Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net revenue:
Total net revenue	$ 4,737,251	$ 4,112,898	$ 3,484,619
Cost of revenue:
Total cost of revenue	2,662,827	2,307,253	1,962,004
Gross profit (loss):
Total gross profit	2,074,424	1,805,645	1,522,615
Operating expenses:
Research and development	729,477	720,145	878,474
Sales and marketing	964,355	932,712	1,033,359
General and administrative	386,216	370,955	403,159
Total operating expenses	2,080,048	2,023,812	2,314,992
Loss from operations	(5,624)	(218,167)	(792,377)
Other income, net:
Interest expense	(1,906)	(411)	(730)
Other income, net	101,428	98,620	93,677
Total other income, net	99,522	98,209	92,947
Income (loss) before income taxes	93,898	(119,958)	(699,430)
Income tax expense	5,537	9,428	10,131
Net income (loss)	$ 88,361	$ (129,386)	$ (709,561)
Net income (loss) per share—basic (in dollars per share)	$ 0.60	$ (0.89)	$ (5.01)
Net income (loss) per share—diluted (in dollars per share)	$ 0.59	$ (0.89)	$ (5.01)
Weighted-average common shares outstanding —basic (in shares)	147,154	144,630	141,572
Weighted-average common shares outstanding - diluted (in shares)	150,912	144,630	141,572
Platform \| Services
Net revenue:
Total net revenue	$ 4,144,886	$ 3,522,776	$ 2,994,105
Cost of revenue:
Total cost of revenue	1,988,442	1,636,816	1,427,546
Gross profit (loss):
Total gross profit	2,156,444	1,885,960	1,566,559
Devices \| Produced content
Net revenue:
Total net revenue	592,365	590,122	490,514
Cost of revenue:
Total cost of revenue	674,385	670,437	534,458
Gross profit (loss):
Total gross profit	$ (82,020)	$ (80,315)	$ (43,944)

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities:

Net income (loss)

$ 88,361

$ (129,386)

$ (709,561)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

68,904

62,714

70,447

Stock-based compensation expense

354,169

384,662

370,130

Amortization of right-of-use assets

48,465

47,371

57,579

Amortization and write-off of content assets

223,230

229,340

207,852

Foreign currency remeasurement losses

1,117

6,447

1,457

Change in fair value of strategic investment in convertible promissory notes

(2,940)

(1,409)

(4,348)

Change in fair value of contingent consideration

2,301

Impairment of assets

2,870

29,118

269,402

Provision for credit losses

2,439

790

1,674

Other items, net

1,493

(2,845)

(1,510)

Changes in operating assets and liabilities:

Accounts receivable

(63,464)

1,893

(56,937)

Inventories

43,629

(66,142)

14,725

Prepaid expenses and other current assets

2,249

(11,299)

15,058

Content assets and liabilities, net

(184,457)

(193,046)

(267,155)

Other non-current assets

7,990

(11,769)

(592)

Accounts payable

(122,503)

(110,678)

248,175

Accrued liabilities

87,621

38,385

57,714

Operating lease liabilities

(80,493)

(63,835)

(27,786)

Other long-term liabilities

7,724

3,695

(1,309)

Deferred revenue

(4,987)

4,039

10,841

Net cash provided by operating activities

483,718

218,045

255,856

Cash flows from investing activities:

Purchases of property and equipment

(5,280)

(5,061)

(82,619)

Purchase of business, net of cash acquired

(95,090)

Purchases of strategic investments

(7,000)

(20,000)

(10,000)

Purchases of short-term investments

(725,000)

Repayments of convertible promissory notes

50,000

Net cash used in investing activities

(782,370)

(25,061)

(92,619)

Cash flows from financing activities:

Repayments of borrowings

(80,000)

Issuance costs related to credit agreement

(2,227)

Proceeds from equity issued under incentive plans

34,734

9,380

18,757

(164,850)

(96,356)

Repurchases of common stock

(149,982)

Net cash used in financing activities

(280,098)

(89,203)

(61,243)

Net (decrease) increase in cash, cash equivalents and restricted cash

(578,750)

103,781

101,994

Effect of exchange rate changes on cash, cash equivalents and restricted cash

5,179

(9,746)

2,654

Cash, cash equivalents and restricted cash — beginning of period

2,160,639

2,066,604

1,961,956

Cash, cash equivalents and restricted cash — end of period

1,587,068

2,160,639

2,066,604

Cash, cash equivalents and restricted cash at end of period:

Cash and cash equivalents

1,587,068

2,160,236

2,025,891

Restricted cash, current

403

40,713

Cash, cash equivalents and restricted cash — end of period

1,587,068

2,160,639

2,066,604

Supplemental disclosures of cash flow information:

Cash paid for interest

1,055

460

915

Income taxes paid (net of refunds)1:

Federal

^[1]

1,831

State and local

^[1]

5,726

Foreign

^[1]

6,133

Total

^[1]

13,690

Cash paid during the period for income taxes (prior to ASU 2023-09)

19,406

6,632

Supplemental disclosures of non-cash investing and financing activities:

Non-cash contingent consideration for business combination

65,815

Unpaid portion of property and equipment purchases

$ 830

$ 122

$ 429

[1]	1 Individual jurisdictions equaling 5% or more of total income taxes paid (net of refunds) for the year ended December 31, 2025 include federal at $1.8 million, New Jersey at $1.8 million, India at $1.7 million, United Kingdom at $1.1 million, Taiwan at $0.8 million, and Illinois at $0.7 million.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 1,587,068	$ 2,160,236
Short-term investments	730,213	0
Accounts receivable, net of allowances of $80,448 and $72,657 as of December 31, 2025 and 2024, respectively	879,871	812,510
Inventories	114,642	158,271
Prepaid expenses and other current assets	89,716	103,146
Total current assets	3,401,510	3,234,163
Property and equipment, net	173,577	213,690
Operating lease right-of-use assets	260,341	304,505
Content assets, net	167,908	237,321
Intangible assets, net	50,207	27,501
Goodwill	309,406	161,519
Other non-current assets	70,534	125,234
Total Assets	4,433,483	4,303,933
Current liabilities:
Accounts payable	158,640	273,985
Accrued liabilities	957,983	852,799
Deferred revenue, current portion	120,912	105,718
Total current liabilities	1,237,535	1,232,502
Deferred revenue, non-current portion	28,848	25,050
Operating lease liability, non-current portion	435,899	512,706
Other long-term liabilities	73,256	40,938
Total Liabilities	1,775,538	1,811,196
Commitments and contingencies (Note 13)
Stockholders’ Equity:
Common stock, $0.0001 par value; 1,150,000 (Class A - 1,000,000 and Class B - 150,000) shares authorized as of December 31, 2025 and 2024; 147,850 (Class A - 131,067 and Class B - 16,783) shares and 145,910 (Class A - 128,681 and Class B - 17,229) shares issued and outstanding as of December 31, 2025 and 2024, respectively	15	15
Additional paid-in capital	4,145,485	3,921,432
Accumulated other comprehensive income (loss)	1,039	(1,737)
Accumulated deficit	(1,488,594)	(1,426,973)
Total stockholders’ equity	2,657,945	2,492,737
Total Liabilities and Stockholders’ Equity	$ 4,433,483	$ 4,303,933