, taxes or other operating costs, which are expensed as incurred and not included in the lease right-of-use assets and liabilities.
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. The Company estimates 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. 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 the Company will exercise that option.
Operating leases are included in operating lease right-of-use assets, operating lease liabilities, current, and operating lease liabilities, non-current on the Company's consolidated balance sheets. Finance leases are included in property and equipment, net, accrued and other current liabilities, and other non-current liabilities on the Company's consolidated balance sheets.
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.
Acquisitions—The Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition or business combination.
For transactions accounted for as business combinations, the Company allocates the fair value of acquisition consideration to the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair value, with excess recorded as goodwill. 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. 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. There were no business combinations during the years ended December 31, 2024 or 2023.
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. During the years ended December 31, 2024 and 2023, the Company recognized total contingent consideration of $12.6 million and $52.2 million, respectively, related to asset acquisitions closed in 2021 and prior. There were no other asset acquisitions during the periods presented.
Divestitures—The Company classifies assets as held for sale when management commits to a formal plan to actively market the assets at a reasonable price relative to fair value, the assets are available for immediate sale in their current condition, an active program to locate a buyer and complete the transaction has been initiated, the sale is expected to be completed within one year, with no significant changes anticipated to the plan. Once designated as held for sale, the Company records the assets at the lower of their carrying value or estimated fair value, less costs to sell, ceases depreciation and amortization, and reassesses their fair value each reporting period until disposal.
As part of its operational optimization initiatives within the Apps segment, the Company sold certain non-strategic assets for $44.0 million during the year ended December 31, 2022. In connection with these sales, the Company recorded a total loss of $127.9 million, including a $53.0 million impairment charge for assets classified as held for sale during 2022. There were no material divestitures during the years ended December 31, 2024 or 2023.
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 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.
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 any period presented.
Goodwill—The Company allocates goodwill to reporting units based on the expected benefit from the business combination. In the event of changes in reporting units, the Company reassigns goodwill using a relative fair value allocation approach. 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 goodwill impairment 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 was recorded for any period presented.
Intangible Assets—Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives. The Company determines the appropriate useful life of its intangible assets based on their expected cash flows.
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 was no impairment related to long-lived assets that are held and used for any period presented.
Cost of Revenue—Cost of revenue consists primarily of payment processing fees related to IAP Revenue, amortization of intangible assets related to acquired technology and Apps, amortization of finance lease right-of-use assets related to servers and networking equipment and data center costs related primarily to third-party cloud computing services.
Sales and Marketing—Sales and marketing expenses consist primarily of user acquisition costs, amortization of acquired customer-related intangible assets, and personnel-related expenses. User acquisition costs, representing substantially all of advertising costs, are expensed as incurred. User acquisition costs were $521.5 million, $539.4 million, and $665.9 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Research and Development—Research and development expenses consist primarily of personnel-related expenses and third-party costs for development of Apps.
General and Administrative—General and administrative expenses consist primarily of personnel-related expenses of the Company’s finance, accounting, legal, human resources, and other administrative functions, third-party professional service costs, software, facilities costs and other administrative costs.
Stock-Based Compensation—The Company measures and recognizes stock-based compensation expense for share-based awards, primarily including restricted stock units ("RSUs"), performance-based RSUs (“PSUs”) with both service and market-based conditions, stock options and stock purchase rights granted under the Employee Stock Purchase Plan ("ESPP"), based on the grant-date fair value of the awards. The Company accounts for forfeitures for all awards as they occur.
The fair value of RSUs is based on the closing price of the Company's Class A common stock on the grant date, with stock-based compensation expense recognized on a straight-line basis over the requisite service period, which is generally one or four years.
The fair value of PSUs with both service and market conditions is estimated using the Monte Carlo simulation pricing model, which incorporates various assumptions including the expected stock price volatility, the risk-free interest rate, the expected dividend yield and the discount for awards subject to post-vesting restrictions, with stock-based compensation expense recognized using the accelerated attribution method over the derived service period ranging from 0.5 to 3.1 years, regardless of whether the stock price targets are achieved. If the stock price targets are achieved earlier than the derived service period, the Company adjusts its stock-based compensation expense to reflect the cumulative expense associated with the vested awards.
The fair value of stock options and purchase rights granted under the ESPP is estimated using the Black-Scholes option-pricing model, which incorporates various assumptions including the expected term, the expected stock price volatility, the risk-free interest rate, and the expected dividend yield, with stock-based compensation expense recognized on a straight-line basis over the requisite service period.
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 presents deferred tax assets and liabilities on a net basis by jurisdictional filing group. Net deferred tax assets are included in other assets, while net deferred tax liabilities are included in other non-current liabilities on the Company’s consolidated balance sheets.
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 the Company's 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 computed under the two-class method required for participating securities. The Company considers options exercised by non-recourse promissory notes, early exercised unvested stock options, 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 their respective participation rights. Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted income (loss) per share attributable to common stockholders is computed by giving effect to all potentially dilutive securities outstanding during the period. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive common shares are anti-dilutive.
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 basic and diluted EPS are the same for Class A and Class B common stock on an individual or combined basis.
Recent Accounting Pronouncements (Issued and 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 amendment is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendment must be applied retrospectively, and early adoption is permitted. The Company adopted this ASU in its 2024 annual reporting. For additional information, see Note 14 - Segments and Geographic Information.
Recent Accounting Pronouncements (Issued and Not Yet Adopted)—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.
v3.25.0.1
Financial Instruments and Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Measurements Financial Instruments and 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 (in thousands):
As of December 31, 2024
Balance Sheet LocationTotalLevel 1Level 2Level 3
Financial Assets:
Money market deposit accountsCash and cash equivalents$41,454 $41,454 $— $— 
Total financial assets$41,454 $41,454 $— $— 
As of December 31, 2023
Balance Sheet LocationTotalLevel 1Level 2Level 3
Financial Assets:
Money market deposit accountsCash and cash equivalents$1,352 $1,352 $— $— 
Total financial assets$1,352 $1,352 $— $— 
Non-Marketable Equity Securities Measured at Net Asset Value
The Company held equity interests in certain private equity funds of $77.3 million and $56.7 million as of December 31, 2024 and 2023, 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 $77.3 million and the unfunded commitments of $21.5 million as of December 31, 2024.
During the year ended December 31, 2024, the Company made total capital contributions of $19.0 million related to these investments. The Company recorded an immaterial unrealized gain related to these investments for any period presented.
Non-Marketable Equity Securities Measured at Fair Value on a Non-Recurring Basis
The Company's 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, net in the Company's consolidated statement of operations.
In February 2024, the Company entered into an agreement to invest $50.0 million in the Series C preferred stock financing of Humans, Inc., the developer of the Flip Shop social shopping app ("Flip Shop"), of which $10.0 million was closed in February 2024 and the remaining $40.0 million was closed in April 2024. In February 2024, the Company also entered into an arm's length commercial agreement with Flip Shop related to its use of the Company's AXON technology under a revenue share model.
During the year ended December 31, 2024, the Company also acquired certain additional non-marketable equity securities for a total of $8.0 million.
As of December 31, 2024 and 2023, the carrying amounts of the Company's non-marketable equity securities were $68.1 million and $10.1 million, respectively, and were included in other assets in the Company’s consolidated balance sheets.
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 - Debt). 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 net gains of $15.8 million and $5.9 million related to the interest rate swaps during the years 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.
v3.25.0.1
Supplemental Financial Statement Information
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Statement Information Supplemental Financial Statement Information
Property and equipment, net consisted of the following (in thousands):
As of December 31,
20242023
Finance lease right-of-use assets$222,203 $216,493 
Leasehold improvements18,746 17,553 
Software and licenses7,146 3,911 
Furniture and fixtures3,835 4,144 
Computer equipment3,341 3,236 
Total property and equipment, gross255,271 245,337 
Less: accumulated depreciation(94,741)(72,006)
Total property and equipment, net$160,530 $173,331 
Depreciation expenses were $29.4 million, $26.4 million, and $29.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Accrued and other current liabilities consisted of the following (in thousands):
As of December 31,
20242023
Accrued taxes$280,153 $141,854 
Compensation and related liabilities64,642 48,263 
Accrued expenses and other64,597 75,139 
Total accrued and other current liabilities$409,392 $265,256 
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments—As of December 31, 2024, the Company's non-cancelable minimum purchase commitments totaled $1.2 billion, which consisted primarily of a certain arrangement related to third-party cloud computing services. In August 2024, the Company amended its agreement with the cloud service provider. Under the amended agreement, the Company committed to spend a minimum of $1.3 billion over a three-year period. As of December 31, 2024, the Company had made payments of $107.4 million towards this commitment.
As of December 31, 2024, future minimum payments under these non-cancelable purchase commitments with a remaining term in excess of one year were as follows (in thousands):
2025$438,856 
2026430,825
2027294,814
2028— 
2029— 
Total non-cancelable purchase commitments
$1,164,495 
In addition, the Company had total unfunded commitments of $21.5 million related to investments in certain private equity funds. For additional information, see Note 3 - Financial Instruments and 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, 2024 and 2023, the Company had outstanding letters of credit in the aggregate amount of $6.3 million and $6.3 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 - Debt.
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. Losses in connection with legal proceedings have not been material for any period presented.
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, 2024, 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.
v3.25.0.1
Business Combinations
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
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") advertising 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 allowed 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. For additional information, see Note 11 - Stock-Based Compensation.
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 $1.0 billion in cash. The acquisition allowed 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".
Supplemental Pro Forma Information
The unaudited supplemental pro forma information below presents the combined historical results of operations of the Company, the MoPub Business and Wurl for the period presented as if the MoPub business and Wurl had been acquired as of January 1, 2021 (in thousands):
Year Ended
December 31, 2022
Revenue
$2,826,090 
Net loss
$(184,317)
The unaudited supplemental pro forma information above includes the following adjustments to net loss in the appropriate pro forma periods (in thousands):
Year Ended
December 31, 2022
An increase in amortization expense related to the fair value of acquired identifiable intangible assets, net of the amortization expense already reflected in actual historical results$(3,512)
A decrease in expenses related to the TSA$7,000 
A decrease in expenses related to transaction expenses$16,899 
A decrease in expenses related to transaction bonuses$1,101 
An increase due to replacement stock awards$(1,221)
An increase in income tax provision$(4,654)
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 the MoPub business and Wurl.
v3.25.0.1
Goodwill and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
The following table presents the changes in the carrying amount of goodwill by reporting unit (in thousands):
AdvertisingAppsTotal
Balances as of December 31, 2022$1,478,014 $345,741 $1,823,755 
Foreign currency translation
19,095 — 19,095 
Balances as of December 31, 2023$1,497,109 $345,741 $1,842,850 
Foreign currency translation
(39,424)— (39,424)
Balances as of December 31, 2024$1,457,685 $345,741 $1,803,426 
Intangible assets, net consisted of the following (in thousands):
Weighted-
Average
Remaining
Useful Life
(in years)		As of December 31, 2024As of December 31, 2023
Gross
Carrying
Value		Accumulated
Amortization		Net Book
Value		Gross
Carrying
Value		Accumulated
Amortization		Net Book
Value
Apps3.4$1,828,036 $(1,419,559)$408,477 $1,818,907 $(1,152,611)$666,296 
Customer relationships7.2511,125 (160,810)350,315 519,175 (111,374)407,801 
User base1.368,817 (56,626)12,191 68,817 (46,874)21,943 
License asset3.060,707 (59,207)1,500 59,207 (31,003)28,204 
Developed technology2.7204,286 (120,808)83,478 207,900 (88,716)119,184 
Other2.266,020 (25,304)40,716 71,196 (21,989)49,207 
Total intangible assets
$2,738,991 $(1,842,314)$896,677 $2,745,202 $(1,452,567)$1,292,635 
The Company recorded amortization expenses related to acquired intangible assets as follows (in thousands):
Year Ended December 31,
202420232022
Cost of revenue$338,380 $382,956 $448,462 
Sales and marketing74,248 67,190 66,173 
Total$412,628 $450,146 $514,635 
As of December 31, 2024, the expected future amortization expense related to acquired intangible assets was estimated as follows (in thousands):
2025$229,932 
2026222,617 
2027193,981 
202893,814 
202948,495 
Thereafter107,838 
Total$896,677 
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company has entered into various non-cancelable operating and finance leases primarily for its office facilities and servers and networking equipment. These leases have remaining lease terms of less than 1 year to 7 years, some of which include options to extend the leases for up to 5 years.
The components of lease costs recognized in the Company's consolidated statements of operations were as follows (in thousands):
Year Ended December 31,
202420232022
Finance lease cost:
Amortization of right-of-use assets$24,308 $22,673 $24,064 
Interest9,231 7,036 2,802 
Operating lease cost15,286 16,674 20,783 
Variable lease cost and other6,190 6,329 2,691 
Total lease cost$55,015 $52,712 $50,340 
Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):
Operating
Leases		Finance
Leases
2025$16,808 $30,481 
202615,297 30,459 
202712,509 30,448 
20285,523 30,445 
20291,204 30,402 
Thereafter70 31,898 
Total lease payments51,411 184,133 
Less: amount representing interest(3,989)(27,904)
Present value of future lease payments47,422 156,229 
Less: current obligations under leases(14,814)(22,336)
Non-current lease obligations$32,608 $133,893 
Supplemental balance sheet information related to lease liabilities was as follows:
As of December 31,
20242023
Weighted-average remaining lease term:
Finance leases6.0 years7.0 years
Operating leases3.3 years4.1 years
Weighted-average discount rate:
Finance leases5.7 %5.6 %
Operating leases5.2 %5.2 %
Supplemental cash flow information related to leases was as follows (in thousands):
Year Ended December 31,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$16,708 $17,147 $22,013 
Operating cash flows for finance leases$9,231 $7,036 $2,802 
Financing cash flows for finance leases$20,875 $20,170 $24,083 
As of December 31, 2024, the Company did not have any significant lease that had not yet commenced.
Leases Leases
The Company has entered into various non-cancelable operating and finance leases primarily for its office facilities and servers and networking equipment. These leases have remaining lease terms of less than 1 year to 7 years, some of which include options to extend the leases for up to 5 years.
The components of lease costs recognized in the Company's consolidated statements of operations were as follows (in thousands):
Year Ended December 31,
202420232022
Finance lease cost:
Amortization of right-of-use assets$24,308 $22,673 $24,064 
Interest9,231 7,036 2,802 
Operating lease cost15,286 16,674 20,783 
Variable lease cost and other6,190 6,329 2,691 
Total lease cost$55,015 $52,712 $50,340 
Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):
Operating
Leases		Finance
Leases
2025$16,808 $30,481 
202615,297 30,459 
202712,509 30,448 
20285,523 30,445 
20291,204 30,402 
Thereafter70 31,898 
Total lease payments51,411 184,133 
Less: amount representing interest(3,989)(27,904)
Present value of future lease payments47,422 156,229 
Less: current obligations under leases(14,814)(22,336)
Non-current lease obligations$32,608 $133,893 
Supplemental balance sheet information related to lease liabilities was as follows:
As of December 31,
20242023
Weighted-average remaining lease term:
Finance leases6.0 years7.0 years
Operating leases3.3 years4.1 years
Weighted-average discount rate:
Finance leases5.7 %5.6 %
Operating leases5.2 %5.2 %
Supplemental cash flow information related to leases was as follows (in thousands):
Year Ended December 31,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$16,708 $17,147 $22,013 
Operating cash flows for finance leases$9,231 $7,036 $2,802 
Financing cash flows for finance leases$20,875 $20,170 $24,083 
As of December 31, 2024, the Company did not have any significant lease that had not yet commenced.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
The Company’s outstanding debt consisted of the following (in thousands):
As of December 31,
20242023
2029 Notes$1,000,000 $— 
2031 Notes1,000,000 — 
2034 Notes1,000,000 — 
2054 Notes550,000 — 
Term loans under the Credit Agreement— 2,966,250 
Revolving Credit Facility— 185,000 
Total principal amount3,550,000 3,151,250 
Less: unamortized debt discount and issuance costs(41,017)(30,344)
Net carrying amount$3,508,983 $3,120,906 
Less: short-term debt
— (215,000)
Long-term debt
$3,508,983 $2,905,906 
As of December 31, 2024, the future principal payments for the outstanding debt were as follows (in thousands):
2025 through 2028$— 
20291,000,000 
Thereafter2,550,000 
Long-term debt
$3,550,000 
Senior Notes
In December 2024, the Company issued $3.6 billion in aggregate principal amount of senior notes, consisting of $1.0 billion in aggregate principal amount of 5.125% notes due December 1, 2029 (the "2029 Notes"), $1.0 billion in aggregate principal amount of 5.375% notes due December 1, 2031 (the "2031 Notes"), $1.0 billion in aggregate principal amount of 5.500% notes due December 1, 2034 (the “2034 Notes”), and $550.0 million in aggregate principal amount of 5.950% notes due December 1, 2054 (the "2054 Notes", and collectively with the 2029 Notes, the 2031 Notes and 2034 Notes, the "Senior Notes"). Interest on each series of the Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2025.
The Senior Notes are unsecured obligations and are not guaranteed by any of the Company's subsidiaries. The Senior Notes rank equally with all existing and future unsecured and unsubordinated indebtedness of the Company. The Company may redeem the Senior Notes in whole or in part at any time or from time to time at specified redemption prices. In addition, upon the occurrence of certain change of control repurchase events, the Company may be required to repurchase the Senior Notes at a specified repurchase price plus accrued and unpaid interest on the Senior Notes to, but excluding, the repurchase date. The indentures governing the Senior Notes also includes customary affirmative and negative covenants (including covenants that limit the Company’s ability and the ability of its restricted subsidiaries to create liens on certain assets to secure debt, enter into sale and leaseback transactions, and, with respect to the Company, consolidate or merge with or into, or sell or otherwise dispose of all or substantially all of its assets, in each case subject to certain exceptions), events of default, and other customary provisions. As of December 31, 2024, the Company was in compliance with all applicable covenants.
The Company incurred debt discount and issuance cost of $41.3 million in connection with the Senior Notes offering, which were allocated on a pro rata basis to the 2029 Notes, 2031 Notes, 2034 Notes, and 2054 Notes. The debt discount and issuance costs are amortized to interest expense over the contractual term of each series of the Senior Notes under the effective interest rate method. The effective interest rates on the 2029 Notes, 2031 Notes, 2034 Notes, and 2054 Notes, which are calculated as the contractual interest rates adjusted for the debt discount and issuance costs, are 5.34%, 5.56%, 5.66%, and 6.07%, respectively.
As of December 31, 2024, the total estimated fair value of the Senior Notes was $3.6 billion. The estimated fair value of the Senior Notes, which the Company has classified as Level 2 financial instruments, was determined based on quoted bid prices in an over-the-counter market on the last trading day of the reporting period.
Credit Agreement
2024 Credit Agreement
In December 2024, concurrently with the issuance of its Senior Notes, the Company entered into the 2024 Credit Agreement, establishing a $1.0 billion revolving credit facility maturing on December 5, 2029, with the option for two one-year extensions as permitted under the agreement. The obligations of the Company under the 2024 Credit Agreement are unsecured and are not guaranteed by any of the Company's subsidiaries. As of December 31, 2024, no amounts had been borrowed under the 2024 Credit Agreement.
U.S. Dollar borrowings under the 2024 Credit Agreement will bear interest, at the Company’s option, based on either (1) 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 Term SOFR rate for a one-month interest period plus 1.10%, in each case subject to a 1.00% floor, plus an applicable margin; or (2) the Term SOFR rate for the applicable interest period plus 0.10%, subject to a 0% floor, plus an applicable margin. The applicable margin ranges from 0.125% to 1.000% for base rate borrowings and from 1.125% to 2.000% for Term SOFR rate borrowings, in each case determined by the Company’s credit ratings. Additionally, the 2024 Credit Agreement also requires the Company to pay a commitment fee on unused amounts, ranging from 0.100% to 0.325%, based on the Company’s credit ratings.
The 2024 Credit Agreement includes usual and customary provisions for unsecured revolving credit agreements of this type, including covenants limiting, with certain exceptions, (1) incurrence of indebtedness by the Company’s subsidiaries, (2) liens, (3) fundamental changes and (4) sale and leaseback transactions, and requires the Company to maintain a maximum total net debt-to-EBITDA ratio of 3.50 to 1.00 as of the last day of each fiscal quarter, subject to a step-up to 4.00 to 1.00 at the Company's option for a certain period following certain qualified acquisitions. As of December 31, 2024, the Company was in compliance with all applicable covenants and ratios.
The 2024 Credit Agreement replaced the existing credit agreement, originally entered into in August 2018 and subsequently amended multiple times (the “2018 Credit Agreement).
2018 Credit Agreement
In August 2018, the Company entered into the 2018 Credit Agreement. The 2018 Credit Agreement, as last amended in March 2024, provided for a $1.5 billion term loan maturing in October 2028, a $2.1 billion term loan maturing in August 2030, and a $610.0 million secured revolving credit facility. Under the 2018 Credit Agreement, the Company may voluntarily prepay outstanding loans at any time, subject to notice, minimum amount requirements, and customary breakage costs, and may be required to prepay outstanding loans under certain circumstances. Prepaid amounts under the revolving credit facility may be re-borrowed.
The term loans and borrowings under the 2018 Credit Agreement bear interest, at the Company’s option, based on either (1) 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 Term SOFR rate for a one-month interest period plus 1.00%, plus an applicable margin; or (2) the Term SOFR rate for a specified period, subject to a 0.50% floor in the case of the term loans and a 0% floor in the case of the revolving credit facility, plus an applicable margin. The applicable margin with respect to the term loans was 1.50% for base rate borrowings and 2.50% for Term SOFR rate borrowings. The applicable margin with respect to the amounts outstanding under the revolving credit facility ranges from 1.00% to 1.25% for base rate borrowings, and from 2.10% to 2.35% for Term SOFR rate borrowings, in each case determined by the Company’s senior secured net leverage ratio. Additionally, the 2018 Credit Agreement also requires the Company to pay a commitment fee on unused amounts under the revolving credit facility, ranging from 0.25% to 0.50%, based on the Company’s senior secured net leverage ratio. As of December 31, 2023, the interest rates for the term loans and the borrowings under the 2018 Credit Agreement were 8.45% and 7.45%, respectively.
The Company’s obligations under the 2018 Credit Agreement are secured by substantially all assets of the Company and its domestic subsidiary guarantors, with certain exclusions. The 2018 Credit Agreement also includes covenants restricting debt, liens, business mergers, dissolutions, investments, dividends, asset disposals, and affiliate transactions, along with default provisions covering payment failures, cross-defaults, change of control, judgments, and bankruptcy. In case of default, lenders may demand immediate repayment and enforce other remedies provided under the agreement. The Company was in compliance with all applicable covenants at all times.
In March 2024, the Company drew $418.7 million from the revolving credit facility to fund certain share repurchases and subsequently repaid the entire outstanding amount of $603.7 million.
Upon executing the 2024 Credit Agreement, the Company used the proceeds from the issuance of the Senior Notes to repay the entire remaining $3.5 billion principal amount on both term loans under the 2018 Credit Agreement and terminated the secured revolving credit facility under the 2018 Credit Agreement, which had no outstanding balance. The Company recognized a $27.7 million loss on extinguishment of the term loans, while the modification to the revolving credit facility had no material impact on the Company's consolidated statements of operations for the year ended December 31, 2024.
Interest Expense on Debt
The following table sets forth total interest expense recognized related to the Company’s debt (in thousands):
Year Ended December 31,
202420232022
Contractual interest expense$274,141 $268,583 $162,150 
Amortization of debt discount and issuance costs5,460 8,792 10,031 
Loss on debt extinguishment28,375 4,337 — 
Total interest expense$307,976 $281,712 $172,181 
The table above includes interest expense related to the revolving credit facilities of $7.5 million, $6.5 million, and $0.1 million during the years ended December 31, 2024, 2023, and 2022, respectively.
v3.25.0.1
Equity
 12 Months Ended
Dec. 31, 2024
Common Stock [Abstract]  
Equity Equity
Preferred Stock
The Company’s amended and restated certificate of incorporation authorizes the issuance of preferred stock 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.
Common Stock
The Company’s amended and restated certificate of incorporation authorizes the issuance of Class A common stock, Class B common stock, and Class C common stock (collectively referred to as the “Common Stock”). The rights of the holders of the 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, each share of Class B common stock is entitled to 20 votes per share, and Class C common stock is not entitled to vote, except as otherwise required by law. The holders of the Class B common stock (the “Voting Agreement Parties”) have entered into a voting agreement (the “Voting Agreement”), which provides that all shares of Class B common stock held by the Voting Agreement Parties and their respective permitted entities and permitted transferees will be voted as determined by two of Adam Foroughi, Herald Chen, and KKR Denali Holdings L.P.(“KKR Denali”) (one of which must be Mr. Foroughi). In the event that Mr. Chen or KKR Denali is no longer party to the Voting Agreement, all shares of Class B common stock subject to the Voting Agreement will be voted by the mutual decision of the remaining parties, or, if the parties disagree, the shares of Class B common stock will be voted by each party in their own discretion.
One share of Class B common stock is convertible into one share of Class A common stock voluntarily at any time by the holder, and will convert automatically into one share of Class A common stock upon (1) certain transfers or (2) the date set by the Company's board of directors, between 61 days and 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. 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 automatically convert into Class A common stock on a one-for-one basis at the date or time determined by a majority of the outstanding shares of Class A common stock, voting as a separate class.
In 2024, KKR Denali, who previously owned more than 10% of the Company's voting interests, converted its remaining shares of Class B common stock into Class A common stock and subsequently sold all such shares. As a result, as of December 31, 2024, KKR Denali was no longer a party to the Voting Agreement. See Note 16 - Related Party Transactions for additional information.
Stock Repurchase Program
In February 2022, the Company's board of directors authorized a stock repurchase program for the Company's Class A common stock. As of December 31, 2023, $2.2 million remained available for repurchases under the program. During 2024, the Company repurchased and retired 16,081,408 shares of Class A common stock for a total cost of $981.3 million, including commissions and fees, and the board authorized an additional $3.3 billion for repurchases under the program. As of December 31, 2024, $2.3 billion remained available for repurchases under the program.
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. 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.
The Company retires its Class A common stock upon repurchases, and records the excess of repurchase price over par value for shares repurchased to retained earnings to the extent the Company has retained earnings. If the Company has an accumulated deficit, the Company records the excess of repurchase price over par value for shares repurchased first to additional paid-in capital, to the extent the Company has additional paid-in capital, until depleted, and then to accumulated deficit in the Company’s consolidated statements of redeemable noncontrolling interest and stockholders’ equity.
v3.25.0.1
Stock-based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
2011 Equity Incentive Plan
The Company’s 2011 Equity Incentive Plan (the "2011 Plan") provides for the grant of incentive stock options ("ISOs"), nonstatutory stock options ("NSOs"), RSUs, stock appreciation rights ("SARs") and restricted stock to the Company's employees, directors and consultants. 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 ISOs, NSOs, restricted stock, RSUs, SARs,
performance units and performance shares to the Company’s employees, directors and consultants. 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 the 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 of directors may determine. In 2022, the Company's board of directors decreased the number of shares of Class A common stock reserved for issuance under the 2021 Plan by 2,000,000 shares. As of December 31, 2024, there were 68,922,661 shares available 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 NSOs, 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 Company's board of directors reserved an additional 2,000,000 shares of Class A common stock for future issuance under the 2021 Partner Plan. As of December 31, 2024, there were 1,550,986 shares available for future issuance under the 2021 Partner Plan.
Employee Stock Purchase Plan
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. The ESPP has an automatic reset feature, whereby the offering period resets if the fair value of the Company’s common stock on a purchase date is less than that on the original offering 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, 2024, there were 17,582,902 shares available for future issuance under the ESPP.
RSUs
A summary of the RSU activities for the year ended December 31, 2024 is as follows:
Number of
Restricted
Stock Units
Weighted-Average Grant-Date Fair Value
(per share)
Balances as of December 31, 20239,209,309 $41.14 
Granted1,017,237 $105.09 
Vested(7,214,595)$39.59 
Forfeited(861,930)$46.85 
Balances as of December 31, 20242,150,021 $74.34 
The weighted-average grant-date fair value of RSUs granted during the years ended December 31, 2023 and 2022 was $25.11 and $23.08, respectively. The total fair value of RSUs vested as of the vesting dates during the years ended December 31, 2024, 2023, and 2022 was $844.2 million, $403.1 million, and $88.0 million, respectively.
PSUs
In March 2023, the Company granted 6,902,000 PSUs under the 2021 Plan to each of Adam Foroughi, its CEO and Chairperson, and Vasily Shikin, its CTO. In April 2023, the Company granted an additional 3,451,000 PSUs to certain non-executive employees under the same plan. These PSUs, divided into five tranches, vest upon achieving stock price targets ranging from $36.00 to $79.00, based on the minimum closing price of the Company’s Class A common stock over any 30 consecutive trading days during a five-year performance period from the respective grant date, subject to continued employment through the applicable vesting date. In the event of a change in control, unvested PSUs may vest a pro-rata amount if the transaction price falls between two stock price targets that have not previously been achieved, subject to continued employment through the date prior to the transaction. For Mr. Foroughi and Mr. Shikin, PSUs may continue to vest for up to one year post-employment if certain conditions are met.
In November 2024, the Company granted 348,327 PSUs under the 2021 Plan to certain non-executive employees. These
PSUs, divided into 3 tranches, vest upon achieving stock price targets ranging from $184.35 to $294.96, based on the minimum closing price of the Company’s Class A common stock over any 30 consecutive trading days during a 2.5-year performance period from the grant date, subject to continued employment through the applicable vesting date.
A summary of the PSU activities for the year ended December 31, 2024 is as follows:
Number of Performance
Stock Units
Weighted-Average Grant-Date Fair Value
(per share)
Balances as of December 31, 202313,804,000 $7.20 
Granted348,327 $103.76 
Vested(13,841,737)$9.26 
Forfeited(310,590)$7.90 
Balances as of December 31, 2024— $— 
The weighted-average grant-date fair value of PSUs granted during the year ended December 31, 2023 was $7.20. The total fair value of PSUs vested as of the vesting dates during the years ended December 31, 2024 and 2023 was $1.3 billion and $132.7 million, respectively.
The following assumptions were used to estimate the fair value of PSUs:
Year Ended December 31,
20242023
Stock price on the date of grant $159.11
$12.41 - $16.43
Expected volatility64.72 %
73.76% - 73.95%
Risk-free interest rate4.05 %
3.58% - 3.60%
Discount for lack of marketability15.29 %
20.43% - 20.65%
Dividend yield0%
0%
Stock Options
A summary of the stock option activities for the year ended December 31, 2024 is as follows:
Number of
Options
Weighted-Average
Exercise Price
(per share)
Weighted-Average
Remaining Contractual Term
(in years)
Balances as of December 31, 20239,814,632 $6.11 5.8
Exercised(6,044,258)$5.76 
Forfeited(23,222)$17.63 
Balances as of December 31, 20243,747,152 $6.60 4.9
Vested and exercisable as of December 31, 20243,746,502 $6.60 4.9
Vested and expected to vest as of December 31, 20243,747,152 $6.60 4.9
The fair value of stock options granted during the year ended December 31, 2023 was not material and no stock options were granted during the years ended December 31, 2024 or 2022. The total intrinsic value of share options exercised during the years ended December 31, 2024, 2023, and 2022 was $671.2 million, $60.1 million, and $87.5 million, respectively. The aggregate intrinsic value of stock options outstanding as of December 31, 2024 was $1.2 billion.
ESPP
The stock-based compensation expenses recognized for the ESPP were not material during the years ended December 31, 2024, 2023, or 2022. During the year ended December 31, 2024, 418,893 shares of Class A common stock were purchased under the ESPP at a weighted-average price of $16.63 per share.
Stock-based Compensation Expense
Stock-based compensation included in the Company's consolidated statements of operations was as follows (in thousands):
Year Ended December 31,
202420232022
Cost of revenue$5,499 $5,229 $6,307 
Sales and marketing83,435 79,879 41,533 
Research and development239,902 230,806 94,319 
General and administrative47,619 47,193 49,453 
Total stock-based compensation expense$376,455 $363,107 $191,612 
During the year ended December 31, 2023, the Company recorded $15.7 million in stock-based compensation expense for a performance-based incentive plan for certain employees of Wurl. The plan was initially recorded in accrued and other current liabilities on the Company’s consolidated balance sheets as the monetary value of the obligation under each potential outcome of the performance condition was predominantly based on a fixed monetary amount known at inception to be settled in a variable number of shares. In February 2024, the Company settled the liability by issuing 346,836 shares of the Company's Class A common stock and paying $2.1 million in cash. For additional information, see Note 6 - Business Combinations.
During the year ended December 31, 2024, the Company recorded $7.1 million in stock-based compensation expense for certain cash-settled awards, whose value was based in part on the price of its Class A common stock. As of December 31, 2024, these awards were vested and included in accrued and other current liabilities on the Company’s consolidated balance sheets.
As of December 31, 2024, the total unrecognized stock-based compensation expense was $145.6 million, which is expected to be recognized over a weighted-average period of 0.92 years. For the years ended December 31, 2024, 2023, and 2022, the Company recognized net income tax benefit (deficiency) related to stock-based compensation of $203.7 million, $34.3 million, and $(10.9) million, respectively.
v3.25.0.1
Net Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
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, 2024, 2023, and 2022 (in thousands, except share and per share data):
Year Ended December 31,
202420232022
Basic EPS
Numerator:
Net income (loss)$1,579,776 $356,711 $(192,746)
Less:
Income attributable to options exercises by promissory notes(1,508)(1,412)— 
Income attributable to unvested early exercised options(2)(23)— 
Income attributable to common stock subject to share repurchase agreements(1,207)(334)— 
Net income (loss) attributable to common stockholders—Basic$1,577,059 $354,942 $(192,746)
Denominator:
Weighted-average shares used in computing net income (loss) per share—Basic 336,921,483 351,952,187 371,568,011 
Net income (loss) per share attributable to common stockholders—Basic$4.68 $1.01 $(0.52)
Diluted EPS
Numerator:
Net income (loss)$1,579,776 $356,711 $(192,746)
Less:
Income attributable to options exercises by promissory notes(1,461)(1,371)— 
Income attributable to unvested early exercised options(2)(23)— 
Income attributable to common stock subject to share repurchase agreements(1,169)(324)— 
Net income (loss) attributable to common stockholders—Diluted$1,577,144 $354,993 $(192,746)
Denominator:
Weighted-average shares used in computing net income (loss) per share—Basic336,921,483 351,952,187 371,568,011 
Weighted-average dilutive share-based awards and warrants10,886,072 10,637,059 — 
Weighted-average shares used in computing net income (loss) per share—Diluted347,807,555 362,589,246 371,568,011 
Net income (loss) per share attributable to common stockholders—Diluted$4.53 $0.98 $(0.52)
The following table presents the forms of antidilutive potential common shares:
As of December 31,
202420232022
Stock options exercised for promissory notes85,000 1,399,999 1,399,999 
Early exercised stock options— 3,147 99,372 
Stock options— 115,229 11,315,805 
Unvested RSUs2,034 3,340,992 15,616,743 
ESPP49,488 1,917 856,811 
Total antidilutive potential common shares136,522 4,861,284 29,288,730 
As of December 31, 2023, the table above excludes any unvested PSUs since the related market conditions had not yet been met
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Net income (loss) before income taxes for the years ended December 31, 2024, 2023, and 2022, included the following components (in thousands):
Year Ended December 31,
202420232022
U.S.
$125,402 $14,911 $8,660 
Foreign
1,450,603 365,659 (213,837)
Net income (loss) before income taxes
$1,576,005 $380,570 $(205,177)
Provision for (benefit from) income taxes for the years ended December 31, 2024, 2023, and 2022 consisted of the following (in thousands):
Year Ended December 31,
202420232022
Current:
Federal$19,832 $46,515 $74,843 
State
11,426 12,407 13,548 
Foreign
161,046 47,309 1,548 
Total current
192,304 106,231 89,939 
Deferred:
Federal(151,309)(65,476)(74,588)
State
(19,424)(6,454)(6,718)
Foreign
(25,342)(10,442)(20,863)
Total deferred
(196,075)(82,372)(102,169)
Total provision for (benefit from) income taxes
$(3,771)$23,859 $(12,230)
The reconciliation of federal statutory income tax rate to the effective income tax rate is as follows (in thousands):
Year Ended December 31,
202420232022
Tax provision (benefit) at U.S. federal statutory rate$330,961 $79,920 $(43,034)
State income taxes, net of federal benefit(30,296)(5,259)(1,356)
Foreign income taxed at different rates(162,402)(39,171)27,114 
Global intangible low-taxed income54,118 19,417 2,917 
Stock-based compensation(176,670)(3,793)22,064 
Capital loss— (2,121)(14,687)
Foreign-derived intangible income(9,743)(20,569)(17,667)
Research and development credits(56,666)(25,128)(11,803)
Foreign income inclusion(305)919 357 
Change in valuation allowance42,623 15,182 21,061 
Return to Provision2,942 3,223 (1,323)
Other1,668 1,239 4,127 
Total provision for (benefit from) income taxes$(3,771)$23,859 $(12,230)
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 $135.4 million ($0.39 per diluted share) and $38.0 million ($0.11 per diluted share) for the years ended December 31, 2024 and 2023, respectively.
The following summarizes the current and deferred tax assets and liabilities (in thousands):
As of December 31,
20242023
Deferred tax assets:
Accrued expenses and reserves$13,506 $12,558 
Stock-based compensation10,124 11,169 
Tax credit carryforwards99,314 22,896 
Net operating loss45,463 24,817 
Identified intangibles46,851 24,284 
Operating lease liability10,137 10,201 
Other comprehensive income37,997 24,540 
Foreign tax deduction1,900 7,560 
Capital loss18,198 17,688 
Capitalized R&D expenses268,918 142,386 
Valuation allowance(98,444)(55,822)
Total deferred tax assets453,964 242,277 
Deferred tax liabilities:

Depreciation and amortization(324)(1,587)
Operating lease right-of-use assets(7,798)(6,808)
Other(9,529)(6,909)
Total deferred tax liabilities(17,651)(15,304)
Net deferred tax assets$436,313 $226,973 
As of December 31, 2024 and 2023, the Company had federal net operating loss carryforwards of $2.8 million and $8.5 million on a return basis, respectively, to reduce future taxable income. The post-2017 Tax Act net operating losses are not subject to expiration.
As of December 31, 2024 and 2023, the Company had federal tax credit carryforwards of $67.7 million and $5.1 million on a return basis, respectively, to offset future tax liability. The credit carryforwards will begin to expire in 2035.
As of December 31, 2024 and 2023, the Company had federal capital loss carryforwards of $78.1 million and $77.1 million on a return basis, respectively, to reduce future capital gains. The capital loss carryforwards will begin to expire in 2027.
As of December 31, 2024 and 2023, the Company had California net operating loss carryforwards of $12.4 million and $3.6 million on a return basis, respectively, to reduce future taxable income. The net operating losses will begin to expire in 2039.
As of December 31, 2024 and 2023, the Company had California tax credit carryforwards of $63.0 million and $33.3 million on a return basis, respectively, to offset future tax liability. The credit carryforwards are not subject to expiration.
As of December 31, 2024 and 2023, the Company had other state net operating loss carryforwards of $74.1 million and $26.6 million on a return basis, respectively, to reduce future taxable income. The net operating losses will begin to expire in 2038.
As of December 31, 2024 and 2023, the Company had Texas tax credit carryforwards of $1.2 million and $0.5 million on a return basis, respectively, to offset future tax liability. The credit carryforwards will begin to expire in 2043.
As of December 31, 2024 and 2023, the Company had foreign net operating loss carryforwards of $255.5 million and $140.5 million on a return basis, respectively, to reduce future taxable income. The foreign net operating losses will begin to expire in 2027.
The valuation allowance on the Company's net deferred tax assets increased by $42.6 million, $15.2 million and $21.8 million during the years ended December 31, 2024, 2023, and 2022, 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, 2024, 2023, and 2022, 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, due to generating more credits and losses than can be utilized.
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, 2024 and 2023, because it intends to permanently reinvest such earnings outside of the U.S., except for Singapore. 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 2017 Tax Act.
Uncertain Tax Positions
The following table summarizes the activity related to the gross unrecognized tax benefits (in thousands):
Year Ended December 31,
202420232022
Balance at beginning of year
$35,880 $19,052 $18,456 
Increases related to prior year positions
4,393 3,522 — 
Decreases related to prior year positions(2,183)— (2,837)
Increases related to current year positions
25,921 13,548 7,083 
Decreases related to lapse of statutes
(2,797)(242)(758)
Decreases related to settlements
(309)— (2,892)
Balance at end of year
$60,905 $35,880 $19,052 
Of the unrecognized tax benefits, $51.1 million and $23.9 million represents the amount that if recognized, would favorably affect the effective income tax rate in 2024 and 2023, 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, 2024, 2023, and 2022, the Company had approximately $8.3 million, $4.0 million, and $2.6 million of interest and penalties, respectively.
The tax returns for years 2017 through 2023 remain open to examination for federal and other major domestic taxing jurisdictions and for years 2018 through 2023 for other major foreign jurisdictions.
v3.25.0.1
Segments and Geographic Information
 12 Months Ended
Dec. 31, 2024
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. The Company’s CODM is the Chief Executive Officer.
The Company's two operating and reportable segments are as follows:
•Advertising: Revenue is generated primarily from fees paid by advertisers for the placement of ads on mobile applications owned by Publishers.
•Apps: Revenue is generated 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 uses segment Adjusted EBITDA to allocate resources during the annual budgeting and forecasting process. The CODM considers segment Adjusted EBITDA when making decisions on operating and capital resource allocation. Additionally, the CODM uses segment Adjusted EBITDA to evaluate operating strategy and assess segment performance by comparing the results of each segment.
The CODM does not evaluate operating segments using asset information, and, accordingly, the Company does not report asset information by segment.
The following tables provide 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):
Year Ended December 31,
202420232022
Advertising:
Revenue$3,224,058 $1,841,762 $1,049,167 
Less:
Data center costs
(392,498)(251,197)(201,718)
Personnel related expenses (242,134)(208,878)(162,327)
Publisher bonuses1
— — 209,635 
Other expenses2
(146,830)(105,982)(86,341)
Advertising Adjusted EBITDA2,442,597 1,275,705 808,415 
Apps:
Revenue$1,485,190 $1,441,325 $1,767,891 
Less:
User acquisition costs(521,516)(539,444)(666,128)
Payment processing fees(287,891)(295,613)(345,573)
Professional services costs(260,278)(236,229)(320,282)
Other expenses3
(138,497)(143,086)(181,113)
Apps Adjusted EBITDA277,008 226,953 254,795 
Total Segment Adjusted EBITDA$2,719,605 $1,502,658 $1,063,210 
Interest expense and loss on settlement of debt$(318,260)$(275,665)$(171,863)
Other income, net25,440 7,831 18,647 
Amortization, depreciation and write-offs(448,680)(489,008)(547,084)
Loss on disposal of long-lived assets(1,646)— (127,892)
Non-operating foreign exchange gain (loss)(291)1,224 164 
Stock-based compensation(376,455)(363,107)(191,612)
Acquisition-related expense and transaction bonus(885)(1,047)(21,279)
Publisher bonuses— — (209,635)
MoPub acquisition transition services— — (6,999)
Restructuring costs(22,823)(2,316)(10,834)
Income (loss) before income taxes$1,576,005 $380,570 $(205,177)
1 In connection with the MoPub acquisition, the Company incurred certain one-time, non-recoupable costs to incentivize publishers to migrate to its MAX mediation solution. As these costs were not historically significant nor expected to be in the future, the Company excluded their impact from the Advertising Adjusted EBITDA.
2 Other segment items for the Advertising reportable segment include professional services costs, facilities costs, advertising costs, software costs, and other individually insignificant costs.
3 Other segment items for the Apps reportable segment include personnel related expenses, data center costs, facilities costs, software costs, and other individually insignificant costs.

The following table presents long-lived assets by geographic area which consist of property and equipment, net (in thousands):
As of December 31,
20242023
United States$44,641 $47,612 
Germany74,533 79,863 
Netherlands40,215 45,307 
All other countries1,141 549 
Total property and equipment, net
$160,530 $173,331 
For information regarding revenue disaggregated by geography, see Note 2 - Summary of Significant Accounting Policies
v3.25.0.1
Restructuring
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
For the year ended December 31, 2024, the Company implemented certain workforce reduction measures, resulting in restructuring charges of $20.2 million for the Advertising segment and $5.7 million for the Apps segment. These charges consisted primarily of one-time termination benefits. As of December 31, 2024, $6.9 million remained unpaid and was included in accrued and other current liabilities in the Company's consolidated balance sheets.
For the year ended December 31, 2022, the Company implemented certain workforce reduction measures and recorded a total restructuring charge of $10.8 million comprising primarily of one-time termination benefits, which had been paid in full prior to 2024.
v3.25.0.1
Related Party
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Related Party Transactions
Stock Repurchase Transactions
In February 2024, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with KKR Denali, and BofA Securities, Inc., acting for themselves and as representative of other underwriters (collectively, the “Underwriters”), in connection with a secondary public offering (the “Offering”) of 19,866,397 shares of the Company's Class A common stock by KKR Denali. Pursuant to the Underwriting Agreement, on March 6, 2024, the Company repurchased from the Underwriters 10,466,397 shares of Class A common stock sold to the Underwriters by KKR Denali in the Offering at a price per share of $54.46, the same per share price paid by the Underwriters to KKR Denali in the Offering.
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 stock repurchase program.
In May 2023, the Company repurchased 15,952,381 shares of its Class A common stock from 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 stock repurchase program.
Credit Agreement
KKR Capital Markets LLC, an affiliate of KKR Denali, served as a joint lead arranger and joint bookrunner for the 2018 Credit Agreement. In 2024, 2023, and 2022, the Company paid fees of $0.1 million, $1.2 million, and nil, respectively, to KKR Capital Markets LLC in connection with amendments to the 2018 Credit Agreement. Additionally, KKR Corporate Lending (CA) LLC, an affiliate of KKR Denali, provided revolving credit commitments totaling $15.0 million under the 2018 Credit Agreement. The 2018 Credit Agreement was terminated in December 2024. See Note 9 – Debt for additional information.
Other Transactions
Herald Chen, the Company’s former President and Chief Financial Officer and a current member of its board of directors, served as an advisor to the Chief Executive Officer for a one-year term beginning on January 1, 2024. In connection with this role, Mr. Chen received an award of 62,418 RSUs with a grant-date fair value of $43.79 per share.
In February 2024, the Company entered into certain investment and arm's length commercial agreements with Humans, Inc. See Note 3 - Financial Instruments and Fair Value Measurements for additional information. Eduardo Vivas, a member the Company's board of directors, serves as the Chief Operating Officer of Humans, Inc., and a member of its board of directors.
In March 2019, the Company entered into a promissory note with Rafael Vivas, the brother of Eduardo Vivas, a member of the Company's board of directors, for the purpose of advancing him funds to allow him to early exercise his stock options (“Vivas Note”). The Vivas Note was issued in the amount of $2.3 million at an interest rate of 2.59%, and later amended on August 7, 2020 to lower the interest rate on the outstanding balance of such note to the then applicable IRS annual mid-term rate of 0.41%. In March 2024, the principal amount due under the Vivas Note plus accrued interest, or $2.3 million, was repaid in full to the Company and the Vivas Note was extinguished.
The Company had no other material related party transactions in 2024, 2023, or 2022.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On February 12, 2025, the Company announced that it had entered into a term sheet for the sale of the Company’s mobile gaming business to a privately held company (the “Acquirer”) for total consideration of $900.0 million (the “Term Sheet”). The Term Sheet provides for the total consideration to consist of $400.0 million in shares of the Acquirer’s common equity and $500.0 million in cash, subject to customary purchase price adjustments. The Term Sheet also provides that the Acquirer will borrow up to $250.0 million of the cash portion of the total consideration and that, if the Acquirer is unable to obtain such financing, the Company agrees to provide financing in such amount to the Acquirer through the issuance of a promissory note. The Term Sheet is non-binding, except with respect to an agreement by the parties to use commercially reasonable best efforts in good faith to negotiate and finalize definitive agreements for the proposed transaction, a prohibition on the Company from engaging in discussions or negotiations with any third party other than the Acquirer regarding the sale of the Company’s mobile gaming business for a specified period, and customary terms such as fees and expenses, governing law, and termination.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income (loss) $ 1,579,776 $ 356,711 $ (192,746)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Non-Rule 10b5-1 Arrangement Terminated false  
Matthew Stumpf [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On December 6, 2024, Matthew Stumpf, our Chief Financial 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 56,058 RSUs granted to Mr. Stumpf prior to the adoption of the trading plan. The trading plan is scheduled to be effective until November 25, 2025, 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 Matthew Stumpf  
Title Chief Financial Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 6, 2024  
Expiration Date November 25, 2025  
Arrangement Duration 354 days  
Aggregate Available 56,058 56,058
Victoria Valenzuela [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 6, 2024, Victoria Valenzuela, our Chief Legal 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 57,207 RSUs granted to Ms. Valenzuela prior to the adoption of the trading plan. The trading plan is scheduled to be effective until December 5, 2025, 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 Victoria Valenzuela  
Title Chief Legal Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 6, 2024  
Expiration Date December 5, 2025  
Arrangement Duration 364 days  
Aggregate Available 57,207 57,207
Vasily Shikin [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 9, 2024, Vasily Shikin, our Chief Technology Officer, entered into a Rule 10b5-1 trading plan providing for the potential sale of up to 120,000 shares of our Class A Common Stock held by Mr. Shikin and up to 210,000 shares of our Class A common stock from certain affiliated trusts. The trading plan is scheduled to be effective until November 25, 2025, 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 Vasily Shikin  
Title Chief Technology Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 9, 2024  
Expiration Date November 25, 2025  
Arrangement Duration 351 days  
Alyssa Harvey Dawson [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On November 20, 2024, Alyssa Harvey Dawson, a member of our Board, terminated a Rule 10b5-1 trading plan, which was previously adopted on March 14, 2024 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 8,871 shares of our Class A common stock held by Ms. Harvey Dawson and was scheduled to be effective until May 31, 2025, or earlier if all transactions under the trading plan were completed.
Name Alyssa Harvey Dawson  
Title member of our Board  
Rule 10b5-1 Arrangement Terminated true  
Termination Date November 20, 2024  
Aggregate Available 8,871 8,871
Vasily Shikin, Sale Of Class A Common Stock [Member] | Vasily Shikin [Member]    
Trading Arrangements, by Individual    
Aggregate Available 120,000 120,000
Vasily Shikin, Sale Of Class A Common Stock From Certain Affiliated Trusts [Member] | Vasily Shikin [Member]    
Trading Arrangements, by Individual    
Aggregate Available 210,000 210,000
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk Management and Strategy.
We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on, or conducted through, our information systems, that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein.
We conduct periodic risk assessments to identify potential cybersecurity threats, as well as assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. The frequency of these risk assessments is based on the potential risk and criticality to our business systems. The risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential impact and damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks.
Following these risk assessments, we evaluate how to reasonably address identified gaps in existing safeguards to minimize identified risks and regularly monitor the effectiveness of our safeguards. We devote significant resources and designate high level personnel, including our Head of Information Security and Compliance, to manage the risk assessment and mitigation process.
As part of our overall risk management system, we monitor and test our safeguards, in collaboration with human resources, IT, and management. Personnel at all levels and departments are made aware of our cybersecurity policies and educated about cybersecurity best practices through annual company-wide cybersecurity training, regular phishing simulations and cybersecurity reminders, and role-based training, as appropriate.
Our cybersecurity risk management program is closely based upon recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization and certain other applicable industry standards. In 2024, we obtained our ISO/IEC27001 certification.
We engage consultants and third parties in connection with our risk assessment processes. These providers assist us in evaluating our cybersecurity program, provide support for threat monitoring and detection, and scan for vulnerabilities and other related security events which may pose a risk to the company.
We utilize our third-party risk management program to evaluate the cybersecurity posture of our third-party service providers based on risk, including data and systems access. These processes assist us in identifying and mitigating risks from cybersecurity threats associated with our use of third-party service providers. Where appropriate, we contractually require third-party service providers to implement and maintain appropriate and reasonable security measures in connection with their work with us and consistent with applicable laws, and to promptly report any breach of their security measures or systems that may affect our company.
To date, we have not identified any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect our company, including our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced cybersecurity incidents. For information about these risks, see Part I, Item 1A, “Risk Factors” in this Annual Report on Form 10-K, including the risk factor entitled “Security breaches, improper access to or disclosure of our data or user data, other hacking and phishing attacks on our systems, or other cyber incidents could harm our reputation and adversely affect our business.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on, or conducted through, our information systems, that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance
One of the key functions of our Board of Directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our Board of Directors is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our Board of Directors administers its cybersecurity risk oversight function directly as a whole, as well as through the Audit Committee.
Our Head of Information Security and Compliance and our InfoSec management team are primarily responsible for assessing and managing our material risks from cybersecurity threats. Our Head of Information Security and Compliance has over two decades of experience leading cybersecurity, data privacy and risk management programs for large, multi-national organizations and Fortune 500 companies, and CISSP and CRISC certifications. Our InfoSec management team is comprised of qualified cybersecurity professionals whose collective expertise includes penetration testing, cyber threat intelligence, data privacy, information security, and risk and compliance in the healthcare, financial, and technology industries, with certifications such as CISA, CRISC, CISSP, CCSP, CIPP, GIAC, and OSCP.
Our Head of Information Security and Compliance and our InfoSec management team, in partnership with our legal privacy team, oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. Our Head of Information Security and Compliance and our InfoSec management team are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents through their implementation and oversight of safeguards, including through the use of automated tools and manual processes, like security event monitoring, vulnerability scanning, threat analytics, security awareness and training, endpoint security, bug bounty program, offensive security testing, and third-party risk and monitoring.
Our Head of Information Security and Compliance provides quarterly and as needed briefings to the Audit Committee regarding our company’s cybersecurity program and information security risks, including any recent AppLovin-related cybersecurity incidents and possible responses, internal and third-party cybersecurity systems testing, third-party risk management, and other topics related to cybersecurity. The Audit Committee provides updates to the Board on such reports. The Company has adopted an escalation process for review of cybersecurity incidents, based on severity level, by an internal cyber task force with oversight by the Audit Committee. In addition, our Head of Information Security and Compliance provides annual briefings to the Board on our cybersecurity program and risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board of Directors is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board of Directors administers its cybersecurity risk oversight function directly as a whole, as well as through the Audit Committee
Cybersecurity Risk Role of Management [Text Block] One of the key functions of our Board of Directors is informed oversight of our risk management process, including risks from cybersecurity threats
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] InfoSec management team
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Head of Information Security and Compliance has over two decades of experience leading cybersecurity, data privacy and risk management programs for large, multi-national organizations and Fortune 500 companies, and CISSP and CRISC certifications
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our Head of Information Security and Compliance and our InfoSec management team are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents through their implementation and oversight of safeguards, including through the use of automated tools and manual processes, like security event monitoring, vulnerability scanning, threat analytics, security awareness and training, endpoint security, bug bounty program, offensive security testing, and third-party risk and monitoring
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with U.S generally accepted accounting principles ("GAAP").
Principles of Consolidation 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.
Certain prior period amounts reported in the Company's consolidated financial statements and notes thereto have been reclassified to conform to current period presentation.
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 Advertising and Apps Revenue. Advertising Revenue is generated primarily from fees collected from advertisers including advertising networks who use the Advertising solutions. Apps Revenue consists of in-app purchase revenue ("IAP Revenue") generated from in-app purchases made by users within the Company’s apps (“Apps”), and in-app advertising revenue ("IAA Revenue") generated from third-party advertisers that purchase ad inventory from Apps.
Advertising Revenue
The vast majority of the Advertising 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 Advertising solutions, 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 Advertising 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.
Advertising 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 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 five and ten 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 Advertising solutions 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, 2024 and 2023, the Company recognized $78.0 million and $63.6 million of revenue that was included in deferred revenue as of December 31, 2023 and 2022, 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 highly liquid investments with original maturities of 90 days or less from the date of purchase.
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. For certain securities, the Company applies the net asset value (NAV) practical expedient, where NAV represents the estimated fair value of these investments. See Note 3 - Financial Instruments and 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, 2024 and 2023, 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 classifies cash flows from derivatives in a manner 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 and 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, net as of December 31, 2024 or 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, net as of December 31, 2024 or
2023. No individual customer represented 10% or more of the Company’s total revenue during the years ended December 31, 2024, 2023, or 2022.
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
Leasehold improvements
Over the shorter of useful life (up to 10 years) or lease term
Software and licenses
3 years
Furniture and fixtures
3-5 years
Computer equipment
3-5 years
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 primarily of operating leases for office facilities and finance leases for servers and networking equipment. The Company determines if an arrangement is or contains a lease at inception. The Company accounts for lease and non-lease components as a single lease component and does not recognize right-of-use assets and lease liabilities for leases with a term of 12 months or less. Payments under the Company's lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, primarily including common-area maintenance, utilities, taxes or other operating costs, which are expensed as incurred and not included in the lease right-of-use assets and liabilities.
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. The Company estimates 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. 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 the Company will exercise that option.
Operating leases are included in operating lease right-of-use assets, operating lease liabilities, current, and operating lease liabilities, non-current on the Company's consolidated balance sheets. Finance leases are included in property and equipment, net, accrued and other current liabilities, and other non-current liabilities on the Company's consolidated balance sheets.
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.
Acquisitions
Acquisitions—The Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition or business combination.
For transactions accounted for as business combinations, the Company allocates the fair value of acquisition consideration to the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair value, with excess recorded as goodwill. 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. 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. There were no business combinations during the years ended December 31, 2024 or 2023.
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.
Divestitures
Divestitures—The Company classifies assets as held for sale when management commits to a formal plan to actively market the assets at a reasonable price relative to fair value, the assets are available for immediate sale in their current condition, an active program to locate a buyer and complete the transaction has been initiated, the sale is expected to be completed within one year, with no significant changes anticipated to the plan. Once designated as held for sale, the Company records the assets at the lower of their carrying value or estimated fair value, less costs to sell, ceases depreciation and amortization, and reassesses their fair value each reporting period until disposal.
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 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.
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 any period presented.
Goodwill
Goodwill—The Company allocates goodwill to reporting units based on the expected benefit from the business combination. In the event of changes in reporting units, the Company reassigns goodwill using a relative fair value allocation approach. 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 goodwill impairment 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 was recorded for any period presented.
Intangible Assets Intangible Assets—Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives. The Company determines the appropriate useful life of its intangible assets based on their expected cash flows.
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 was no impairment related to long-lived assets that are held and used for any period presented.
Cost of Revenue
Cost of Revenue—Cost of revenue consists primarily of payment processing fees related to IAP Revenue, amortization of intangible assets related to acquired technology and Apps, amortization of finance lease right-of-use assets related to servers and networking equipment and data center costs related primarily to third-party cloud computing services.
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-related expenses. User acquisition costs, representing substantially all of advertising costs, are expensed as incurred. User acquisition costs were $521.5 million, $539.4 million, and $665.9 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Research and Development Research and Development—Research and development expenses consist primarily of personnel-related expenses and third-party costs for development of Apps.
General and Administrative General and Administrative—General and administrative expenses consist primarily of personnel-related expenses of the Company’s finance, accounting, legal, human resources, and other administrative functions, third-party professional service costs, software, facilities costs and other administrative costs.
Stock-Based Compensation
Stock-Based Compensation—The Company measures and recognizes stock-based compensation expense for share-based awards, primarily including restricted stock units ("RSUs"), performance-based RSUs (“PSUs”) with both service and market-based conditions, stock options and stock purchase rights granted under the Employee Stock Purchase Plan ("ESPP"), based on the grant-date fair value of the awards. The Company accounts for forfeitures for all awards as they occur.
The fair value of RSUs is based on the closing price of the Company's Class A common stock on the grant date, with stock-based compensation expense recognized on a straight-line basis over the requisite service period, which is generally one or four years.
The fair value of PSUs with both service and market conditions is estimated using the Monte Carlo simulation pricing model, which incorporates various assumptions including the expected stock price volatility, the risk-free interest rate, the expected dividend yield and the discount for awards subject to post-vesting restrictions, with stock-based compensation expense recognized using the accelerated attribution method over the derived service period ranging from 0.5 to 3.1 years, regardless of whether the stock price targets are achieved. If the stock price targets are achieved earlier than the derived service period, the Company adjusts its stock-based compensation expense to reflect the cumulative expense associated with the vested awards.
The fair value of stock options and purchase rights granted under the ESPP is estimated using the Black-Scholes option-pricing model, which incorporates various assumptions including the expected term, the expected stock price volatility, the risk-free interest rate, and the expected dividend yield, with stock-based compensation expense recognized on a straight-line basis over the requisite service period.
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 presents deferred tax assets and liabilities on a net basis by jurisdictional filing group. Net deferred tax assets are included in other assets, while net deferred tax liabilities are included in other non-current liabilities on the Company’s consolidated balance sheets.
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 the Company's 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 computed under the two-class method required for participating securities. The Company considers options exercised by non-recourse promissory notes, early exercised unvested stock options, 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 their respective participation rights. Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted income (loss) per share attributable to common stockholders is computed by giving effect to all potentially dilutive securities outstanding during the period. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive common shares are anti-dilutive.
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 basic and diluted EPS are the same for Class A and Class B common stock on an individual or combined basis.
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Issued and 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 amendment is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendment must be applied retrospectively, and early adoption is permitted. The Company adopted this ASU in its 2024 annual reporting. For additional information, see Note 14 - Segments and Geographic Information.
Recent Accounting Pronouncements (Issued and Not Yet Adopted)—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.
In November 2024, the FASB issued ASU 2024-03, Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures, which requires disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The amendments will be effective for annual periods beginning February 1, 2027, and interim periods beginning February 1, 2028. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
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,
202420232022
Advertising Revenue$3,224,058 $1,841,762 $1,049,167 
In-App Purchases Revenue1,002,656 989,007 1,179,133 
In-App Advertising Revenue482,534 452,318 588,758 
Total Apps Revenue1,485,190 1,441,325 1,767,891 
Total Revenue$4,709,248 $3,283,087 $2,817,058 
Schedule of Revenue Disaggregated by Geography
Revenue disaggregated by geography, based on user location, consisted of the following (in thousands):
Year Ended December 31,
202420232022
United States$2,688,993 $1,970,856 $1,728,958 
Rest of the World2,020,255 1,312,231 1,088,100 
Total Revenue$4,709,248 $3,283,087 $2,817,058 
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
Leasehold improvements
Over the shorter of useful life (up to 10 years) or lease term
Software and licenses
3 years
Furniture and fixtures
3-5 years
Computer equipment
3-5 years
Property and equipment, net consisted of the following (in thousands):
As of December 31,
20242023
Finance lease right-of-use assets$222,203 $216,493 
Leasehold improvements18,746 17,553 
Software and licenses7,146 3,911 
Furniture and fixtures3,835 4,144 
Computer equipment3,341 3,236 
Total property and equipment, gross255,271 245,337 
Less: accumulated depreciation(94,741)(72,006)
Total property and equipment, net$160,530 $173,331 
v3.25.0.1
Financial Instruments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
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 (in thousands):
As of December 31, 2024
Balance Sheet LocationTotalLevel 1Level 2Level 3
Financial Assets:
Money market deposit accountsCash and cash equivalents$41,454 $41,454 $— $— 
Total financial assets$41,454 $41,454 $— $— 
As of December 31, 2023
Balance Sheet LocationTotalLevel 1Level 2Level 3
Financial Assets:
Money market deposit accountsCash and cash equivalents$1,352 $1,352 $— $— 
Total financial assets$1,352 $1,352 $— $— 
v3.25.0.1
Supplemental Financial Statement Information (Tables)
 12 Months Ended
Dec. 31, 2024
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
Leasehold improvements
Over the shorter of useful life (up to 10 years) or lease term
Software and licenses
3 years
Furniture and fixtures
3-5 years
Computer equipment
3-5 years
Property and equipment, net consisted of the following (in thousands):
As of December 31,
20242023
Finance lease right-of-use assets$222,203 $216,493 
Leasehold improvements18,746 17,553 
Software and licenses7,146 3,911 
Furniture and fixtures3,835 4,144 
Computer equipment3,341 3,236 
Total property and equipment, gross255,271 245,337 
Less: accumulated depreciation(94,741)(72,006)
Total property and equipment, net$160,530 $173,331 
Schedule of Accrued Liabilities
Accrued and other current liabilities consisted of the following (in thousands):
As of December 31,
20242023
Accrued taxes$280,153 $141,854 
Compensation and related liabilities64,642 48,263 
Accrued expenses and other64,597 75,139 
Total accrued and other current liabilities$409,392 $265,256 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Purchase Commitments uture minimum payments under these non-cancelable purchase commitments with a remaining term in excess of one year were as follows (in thousands):
2025$438,856 
2026430,825
2027294,814
2028— 
2029— 
Total non-cancelable purchase commitments
$1,164,495 
v3.25.0.1
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 and Wurl for the period presented as if the MoPub business and Wurl had been acquired as of January 1, 2021 (in thousands):
Year Ended
December 31, 2022
Revenue
$2,826,090 
Net loss
$(184,317)
The unaudited supplemental pro forma information above includes the following adjustments to net loss in the appropriate pro forma periods (in thousands):
Year Ended
December 31, 2022
An increase in amortization expense related to the fair value of acquired identifiable intangible assets, net of the amortization expense already reflected in actual historical results$(3,512)
A decrease in expenses related to the TSA$7,000 
A decrease in expenses related to transaction expenses$16,899 
A decrease in expenses related to transaction bonuses$1,101 
An increase due to replacement stock awards$(1,221)
An increase in income tax provision$(4,654)
v3.25.0.1
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2024
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):
AdvertisingAppsTotal
Balances as of December 31, 2022$1,478,014 $345,741 $1,823,755 
Foreign currency translation
19,095 — 19,095 
Balances as of December 31, 2023$1,497,109 $345,741 $1,842,850 
Foreign currency translation
(39,424)— (39,424)
Balances as of December 31, 2024$1,457,685 $345,741 $1,803,426 
Schedule of Intangible Assets Acquired Net
Intangible assets, net consisted of the following (in thousands):
Weighted-
Average
Remaining
Useful Life
(in years)		As of December 31, 2024As of December 31, 2023
Gross
Carrying
Value		Accumulated
Amortization		Net Book
Value		Gross
Carrying
Value		Accumulated
Amortization		Net Book
Value
Apps3.4$1,828,036 $(1,419,559)$408,477 $1,818,907 $(1,152,611)$666,296 
Customer relationships7.2511,125 (160,810)350,315 519,175 (111,374)407,801 
User base1.368,817 (56,626)12,191 68,817 (46,874)21,943 
License asset3.060,707 (59,207)1,500 59,207 (31,003)28,204 
Developed technology2.7204,286 (120,808)83,478 207,900 (88,716)119,184 
Other2.266,020 (25,304)40,716 71,196 (21,989)49,207 
Total intangible assets
$2,738,991 $(1,842,314)$896,677 $2,745,202 $(1,452,567)$1,292,635 
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,
202420232022
Cost of revenue$338,380 $382,956 $448,462 
Sales and marketing74,248 67,190 66,173 
Total$412,628 $450,146 $514,635 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of December 31, 2024, the expected future amortization expense related to acquired intangible assets was estimated as follows (in thousands):
2025$229,932 
2026222,617 
2027193,981 
202893,814 
202948,495 
Thereafter107,838 
Total$896,677 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease, Cost
The components of lease costs recognized in the Company's consolidated statements of operations were as follows (in thousands):
Year Ended December 31,
202420232022
Finance lease cost:
Amortization of right-of-use assets$24,308 $22,673 $24,064 
Interest9,231 7,036 2,802 
Operating lease cost15,286 16,674 20,783 
Variable lease cost and other6,190 6,329 2,691 
Total lease cost$55,015 $52,712 $50,340 
Schedule of Lease Liability Maturity
Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):
Operating
Leases		Finance
Leases
2025$16,808 $30,481 
202615,297 30,459 
202712,509 30,448 
20285,523 30,445 
20291,204 30,402 
Thereafter70 31,898 
Total lease payments51,411 184,133 
Less: amount representing interest(3,989)(27,904)
Present value of future lease payments47,422 156,229 
Less: current obligations under leases(14,814)(22,336)
Non-current lease obligations$32,608 $133,893 
Schedule of Operating Lease Assets and Liabilities
Supplemental balance sheet information related to lease liabilities was as follows:
As of December 31,
20242023
Weighted-average remaining lease term:
Finance leases6.0 years7.0 years
Operating leases3.3 years4.1 years
Weighted-average discount rate:
Finance leases5.7 %5.6 %
Operating leases5.2 %5.2 %
Supplemental cash flow information related to leases was as follows (in thousands):
Year Ended December 31,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$16,708 $17,147 $22,013 
Operating cash flows for finance leases$9,231 $7,036 $2,802 
Financing cash flows for finance leases$20,875 $20,170 $24,083 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The Company’s outstanding debt consisted of the following (in thousands):
As of December 31,
20242023
2029 Notes$1,000,000 $— 
2031 Notes1,000,000 — 
2034 Notes1,000,000 — 
2054 Notes550,000 — 
Term loans under the Credit Agreement— 2,966,250 
Revolving Credit Facility— 185,000 
Total principal amount3,550,000 3,151,250 
Less: unamortized debt discount and issuance costs(41,017)(30,344)
Net carrying amount$3,508,983 $3,120,906 
Less: short-term debt
— (215,000)
Long-term debt
$3,508,983 $2,905,906 
The following table sets forth total interest expense recognized related to the Company’s debt (in thousands):
Year Ended December 31,
202420232022
Contractual interest expense$274,141 $268,583 $162,150 
Amortization of debt discount and issuance costs5,460 8,792 10,031 
Loss on debt extinguishment28,375 4,337 — 
Total interest expense$307,976 $281,712 $172,181 
The table above includes interest expense related to the revolving credit facilities of $7.5 million, $6.5 million, and $0.1 million during the years ended December 31, 2024, 2023, and 2022, respectively.
Schedule of Future Maturities of Long-Term Debt
As of December 31, 2024, the future principal payments for the outstanding debt were as follows (in thousands):
2025 through 2028$— 
20291,000,000 
Thereafter2,550,000 
Long-term debt
$3,550,000 
v3.25.0.1
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Outstanding Restricted Stock Awards Activity
A summary of the RSU activities for the year ended December 31, 2024 is as follows:
Number of
Restricted
Stock Units
Weighted-Average Grant-Date Fair Value
(per share)
Balances as of December 31, 20239,209,309 $41.14 
Granted1,017,237 $105.09 
Vested(7,214,595)$39.59 
Forfeited(861,930)$46.85 
Balances as of December 31, 20242,150,021 $74.34 
Schedule of Share-Based Payment Arrangement, Performance Shares, Outstanding Activity
A summary of the PSU activities for the year ended December 31, 2024 is as follows:
Number of Performance
Stock Units
Weighted-Average Grant-Date Fair Value
(per share)
Balances as of December 31, 202313,804,000 $7.20 
Granted348,327 $103.76 
Vested(13,841,737)$9.26 
Forfeited(310,590)$7.90 
Balances as of December 31, 2024— $— 
Schedule of Weighted Average Assumptions Used, PSUs
The following assumptions were used to estimate the fair value of PSUs:
Year Ended December 31,
20242023
Stock price on the date of grant $159.11
$12.41 - $16.43
Expected volatility64.72 %
73.76% - 73.95%
Risk-free interest rate4.05 %
3.58% - 3.60%
Discount for lack of marketability15.29 %
20.43% - 20.65%
Dividend yield0%
0%
Schedule of Stock Options Activity Under the Plan
A summary of the stock option activities for the year ended December 31, 2024 is as follows:
Number of
Options
Weighted-Average
Exercise Price
(per share)
Weighted-Average
Remaining Contractual Term
(in years)
Balances as of December 31, 20239,814,632 $6.11 5.8
Exercised(6,044,258)$5.76 
Forfeited(23,222)$17.63 
Balances as of December 31, 20243,747,152 $6.60 4.9
Vested and exercisable as of December 31, 20243,746,502 $6.60 4.9
Vested and expected to vest as of December 31, 20243,747,152 $6.60 4.9
Schedule of Stock-based Payment Arrangement Expenses
Stock-based compensation included in the Company's consolidated statements of operations was as follows (in thousands):
Year Ended December 31,
202420232022
Cost of revenue$5,499 $5,229 $6,307 
Sales and marketing83,435 79,879 41,533 
Research and development239,902 230,806 94,319 
General and administrative47,619 47,193 49,453 
Total stock-based compensation expense$376,455 $363,107 $191,612 
v3.25.0.1
Net Income (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023, and 2022 (in thousands, except share and per share data):
Year Ended December 31,
202420232022
Basic EPS
Numerator:
Net income (loss)$1,579,776 $356,711 $(192,746)
Less:
Income attributable to options exercises by promissory notes(1,508)(1,412)— 
Income attributable to unvested early exercised options(2)(23)— 
Income attributable to common stock subject to share repurchase agreements(1,207)(334)— 
Net income (loss) attributable to common stockholders—Basic$1,577,059 $354,942 $(192,746)
Denominator:
Weighted-average shares used in computing net income (loss) per share—Basic 336,921,483 351,952,187 371,568,011 
Net income (loss) per share attributable to common stockholders—Basic$4.68 $1.01 $(0.52)
Diluted EPS
Numerator:
Net income (loss)$1,579,776 $356,711 $(192,746)
Less:
Income attributable to options exercises by promissory notes(1,461)(1,371)— 
Income attributable to unvested early exercised options(2)(23)— 
Income attributable to common stock subject to share repurchase agreements(1,169)(324)— 
Net income (loss) attributable to common stockholders—Diluted$1,577,144 $354,993 $(192,746)
Denominator:
Weighted-average shares used in computing net income (loss) per share—Basic336,921,483 351,952,187 371,568,011 
Weighted-average dilutive share-based awards and warrants10,886,072 10,637,059 — 
Weighted-average shares used in computing net income (loss) per share—Diluted347,807,555 362,589,246 371,568,011 
Net income (loss) per share attributable to common stockholders—Diluted$4.53 $0.98 $(0.52)
Schedule of Antidilutive Potential Common Shares
The following table presents the forms of antidilutive potential common shares:
As of December 31,
202420232022
Stock options exercised for promissory notes85,000 1,399,999 1,399,999 
Early exercised stock options— 3,147 99,372 
Stock options— 115,229 11,315,805 
Unvested RSUs2,034 3,340,992 15,616,743 
ESPP49,488 1,917 856,811 
Total antidilutive potential common shares136,522 4,861,284 29,288,730 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Net Income (Loss) Before Income Taxes
Net income (loss) before income taxes for the years ended December 31, 2024, 2023, and 2022, included the following components (in thousands):
Year Ended December 31,
202420232022
U.S.
$125,402 $14,911 $8,660 
Foreign
1,450,603 365,659 (213,837)
Net income (loss) before income taxes
$1,576,005 $380,570 $(205,177)
Schedule of Provision for (Benefit from) Income Taxes
Provision for (benefit from) income taxes for the years ended December 31, 2024, 2023, and 2022 consisted of the following (in thousands):
Year Ended December 31,
202420232022
Current:
Federal$19,832 $46,515 $74,843 
State
11,426 12,407 13,548 
Foreign
161,046 47,309 1,548 
Total current
192,304 106,231 89,939 
Deferred:
Federal(151,309)(65,476)(74,588)
State
(19,424)(6,454)(6,718)
Foreign
(25,342)(10,442)(20,863)
Total deferred
(196,075)(82,372)(102,169)
Total provision for (benefit from) income taxes
$(3,771)$23,859 $(12,230)
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,
202420232022
Tax provision (benefit) at U.S. federal statutory rate$330,961 $79,920 $(43,034)
State income taxes, net of federal benefit(30,296)(5,259)(1,356)
Foreign income taxed at different rates(162,402)(39,171)27,114 
Global intangible low-taxed income54,118 19,417 2,917 
Stock-based compensation(176,670)(3,793)22,064 
Capital loss— (2,121)(14,687)
Foreign-derived intangible income(9,743)(20,569)(17,667)
Research and development credits(56,666)(25,128)(11,803)
Foreign income inclusion(305)919 357 
Change in valuation allowance42,623 15,182 21,061 
Return to Provision2,942 3,223 (1,323)
Other1,668 1,239 4,127 
Total provision for (benefit from) income taxes$(3,771)$23,859 $(12,230)
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,
20242023
Deferred tax assets:
Accrued expenses and reserves$13,506 $12,558 
Stock-based compensation10,124 11,169 
Tax credit carryforwards99,314 22,896 
Net operating loss45,463 24,817 
Identified intangibles46,851 24,284 
Operating lease liability10,137 10,201 
Other comprehensive income37,997 24,540 
Foreign tax deduction1,900 7,560 
Capital loss18,198 17,688 
Capitalized R&D expenses268,918 142,386 
Valuation allowance(98,444)(55,822)
Total deferred tax assets453,964 242,277 
Deferred tax liabilities:

Depreciation and amortization(324)(1,587)
Operating lease right-of-use assets(7,798)(6,808)
Other(9,529)(6,909)
Total deferred tax liabilities(17,651)(15,304)
Net deferred tax assets$436,313 $226,973 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the activity related to the gross unrecognized tax benefits (in thousands):
Year Ended December 31,
202420232022
Balance at beginning of year
$35,880 $19,052 $18,456 
Increases related to prior year positions
4,393 3,522 — 
Decreases related to prior year positions(2,183)— (2,837)
Increases related to current year positions
25,921 13,548 7,083 
Decreases related to lapse of statutes
(2,797)(242)(758)
Decreases related to settlements
(309)— (2,892)
Balance at end of year
$60,905 $35,880 $19,052 
v3.25.0.1
Segments and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables provide 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):
Year Ended December 31,
202420232022
Advertising:
Revenue$3,224,058 $1,841,762 $1,049,167 
Less:
Data center costs
(392,498)(251,197)(201,718)
Personnel related expenses (242,134)(208,878)(162,327)
Publisher bonuses1
— — 209,635 
Other expenses2
(146,830)(105,982)(86,341)
Advertising Adjusted EBITDA2,442,597 1,275,705 808,415 
Apps:
Revenue$1,485,190 $1,441,325 $1,767,891 
Less:
User acquisition costs(521,516)(539,444)(666,128)
Payment processing fees(287,891)(295,613)(345,573)
Professional services costs(260,278)(236,229)(320,282)
Other expenses3
(138,497)(143,086)(181,113)
Apps Adjusted EBITDA277,008 226,953 254,795 
Total Segment Adjusted EBITDA$2,719,605 $1,502,658 $1,063,210 
Interest expense and loss on settlement of debt$(318,260)$(275,665)$(171,863)
Other income, net25,440 7,831 18,647 
Amortization, depreciation and write-offs(448,680)(489,008)(547,084)
Loss on disposal of long-lived assets(1,646)— (127,892)
Non-operating foreign exchange gain (loss)(291)1,224 164 
Stock-based compensation(376,455)(363,107)(191,612)
Acquisition-related expense and transaction bonus(885)(1,047)(21,279)
Publisher bonuses— — (209,635)
MoPub acquisition transition services— — (6,999)
Restructuring costs(22,823)(2,316)(10,834)
Income (loss) before income taxes$1,576,005 $380,570 $(205,177)
1 In connection with the MoPub acquisition, the Company incurred certain one-time, non-recoupable costs to incentivize publishers to migrate to its MAX mediation solution. As these costs were not historically significant nor expected to be in the future, the Company excluded their impact from the Advertising Adjusted EBITDA.
2 Other segment items for the Advertising reportable segment include professional services costs, facilities costs, advertising costs, software costs, and other individually insignificant costs.
3 Other segment items for the Apps reportable segment include personnel related expenses, data center costs, facilities costs, software costs, and other individually insignificant costs.
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,
20242023
United States$44,641 $47,612 
Germany74,533 79,863 
Netherlands40,215 45,307 
All other countries1,141 549 
Total property and equipment, net
$160,530 $173,331 
v3.25.0.1
Description of Business (Details)
 12 Months Ended
Dec. 31, 2024
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 2
v3.25.0.1
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Line Items]        
Recognized revenue   $ 78,000,000 $ 63,600,000  
Publisher bonuses   0 0 $ (209,635,000)
Impairment of goodwill   0 0 0
Material impairment charges   0 0 0
Impairment charge       53,000,000.0
Loss on disposal group       127,900,000
Advertising expense   $ 521,500,000 539,400,000 $ 665,900,000
Minimum threshold percentage of income tax benefit for settlement with tax authority   50.00%    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mobile Game Apps | Reportable Segment Assets Member        
Accounting Policies [Line Items]        
Disposal group, including discontinued operation, consideration     44,000,000  
Acquisition of Certain Mobile Game Apps        
Accounting Policies [Line Items]        
Asset acquisition, consideration transferred, contingent consideration, costs   $ 12,600,000 $ 52,200,000  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Mo Pub        
Accounting Policies [Line Items]        
Publisher bonuses $ 209,600,000      
Minimum        
Accounting Policies [Line Items]        
Estimated average user life   5 months    
Award requisite service period   6 months    
Maximum        
Accounting Policies [Line Items]        
Estimated average user life   10 months    
Maximum | Performance-Based Restricted Stock Units        
Accounting Policies [Line Items]        
Award requisite service period   3 years 1 month 6 days    
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Revenue Disaggregated by Type (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from External Customer [Line Items]      
Revenue $ 4,709,248 $ 3,283,087 $ 2,817,058
Advertising      
Revenue from External Customer [Line Items]      
Revenue 3,224,058 1,841,762 1,049,167
Advertising | In-App Purchases Revenue      
Revenue from External Customer [Line Items]      
Revenue 1,002,656 989,007 1,179,133
Advertising | In-App Advertising Revenue      
Revenue from External Customer [Line Items]      
Revenue 482,534 452,318 588,758
Apps      
Revenue from External Customer [Line Items]      
Revenue $ 1,485,190 $ 1,441,325 $ 1,767,891
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Revenue Disaggregated by Geography (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total Revenue $ 4,709,248 $ 3,283,087 $ 2,817,058
United States      
Disaggregation of Revenue [Line Items]      
Total Revenue 2,688,993 1,970,856 1,728,958
Rest of the World      
Disaggregation of Revenue [Line Items]      
Total Revenue $ 2,020,255 $ 1,312,231 $ 1,088,100
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Property and Equipment (Details)
Dec. 31, 2024
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
v3.25.0.1
Financial Instruments and Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value By Fair Value Hierarchy Level [Line Items]    
Total financial assets $ 41,454 $ 1,352
Money market deposit accounts    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Money market deposit accounts 41,454 1,352
Level 1    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Total financial assets 41,454 1,352
Level 1 | Money market deposit accounts    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Money market deposit accounts 41,454 1,352
Level 2    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Total financial assets 0 0
Level 2 | Money market deposit accounts    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Money market deposit accounts 0 0
Level 3    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Total financial assets 0 0
Level 3 | Money market deposit accounts    
Fair Value By Fair Value Hierarchy Level [Line Items]    
Money market deposit accounts $ 0 $ 0
v3.25.0.1
Financial Instruments and Fair Value Measurements (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Apr. 30, 2024
Feb. 29, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure Of Reconciliation Of The Companys Financial Asset And Liability Measured At Fair Value [Line Items]          
Unfunded commitments     $ 21.5    
Capital contributions     19.0    
Payments to acquire equity securities     8.0    
Carrying amount of investments     $ 10.1 $ 68.1  
Series C Preferred Stock          
Disclosure Of Reconciliation Of The Companys Financial Asset And Liability Measured At Fair Value [Line Items]          
Investment in equity securities   $ 50.0      
Payments to acquire equity securities $ 40.0 $ 10.0      
Interest rate swap          
Disclosure Of Reconciliation Of The Companys Financial Asset And Liability Measured At Fair Value [Line Items]          
Derivative, gain on derivative, net       15.8 $ 5.9
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     $ 77.3 $ 56.7  
v3.25.0.1
Supplemental Financial Statement Information - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Finance lease right-of-use assets $ 222,203 $ 216,493
Total property and equipment, gross 255,271 245,337
Less: accumulated depreciation (94,741) (72,006)
Total property and equipment, net 160,530 173,331
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 18,746 17,553
Software and licenses    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 7,146 3,911
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 3,835 4,144
Computer equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 3,341 $ 3,236
v3.25.0.1
Supplemental Financial Statement Information - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Depreciation expense $ 29.4 $ 26.4 $ 29.3
v3.25.0.1
Supplemental Financial Statement Information - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued taxes $ 280,153 $ 141,854
Compensation and related liabilities 64,642 48,263
Accrued expenses and other 64,597 75,139
Total accrued and other current liabilities $ 409,392 $ 265,256
v3.25.0.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Aug. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Purchase obligation   $ 1,164,495  
Amended contractual obligation $ 1,300,000    
Contractual obligation period 3 years    
Payments for purchase obligations   107,400  
Unfunded commitments   21,500  
Standby Letters of Credit      
Letters of credit outstanding, amount   $ 6,300 $ 6,300
v3.25.0.1
Commitments and Contingencies - Schedule of Future Minimum Purchase Commitments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2025 $ 438,856
2026 430,825
2027 294,814
2028 0
2029 0
Total non-cancelable purchase commitments $ 1,164,495
v3.25.0.1
Business Combinations - 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, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]                
Business combination, acquisition costs           $ (885,000) $ (1,047,000) $ (21,279,000)
Wurl Incentive Plan                
Business Acquisition [Line Items]                
Earnout payment   $ 600,000,000            
Maximum compensation amount $ 90,000,000              
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            
Business combination deferred payment   $ 22,700,000            
Transferred indemnity holdback period   18 months            
Business combination, acquisition costs   $ 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]                
Business combination deferred payment   $ 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     $ 1,000,000,000          
Business combination, acquisition costs     14,400,000          
Business acquisition, goodwill, expected tax deductible amount     645,100,000          
Transaction assumed liabilities     $ 0          
Recognized total expense       $ 7,000,000        
v3.25.0.1
Business Combinations - Summary of the Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Apr. 01, 2022
Jan. 01, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]          
Goodwill     $ 1,803,426 $ 1,842,850 $ 1,823,755
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 (in years) 15 years        
Wurl, Inc. | Developed Technology          
Business Acquisition [Line Items]          
Intangible assets: $ 60,500        
Weighted- Average Remaining Useful Life (in years) 6 years        
Wurl, Inc. | Tradename          
Business Acquisition [Line Items]          
Intangible assets: $ 14,700        
Weighted- Average Remaining Useful Life (in 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 (in years)   5 years      
Mo Pub | Tradename          
Business Acquisition [Line Items]          
Intangible assets:   $ 60      
Weighted- Average Remaining Useful Life (in years)   3 months      
Mo Pub | Advertiser Relationships          
Business Acquisition [Line Items]          
Intangible assets:   $ 212,700      
Weighted- Average Remaining Useful Life (in years)   9 years      
Mo Pub | Publisher Relationships          
Business Acquisition [Line Items]          
Intangible assets:   $ 123,300      
Weighted- Average Remaining Useful Life (in years)   9 years      
v3.25.0.1
Business Combinations - Supplemental Pro Forma Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Revenue $ 2,826,090
Net loss $ (184,317)
v3.25.0.1
Business Combinations - Pro Forma Adjustments to Net Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss) $ 1,579,776 $ 356,711 $ (192,947)
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)
A decrease in expenses related to the TSA      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss)     7,000
A decrease in expenses related to transaction expenses      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss)     16,899
A decrease in expenses related to transaction bonuses      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss)     1,101
An increase due to replacement stock awards      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss)     (1,221)
An increase in income tax provision      
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Net income (loss)     $ (4,654)
v3.25.0.1
Goodwill and Intangible Assets, Net - Summary of Goodwill Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Balance at beginning of period $ 1,842,850 $ 1,823,755
Foreign currency translation (39,424) 19,095
Balance at end of period 1,803,426 1,842,850
Operating Segments | Advertising    
Goodwill [Roll Forward]    
Balance at beginning of period 1,497,109 1,478,014
Foreign currency translation (39,424) 19,095
Balance at end of period 1,457,685 1,497,109
Operating Segments | Apps    
Goodwill [Roll Forward]    
Balance at beginning of period 345,741 345,741
Foreign currency translation 0 0
Balance at end of period $ 345,741 $ 345,741
v3.25.0.1
Goodwill and Intangible Assets, Net - Summary of Intangible Assets Acquired Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]    
Net Book Value $ 896,677 $ 1,292,635
Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 2,738,991 2,745,202
Accumulated Amortization (1,842,314) (1,452,567)
Net Book Value $ 896,677 1,292,635
Apps | Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (in years) 3 years 4 months 24 days  
Gross Carrying Value $ 1,828,036 1,818,907
Accumulated Amortization (1,419,559) (1,152,611)
Net Book Value $ 408,477 666,296
Customer relationships | Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (in years) 7 years 2 months 12 days  
Gross Carrying Value $ 511,125 519,175
Accumulated Amortization (160,810) (111,374)
Net Book Value $ 350,315 407,801
User base | Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (in years) 1 year 3 months 18 days  
Gross Carrying Value $ 68,817 68,817
Accumulated Amortization (56,626) (46,874)
Net Book Value $ 12,191 21,943
License asset | Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (in years) 3 years  
Gross Carrying Value $ 60,707 59,207
Accumulated Amortization (59,207) (31,003)
Net Book Value $ 1,500 28,204
Developed technology | Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (in years) 2 years 8 months 12 days  
Gross Carrying Value $ 204,286 207,900
Accumulated Amortization (120,808) (88,716)
Net Book Value $ 83,478 119,184
Other | Long Lived Intangible Assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Life (in years) 2 years 2 months 12 days  
Gross Carrying Value $ 66,020 71,196
Accumulated Amortization (25,304) (21,989)
Net Book Value $ 40,716 $ 49,207
v3.25.0.1
Goodwill and Intangible Assets, Net - Summary of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite Lived Intangible Assets Amortization Expense [Line Items]      
Amortization of intangible assets $ 412,628 $ 450,146 $ 514,635
Cost of revenue      
Finite Lived Intangible Assets Amortization Expense [Line Items]      
Amortization of intangible assets 338,380 382,956 448,462
Sales and marketing      
Finite Lived Intangible Assets Amortization Expense [Line Items]      
Amortization of intangible assets $ 74,248 $ 67,190 $ 66,173
v3.25.0.1
Goodwill and Intangible Assets, Net - Summary of Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 229,932
2026 222,617
2027 193,981
2028 93,814
2029 48,495
Thereafter 107,838
Total $ 896,677
v3.25.0.1
Leases - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
Operating Leased Assets [Line Items]  
Lessee, operating lease, option to extend term 5 years
Minimum  
Operating Leased Assets [Line Items]  
Lessee, operating lease, remaining lease term 1 year
Maximum  
Operating Leased Assets [Line Items]  
Lessee, operating lease, remaining lease term 7 years
v3.25.0.1
Leases - Summary of Lease, Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Finance lease cost, Amortization of right-of-use assets $ 24,308 $ 22,673 $ 24,064
Finance lease cost, interest 9,231 7,036 2,802
Operating lease cost 15,286 16,674 20,783
Variable lease cost and other 6,190 6,329 2,691
Total lease cost $ 55,015 $ 52,712 $ 50,340
v3.25.0.1
Leases - Summary of Lease Liability Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 16,808  
2026 15,297  
2027 12,509  
2028 5,523  
2029 1,204  
Thereafter 70  
Total lease payments 51,411  
Less: amount representing interest (3,989)  
Present value of future lease payments 47,422  
Less: current obligations under leases (14,814) $ (13,605)
Non-current lease obligations $ 32,608 $ 42,905
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Liabilities  
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Liabilities, Current  
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other non-current liabilities  
Finance Leases    
2025 $ 30,481  
2026 30,459  
2027 30,448  
2028 30,445  
2029 30,402  
Thereafter 31,898  
Total lease payments 184,133  
Less: amount representing interest (27,904)  
Present value of future lease payments 156,229  
Less: current obligations under leases (22,336)  
Non-current lease obligations $ 133,893  
v3.25.0.1
Leases - Supplemental Balance Sheet Information (Details)
Dec. 31, 2024
Dec. 31, 2023
Weighted-average remaining lease term:    
Finance leases 6 years 7 years
Operating leases 3 years 3 months 18 days 4 years 1 month 6 days
Weighted-average discount rate:    
Finance leases 5.70% 5.60%
Operating leases 5.20% 5.20%
v3.25.0.1
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows for operating leases $ 16,708 $ 17,147 $ 22,013
Operating cash flows for finance leases 9,231 7,036 2,802
Financing cash flows for finance leases $ 20,875 $ 20,170 $ 24,083
v3.25.0.1
Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt $ 3,550,000 $ 3,151,250
Less: unamortized debt discount and issuance costs (41,017) (30,344)
Net carrying amount 3,508,983 3,120,906
Less: short-term debt 0 (215,000)
Long-term debt 3,508,983 2,905,906
Senior Notes    
Debt Instrument [Line Items]    
Less: unamortized debt discount and issuance costs (41,300)  
Secured Debt    
Debt Instrument [Line Items]    
Long-term debt 0 2,966,250
Line of Credit    
Debt Instrument [Line Items]    
Long-term debt 0 185,000
2029 Notes | Senior Notes    
Debt Instrument [Line Items]    
Long-term debt 1,000,000 0
2031 Notes | Senior Notes    
Debt Instrument [Line Items]    
Long-term debt 1,000,000 0
2034 Notes | Senior Notes    
Debt Instrument [Line Items]    
Long-term debt 1,000,000 0
2054 Notes | Senior Notes    
Debt Instrument [Line Items]    
Long-term debt $ 550,000 $ 0
v3.25.0.1
Debt - Schedule of Debt Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
2025 through 2028 $ 0  
2029 1,000,000  
Thereafter 2,550,000  
Long-term debt $ 3,550,000 $ 3,151,250
v3.25.0.1
Debt - Senior Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Debt discount and debt issuance costs $ 41,017 $ 30,344
Senior Notes    
Debt Instrument [Line Items]    
Senior notes 3,600,000  
Debt discount and debt issuance costs 41,300  
Senior Notes | Level 2    
Debt Instrument [Line Items]    
Fair value of senior notes 3,600,000  
Senior Notes | 2029 Notes    
Debt Instrument [Line Items]    
Senior notes $ 1,000,000  
Senior notes, stated interest percentage 5.125%  
Interest rate, effective percentage 5.34%  
Senior Notes | 2031 Notes    
Debt Instrument [Line Items]    
Senior notes $ 1,000,000  
Senior notes, stated interest percentage 5.375%  
Interest rate, effective percentage 5.56%  
Senior Notes | 2034 Notes    
Debt Instrument [Line Items]    
Senior notes $ 1,000,000  
Senior notes, stated interest percentage 5.50%  
Interest rate, effective percentage 5.66%  
Senior Notes | 2054 Notes    
Debt Instrument [Line Items]    
Senior notes $ 550,000  
Senior notes, stated interest percentage 5.95%  
Interest rate, effective percentage 6.07%  
v3.25.0.1
Debt - Credit Agreements (Details)
 1 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
extension
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
extension
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]          
Loss on settlement of debt     $ (28,375,000) $ (4,337,000) $ 0
Line of Credit | Credit Facility          
Debt Instrument [Line Items]          
Amount drawn   $ 418,700,000      
Debt repayments   603,700,000      
Term Loans And Amended Revolving Credit Facility | Minimum | Secured Debt          
Debt Instrument [Line Items]          
Unused capacity, commitment fee percentage     0.25%    
Credit facility, stated interest percentage       8.45%  
Term Loans And Amended Revolving Credit Facility | Maximum | Secured Debt          
Debt Instrument [Line Items]          
Unused capacity, commitment fee percentage     0.50%    
Credit facility, stated interest percentage       7.45%  
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 | 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 | Fed Funds Effective Rate Overnight Index Swap Rate          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     0.50%    
Revolving Credit Facility          
Debt Instrument [Line Items]          
Line of credit facility maximum borrowing capacity   610,000,000      
Revolving Credit Facility | Line of Credit | Credit Facility          
Debt Instrument [Line Items]          
Line of credit facility maximum borrowing capacity $ 1,000,000,000   $ 1,000,000,000    
Number of extension options | extension 2   2    
Length of extension options 1 year        
Debt Instrument, Covenant, Net Debt To EBITDA Ratio, Maximum 3.50   3.50    
Debt Instrument, Covenant, Net Debt To EBITDA Ratio, Setp-Up 4.00   4.00    
Revolving Credit Facility | Minimum | Line of Credit | Credit Facility          
Debt Instrument [Line Items]          
Unused capacity, commitment fee percentage     0.10%    
Revolving Credit Facility | Maximum | Line of Credit | Credit Facility          
Debt Instrument [Line Items]          
Unused capacity, commitment fee percentage     0.325%    
Revolving Credit Facility | Base Rate | Minimum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     1.25%    
Revolving Credit Facility | Base Rate | Minimum | Credit Facility          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     0.125%    
Revolving Credit Facility | Base Rate | Maximum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     1.00%    
Revolving Credit Facility | Base Rate | Maximum | Credit Facility          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     1.00%    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Credit Facility | Interest Rate Period One          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     1.10%    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Credit Facility | Interest Rate Period Two          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     0.10%    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     2.35%    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum | Credit Facility          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     1.125%    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     2.10%    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum | Credit Facility          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     2.00%    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Floor          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     0.00%    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Floor | Credit Facility | Interest Rate Period One          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     1.00%    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Floor | Credit Facility | Interest Rate Period Two          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     0.00%    
Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate | Credit Facility          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     0.50%    
Term Loan, Maturing October 2028 | Secured Debt          
Debt Instrument [Line Items]          
Senior notes   1,500,000,000      
Term Loan, Maturing August 2030 | Secured Debt          
Debt Instrument [Line Items]          
Senior notes   $ 2,100,000,000      
Term Loans | Secured Debt          
Debt Instrument [Line Items]          
Debt repayments     $ 3,500,000,000    
Loss on settlement of debt     $ 27,700,000    
Term Loans | Base Rate          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     1.50%    
Term Loans | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate     2.50%    
v3.25.0.1
Debt - Interest Expense on Debt (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Contractual interest expense $ 274,141 $ 268,583 $ 162,150
Amortization of debt issuance costs and discount 5,460 8,792 10,031
Loss on settlement of debt (28,375) (4,337) 0
Total interest expense 307,976 281,712 172,181
Revolving Credit Facility      
Debt Instrument [Line Items]      
Total interest expense $ 7,500 $ 6,500 $ 100
v3.25.0.1
Equity (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
vote
shares
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Common Stock [Line Items]      
Shares issued for each share converted (in shares) | shares 1    
Fair value of the shares purchased $ 981,297 $ 1,153,593 $ 338,880
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 available to be repurchased $ 2,300,000 $ 2,200  
Number of shares repurchased by the company | shares 16,081,408    
Fair value of the shares purchased $ 981,300    
Stock repurchase program, authorized amount $ 3,300,000    
Common Class B      
Common Stock [Line Items]      
Number of votes for each warrant or right | vote 20    
v3.25.0.1
Stock-based Compensation - 2021 Equity Incentive Plan (Details) - 2021 Equity Incentive Plan - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock, capital shares reserved for future issuance (in shares) 68,922,661   39,000,000
Increase in the number of shares available for future issuance (in shares) 39,000,000    
Decrease in number of shares available for issuance   2,000,000  
Increase in the number of shares available for future issuance as a percentage of outstanding stock 5.00%    
v3.25.0.1
Stock-based Compensation - 2021 Partner Studio Executive Plan (Details) - 2021 Partner Studio Incentive Plan - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock, capital shares reserved for future issuance (in shares)   1,550,986 390,000
Number of additional shares authorized (in shares) 2,000,000    
v3.25.0.1
Stock-based Compensation - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - shares
 5 Months Ended 7 Months Ended 12 Months Ended
May 19, 2023
Dec. 31, 2023
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period     24 months
Common stock, capital shares reserved for future issuance (in shares)     17,582,902
Common Class A      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Maximum employee subscription rate     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
Number of additional shares available for issuance (in shares)     7,800,000
Increase in the number of shares available for future issuance as a percentage of outstanding stock     1.00%
v3.25.0.1
Stock-based Compensation - Summary of Outstanding Restricted Stock Awards and Performance-Based Restricted Stock Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock Units      
Number of Restricted Stock Units      
Balance at beginning of period (in shares) 9,209,309    
Granted (in shares) 1,017,237    
Vested (in shares) (7,214,595)    
Cancelled (in shares) (861,930)    
Balance at end of period (in shares) 2,150,021 9,209,309  
Weighted-Average Grant-Date Fair Value (per share)      
Balance at beginning of period (in dollars per share) $ 41.14    
Granted (in dollars per share) 105.09 $ 25.11 $ 23.08
Vested (in dollars per share) 39.59    
Cancelled (in dollars per share) 46.85    
Balance at end of period (in dollars per share) $ 74.34 $ 41.14  
Performance-Based Restricted Stock Units      
Number of Restricted Stock Units      
Balance at beginning of period (in shares) 13,804,000    
Granted (in shares) 348,327    
Vested (in shares) (13,841,737)    
Cancelled (in shares) (310,590)    
Balance at end of period (in shares) 0 13,804,000  
Weighted-Average Grant-Date Fair Value (per share)      
Balance at beginning of period (in dollars per share) $ 7.2    
Granted (in dollars per share) 103.76    
Vested (in dollars per share) 9.26    
Cancelled (in dollars per share) 7.90    
Balance at end of period (in dollars per share) $ 0 $ 7.2  
v3.25.0.1
Stock-based Compensation - Additional Information (RSUs) (Details) - Restricted Stock Units - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Granted (in dollars per share) $ 105.09 $ 25.11 $ 23.08
Vested in period, fair value $ 844.2 $ 403.1 $ 88.0
v3.25.0.1
Stock-based Compensation - Additional Information (PSUs) (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2024
tranche
consecutiveTradingDay
$ / shares
shares
Mar. 31, 2023
consecutiveTradingDay
tranche
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
Apr. 30, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of vesting eligible traches | tranche 3        
Number of trading day | consecutiveTradingDay 30 30      
Performance period 2 years 6 months        
Performance-Based Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares) | shares     348,327    
Nonvested, weighted average grant date fair value (in dollar per share) | $ / shares     $ 0 $ 7.2  
Vested in period, fair value | $     $ 1,300.0 $ 132.7  
Performance-Based Restricted Stock Units | P S U Grants          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares) | shares 348,327 6,902,000      
Number of shares available for grant (in shares) | shares         3,451,000
Number of vesting eligible traches | tranche   5      
Performance period   5 years      
Performance-Based Restricted Stock Units | P S U Grants | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock price target ( in dollars per share) | $ / shares $ 184.35 $ 36.00      
Performance-Based Restricted Stock Units | P S U Grants | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock price target ( in dollars per share) | $ / shares $ 294.96 $ 79.00      
v3.25.0.1
Stock-based Compensation - Summary of Weighted Average Assumptions Used (Details) - Performance-Based Restricted Stock Units - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock price on the date of grant (in dollars per share) $ 159.11  
Expected volatility 64.72%  
Expected volatility, minimum   73.76%
Expected volatility, maximum   73.95%
Risk-free interest rate 4.05%  
Risk-free interest rate, minimum   3.58%
Risk-free interest rate, maximum   3.60%
Discount for lack of marketability 15.29%  
Dividend yield 0.00% 0.00%
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%
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%
v3.25.0.1
Stock-based Compensation - Summary of Stock Options Activity Under the Plan (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Number of Options    
Balance at beginning of period (in shares) 9,814,632  
Exercised (in shares) (6,044,258)  
Forfeited (in shares) (23,222)  
Balance at end of period (in shares) 3,747,152 9,814,632
Vested and exercisable (in shares) 3,746,502  
Vested and expected to vest (in shares) 3,747,152  
Weighted-Average Exercise Price (per share)    
Balance at beginning of period (in dollars per share) $ 6.11  
Exercised (in dollars per share) 5.76  
Forfeited (in dollars per share) 17.63  
Balance at end of period (in dollars per share) 6.60 $ 6.11
Vested and exercisable (in dollars per share) 6.60  
Vested and expected to vest (in dollars per share) $ 6.60  
Additional Disclosures    
Weighted Average Remaining Contractual Term 4 years 10 months 24 days 5 years 9 months 18 days
Weighted Average Remaining Contractual Term , Vested and exercisable 4 years 10 months 24 days  
Weighted Average Remaining Contractual Term, Vested and expected to vest 4 years 10 months 24 days  
v3.25.0.1
Stock-based Compensation - Additional Information (Stock Options) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Granted (in shares) 0   0
Options exercised in period, intrinsic value $ 671,200 $ 60,100 $ 87,500
Intrinsic value of options outstanding $ 1,200,000    
v3.25.0.1
Stock-based Compensation - Additional Information (ESPP) (Details) - ESPP
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares issued (in shares) | shares 418,893
Share-Based Compensation Arrangement by Share-Based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ / shares $ 16.63
v3.25.0.1
Stock-based Compensation - Summary of Stock-based Payment Arrangement Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 376,455 $ 363,107 $ 191,612
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 5,499 5,229 6,307
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 83,435 79,879 41,533
Research and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 239,902 230,806 94,319
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 47,619 $ 47,193 $ 49,453
v3.25.0.1
Stock-based Compensation - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 29, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total Segment Adjusted EBITDA   $ 376,455 $ 363,107 $ 191,612
Unrecognized compensation costs   $ 145,600    
Weighted average vesting period   11 months 1 day    
Net income tax benefit   $ 203,700 34,300  
Net income tax deficiency       $ (10,900)
Common Class A        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total Segment Adjusted EBITDA   $ 7,100    
Wurl Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Deferred compensation     $ 15,700  
Shares issued (in shares) 346,836      
Liability settled, cash paid $ 2,100      
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator:      
Net income (loss) $ 1,579,776 $ 356,711 $ (192,746)
Income attributable to options exercises by promissory notes (1,508) (1,412) 0
Income attributable to unvested early exercised options (2) (23) 0
Income attributable to common stock subject to share repurchase agreements (1,207) (334) 0
Net income (loss) attributable to common stockholders—Basic $ 1,577,059 $ 354,942 $ (192,746)
Denominator:      
Weighted-average shares used in computing net income (loss) per share - Basic (in shares) 336,921,483 351,952,187 371,568,011
Net income (loss) per share attributable to common stockholders - Basic (in dollars per share) $ 4.68 $ 1.01 $ (0.52)
Numerator:      
Net income (loss) $ 1,579,776 $ 356,711 $ (192,746)
Income attributable to options exercises by promissory notes (1,461) (1,371) 0
Income attributable to unvested early exercised options (2) (23) 0
Income attributable to common stock subject to share repurchase agreements (1,169) (324) 0
Net income (loss) attributable to common stockholders—Diluted $ 1,577,144 $ 354,993 $ (192,746)
Denominator:      
Weighted-average shares used in computing net income (loss) per share - Basic (in shares) 336,921,483 351,952,187 371,568,011
Weighted-average dilutive share-based awards and warrants (in shares) 10,886,072 10,637,059 0
Weighted-average shares used in computing net income (loss) per share - Diluted (in shares) 347,807,555 362,589,246 371,568,011
Net income (loss) per share attributable to common stockholders - Diluted (in dollars per share) $ 4.53 $ 0.98 $ (0.52)
v3.25.0.1
Net Income (Loss) Per Share - Summary of Antidilutive Potential Common Shares (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive potential common shares (in shares) 136,522 4,861,284 29,288,730
Stock options exercised for promissory notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive potential common shares (in shares) 85,000 1,399,999 1,399,999
Early exercised stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive potential common shares (in shares) 0 3,147 99,372
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive potential common shares (in shares) 0 115,229 11,315,805
Restricted Stock Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive potential common shares (in shares) 2,034 3,340,992 15,616,743
ESPP      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive potential common shares (in shares) 49,488 1,917 856,811
v3.25.0.1
Income Taxes - Schedule of Net Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. $ 125,402 $ 14,911 $ 8,660
Foreign 1,450,603 365,659 (213,837)
Net income (loss) before income taxes $ 1,576,005 $ 380,570 $ (205,177)
v3.25.0.1
Income Taxes - Schedule of Provision for Benefit from Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 19,832 $ 46,515 $ 74,843
State 11,426 12,407 13,548
Foreign 161,046 47,309 1,548
Total current income tax expense (benefit) 192,304 106,231 89,939
Deferred:      
Federal (151,309) (65,476) (74,588)
State (19,424) (6,454) (6,718)
Foreign (25,342) (10,442) (20,863)
Total deferred income tax expense (benefit) (196,075) (82,372) (102,169)
Total provision for (benefit from) income taxes $ (3,771) $ 23,859 $ (12,230)
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Tax provision (benefit) at U.S. federal statutory rate $ 330,961 $ 79,920 $ (43,034)
State income taxes, net of federal benefit (30,296) (5,259) (1,356)
Foreign income taxed at different rates (162,402) (39,171) 27,114
Global intangible low-taxed income 54,118 19,417 2,917
Stock-based compensation (176,670) (3,793) 22,064
Capital loss 0 (2,121) (14,687)
Foreign-derived intangible income (9,743) (20,569) (17,667)
Research and development credits (56,666) (25,128) (11,803)
Foreign income inclusion (305) 919 357
Change in valuation allowance 42,623 15,182 21,061
Return to Provision 2,942 3,223 (1,323)
Other 1,668 1,239 4,127
Total provision for (benefit from) income taxes $ (3,771) $ 23,859 $ (12,230)
v3.25.0.1
Income Taxes - Schedule of Current and Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Accrued expenses and reserves $ 13,506 $ 12,558
Stock-based compensation 10,124 11,169
Tax credit carryforwards 99,314 22,896
Net operating loss 45,463 24,817
Identified intangibles 46,851 24,284
Operating lease liability 10,137 10,201
Other comprehensive income 37,997 24,540
Foreign tax deduction 1,900 7,560
Capital loss 18,198 17,688
Capitalized R&D expenses 268,918 142,386
Valuation allowance (98,444) (55,822)
Total deferred tax assets 453,964 242,277
Deferred tax liabilities:    
Depreciation and amortization (324) (1,587)
Operating lease right-of-use assets (7,798) (6,808)
Other (9,529) (6,909)
Total deferred tax liabilities (17,651) (15,304)
Net deferred tax assets $ 436,313 $ 226,973
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized tax benefits that would impact effective tax rate $ 51.1 $ 23.9  
Interest and penalties related to unrecognized tax benefits $ 8.3 4.0 $ 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      
Tax credit carryforwards $ 74.1 26.6  
Valuation allowance increase amount 42.6 15.2 $ 21.8
Not Subject to Expiration | California      
Operating loss carryforwards net 12.4 3.6  
Tax credit carryforwards 63.0 33.3  
2040 | Texas Tax Authority      
Tax credit carryforwards 1.2 0.5  
Domestic Tax Jurisdiction | Capital Loss Carryforward      
Tax credit carryforwards 78.1 77.1  
Domestic Tax Jurisdiction | Not Subject to Expiration      
Operating loss carryforwards net 2.8 8.5  
Domestic Tax Jurisdiction | 2039      
Tax credit carryforwards 67.7 5.1  
Foreign Tax Jurisdiction      
Income tax holiday, aggregate dollar amount $ 135.4 $ 38.0  
Income tax holiday, income tax benefits per share $ 0.39 $ 0.11  
Foreign Tax Jurisdiction | 2026      
Operating loss carryforwards net $ 255.5 $ 140.5  
v3.25.0.1
Income Taxes - Schedule of Activity Related to the Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of year $ 35,880 $ 19,052 $ 18,456
Increases related to prior year positions 4,393 3,522 0
Decreases related to prior year positions (2,183) 0 (2,837)
Increases related to current year positions 25,921 13,548 7,083
Decreases related to lapse of statutes (2,797) (242) (758)
Decreases related to settlements (309) 0 (2,892)
Balance at end of year $ 60,905 $ 35,880 $ 19,052
v3.25.0.1
Segments and Geographic Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
Number of operating segments 2
v3.25.0.1
Segments and Geographic Information - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 01, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue   $ 4,709,248 $ 3,283,087 $ 2,817,058
Publisher bonuses   0 0 (209,635)
Total Segment Adjusted EBITDA   2,719,605 1,502,658 1,063,210
Interest expense and loss on settlement of debt   (318,260) (275,665) (171,863)
Other income, net   25,440 7,831 18,647
Amortization, depreciation and write-offs   (448,680) (489,008) (547,084)
Loss on disposal of long-lived assets   (1,646) 0 (127,892)
Non-operating foreign exchange gain (loss)   (291) 1,224 164
Stock-based compensation   (376,455) (363,107) (191,612)
Business combination, acquisition costs   (885) (1,047) (21,279)
Restructuring costs   (22,823) (2,316) (10,834)
Net income (loss) before income taxes   1,576,005 380,570 (205,177)
Mo Pub        
Business combination, acquisition costs $ 14,400      
MoPub acquisition transition services   0 0 (6,999)
Advertising        
Revenue   3,224,058 1,841,762 1,049,167
Data center costs   (392,498) (251,197) (201,718)
Personnel related expenses   (242,134) (208,878) (162,327)
Publisher bonuses   0 0 209,635
Other expenses   (146,830) (105,982) (86,341)
Total Segment Adjusted EBITDA   2,442,597 1,275,705 808,415
Apps        
Revenue   1,485,190 1,441,325 1,767,891
Other expenses   (138,497) (143,086) (181,113)
Total Segment Adjusted EBITDA   277,008 226,953 254,795
User acquisition costs   (521,516) (539,444) (666,128)
Payment processing fees   (287,891) (295,613) (345,573)
Professional services costs   $ (260,278) $ (236,229) $ (320,282)
v3.25.0.1
Segments and Geographic Information - Schedule of Long-lived Assets by Geographic Area (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property and equipment, net $ 160,530 $ 173,331
United States    
Property and equipment, net 44,641 47,612
Germany    
Property and equipment, net 74,533 79,863
Netherlands    
Property and equipment, net 40,215 45,307
All other countries    
Property and equipment, net $ 1,141 $ 549
v3.25.0.1
Restructuring - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]    
Restructuring charges   $ 10,800
Restructuring reserve, amount unpaid $ 6,900  
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag restructuring charges  
Advertising    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 20,200  
Apps    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 5,700  
v3.25.0.1
Related Party (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Mar. 06, 2024
Feb. 29, 2024
Aug. 07, 2020
Mar. 31, 2024
Aug. 31, 2023
May 31, 2023
Mar. 31, 2019
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]                    
Fair value of the shares purchased               $ 981,297 $ 1,153,593 $ 338,880
Unvested RSUs                    
Related Party Transaction [Line Items]                    
Granted (in shares)               1,017,237    
Advisor To Chief Executive Officer                    
Related Party Transaction [Line Items]                    
Length of role               1 year    
Secondary Offering                    
Related Party Transaction [Line Items]                    
Sale of stock, number of shares issued in transaction   19,866,397                
Common Class A                    
Related Party Transaction [Line Items]                    
Number of shares repurchased by the company               16,081,408    
Fair value of the shares purchased               $ 981,300    
Management | Advisor To Chief Executive Officer | Unvested RSUs                    
Related Party Transaction [Line Items]                    
Granted (in shares)               62,418    
Grant date fair value (in dollars per share)               $ 43.79    
Related Party                    
Related Party Transaction [Line Items]                    
Amount of note             $ 2,300      
Interest rate     0.41%       2.59%      
Amount repaid       $ 2,300            
Related Party | Common Class A                    
Related Party Transaction [Line Items]                    
Number of shares repurchased by the company 10,466,397       15,000,000 15,952,381        
Repurchased shares (in dollar per share) $ 54.46       $ 36.85 $ 21.00        
Fair value of the shares purchased         $ 552,800 $ 335,000        
Amended Revolving Credit Facility                    
Related Party Transaction [Line Items]                    
Debt instrument increase in the credit facility               $ 15,000    
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               $ 100 $ 1,200 $ 0
v3.25.0.1
Subsequent Events (Details) - Subsequent Event - Mobile Gaming Business - Disposal Group, Disposed of by Sale, Not Discontinued Operations
$ in Millions
Feb. 12, 2025
USD ($)
Subsequent Event [Line Items]  
Total consideration $ 900
Shares of Acquirer's common equity 400
Cash consideration 500
Total consideration that may be borrowed $ 250