Cover page
Cover page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35444 | |
Entity Registrant Name | YELP INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1854266 | |
Entity Address, Address Line One | 350 Mission Street, 10th Floor | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94105 | |
City Area Code | (415) | |
Local Phone Number | 908-3801 | |
Title of 12(b) Security | Common Stock, par value $0.000001 per share | |
Trading Symbol | YELP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 70,273,827 | |
Amendment Flag | false | |
Entity Central Index Key | 0001345016 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 421,162 | $ 479,783 |
Accounts receivable (net of allowance for doubtful accounts of $8,686 and $7,153 at June 30, 2022 and December 31, 2021, respectively) | 124,690 | 107,358 |
Prepaid expenses and other current assets | 65,334 | 57,536 |
Total current assets | 611,186 | 644,677 |
Property, equipment and software, net | 82,212 | 83,857 |
Operating lease right-of-use assets | 122,698 | 140,785 |
Goodwill | 101,526 | 105,128 |
Intangibles, net | 9,679 | 10,673 |
Restricted cash | 1,052 | 858 |
Other non-current assets | 94,815 | 64,550 |
Total assets | 1,023,168 | 1,050,528 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 132,688 | 119,620 |
Operating lease liabilities — current | 41,177 | 40,237 |
Deferred revenue | 6,141 | 4,156 |
Total current liabilities | 180,006 | 164,013 |
Operating lease liabilities — long-term | 105,809 | 127,979 |
Other long-term liabilities | 18,749 | 7,218 |
Total liabilities | 304,564 | 299,210 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity: | ||
Common stock, $0.000001 par value — 200,000 shares authorized, 71,226 shares issued and 71,119 shares outstanding at June 30, 2022, and 72,171 shares issued and outstanding at December 31, 2021 | 0 | 0 |
Additional paid-in capital | 1,587,337 | 1,522,572 |
Treasury stock | (3,138) | 0 |
Accumulated other comprehensive loss | (15,657) | (11,090) |
Accumulated deficit | (849,938) | (760,164) |
Total stockholders' equity | 718,604 | 751,318 |
Total liabilities and stockholders' equity | $ 1,023,168 | $ 1,050,528 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||||
Allowance for credit loss | $ 8,686 | $ 7,153 | $ 9,289 | $ 11,559 |
Common stock, par value (in USD per share) | $ 0.000001 | $ 0.000001 | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | ||
Common stock, shares issued (in shares) | 71,226,000 | 72,171,000 | ||
Common stock, shares outstanding (in shares) | 71,119,000 | 72,171,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net revenue | $ 298,884 | $ 257,188 | $ 575,512 | $ 489,284 |
Costs and expenses: | ||||
Cost of revenue (exclusive of depreciation and amortization shown separately below) | 26,988 | 17,993 | 50,417 | 32,867 |
Sales and marketing | 129,412 | 113,641 | 255,509 | 226,550 |
Product development | 76,848 | 68,695 | 157,533 | 136,687 |
General and administrative | 38,377 | 45,095 | 77,760 | 76,956 |
Depreciation and amortization | 11,258 | 12,833 | 22,748 | 25,916 |
Restructuring | 0 | 12 | 0 | 32 |
Total costs and expenses | 282,883 | 258,269 | 563,967 | 499,008 |
Income (loss) from operations | 16,001 | (1,081) | 11,545 | (9,724) |
Other income, net | 1,327 | 542 | 2,256 | 1,247 |
Income (loss) before income taxes | 17,328 | (539) | 13,801 | (8,477) |
Provision for (benefit from) income taxes | 9,319 | (4,751) | 6,707 | (6,893) |
Net income (loss) attributable to common stockholders | $ 8,009 | $ 4,212 | $ 7,094 | $ (1,584) |
Net income (loss) per share attributable to common stockholders | ||||
Basic (in USD per share) | $ 0.11 | $ 0.06 | $ 0.10 | $ (0.02) |
Diluted (in USD per share) | $ 0.11 | $ 0.05 | $ 0.10 | $ (0.02) |
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders | ||||
Basic (in shares) | 71,217 | 74,807 | 71,427 | 75,025 |
Diluted (in shares) | 72,835 | 78,983 | 73,572 | 75,025 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 8,009 | $ 4,212 | $ 7,094 | $ (1,584) |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments, net of tax | (3,754) | 1,181 | (4,567) | (1,571) |
Other comprehensive (loss) income | (3,754) | 1,181 | (4,567) | (1,571) |
Comprehensive income (loss) | $ 4,255 | $ 5,393 | $ 2,527 | $ (3,155) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance (in shares) at Dec. 31, 2020 | 75,371,000 | |||||
Balance at beginning at Dec. 31, 2020 | $ 854,534 | $ 0 | $ 1,398,248 | $ (2,964) | $ (6,807) | $ (533,943) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercises of employee stock options (in shares) | 565,000 | |||||
Issuance of common stock upon exercises of employee stock options | 6,912 | 6,912 | ||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 1,414,000 | |||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") | 0 | |||||
Issuance of common stock for employee stock purchase plan (in shares) | 255,000 | |||||
Issuance of common stock for employee stock purchase plan | 8,675 | 8,675 | ||||
Stock-based compensation (inclusive of capitalized stock-based compensation) | 85,693 | 85,693 | ||||
Shares withheld related to net share settlement of equity awards | (35,038) | (35,038) | ||||
Repurchases of common stock | $ (114,157) | (114,157) | ||||
Retirement of common stock (in shares) | (3,015,135) | (3,015,000) | ||||
Retirement of common stock | $ 0 | 112,871 | (112,871) | |||
Foreign currency adjustments, net of tax | (1,571) | (1,571) | ||||
Net income (loss) | (1,584) | (1,584) | ||||
Balance (in shares) at Jun. 30, 2021 | 74,590,000 | |||||
Balance at end at Jun. 30, 2021 | 803,464 | $ 0 | 1,464,490 | (4,250) | (8,378) | (648,398) |
Balance (in shares) at Mar. 31, 2021 | 75,153,000 | |||||
Balance at beginning at Mar. 31, 2021 | 827,100 | $ 0 | 1,428,890 | (3,313) | (9,559) | (588,918) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercises of employee stock options (in shares) | 41,000 | |||||
Issuance of common stock upon exercises of employee stock options | 863 | 863 | ||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 744,000 | |||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") | 0 | |||||
Issuance of common stock for employee stock purchase plan (in shares) | 255,000 | |||||
Issuance of common stock for employee stock purchase plan | 8,675 | 8,675 | ||||
Stock-based compensation (inclusive of capitalized stock-based compensation) | 44,174 | 44,174 | ||||
Shares withheld related to net share settlement of equity awards | (18,112) | (18,112) | ||||
Repurchases of common stock | (64,629) | (64,629) | ||||
Retirement of common stock (in shares) | (1,603,000) | |||||
Retirement of common stock | 0 | 63,692 | (63,692) | |||
Foreign currency adjustments, net of tax | 1,181 | 1,181 | ||||
Net income (loss) | 4,212 | 4,212 | ||||
Balance (in shares) at Jun. 30, 2021 | 74,590,000 | |||||
Balance at end at Jun. 30, 2021 | $ 803,464 | $ 0 | 1,464,490 | (4,250) | (8,378) | (648,398) |
Balance (in shares) at Dec. 31, 2021 | 72,171,000 | 72,171,000 | ||||
Balance at beginning at Dec. 31, 2021 | $ 751,318 | $ 0 | 1,522,572 | 0 | (11,090) | (760,164) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercises of employee stock options (in shares) | 88,000 | 88,000 | ||||
Issuance of common stock upon exercises of employee stock options | $ 1,939 | 1,939 | ||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 1,535,000 | |||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") | 0 | |||||
Issuance of common stock for employee stock purchase plan (in shares) | 364,000 | |||||
Issuance of common stock for employee stock purchase plan | 9,110 | 9,110 | ||||
Stock-based compensation (inclusive of capitalized stock-based compensation) | 85,991 | 85,991 | ||||
Shares withheld related to net share settlement of equity awards | (32,275) | (32,275) | ||||
Repurchases of common stock | $ (100,006) | (100,006) | ||||
Retirement of common stock (in shares) | (2,932,305) | (2,932,000) | ||||
Retirement of common stock | $ 0 | 96,868 | (96,868) | |||
Foreign currency adjustments, net of tax | (4,567) | (4,567) | ||||
Net income (loss) | $ 7,094 | 7,094 | ||||
Balance (in shares) at Jun. 30, 2022 | 71,119,000 | 71,226,000 | ||||
Balance at end at Jun. 30, 2022 | $ 718,604 | $ 0 | 1,587,337 | (3,138) | (15,657) | (849,938) |
Balance (in shares) at Mar. 31, 2022 | 71,641,000 | |||||
Balance at beginning at Mar. 31, 2022 | 724,349 | $ 0 | 1,547,337 | (2,886) | (11,903) | (808,199) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercises of employee stock options (in shares) | 61,000 | |||||
Issuance of common stock upon exercises of employee stock options | 1,351 | 1,351 | ||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 710,000 | |||||
Issuance of common stock upon vesting of restricted stock units ("RSUs") | 0 | |||||
Issuance of common stock for employee stock purchase plan (in shares) | 364,000 | |||||
Issuance of common stock for employee stock purchase plan | 9,110 | 9,110 | ||||
Stock-based compensation (inclusive of capitalized stock-based compensation) | 43,224 | 43,224 | ||||
Shares withheld related to net share settlement of equity awards | (13,685) | (13,685) | ||||
Repurchases of common stock | (50,000) | (50,000) | ||||
Retirement of common stock (in shares) | (1,550,000) | |||||
Retirement of common stock | 0 | 49,748 | (49,748) | |||
Foreign currency adjustments, net of tax | (3,754) | (3,754) | ||||
Net income (loss) | $ 8,009 | 8,009 | ||||
Balance (in shares) at Jun. 30, 2022 | 71,119,000 | 71,226,000 | ||||
Balance at end at Jun. 30, 2022 | $ 718,604 | $ 0 | $ 1,587,337 | $ (3,138) | $ (15,657) | $ (849,938) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities | ||
Net income (loss) | $ 7,094 | $ (1,584) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 22,748 | 25,916 |
Provision for doubtful accounts | 12,676 | 7,240 |
Stock-based compensation | 81,121 | 80,104 |
Noncash lease cost | 16,870 | 20,712 |
Deferred income taxes | (24,114) | (7,755) |
Amortization of deferred cost | 8,413 | 6,881 |
Asset impairment | 0 | 11,164 |
Other adjustments, net | 717 | 386 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (30,014) | (20,382) |
Prepaid expenses and other assets | (22,149) | (6,793) |
Operating lease liabilities | (19,813) | (22,489) |
Accounts payable, accrued liabilities and other liabilities | 24,683 | 15,707 |
Net cash provided by operating activities | 78,232 | 109,107 |
Investing Activities | ||
Purchases of property, equipment and software | (14,498) | (13,286) |
Other investing activities | 19 | 90 |
Net cash used in investing activities | (14,479) | (13,196) |
Financing Activities | ||
Proceeds from issuance of common stock for employee stock-based plans | 11,026 | 15,587 |
Taxes paid related to the net share settlement of equity awards | (32,046) | (34,824) |
Repurchases of common stock | (100,006) | (114,157) |
Net cash used in financing activities | (121,026) | (133,394) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,154) | 197 |
Change in cash, cash equivalents and restricted cash | (58,427) | (37,286) |
Cash, cash equivalents and restricted cash — Beginning of period | 480,641 | 596,540 |
Cash, cash equivalents and restricted cash — End of period | 422,214 | 559,254 |
Supplemental Disclosures of Other Cash Flow Information | ||
Cash paid (refund received) for income taxes, net | 23,727 | (586) |
Supplemental Disclosures of Noncash Investing and Financing Activities | ||
Purchases of property, equipment and software recorded in accounts payable and accrued liabilities | 3,836 | 1,295 |
Tax liabilities related to equity awards included in accounts payable and accrued liabilities | 39 | 21 |
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities | 0 | 4,497 |
Repurchases of common stock recorded in accounts payable and accrued liabilities | $ 2,397 | $ 3,444 |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION | DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION Yelp Inc. was incorporated in Delaware on September 3, 2004. Except where specifically noted or the context otherwise requires, the use of terms such as the "Company" and "Yelp" in these Notes to Condensed Consolidated Financial Statements refers to Yelp Inc. and its subsidiaries. Yelp is a trusted local resource for consumers and a partner in success for businesses of all sizes. Consumers trust Yelp for its extensive ratings and reviews of businesses across a broad range of categories, while businesses advertise on Yelp to reach its large audience of purchase-oriented and generally affluent consumers. Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Annual Report. The unaudited condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP, including certain notes to the financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. Certain prior period amounts have been reclassified to conform to the current period presentation, including reclassifying amortization of deferred costs to a separate line item within the condensed consolidated statement of cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normally recurring nature necessary for the fair presentation of the interim periods presented. Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Use of Estimates The preparation of the Company’s unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from management’s estimates due to the uncertainty of the extent of the impacts of macroeconomic conditions and other factors. Significant Accounting Policies There have been no material changes to the Company's significant accounting policies from those described in the Annual Report. |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS AND RESTRICTED CASH Cash, cash equivalents and restricted cash as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands): June 30, December 31, Cash $ 30,147 $ 89,407 Cash equivalents 391,015 390,376 Total cash and cash equivalents $ 421,162 $ 479,783 Restricted cash 1,052 858 Total cash, cash equivalents and restricted cash $ 422,214 $ 480,641 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company’s investments in money market accounts are recorded as cash equivalents at fair value on the condensed consolidated balance sheets. The accounting guidance for fair value measurements prioritizes the inputs used in measuring fair value in the following hierarchy: Level 1 —Observable inputs, such as quoted prices in active markets, Level 2 —Inputs other than quoted prices in active markets that are observable either directly or indirectly, or Level 3 —Unobservable inputs in which there are little or no market data, which require the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, to minimize the use of unobservable inputs when determining fair value. The Company’s money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets. The Company's certificates of deposit are classified within Level 2 of the fair value hierarchy because they have been valued using inputs other than quoted prices in active markets that are observable directly or indirectly. The following table represents the fair value of the Company’s financial instruments, including those measured at fair value on a recurring basis, as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 391,015 $ — $ — $ 391,015 $ 390,376 $ — $ — $ 390,376 Other investments: Certificates of deposit — 10,000 — 10,000 — 10,000 — 10,000 Total cash equivalents and other investments $ 391,015 $ 10,000 $ — $ 401,015 $ 390,376 $ 10,000 $ — $ 400,376 The certificates of deposit are reflected in prepaid expenses and other current assets on the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands): June 30, December 31, Prepaid expenses $ 14,538 $ 13,480 Certificates of deposit 10,000 10,000 Other current assets 40,796 34,056 Total prepaid expenses and other current assets $ 65,334 $ 57,536 Prepaid expenses included $0.5 million of short-term capitalized implementation costs related to cloud computing arrangements that are service contracts. The long-term portion of capitalized cloud computing implementation costs of $1.4 million are included in other non-current assets. The Company recorded an immaterial amount of amortization expense during the three and six months ended June 30, 2022 and 2021 related to capitalized implementation costs. As of June 30, 2022, other current assets primarily consisted of non-trade receivables, current tax receivables and deferred costs related to unsettled share repurchases. |
PROPERTY, EQUIPMENT AND SOFTWAR
PROPERTY, EQUIPMENT AND SOFTWARE, NET | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, EQUIPMENT AND SOFTWARE, NET | PROPERTY, EQUIPMENT AND SOFTWARE, NET Property, equipment and software, net as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands): June 30, December 31, Capitalized website and internal-use software development costs $ 216,468 $ 202,169 Leasehold improvements 61,515 59,190 Computer equipment 50,685 48,264 Furniture and fixtures 11,841 12,573 Telecommunication 4,941 4,953 Software 1,702 1,703 Total 347,152 328,852 Less accumulated depreciation and amortization (264,940) (244,995) Property, equipment and software, net $ 82,212 $ 83,857 Depreciation and amortization expense related to property, equipment and software was $11.0 million and $12.1 million for the three months ended June 30, 2022 and 2021, respectively, and $21.8 million and $24.5 million for the six months ended June 30, 2022 and 2021, respectively. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The Company’s goodwill is the result of its acquisitions of other businesses and represents the excess of purchase consideration over the fair value of assets acquired and liabilities assumed. The Company performed its annual goodwill impairment analysis as of August 31, 2021 and concluded that goodwill was not impaired, as the fair value of the reporting unit exceeded its carrying value. The changes in carrying amount of goodwill during the six months ended June 30, 2022 were as follows (in thousands): Balance as of December 31, 2021 $ 105,128 Effect of currency translation (3,602) Balance as of June 30, 2022 $ 101,526 Intangible assets that were not fully amortized as of June 30, 2022 and December 31, 2021 consisted of the following (dollars in thousands): June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (5,196) $ 4,722 6.7 years Developed technology 7,709 (7,709) — 0.0 years Licensing agreements 6,129 (1,183) 4,946 7.7 years Domains and data licenses 2,869 (2,858) 11 1.0 years Total $ 26,625 $ (16,946) $ 9,679 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (4,786) $ 5,132 7.1 years Developed technology 7,709 (7,453) 256 0.2 years Licensing agreements 6,129 (860) 5,269 8.2 years Domain and data licenses 2,869 (2,853) 16 1.5 years Total $ 26,625 $ (15,952) $ 10,673 Amortization expense was $0.3 million and $0.7 million for the three months ended June 30, 2022 and 2021, respectively, and $1.0 million and $1.4 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, estimated future amortization expenses were as follows (in thousands): Remainder of 2022 $ 682 2023 1,359 2024 1,353 2025 1,353 2026 1,353 2027 1,353 Thereafter 2,226 Total amortization $ 9,679 |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
LEASES | LEASES The components of lease cost, net for the three and six months ended June 30, 2022 and 2021 were as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Operating lease cost $ 10,499 $ 12,631 $ 21,166 $ 26,394 Short-term lease cost (12 months or less) 270 136 524 273 Sublease income (2,777) (1,778) (5,555) (3,406) Total lease cost, net $ 7,992 $ 10,989 $ 16,135 $ 23,261 The Company's leases and subleases do not include any variable lease payments, residual value guarantees, related-party leases, or restrictions or covenants that would limit or prevent the Company from exercising its right to obtain substantially all of the economic benefits from use of the respective assets during the lease term. Supplemental cash flow information related to leases for the six months ended June 30, 2022 and 2021 was as follows (in thousands): Six Months Ended 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 25,511 $ 27,784 As of June 30, 2022, maturities of lease liabilities were as follows (in thousands): Remainder of 2022 $ 23,967 2023 45,369 2024 42,667 2025 22,134 2026 7,197 2027 6,386 Thereafter 16,258 Total minimum lease payments 163,978 Less imputed interest (16,992) Present value of lease liabilities $ 146,986 As of June 30, 2022 and December 31, 2021, the weighted-average remaining lease terms and weighted-average discount rates were as follows: June 30, December 31, Weighted-average remaining lease term (years) — operating leases 4.4 4.8 Weighted-average discount rate — operating leases 5.3 % 5.4 % Subsequent to the quarter end, in July 2022, the Company entered into a sublease agreement for a portion of its office space in New York. The Company expects to recognize an impairment charge of approximately $10.5 million in the three months ending September 30, 2022, which will be included in general and administrative expenses on its condensed consolidated statement of operations, and will reduce the carrying amounts of the associated right-of-use assets and leasehold improvements accordingly. |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
OTHER NON-CURRENT ASSETS | OTHER NON-CURRENT ASSETS Other non-current assets as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands): June 30, December 31, Deferred tax assets $ 64,597 $ 40,606 Deferred contract costs 23,000 16,931 Other non-current assets 7,218 7,013 Total other non-current assets $ 94,815 $ 64,550 Deferred contract costs as of June 30, 2022 and December 31, 2021, and changes in deferred contract costs during the six months ended June 30, 2022, were as follows (in thousands): Six Months Ended Balance, beginning of period $ 16,931 Add: costs deferred on new contracts 14,482 Less: amortization recorded in sales and marketing expenses (8,413) Balance, end of period $ 23,000 |
CONTRACT BALANCES
CONTRACT BALANCES | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
CONTRACT BALANCES | CONTRACT BALANCES The changes in the allowance for doubtful accounts during the six months ended June 30, 2022 and 2021 were as follows (in thousands): Six Months Ended 2022 2021 Balance, beginning of period $ 7,153 $ 11,559 Add: provision for doubtful accounts 12,676 7,240 Less: write-offs, net of recoveries (11,143) (9,510) Balance, end of period $ 8,686 $ 9,289 The net increase in the allowance for doubtful accounts in the six months ended June 30, 2022 was primarily related to an anticipated increase in customer delinquencies due to an increase in both advertisers and customer spend during the six month period. The net decrease in the allowance for doubtful accounts in the six months ended June 30, 2021 was primarily a result of a reduction in expected customer delinquencies as collection rates improved. In calculating the allowance for doubtful accounts as of June 30, 2022 and 2021, the Company considered expectations of probable credit losses, including probable credit losses associated with the COVID-19 pandemic, based on observed trends in cancellations, observed changes in the credit risk of specific customers, the impact of anticipated closures and bankruptcies using forecasted economic indicators in addition to historical experience and loss patterns during periods of macroeconomic uncertainty. Contract liabilities consist of deferred revenue, which is recorded on the condensed consolidated balance sheets when the Company has received consideration, or has the right to receive consideration, in advance of transferring the performance obligations under the contract to the customer. The changes in deferred revenue during the six months ended June 30, 2022 were as follows (in thousands): Six Months Ended Balance, beginning of period $ 4,156 Less: recognition of deferred revenue from beginning balance (3,508) Add: net increase in current period contract liabilities 5,493 Balance, end of period $ 6,141 The majority of the deferred revenue balance as of June 30, 2022 is expected to be recognized as revenue in the subsequent three-month period ending September 30, 2022. An immaterial amount of long-term deferred revenue is included in other long-term liabilities as of June 30, 2022. No other contract assets or liabilities were recorded on the Company's condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands): June 30, December 31, Accounts payable $ 17,485 $ 16,127 Employee-related liabilities 60,285 50,132 Accrued sales and marketing expenses 8,582 5,455 Accrued cost of revenue 7,058 9,537 Accrued legal settlements 26,011 26,037 Other accrued liabilities 13,267 12,332 Total accounts payable and accrued liabilities $ 132,688 $ 119,620 As of June 30, 2022, other accrued liabilities primarily consisted of accrued costs related to unsettled share repurchases as well as accrued general and administrative, product development and workplace costs. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings —In January 2018, a putative class action lawsuit alleging violations of the federal securities laws was filed in the U.S. District Court for the Northern District of California (the "Court"), naming as defendants the Company and certain of its officers (the “Securities Class Action”). The complaint, which the plaintiff amended on June 25, 2018, alleges violations of the Securities Exchange Act of 1934, as amended, by the Company and its officers for allegedly making materially false and misleading statements regarding its business and operations on February 9, 2017. The plaintiff seeks unspecified monetary damages and other relief. On November 27, 2018, the Court granted in part and denied in part the defendants’ motion to dismiss. On October 22, 2019, the Court approved a stipulation to certify a class in this action and, on September 9, 2021, it denied the defendants’ motion for summary judgment. The case was scheduled for trial to begin on February 7, 2022. However, on December 3, 2021, the defendants reached a preliminary agreement with the plaintiff to settle this matter for $22.25 million, which the Company expects to be funded by defendants’ insurers. The proposed settlement, which was preliminarily approved by the Court on July 25, 2022, will resolve all claims asserted against all defendants in the Securities Class Action without any liability or wrongdoing attributed to them. On June 22, 2022, the Court granted preliminary approval of the settlement of a stockholder derivative action (the “Derivative Action”) asserting claims against certain current and former officers, and naming the Company as a nominal defendant, which arose out of the same facts as the Securities Class Action and is also pending before the Court. The proposed settlement will resolve all claims asserted against all defendants in the Derivative Action without any liability or wrongdoing attributed to them personally or to the Company. Under the terms of the proposed settlement, the Company’s board of directors will adopt and implement certain corporate governance modifications and the Company will receive $18.0 million of insurance proceeds. Subsequent to the quarter end, the proceeds were placed in escrow in July 2022 pending final approval of the settlement. The Company has agreed to pay $3.75 million of such insurance proceeds to the plaintiff’s attorneys as fees. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies, which it will accrue when it believes a loss is probable and the amount can be reasonably estimated. Although final approval of the settlement agreements for the Securities Class Action and the Derivative Action remains pending, the Company believes the loss for both are probable and the payment amounts described above, which total $26.0 million, represent reasonable estimates of loss contingencies. The Company also believes that the anticipated insurance proceeds related to each action described above, which also total $26.0 million, are probable and represent reasonable estimates for loss recovery. Accordingly, the Company recorded a $26.0 million accrual for loss contingency within accounts payable and accrued liabilities as well as a $26.0 million receivable for loss recovery within prepaid expenses and other current assets on its condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. The Company is subject to other legal proceedings arising in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently does not believe that the final outcome of any of these other matters will have a material effect on the Company’s business, financial position, results of operations or cash flows. Indemnification Agreements —In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company to, among other things, indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. While the outcome of claims cannot be predicted with certainty, the Company does not believe that the outcome of any claims under the indemnification arrangements will have a material effect on the Company’s business, financial position, results of operations or cash flows. Revolving Credit Facility —The Company is a party to a Credit Agreement with Wells Fargo Bank, National Association (the "Credit Agreement"), which provides for a three-year, $75.0 million senior unsecured revolving credit facility including a letter of credit sub-limit of $25.0 million. As of June 30, 2022, the Company had $20.5 million of letters of credit under the sub-limit related to lease agreements for certain office locations, which are required to be maintained and issued to the landlords of each facility, and $54.5 million remained available under the revolving credit facility as of this date. The Company was in compliance with all covenants associated with the credit facility and there were no loans outstanding under the Credit Agreement as of June 30, 2022. For additional information on the terms of the Credit Agreement, including fees payable by the Company, financial covenants, events of default and other limitations, see " Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources " included under Part II, Item 7 in our Annual Report. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY The following table presents the number of shares authorized and issued as of the dates indicated (in thousands): June 30, 2022 December 31, 2021 Shares Authorized Shares Issued Shares Authorized Shares Issued Stockholders’ equity: Common stock, $0.000001 par value 200,000 71,226 200,000 72,171 Undesignated preferred stock 10,000 — 10,000 — Stock Repurchase Program As of June 30, 2022, the Company's board of directors had authorized it to repurchase up to an aggregate of $1.2 billion of its outstanding common stock, $131.7 million of which remained available as of June 30, 2022. The Company may purchase shares at management’s discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions, or a combination of the foregoing. During the six months ended June 30, 2022, the Company repurchased on the open market 3,039,203 shares for an aggregate purchase price of $100.0 million and retired 2,932,305 shares. As of June 30, 2022, the Company had a treasury stock balance of 106,898 shares, which were excluded from its outstanding share count as of such date and subsequently retired in July 2022. During the six months ended June 30, 2021, the Company repurchased on the open market 3,019,987 shares for an aggregate purchase price of $114.2 million and retired 3,015,135 shares. As of June 30, 2021, the Company had a treasury stock balance of 103,870 shares, which were excluded from its outstanding share count as of such date and subsequently retired in July 2021. Equity Incentive Plans Stock Options Stock options are granted at a price per share not less than the fair value of a share of the Company’s common stock on the grant date. Options generally vest over a four-year period, on one of two schedules: (a) 25% vesting at the end of one year and the remaining shares vesting monthly thereafter or (b) ratably on a monthly basis. Options granted are generally exercisable for contractual terms of up to 10 years. The Company issues new shares when stock options are exercised. A summary of stock option activity for the six months ended June 30, 2022 is as follows: Number of Shares (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 3,979 $ 32.59 4.4 $ 24,580 Granted 10 31.42 Exercised (88) 21.80 Canceled (20) 36.86 Outstanding at June 30, 2022 3,881 $ 32.82 3.8 $ 9,017 Options vested and exercisable at June 30, 2022 3,673 $ 32.69 3.5 $ 9,017 Aggregate intrinsic value represents the difference between the closing price of the Company’s common stock as quoted on the New York Stock Exchange on a given date and the exercise price of outstanding, in-the-money options. The total intrinsic value of options exercised was approximately $0.6 million and $0.7 million for the three months ended June 30, 2022 and 2021, respectively, and $0.9 million and $11.8 million for the six months ended June 30, 2022 and 2021, respectively. The weighted-average grant date fair value of options granted during the three and six months ended June 30, 2022 was $16.07 per share. The weighted-average grant date fair value of options granted during the three and six months ended June 30, 2021 was $18.55 per share. As of June 30, 2022, total unrecognized compensation costs related to nonvested stock options were approximately $3.1 million, which the Company expects to recognize over a weighted-average time period of 1.7 years. RSUs RSUs generally vest over a four-year period, on one of two schedules: (a) 25% vesting at the end of one year and the remaining vesting quarterly thereafter or (b) ratably on a quarterly basis. RSUs also include performance-based restricted stock units ("PRSUs"), which are subject to either (a) a market condition or (b) the achievement of performance goals. PRSUs may also be subject to a time-based vesting schedule of quarterly over four years (the "Time-Based Vesting Schedule"). For PRSUs subject to a market condition, the Company recognizes expense from the date of grant. For PRSUs subject to performance goals, the Company recognizes expense when it is probable that the performance condition will be achieved. The Company granted PRSUs subject to market conditions in 2019 and 2022. The shares underlying each PRSU award granted in 2019 will be eligible to vest only if the average closing price of the Company's common stock equals or exceeds $45.3125 over any 60-day trading period during the four years following the grant date of February 7, 2019. If this market condition is met, the shares underlying each PRSU award will vest according to the Time-Based Vesting Schedule. Any shares subject to the PRSUs that have met the Time-Based Vesting Schedule at the time the market condition is achieved will fully vest as of such date; thereafter, any remaining nonvested shares subject to the PRSUs will continue vesting solely according to the Time-Based Vesting Schedule, subject to the applicable employee's continued service as of each such vesting date. The shares underlying each PRSU award granted in 2022 that is subject to market conditions vest based on the relative performance of the Company's total stockholder return ("TSR") over a three-year period. A percentage of the target number of shares underlying each award, ranging from zero to 200%, will vest based on the percentile rank of the Company's TSR relative to that of the other companies in the Russell 2000 Index over the period beginning January 1, 2022 and ending December 31, 2024. The Company’s TSR, as well as the TSR of the other companies in the Russell 2000 Index, will be calculated based on the average closing price of each company's stock over the last 20 trading days of the performance period compared to the average closing price over the first 20 trading days of the performance period. Any shares that become eligible to vest based on the Company's level of achievement of the market goal will fully vest on or following certification of the Company's performance on February 20, 2025 or, if certification occurs following such date, March 15, 2025, subject to the applicable employee's continued service as of such vesting date. For PRSUs subject to performance goals, a percentage of the target number of shares, ranging from zero to 200%, will become eligible to vest based on the Company's level of achievement of certain financial targets, subject to the Time-Based Vesting Schedule. The shares subject to performance goals become eligible to vest once the achievement against the financial targets is known, which will be no later than March of the year following the year in which the PRSUs are granted. On the quarterly vest date immediately following such determination (or a vest date otherwise specified in the agreement), the eligible shares, if any, will vest to the extent that the employee has met the Time-Based Vesting Schedule as of such date. Thereafter, the eligible shares will continue to vest in accordance with the Time-Based Vesting Schedule, subject to the applicable employee's continued service as of each such vesting date. The Company performed an analysis as of June 30, 2022 to assess the probability of achievement of the PRSU financial targets and, as a result, recorded compensation costs in the three and six months ended June 30, 2022 for the PRSUs that it expected to vest. As the PRSU activity during the six months ended June 30, 2022 was not material, it is presented together with the RSU activity in the table below. A summary of RSU and PRSU activity for the six months ended June 30, 2022 is as follows (in thousands, except per share amounts): Number of Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2021 10,016 $ 32.39 Granted 5,489 35.62 Vested (1) (2,543) 33.62 Canceled (1,395) 33.21 Nonvested at June 30, 2022 11,567 $ 33.55 (1) Includes 1,007,743 shares that vested but were not issued due to net share settlement for payment of employee taxes. The aggregate fair value as of the vest date of RSUs and PRSUs that vested during the six months ended June 30, 2022 and 2021 was $81.4 million and $88.7 million, respectively. As of June 30, 2022, the Company had approximately $363.8 million of unrecognized stock-based compensation expense related to RSUs and PRSUs, which it expects to recognize over the remaining weighted-average vesting period of approximately 2.7 years. Employee Stock Purchase Plan The Employee Stock Purchase Plan ("ESPP") allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations, during designated offering periods. At the end of each offering period, employees are able to purchase shares at 85% of the fair market value of the Company’s common stock on the last day of the offering period, based on the closing sales price of the Company's common stock as quoted on the New York Stock Exchange on such date. There were 364,436 shares purchased by employees under the ESPP at a weighted-average price of $25.00 in the three and six months ended June 30, 2022. There were 254,449 shares purchased by employees under the ESPP at a weighted-average price of $34.09 in the three and six months ended June 30, 2021. The Company recognized stock-based compensation expense related to the ESPP of $0.7 million in each of the three months ended June 30, 2022 and 2021 and $1.5 million in each of the six months ended June 30, 2022 and 2021. Stock-Based Compensation The following table summarizes the effects of stock-based compensation expense related to stock-based awards in the condensed consolidated statements of operations during the periods presented (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Cost of revenue $ 1,248 $ 1,094 $ 2,553 $ 2,202 Sales and marketing 8,200 8,441 16,855 16,838 Product development 22,304 20,674 45,429 41,427 General and administrative 8,309 10,650 16,284 19,637 Total stock-based compensation recorded to income (loss) before income taxes 40,061 40,859 81,121 80,104 Benefit from income taxes (8,819) (9,501) (17,957) (19,566) Total stock-based compensation recorded to net income (loss) $ 31,242 $ 31,358 $ 63,164 $ 60,538 The Company capitalized $2.3 million and $2.8 million of stock-based compensation expense as website development costs and, to a lesser extent, implementation costs incurred related to cloud computing arrangements that are service contracts in the three months ended June 30, 2022 and 2021, respectively, and $4.8 million and $5.5 million in the six months ended June 30, 2022 and 2021, respectively. |
OTHER INCOME, NET
OTHER INCOME, NET | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | OTHER INCOME, NET Other income, net for the three and six months ended June 30, 2022 and 2021 consisted of the following (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Interest income (expense), net $ 529 $ (34) $ 551 $ (51) Transaction (loss) gain on foreign exchange, net (94) 11 (23) 268 Other non-operating income, net 892 565 1,728 1,030 Other income, net $ 1,327 $ 542 $ 2,256 $ 1,247 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company is subject to income taxes in the United States as well as other tax jurisdictions in which it conducts business. Earnings from non-U.S. activities are subject to local country income taxes. The provision for income taxes for the six months ended June 30, 2022 was $6.7 million, which was due to $6.8 million of U.S. federal, state and foreign income tax expense and $0.1 million of net discrete tax benefit primarily related to stock-based compensation. The benefit from income taxes for the six months ended June 30, 2021 was $6.9 million, which was due to $1.5 million of U.S. federal, state and foreign income tax benefit and $5.4 million of net discrete tax benefit primarily related to stock-based compensation. Accounting for income taxes for interim periods generally requires the provision for income taxes to be determined by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss before income taxes, excluding unusual or infrequently occurring discrete items, for the reporting period. For the three and six months ended June 30, 2022, the difference between the effective tax rate and the federal statutory tax rate primarily related to stock-based compensation and the inclusion of global intangible low-taxed income ("GILTI"), offset by tax credits. As currently enacted, beginning in 2022, the Tax Cuts and Jobs Act (the "Tax Act") requires taxpayers to capitalize research and development expenses with amortization periods over five and fifteen years, which is expected to increase the amount of the Company's GILTI. For the three and six months ended June 30, 2021, the difference between the effective tax rate and the federal statutory tax rate primarily related to tax credits, offset by non-deductible expenses. As of June 30, 2022, the total amount of gross unrecognized tax benefits was $57.5 million, $29.3 million of which was subject to a full valuation allowance and would not affect the Company’s effective tax rate if recognized. In the three and six months ended June 30, 2022, the Company recorded an immaterial amount of interest and penalties. As of June 30, 2022, the Company estimated that it had accumulated undistributed earnings generated by its foreign subsidiaries of approximately $12.9 million. Any taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of the Company's foreign investments would generally be limited to foreign and state taxes. The Company has not recognized a deferred tax liability related to unremitted foreign earnings, as it intends to indefinitely reinvest these earnings, and expects future U.S. cash generation to be sufficient to meet future U.S. cash needs. In addition, the Company is subject to the continuous examination of its income tax returns by the Internal Revenue Service and other tax authorities. The Company’s federal and state income tax returns for tax years subsequent to 2003 remain open to examination. In the Company’s foreign jurisdictions — Canada, Germany, Ireland and the United Kingdom — the tax years subsequent to 2016 remain open to examination. The Company regularly assesses the likelihood of adverse outcomes resulting from examinations to determine the adequacy of its provision for income taxes and monitors the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. As of June 30, 2022, although the timing of the resolution or closure of audits is not certain, the Company believes it is reasonably possible that its unrecognized tax benefits could be reduced by $0.9 million over the next 12 months. |
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted net income (loss) per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential common shares consist of the incremental shares of common stock issuable upon the exercise of stock options, shares issuable upon the vesting of RSUs (including PRSUs) and, to a lesser extent, purchase rights related to the ESPP. The following table presents the calculation of basic and diluted net income (loss) per share for the periods presented (in thousands, except per share data): Three Months Ended Six Months Ended 2022 2021 2022 2021 Basic net income (loss) per share: Net income (loss) $ 8,009 $ 4,212 $ 7,094 $ (1,584) Shares used in computation: Weighted-average common shares outstanding 71,217 74,807 71,427 75,025 Basic net income (loss) per share attributable to common stockholders $ 0.11 $ 0.06 $ 0.10 $ (0.02) Three Months Ended Six Months Ended 2022 2021 2022 2021 Diluted net income (loss) per share: Net income (loss) $ 8,009 $ 4,212 $ 7,094 $ (1,584) Shares used in computation: Weighted-average common shares outstanding 71,217 74,807 71,427 75,025 Stock options 445 877 505 — RSUs 1,163 3,291 1,635 — ESPP 10 8 5 — Number of shares used in diluted calculation 72,835 78,983 73,572 75,025 Diluted net income (loss) per share attributable to common stockholders $ 0.11 $ 0.05 $ 0.10 $ (0.02) The following stock-based instruments were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Stock options 2,444 1,497 2,447 4,109 RSUs 7,958 145 6,734 10,998 ESPP — — — 41 |
INFORMATION ABOUT REVENUE AND G
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS | INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS The Company considers operating segments to be components of the Company for which separate financial information is available and evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the chief executive officer. The chief executive officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by product line and geographic region for purposes of allocating resources and evaluating financial performance. The Company has determined that it has a single operating and reporting segment. When the Company communicates results externally, it disaggregates net revenue into major product lines and primary geographical markets, which is based on the billing address of the customer. The disaggregation of net revenue by major product lines is based on the type of service provided and also aligns with the timing of revenue recognition for each. To reflect the Company's strategic focus on creating differentiated experiences for its Services categories and Restaurants, Retail & Other categories, the Company further disaggregates advertising revenue to reflect these two high-level category groupings. The Services categories consist of the following businesses: home, local, auto, professional, pets, events, real estate and financial services. The Restaurants, Retail & Other categories consist of the following businesses: restaurants, shopping, beauty & fitness, health and other. Net Revenue The following table presents the Company’s net revenue by major product line (and by category for advertising revenue) for the periods presented (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Net revenue by product: Advertising revenue by category (1) : Services $ 174,298 $ 152,522 $ 334,561 $ 293,209 Restaurants, Retail & Other 109,220 92,439 212,194 173,739 Advertising 283,518 244,961 546,755 466,948 Transactions 3,940 3,525 7,120 7,329 Other 11,426 8,702 21,637 15,007 Total net revenue $ 298,884 $ 257,188 $ 575,512 $ 489,284 (1) Advertising revenue by category in 2022 reflects an updated method of disaggregation. Prior-period amounts have not been updated as it is impracticable to do so, given certain historical information was not available. During the three and six months ended June 30, 2022 and 2021, no individual customer accounted for 10% or more of consolidated net revenue. As a result of the COVID-19 pandemic, the Company considered whether there was any impact to the manner in which revenue is recognized, in particular with respect to the collectability criteria for recognizing revenue from contracts with customers. The Company did not change the manner in which it recognizes revenue as a result of that assessment. The Company offered a number of relief incentives to advertising and other revenue customers most impacted by the COVID-19 pandemic totaling $0.1 million and $0.7 million during the three months ended June 30, 2022 and 2021, respectively, and $0.4 million and $2.9 million during the six months ended June 30, 2022 and 2021, respectively. These incentives were primarily in the form of waived subscription and advertising fees. The Company accounted for these incentives as price concessions and reduced net revenue recognized in the three and six months ended June 30, 2022 and 2021 accordingly. The following table presents the Company’s net revenue by major geographic region for the periods presented (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 United States $ 296,876 $ 254,954 $ 571,520 $ 484,949 All other countries 2,008 2,234 3,992 4,335 Total net revenue $ 298,884 $ 257,188 $ 575,512 $ 489,284 Long-Lived Assets The following table presents the Company’s long-lived assets by major geographic region for the periods presented (in thousands): June 30, December 31, United States $ 77,367 $ 79,027 All other countries 4,845 4,830 Total long-lived assets $ 82,212 $ 83,857 |
DESCRIPTION OF BUSINESS AND B_2
DESCRIPTION OF BUSINESS AND BASIS FOR PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Annual Report. The unaudited condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP, including certain notes to the financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. Certain prior period amounts have been reclassified to conform to the current period presentation, including reclassifying amortization of deferred costs to a separate line item within the condensed consolidated statement of cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normally recurring nature necessary for the fair presentation of the interim periods presented. |
Principles of Consolidation | Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of the Company’s unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from management’s estimates due to the uncertainty of the extent of the impacts of macroeconomic conditions and other factors. |
CASH, CASH EQUIVALENTS AND RE_2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands): June 30, December 31, Cash $ 30,147 $ 89,407 Cash equivalents 391,015 390,376 Total cash and cash equivalents $ 421,162 $ 479,783 Restricted cash 1,052 858 Total cash, cash equivalents and restricted cash $ 422,214 $ 480,641 |
Schedule of Restrictions on Cash and Cash Equivalents | Cash, cash equivalents and restricted cash as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands): June 30, December 31, Cash $ 30,147 $ 89,407 Cash equivalents 391,015 390,376 Total cash and cash equivalents $ 421,162 $ 479,783 Restricted cash 1,052 858 Total cash, cash equivalents and restricted cash $ 422,214 $ 480,641 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value | The following table represents the fair value of the Company’s financial instruments, including those measured at fair value on a recurring basis, as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 391,015 $ — $ — $ 391,015 $ 390,376 $ — $ — $ 390,376 Other investments: Certificates of deposit — 10,000 — 10,000 — 10,000 — 10,000 Total cash equivalents and other investments $ 391,015 $ 10,000 $ — $ 401,015 $ 390,376 $ 10,000 $ — $ 400,376 |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands): June 30, December 31, Prepaid expenses $ 14,538 $ 13,480 Certificates of deposit 10,000 10,000 Other current assets 40,796 34,056 Total prepaid expenses and other current assets $ 65,334 $ 57,536 |
PROPERTY, EQUIPMENT, AND SOFTWA
PROPERTY, EQUIPMENT, AND SOFTWARE, NET (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Equipment and Software, Net | Property, equipment and software, net as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands): June 30, December 31, Capitalized website and internal-use software development costs $ 216,468 $ 202,169 Leasehold improvements 61,515 59,190 Computer equipment 50,685 48,264 Furniture and fixtures 11,841 12,573 Telecommunication 4,941 4,953 Software 1,702 1,703 Total 347,152 328,852 Less accumulated depreciation and amortization (264,940) (244,995) Property, equipment and software, net $ 82,212 $ 83,857 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in carrying amount of goodwill during the six months ended June 30, 2022 were as follows (in thousands): Balance as of December 31, 2021 $ 105,128 Effect of currency translation (3,602) Balance as of June 30, 2022 $ 101,526 |
Schedule of Intangible Assets | Intangible assets that were not fully amortized as of June 30, 2022 and December 31, 2021 consisted of the following (dollars in thousands): June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (5,196) $ 4,722 6.7 years Developed technology 7,709 (7,709) — 0.0 years Licensing agreements 6,129 (1,183) 4,946 7.7 years Domains and data licenses 2,869 (2,858) 11 1.0 years Total $ 26,625 $ (16,946) $ 9,679 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life Business relationships $ 9,918 $ (4,786) $ 5,132 7.1 years Developed technology 7,709 (7,453) 256 0.2 years Licensing agreements 6,129 (860) 5,269 8.2 years Domain and data licenses 2,869 (2,853) 16 1.5 years Total $ 26,625 $ (15,952) $ 10,673 |
Schedule of Future Amortization Expense | As of June 30, 2022, estimated future amortization expenses were as follows (in thousands): Remainder of 2022 $ 682 2023 1,359 2024 1,353 2025 1,353 2026 1,353 2027 1,353 Thereafter 2,226 Total amortization $ 9,679 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of Lease Cost and Supplemental Cash Flow Information | The components of lease cost, net for the three and six months ended June 30, 2022 and 2021 were as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Operating lease cost $ 10,499 $ 12,631 $ 21,166 $ 26,394 Short-term lease cost (12 months or less) 270 136 524 273 Sublease income (2,777) (1,778) (5,555) (3,406) Total lease cost, net $ 7,992 $ 10,989 $ 16,135 $ 23,261 Supplemental cash flow information related to leases for the six months ended June 30, 2022 and 2021 was as follows (in thousands): Six Months Ended 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 25,511 $ 27,784 |
Schedule of Lessee, Operating Lease, Liability, Maturity | As of June 30, 2022, maturities of lease liabilities were as follows (in thousands): Remainder of 2022 $ 23,967 2023 45,369 2024 42,667 2025 22,134 2026 7,197 2027 6,386 Thereafter 16,258 Total minimum lease payments 163,978 Less imputed interest (16,992) Present value of lease liabilities $ 146,986 |
Schedule of Assets And Liabilities, Lessee Information | As of June 30, 2022 and December 31, 2021, the weighted-average remaining lease terms and weighted-average discount rates were as follows: June 30, December 31, Weighted-average remaining lease term (years) — operating leases 4.4 4.8 Weighted-average discount rate — operating leases 5.3 % 5.4 % |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Non-Current Assets | Other non-current assets as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands): June 30, December 31, Deferred tax assets $ 64,597 $ 40,606 Deferred contract costs 23,000 16,931 Other non-current assets 7,218 7,013 Total other non-current assets $ 94,815 $ 64,550 |
Capitalized Contract Cost | Deferred contract costs as of June 30, 2022 and December 31, 2021, and changes in deferred contract costs during the six months ended June 30, 2022, were as follows (in thousands): Six Months Ended Balance, beginning of period $ 16,931 Add: costs deferred on new contracts 14,482 Less: amortization recorded in sales and marketing expenses (8,413) Balance, end of period $ 23,000 |
CONTRACT BALANCES (Tables)
CONTRACT BALANCES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Allowance for Doubtful Accounts Receivable | The changes in the allowance for doubtful accounts during the six months ended June 30, 2022 and 2021 were as follows (in thousands): Six Months Ended 2022 2021 Balance, beginning of period $ 7,153 $ 11,559 Add: provision for doubtful accounts 12,676 7,240 Less: write-offs, net of recoveries (11,143) (9,510) Balance, end of period $ 8,686 $ 9,289 |
Schedule of Contract with Customer, Liability | The changes in deferred revenue during the six months ended June 30, 2022 were as follows (in thousands): Six Months Ended Balance, beginning of period $ 4,156 Less: recognition of deferred revenue from beginning balance (3,508) Add: net increase in current period contract liabilities 5,493 Balance, end of period $ 6,141 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accounts payable and accrued liabilities as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands): June 30, December 31, Accounts payable $ 17,485 $ 16,127 Employee-related liabilities 60,285 50,132 Accrued sales and marketing expenses 8,582 5,455 Accrued cost of revenue 7,058 9,537 Accrued legal settlements 26,011 26,037 Other accrued liabilities 13,267 12,332 Total accounts payable and accrued liabilities $ 132,688 $ 119,620 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class | The following table presents the number of shares authorized and issued as of the dates indicated (in thousands): June 30, 2022 December 31, 2021 Shares Authorized Shares Issued Shares Authorized Shares Issued Stockholders’ equity: Common stock, $0.000001 par value 200,000 71,226 200,000 72,171 Undesignated preferred stock 10,000 — 10,000 — |
Schedule of Stock Option Activity | A summary of stock option activity for the six months ended June 30, 2022 is as follows: Number of Shares (in thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 3,979 $ 32.59 4.4 $ 24,580 Granted 10 31.42 Exercised (88) 21.80 Canceled (20) 36.86 Outstanding at June 30, 2022 3,881 $ 32.82 3.8 $ 9,017 Options vested and exercisable at June 30, 2022 3,673 $ 32.69 3.5 $ 9,017 |
Schedule of RSU Activity | A summary of RSU and PRSU activity for the six months ended June 30, 2022 is as follows (in thousands, except per share amounts): Number of Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2021 10,016 $ 32.39 Granted 5,489 35.62 Vested (1) (2,543) 33.62 Canceled (1,395) 33.21 Nonvested at June 30, 2022 11,567 $ 33.55 (1) Includes 1,007,743 shares that vested but were not issued due to net share settlement for payment of employee taxes. |
Schedule of Stock-Based Compensation Expense | The following table summarizes the effects of stock-based compensation expense related to stock-based awards in the condensed consolidated statements of operations during the periods presented (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Cost of revenue $ 1,248 $ 1,094 $ 2,553 $ 2,202 Sales and marketing 8,200 8,441 16,855 16,838 Product development 22,304 20,674 45,429 41,427 General and administrative 8,309 10,650 16,284 19,637 Total stock-based compensation recorded to income (loss) before income taxes 40,061 40,859 81,121 80,104 Benefit from income taxes (8,819) (9,501) (17,957) (19,566) Total stock-based compensation recorded to net income (loss) $ 31,242 $ 31,358 $ 63,164 $ 60,538 |
OTHER INCOME, NET (Tables)
OTHER INCOME, NET (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income, Net | Other income, net for the three and six months ended June 30, 2022 and 2021 consisted of the following (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Interest income (expense), net $ 529 $ (34) $ 551 $ (51) Transaction (loss) gain on foreign exchange, net (94) 11 (23) 268 Other non-operating income, net 892 565 1,728 1,030 Other income, net $ 1,327 $ 542 $ 2,256 $ 1,247 |
NET INCOME (LOSS) PER SHARE (Ta
NET INCOME (LOSS) PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net income (loss) per share for the periods presented (in thousands, except per share data): Three Months Ended Six Months Ended 2022 2021 2022 2021 Basic net income (loss) per share: Net income (loss) $ 8,009 $ 4,212 $ 7,094 $ (1,584) Shares used in computation: Weighted-average common shares outstanding 71,217 74,807 71,427 75,025 Basic net income (loss) per share attributable to common stockholders $ 0.11 $ 0.06 $ 0.10 $ (0.02) Three Months Ended Six Months Ended 2022 2021 2022 2021 Diluted net income (loss) per share: Net income (loss) $ 8,009 $ 4,212 $ 7,094 $ (1,584) Shares used in computation: Weighted-average common shares outstanding 71,217 74,807 71,427 75,025 Stock options 445 877 505 — RSUs 1,163 3,291 1,635 — ESPP 10 8 5 — Number of shares used in diluted calculation 72,835 78,983 73,572 75,025 Diluted net income (loss) per share attributable to common stockholders $ 0.11 $ 0.05 $ 0.10 $ (0.02) |
Schedule of Anti-dilutive Securities | The following stock-based instruments were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Stock options 2,444 1,497 2,447 4,109 RSUs 7,958 145 6,734 10,998 ESPP — — — 41 |
INFORMATION ABOUT REVENUE AND_2
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Product Line | The following table presents the Company’s net revenue by major product line (and by category for advertising revenue) for the periods presented (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Net revenue by product: Advertising revenue by category (1) : Services $ 174,298 $ 152,522 $ 334,561 $ 293,209 Restaurants, Retail & Other 109,220 92,439 212,194 173,739 Advertising 283,518 244,961 546,755 466,948 Transactions 3,940 3,525 7,120 7,329 Other 11,426 8,702 21,637 15,007 Total net revenue $ 298,884 $ 257,188 $ 575,512 $ 489,284 (1) Advertising revenue by category in 2022 reflects an updated method of disaggregation. Prior-period amounts have not been updated as it is impracticable to do so, given certain historical information was not available. |
Schedule of Net Revenue by Geographic Region | The following table presents the Company’s net revenue by major geographic region for the periods presented (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 United States $ 296,876 $ 254,954 $ 571,520 $ 484,949 All other countries 2,008 2,234 3,992 4,335 Total net revenue $ 298,884 $ 257,188 $ 575,512 $ 489,284 |
Schedule of Long-Lived Assets by Geographic Location | The following table presents the Company’s long-lived assets by major geographic region for the periods presented (in thousands): June 30, December 31, United States $ 77,367 $ 79,027 All other countries 4,845 4,830 Total long-lived assets $ 82,212 $ 83,857 |
CASH, CASH EQUIVALENTS AND RE_3
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash | $ 30,147 | $ 89,407 | ||
Cash equivalents | 391,015 | 390,376 | ||
Total cash and cash equivalents | 421,162 | 479,783 | ||
Restricted cash | 1,052 | 858 | ||
Total cash, cash equivalents and restricted cash | $ 422,214 | $ 480,641 | $ 559,254 | $ 596,540 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and other investments | $ 401,015 | $ 400,376 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and other investments | 391,015 | 390,376 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and other investments | 10,000 | 10,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and other investments | 0 | 0 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments: | 10,000 | 10,000 |
Certificates of deposit | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments: | 0 | 0 |
Certificates of deposit | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments: | 10,000 | 10,000 |
Certificates of deposit | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments: | 0 | 0 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 391,015 | 390,376 |
Money market funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 391,015 | 390,376 |
Money market funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Money market funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | $ 0 | $ 0 |
PREPAID EXPENSES AND OTHER CU_3
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 14,538 | $ 13,480 |
Certificates of deposit | 10,000 | 10,000 |
Other current assets | 40,796 | 34,056 |
Total prepaid expenses and other current assets | $ 65,334 | $ 57,536 |
PREPAID EXPENSES AND OTHER CU_4
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Narrative) (Details) - Cloud Computing Implementation Cost $ in Millions | Jun. 30, 2022 USD ($) |
Prepaid Expenses and Other Current Assets [Line Items] | |
Capitalized implementation costs incurred related to cloud computing arrangements that are service contracts | $ 0.5 |
Other Noncurrent Assets | |
Prepaid Expenses and Other Current Assets [Line Items] | |
Capitalized implementation costs incurred related to cloud computing arrangements that are service contracts | $ 1.4 |
PROPERTY, EQUIPMENT AND SOFTW_2
PROPERTY, EQUIPMENT AND SOFTWARE, NET (Schedule of Property, Equipment and Software) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | $ 347,152 | $ 328,852 |
Less accumulated depreciation and amortization | (264,940) | (244,995) |
Property, equipment and software, net | 82,212 | 83,857 |
Capitalized website and internal-use software development costs | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 216,468 | 202,169 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 61,515 | 59,190 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 50,685 | 48,264 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 11,841 | 12,573 |
Telecommunication | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 4,941 | 4,953 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | $ 1,702 | $ 1,703 |
PROPERTY, EQUIPMENT, AND SOFT_2
PROPERTY, EQUIPMENT, AND SOFTWARE, NET (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 11,258 | $ 12,833 | $ 22,748 | $ 25,916 |
Property Equipment And Software | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 11,000 | $ 12,100 | $ 21,800 | $ 24,500 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Schedule of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 105,128 |
Effect of currency translation | (3,602) |
Ending balance | $ 101,526 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 26,625 | $ 26,625 |
Accumulated Amortization | (16,946) | (15,952) |
Total amortization | 9,679 | 10,673 |
Business relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 9,918 | 9,918 |
Accumulated Amortization | (5,196) | (4,786) |
Total amortization | $ 4,722 | $ 5,132 |
Weighted Average Remaining Life | 6 years 8 months 12 days | 7 years 1 month 6 days |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,709 | $ 7,709 |
Accumulated Amortization | (7,709) | (7,453) |
Total amortization | $ 0 | $ 256 |
Weighted Average Remaining Life | 0 years | 2 months 12 days |
Licensing agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 6,129 | $ 6,129 |
Accumulated Amortization | (1,183) | (860) |
Total amortization | $ 4,946 | $ 5,269 |
Weighted Average Remaining Life | 7 years 8 months 12 days | 8 years 2 months 12 days |
Domains and data licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,869 | $ 2,869 |
Accumulated Amortization | (2,858) | (2,853) |
Total amortization | $ 11 | $ 16 |
Weighted Average Remaining Life | 1 year | 1 year 6 months |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 0.3 | $ 0.7 | $ 1 | $ 1.4 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS (Schedule of Future Amortization Expense) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Year Ending December 31, | ||
Remainder of 2022 | $ 682 | |
2023 | 1,359 | |
2024 | 1,353 | |
2025 | 1,353 | |
2026 | 1,353 | |
2027 | 1,353 | |
Thereafter | 2,226 | |
Total amortization | $ 9,679 | $ 10,673 |
LEASES (Lease Cost) (Details)
LEASES (Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 10,499 | $ 12,631 | $ 21,166 | $ 26,394 |
Short-term lease cost (12 months or less) | 270 | 136 | 524 | 273 |
Sublease income | (2,777) | (1,778) | (5,555) | (3,406) |
Total lease cost, net | $ 7,992 | $ 10,989 | $ 16,135 | $ 23,261 |
LEASES (Supplemental Cash Flow
LEASES (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 25,511 | $ 27,784 |
LEASES (Operating Lease Maturit
LEASES (Operating Lease Maturities) (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
Remainder of 2022 | $ 23,967 |
2023 | 45,369 |
2024 | 42,667 |
2025 | 22,134 |
2026 | 7,197 |
2027 | 6,386 |
Thereafter | 16,258 |
Total minimum lease payments | 163,978 |
Less imputed interest | (16,992) |
Present value of lease liabilities | $ 146,986 |
LEASES (Weighted-Average Remain
LEASES (Weighted-Average Remaining Lease Terms) (Details) | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Weighted-average remaining lease term (years) — operating leases | 4 years 4 months 24 days | 4 years 9 months 18 days |
Weighted-average discount rate — operating leases | 5.30% | 5.40% |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Forecast | |
Lessee, Lease, Description [Line Items] | |
Impairment charge | $ 10.5 |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Deferred tax assets | $ 64,597 | $ 40,606 |
Deferred contract costs | 23,000 | 16,931 |
Other non-current assets | 7,218 | 7,013 |
Total other non-current assets | $ 94,815 | $ 64,550 |
OTHER NON-CURRENT ASSETS (Chang
OTHER NON-CURRENT ASSETS (Changes in Deferred Contract Costs) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Changes In Capitalized Contract Costs [Roll Forward] | |
Balance, beginning of period | $ 16,931 |
Add: costs deferred on new contracts | 14,482 |
Less: amortization recorded in sales and marketing expenses | (8,413) |
Balance, end of period | $ 23,000 |
CONTRACT BALANCES (Schedule of
CONTRACT BALANCES (Schedule of Changes in Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | $ 7,153 | $ 11,559 |
Add: provision for doubtful accounts | 12,676 | 7,240 |
Less: write-offs, net of recoveries | (11,143) | (9,510) |
Balance, end of period | $ 8,686 | $ 9,289 |
CONTRACT BALANCES (Changes in D
CONTRACT BALANCES (Changes in Deferred Revenue) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Change in Contract with Customer, Liability [Roll Forward] | |
Balance, beginning of period | $ 4,156 |
Less: recognition of deferred revenue from beginning balance | (3,508) |
Add: net increase in current period contract liabilities | 5,493 |
Balance, end of period | $ 6,141 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 17,485 | $ 16,127 |
Employee-related liabilities | 60,285 | 50,132 |
Accrued sales and marketing expenses | 8,582 | 5,455 |
Accrued cost of revenue | 7,058 | 9,537 |
Accrued legal settlements | 26,011 | 26,037 |
Other accrued liabilities | 13,267 | 12,332 |
Total accounts payable and accrued liabilities | $ 132,688 | $ 119,620 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Legal Proceedings) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 22, 2022 | Dec. 31, 2021 | Dec. 03, 2021 |
Loss Contingencies [Line Items] | ||||
Anticipated receivable from insurance company related to pending litigation | $ 26,000 | $ 26,000 | ||
Estimate of loss contingencies | 26,000 | |||
Accrued legal settlements | $ 26,011 | $ 26,037 | ||
Securities Class Action | ||||
Loss Contingencies [Line Items] | ||||
Potential litigation settlement | $ 22,250 | |||
Derivative Action | ||||
Loss Contingencies [Line Items] | ||||
Potential litigation settlement | $ 3,750 | |||
Anticipated receivable from insurance company related to pending litigation | $ 18,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Revolving Credit Facility) (Details) - USD ($) | 1 Months Ended | |
May 31, 2020 | Jun. 30, 2022 | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility term | 3 years | |
Line of credit facility, maximum borrowing capacity | $ 75,000,000 | |
Remaining borrowing capacity | $ 54,500,000 | |
Long-term line of credit | 0 | |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |
Credit Agreement Sublimit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding | $ 20,500,000 |
STOCKHOLDERS' EQUITY (Schedule
STOCKHOLDERS' EQUITY (Schedule of Stock by Class) (Details) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Stockholders’ equity: | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 71,226,000 | 72,171,000 |
Undesignated preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Undesignated preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.000001 | $ 0.000001 |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) numberOfSchedule $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Repurchase of common stock | $ 100,006,000 | $ 114,157,000 | ||
Shares retired (in shares) | shares | 2,932,305 | 3,015,135 | ||
Treasury shares (in shares) | shares | 106,898 | 103,870 | 106,898 | 103,870 |
Number of vesting schedules | numberOfSchedule | 2 | |||
Fair value as of vest date of RSUs | $ 81,400,000 | $ 88,700,000 | ||
Number of shares purchased (in shares) | shares | 254,449 | 254,449 | ||
Stock-based compensation | $ 40,061,000 | $ 40,859,000 | 81,121,000 | $ 80,104,000 |
Capitalized stock-based compensation expense | 2,300,000 | 2,800,000 | $ 4,800,000 | 5,500,000 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of vesting schedules | numberOfSchedule | 2 | |||
Exercisable period | 10 years | |||
Intrinsic value of options exercised | $ 600,000 | $ 700,000 | $ 900,000 | $ 11,800,000 |
Weighted average grant date fair value (in USD per share) | $ / shares | $ 16.07 | $ 18.55 | $ 16.07 | $ 18.55 |
Unrecognized compensation costs | $ 3,100,000 | $ 3,100,000 | ||
Unrecognized compensation costs, period for recognition | 1 year 8 months 12 days | |||
Stock options | End of year one | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 25% | |||
Stock options | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Unrecognized compensation costs | $ 363,800,000 | $ 363,800,000 | ||
Unrecognized compensation costs, period for recognition | 2 years 8 months 12 days | |||
RSUs | End of year one | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 25% | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Performance goal stock price at which Performance Restricted Stock Unit awards would vest (in USD per share) | $ / shares | $ 45.3125 | $ 45.3125 | ||
Performance Shares | Total Shareholder Return | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Performance Shares | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target vesting range | 0% | 0% | ||
Performance Shares | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target vesting range | 200% | 200% | ||
ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Subscription rate of eligible compensation | 15% | 15% | ||
Purchase price, percentage of fair market value | 85% | |||
Number of shares purchased (in shares) | shares | 364,436 | 364,436 | ||
Number of shares purchased, weighted average price of shares purchased (in dollars per share) | $ / shares | $ 25 | $ 34.09 | $ 25 | $ 34.09 |
Stock-based compensation | $ 700,000 | $ 700,000 | $ 1,500,000 | $ 1,500,000 |
July 2017 Share Repurchase Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchase program, authorized amount | 1,200,000,000 | 1,200,000,000 | ||
Remaining authorized repurchase amount | $ 131,700,000 | $ 131,700,000 | ||
Shares repurchased (in shares) | shares | 3,039,203 | 3,019,987 | ||
Repurchase of common stock | $ 100,000,000 | $ 114,200,000 |
STOCKHOLDERS' EQUITY (Schedul_2
STOCKHOLDERS' EQUITY (Schedule of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Number of Shares | ||
Outstanding, beginning balance (in shares) | shares | 3,979 | |
Granted (in shares) | shares | 10 | |
Exercised (in shares) | shares | (88) | |
Canceled (in shares) | shares | (20) | |
Outstanding, ending balance (in shares) | shares | 3,881 | 3,979 |
Options vested and exercisable (in shares) | shares | 3,673 | |
Weighted-Average Exercise Price | ||
Outstanding, beginning balance (in USD per share) | $ / shares | $ 32.59 | |
Granted (in USD per share) | $ / shares | 31.42 | |
Exercised (in USD per share) | $ / shares | 21.80 | |
Canceled (in USD per share) | $ / shares | 36.86 | |
Outstanding, ending balance (in USD per share) | $ / shares | 32.82 | $ 32.59 |
Options vested and exercisable (in USD per share) | $ / shares | $ 32.69 | |
Weighted- Average Remaining Contractual Term | ||
Outstanding (in years) | 3 years 9 months 18 days | 4 years 4 months 24 days |
Options vested and exercisable (in years) | 3 years 6 months | |
Aggregate Intrinsic Value | ||
Outstanding | $ | $ 9,017 | $ 24,580 |
Options vested and exercisable | $ | $ 9,017 |
STOCKHOLDERS' EQUITY (Schedul_3
STOCKHOLDERS' EQUITY (Schedule of Restricted Stock Units Activity) (Details) - RSUs | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Number of Shares | |
Nonvested, beginning balance (in shares) | 10,016,000 |
Granted (in shares) | 5,489,000 |
Vested (in shares) | (2,543,000) |
Canceled (in shares) | (1,395,000) |
Nonvested, ending balance (in shares) | 11,567,000 |
Weighted-Average Grant Date Fair Value | |
Nonvested, beginning balance (in USD per share) | $ / shares | $ 32.39 |
Granted (in USD per share) | $ / shares | 35.62 |
Released (in USD per share) | $ / shares | 33.62 |
Canceled (in USD per share) | $ / shares | 33.21 |
Nonvested, ending balance (in USD per share) | $ / shares | $ 33.55 |
Shares withheld for taxes (in shares) | 1,007,743 |
STOCKHOLDERS' EQUITY (Schedul_4
STOCKHOLDERS' EQUITY (Schedule of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation recorded to income (loss) before income taxes | $ 40,061 | $ 40,859 | $ 81,121 | $ 80,104 |
Benefit from income taxes | (8,819) | (9,501) | (17,957) | (19,566) |
Total stock-based compensation recorded to net income (loss) | 31,242 | 31,358 | 63,164 | 60,538 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation recorded to income (loss) before income taxes | 1,248 | 1,094 | 2,553 | 2,202 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation recorded to income (loss) before income taxes | 8,200 | 8,441 | 16,855 | 16,838 |
Product development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation recorded to income (loss) before income taxes | 22,304 | 20,674 | 45,429 | 41,427 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation recorded to income (loss) before income taxes | $ 8,309 | $ 10,650 | $ 16,284 | $ 19,637 |
OTHER INCOME, NET (Details)
OTHER INCOME, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
Interest income (expense), net | $ 529 | $ (34) | $ 551 | $ (51) |
Transaction (loss) gain on foreign exchange, net | (94) | 11 | (23) | 268 |
Other non-operating income, net | 892 | 565 | 1,728 | 1,030 |
Other income, net | $ 1,327 | $ 542 | $ 2,256 | $ 1,247 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 9,319 | $ (4,751) | $ 6,707 | $ (6,893) |
Income tax provision due to U.S. federal and state income taxes and foreign income taxes | 6,800 | 1,500 | ||
Net discrete tax benefit | 100 | $ 5,400 | ||
Unrecognized tax benefits | 57,500 | 57,500 | ||
Unrecognized tax benefits that would not impact the effective tax rate | 29,300 | 29,300 | ||
Earnings of foreign subsidiaries to be reinvested indefinitely | 12,900 | 12,900 | ||
Decrease in unrecognized tax benefits is reasonably possible | $ 900 | $ 900 |
NET INCOME (LOSS) PER SHARE (Sc
NET INCOME (LOSS) PER SHARE (Schedule of Basic and Diluted Net Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basic net income (loss) per share: | ||||
Net income (loss) | $ 8,009 | $ 4,212 | $ 7,094 | $ (1,584) |
Weighted-average common shares outstanding (in shares) | 71,217 | 74,807 | 71,427 | 75,025 |
Basic net income (loss) per share attributable to common stockholders (in USD per share) | $ 0.11 | $ 0.06 | $ 0.10 | $ (0.02) |
Diluted net income (loss) per share: | ||||
Net income (loss) | $ 8,009 | $ 4,212 | $ 7,094 | $ (1,584) |
Weighted-average common shares outstanding (in shares) | 71,217 | 74,807 | 71,427 | 75,025 |
Number of shares used in diluted calculation (in shares) | 72,835 | 78,983 | 73,572 | 75,025 |
Diluted net income (loss) per share attributable to common stockholders (in USD per share) | $ 0.11 | $ 0.05 | $ 0.10 | $ (0.02) |
Stock options | ||||
Diluted net income (loss) per share: | ||||
Incremental common shares (in shares) | 445 | 877 | 505 | 0 |
RSUs | ||||
Diluted net income (loss) per share: | ||||
Incremental common shares (in shares) | 1,163 | 3,291 | 1,635 | 0 |
ESPP | ||||
Diluted net income (loss) per share: | ||||
Incremental common shares (in shares) | 10 | 8 | 5 | 0 |
NET INCOME (LOSS) PER SHARE (_2
NET INCOME (LOSS) PER SHARE (Schedule of Anti-Dilutive Employee Stock Awards) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive awards (in shares) | 2,444 | 1,497 | 2,447 | 4,109 |
RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive awards (in shares) | 7,958 | 145 | 6,734 | 10,998 |
ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive awards (in shares) | 0 | 0 | 0 | 41 |
INFORMATION ABOUT REVENUE AND_3
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Net Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | $ 298,884 | $ 257,188 | $ 575,512 | $ 489,284 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | 296,876 | 254,954 | 571,520 | 484,949 |
All other countries | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | 2,008 | 2,234 | 3,992 | 4,335 |
Advertising | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | 283,518 | 244,961 | 546,755 | 466,948 |
Services | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | 174,298 | 152,522 | 334,561 | 293,209 |
Restaurants, Retail & Other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | 109,220 | 92,439 | 212,194 | 173,739 |
Transactions | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | 3,940 | 3,525 | 7,120 | 7,329 |
Other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net revenue | $ 11,426 | $ 8,702 | $ 21,637 | $ 15,007 |
INFORMATION ABOUT REVENUE AND_4
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting [Abstract] | ||||
Customer incentives | $ 0.1 | $ 0.7 | $ 0.4 | $ 2.9 |
INFORMATION ABOUT REVENUE AND_5
INFORMATION ABOUT REVENUE AND GEOGRAPHIC AREAS (Long-Lived Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 82,212 | $ 83,857 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 77,367 | 79,027 |
All other countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 4,845 | $ 4,830 |