Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 20, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38017 | |
Entity Registrant Name | SNAP INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-5452795 | |
Entity Address, Address Line One | 3000 31st Street | |
Entity Address, City or Town | Santa Monica | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90405 | |
City Area Code | (310) | |
Local Phone Number | 399-3339 | |
Title of 12(b) Security | Class A Common Stock, par value $0.00001 per share | |
Trading Symbol | SNAP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001564408 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A | ||
Entity Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 1,392,228,453 | |
Class B | ||
Entity Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 22,540,089 | |
Class C | ||
Entity Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 231,626,943 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||||
Net loss | $ (368,256) | $ (359,502) | $ (1,074,238) | $ (1,141,193) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 41,209 | 36,291 | 116,117 | 153,682 |
Stock-based compensation | 357,933 | 342,959 | 990,807 | 937,213 |
Amortization of debt issuance costs | 1,842 | 1,835 | 5,517 | 5,028 |
Losses (gains) on debt and equity securities, net | 21,155 | (75,778) | 5,888 | 15,559 |
Other | (4,395) | 12,133 | (31,098) | 16,337 |
Change in operating assets and liabilities, net of effect of acquisitions: | ||||
Accounts receivable, net of allowance | (128,972) | 17,410 | 55,772 | 62,436 |
Prepaid expenses and other current assets | (837) | 7,044 | (15,139) | (32,114) |
Operating lease right-of-use assets | 17,904 | 17,922 | 53,379 | 53,205 |
Other assets | (2,767) | (5,095) | (3,192) | (12,633) |
Accounts payable | (16,951) | 9,381 | (45,497) | 60,442 |
Accrued expenses and other current liabilities | 105,907 | 60,036 | 68,697 | (17,184) |
Operating lease liabilities | (16,181) | (12,116) | (52,523) | (46,431) |
Other liabilities | 5,190 | 3,425 | 7,457 | 4,976 |
Net cash provided by (used in) operating activities | 12,781 | 55,945 | 81,947 | 59,323 |
Cash flows from investing activities | ||||
Purchases of property and equipment | (73,435) | (37,836) | (158,008) | (82,381) |
Purchases of strategic investments | 0 | (6,000) | (7,770) | (12,350) |
Sales of strategic investments | 5,151 | 0 | 5,151 | 63,276 |
Cash paid for acquisitions, net of cash acquired | 0 | (19,650) | (50,254) | (31,658) |
Purchases of marketable securities | (537,046) | (821,830) | (2,042,317) | (2,732,266) |
Sales of marketable securities | 16,451 | 39,158 | 107,724 | 51,917 |
Maturities of marketable securities | 557,579 | 923,871 | 2,093,737 | 1,820,442 |
Other | (308) | (12,648) | (432) | (18,141) |
Net cash provided by (used in) investing activities | (31,608) | 65,065 | (52,169) | (941,161) |
Cash flows from financing activities | ||||
Proceeds from issuance of convertible notes, net of issuance costs | 0 | 0 | 0 | 1,483,500 |
Purchase of capped calls | 0 | 0 | 0 | (177,000) |
Proceeds from the exercise of stock options | 5 | 217 | 416 | 3,871 |
Payments of debt issuance costs | 0 | 0 | 0 | (3,006) |
Repurchases of Class A non-voting common stock | 0 | (500,513) | 0 | (500,513) |
Deferred payments for acquisitions | (10,441) | 0 | (254,557) | 0 |
Net cash provided by (used in) financing activities | (10,436) | (500,296) | (254,141) | 806,852 |
Change in cash, cash equivalents, and restricted cash | (29,263) | (379,286) | (224,363) | (74,986) |
Cash, cash equivalents, and restricted cash, beginning of period | 1,228,676 | 2,299,023 | 1,423,776 | 1,994,723 |
Cash, cash equivalents, and restricted cash, end of period | 1,199,413 | 1,919,737 | 1,199,413 | 1,919,737 |
Supplemental disclosures | ||||
Cash paid for income taxes, net | 4,145 | 1,482 | 27,210 | 8,966 |
Cash paid for interest | $ 4,406 | $ 4,186 | $ 9,559 | $ 8,191 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 1,188,551 | $ 1,128,476 | $ 3,244,828 | $ 3,302,112 |
Costs and expenses: | ||||
Cost of revenue | 555,753 | 466,757 | 1,492,613 | 1,334,031 |
Research and development | 494,559 | 564,258 | 1,427,334 | 1,524,858 |
Sales and marketing | 297,251 | 270,336 | 846,281 | 823,596 |
General and administrative | 221,051 | 262,367 | 628,266 | 727,336 |
Total costs and expenses | 1,568,614 | 1,563,718 | 4,394,494 | 4,409,821 |
Operating loss | (380,063) | (435,242) | (1,149,666) | (1,107,709) |
Interest income | 43,839 | 18,445 | 124,931 | 29,899 |
Interest expense | (5,521) | (5,425) | (16,749) | (16,147) |
Other income (expense), net | (20,662) | 71,961 | (7,967) | (22,486) |
Loss before income taxes | (362,407) | (350,261) | (1,049,451) | (1,116,443) |
Income tax benefit (expense) | (5,849) | (9,241) | (24,787) | (24,750) |
Net loss | $ (368,256) | $ (359,502) | $ (1,074,238) | $ (1,141,193) |
Net loss per share attributable to Class A, Class B, and Class C common stockholders (Note 3): | ||||
Basic (in usd per share) | $ (0.23) | $ (0.22) | $ (0.67) | $ (0.70) |
Diluted (in usd per share) | $ (0.23) | $ (0.22) | $ (0.67) | $ (0.70) |
Weighted average shares used in computation of net loss per share: | ||||
Basic (in shares) | 1,625,917 | 1,608,523 | 1,603,672 | 1,619,885 |
Diluted (in shares) | 1,625,917 | 1,608,523 | 1,603,672 | 1,619,885 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (368,256) | $ (359,502) | $ (1,074,238) | $ (1,141,193) |
Other comprehensive income (loss), net of tax | ||||
Unrealized gain (loss) on marketable securities, net of tax | (1,287) | (2,495) | (7,471) | (14,519) |
Foreign currency translation | (334) | (10,933) | 3,663 | (24,273) |
Total other comprehensive income (loss), net of tax | (1,621) | (13,428) | (3,808) | (38,792) |
Total comprehensive loss | $ (369,877) | $ (372,930) | $ (1,078,046) | $ (1,179,985) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 1,199,366 | $ 1,423,121 |
Marketable securities | 2,414,132 | 2,516,003 |
Accounts receivable, net of allowance | 1,116,511 | 1,183,092 |
Prepaid expenses and other current assets | 144,251 | 134,431 |
Total current assets | 4,874,260 | 5,256,647 |
Property and equipment, net | 377,320 | 271,777 |
Operating lease right-of-use assets | 344,681 | 370,952 |
Intangible assets, net | 183,866 | 204,480 |
Goodwill | 1,691,542 | 1,646,120 |
Other assets | 251,236 | 279,562 |
Total assets | 7,722,905 | 8,029,538 |
Current liabilities | ||
Accounts payable | 128,546 | 181,774 |
Operating lease liabilities | 62,111 | 46,485 |
Accrued expenses and other current liabilities | 818,915 | 987,340 |
Total current liabilities | 1,009,572 | 1,215,599 |
Convertible senior notes, net | 3,747,677 | 3,742,520 |
Operating lease liabilities, noncurrent | 346,508 | 386,271 |
Other liabilities | 126,127 | 104,450 |
Total liabilities | 5,229,884 | 5,448,840 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity | ||
Additional paid-in capital | 14,287,664 | 13,309,828 |
Accumulated deficit | (11,288,895) | (10,214,657) |
Accumulated other comprehensive income (loss) | (17,782) | (13,974) |
Total stockholders’ equity | 2,493,021 | 2,580,698 |
Total liabilities and stockholders’ equity | 7,722,905 | 8,029,538 |
Class A Non-voting Common Stock | ||
Stockholders’ equity | ||
Common stock, value | 14 | 13 |
Treasury stock, at cost. 50,028 and 51,312 shares of Class A non-voting common stock at September 30, 2023 and December 31, 2022, respectively. | (487,982) | (500,514) |
Class B Voting Common Stock | ||
Stockholders’ equity | ||
Common stock, value | 0 | 0 |
Class C Voting Common Stock | ||
Stockholders’ equity | ||
Common stock, value | $ 2 | $ 2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Common stock outstanding (in shares) | 1,688,933 | |
Class A Non-voting Common Stock | ||
Common stock par value (in usd per share) | $ 0.00001 | $ 0.00001 |
Common stock authorized (in shares) | 3,000,000 | 3,000,000 |
Common stock issued (in shares) | 1,434,766 | 1,371,242 |
Common stock outstanding (in shares) | 1,384,738 | 1,319,930 |
Treasury stock, shares (in shares) | 50,028 | 51,312 |
Class B Voting Common Stock | ||
Common stock par value (in usd per share) | $ 0.00001 | $ 0.00001 |
Common stock authorized (in shares) | 700,000 | 700,000 |
Common stock issued (in shares) | 22,540 | 22,529 |
Common stock outstanding (in shares) | 22,540 | 22,529 |
Class C Voting Common Stock | ||
Common stock par value (in usd per share) | $ 0.00001 | $ 0.00001 |
Common stock authorized (in shares) | 260,888 | 260,888 |
Common stock issued (in shares) | 231,627 | 231,627 |
Common stock outstanding (in shares) | 231,627 | 231,627 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Treasury stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income (loss) | Class A Non-voting Common Stock | Class A Non-voting Common Stock Common Stock | Class A Non-voting Common Stock Common Stock Class A Non-Voting Common Stock Conversion From Class B Voting Common Stock | Class B Voting Common Stock | Class B Voting Common Stock Common Stock | Class B Voting Common Stock Common Stock Class A Non-Voting Common Stock Conversion From Class B Voting Common Stock | Class C Voting Common Stock | Class C Voting Common Stock Common Stock |
Common stock, beginning of period (in shares) at Dec. 31, 2021 | 0 | 0 | 0 | 1,364,887 | 22,769 | 231,627 | |||||||
Treasury stock, beginning of period (in shares) at Dec. 31, 2021 | 0 | ||||||||||||
Balance, beginning of period at Dec. 31, 2021 | $ 0 | $ 12,069,097 | $ (8,284,466) | $ 5,521 | $ 14 | $ 0 | $ 2 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Shares issued in connection with exercise of stock options under stock-based compensation plans (in shares) | 286 | 10 | |||||||||||
Issuance of Class A non-voting common stock in connection with acquisitions (in shares) | 1,277 | ||||||||||||
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net (in shares) | 36,325 | ||||||||||||
Conversion of Class B voting common stock to Class A non-voting common stock (in shares) | 141 | (141) | |||||||||||
Repurchases of Class A non-voting common stock (in shares) | 51,312 | (51,312) | |||||||||||
Repurchases of Class A non-voting common stock | $ (500,513) | ||||||||||||
Stock-based compensation expense | 919,669 | ||||||||||||
Shares issued in connection with exercise of stock options under stock-based compensation plans | 3,884 | ||||||||||||
Issuance of Class A non-voting common stock in connection with acquisitions | 44,039 | ||||||||||||
Purchase of capped calls | $ (177,000) | ||||||||||||
Net loss | $ (1,141,193) | $ (1,141,193) | $ (962,047) | $ (15,967) | $ (163,179) | ||||||||
Other comprehensive income (loss), net of tax | $ (38,792) | $ (38,792) | |||||||||||
Common stock, end of period (in shares) at Sep. 30, 2022 | 1,657,181 | 0 | 0 | 0 | 1,351,604 | 22,638 | 231,627 | ||||||
Treasury stock, end of period (in shares) at Sep. 30, 2022 | 51,312 | ||||||||||||
Balance, end of period at Sep. 30, 2022 | $ 2,900,262 | $ (500,513) | $ 12,859,689 | $ (9,425,659) | $ (33,271) | $ 14 | $ 0 | $ 2 | |||||
Common stock, beginning of period (in shares) at Jun. 30, 2022 | 0 | 0 | 0 | 1,390,709 | 22,638 | 231,627 | |||||||
Treasury stock, beginning of period (in shares) at Jun. 30, 2022 | 0 | ||||||||||||
Balance, beginning of period at Jun. 30, 2022 | $ 0 | $ 12,529,743 | $ (9,066,157) | $ (19,843) | $ 14 | $ 0 | $ 2 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Shares issued in connection with exercise of stock options under stock-based compensation plans (in shares) | 26 | 0 | |||||||||||
Issuance of Class A non-voting common stock in connection with acquisitions (in shares) | 0 | ||||||||||||
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net (in shares) | 12,181 | ||||||||||||
Conversion of Class B voting common stock to Class A non-voting common stock (in shares) | 0 | 0 | |||||||||||
Repurchases of Class A non-voting common stock (in shares) | 51,312 | 51,300 | (51,312) | ||||||||||
Repurchases of Class A non-voting common stock | $ (500,513) | $ (500,500) | |||||||||||
Stock-based compensation expense | 329,728 | ||||||||||||
Shares issued in connection with exercise of stock options under stock-based compensation plans | $ 218 | ||||||||||||
Net loss | (359,502) | $ (359,502) | $ (302,674) | $ (5,060) | $ (51,768) | ||||||||
Other comprehensive income (loss), net of tax | $ (13,428) | $ (13,428) | |||||||||||
Common stock, end of period (in shares) at Sep. 30, 2022 | 1,657,181 | 0 | 0 | 0 | 1,351,604 | 22,638 | 231,627 | ||||||
Treasury stock, end of period (in shares) at Sep. 30, 2022 | 51,312 | ||||||||||||
Balance, end of period at Sep. 30, 2022 | $ 2,900,262 | $ (500,513) | $ 12,859,689 | $ (9,425,659) | $ (33,271) | $ 14 | $ 0 | $ 2 | |||||
Common stock, beginning of period (in shares) at Dec. 31, 2022 | 0 | 0 | 0 | 1,319,930 | 1,319,930 | 22,529 | 22,529 | 231,627 | 231,627 | ||||
Treasury stock, beginning of period (in shares) at Dec. 31, 2022 | 51,312 | 51,312 | |||||||||||
Balance, beginning of period at Dec. 31, 2022 | 2,580,698 | $ (500,514) | $ 13,309,828 | $ (10,214,657) | $ (13,974) | $ 13 | $ 0 | $ 2 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Shares issued in connection with exercise of stock options under stock-based compensation plans (in shares) | 368 | 365 | |||||||||||
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net (in shares) | 62,802 | ||||||||||||
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net | $ 1 | ||||||||||||
Conversion of Class B voting common stock to Class A non-voting common stock (in shares) | 354 | (354) | |||||||||||
Reissuances of Class A non-voting common stock for vesting of restricted stock units (in shares) | (1,284) | 1,284 | |||||||||||
Reissuances of Class A non-voting common stock for vesting of restricted stock units | $ 12,532 | (12,532) | |||||||||||
Stock-based compensation expense | 989,952 | ||||||||||||
Shares issued in connection with exercise of stock options under stock-based compensation plans | $ 416 | ||||||||||||
Net loss | (1,074,238) | $ (1,074,238) | $ (903,987) | $ (15,093) | $ (155,158) | ||||||||
Other comprehensive income (loss), net of tax | $ (3,808) | $ (3,808) | |||||||||||
Common stock, end of period (in shares) at Sep. 30, 2023 | 1,688,933 | 0 | 0 | 0 | 1,384,738 | 1,384,738 | 22,540 | 22,540 | 231,627 | 231,627 | |||
Treasury stock, end of period (in shares) at Sep. 30, 2023 | 50,028 | 50,028 | |||||||||||
Balance, end of period at Sep. 30, 2023 | $ 2,493,021 | $ (487,982) | $ 14,287,664 | $ (11,288,895) | $ (17,782) | $ 14 | $ 0 | $ 2 | |||||
Common stock, beginning of period (in shares) at Jun. 30, 2023 | 0 | 0 | 0 | 1,361,953 | 22,539 | 231,627 | |||||||
Treasury stock, beginning of period (in shares) at Jun. 30, 2023 | 50,491 | ||||||||||||
Balance, beginning of period at Jun. 30, 2023 | $ (492,500) | $ 13,934,244 | $ (10,920,639) | $ (16,161) | $ 14 | $ 0 | $ 2 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Shares issued in connection with exercise of stock options under stock-based compensation plans (in shares) | 4 | 3 | |||||||||||
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net (in shares) | 22,316 | ||||||||||||
Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net | $ 0 | ||||||||||||
Conversion of Class B voting common stock to Class A non-voting common stock (in shares) | 2 | (2) | |||||||||||
Reissuances of Class A non-voting common stock for vesting of restricted stock units (in shares) | (463) | 463 | |||||||||||
Reissuances of Class A non-voting common stock for vesting of restricted stock units | $ 4,518 | (4,518) | |||||||||||
Stock-based compensation expense | 357,933 | ||||||||||||
Shares issued in connection with exercise of stock options under stock-based compensation plans | $ 5 | ||||||||||||
Net loss | (368,256) | $ (368,256) | $ (310,689) | $ (5,105) | $ (52,462) | ||||||||
Other comprehensive income (loss), net of tax | $ (1,621) | $ (1,621) | |||||||||||
Common stock, end of period (in shares) at Sep. 30, 2023 | 1,688,933 | 0 | 0 | 0 | 1,384,738 | 1,384,738 | 22,540 | 22,540 | 231,627 | 231,627 | |||
Treasury stock, end of period (in shares) at Sep. 30, 2023 | 50,028 | 50,028 | |||||||||||
Balance, end of period at Sep. 30, 2023 | $ 2,493,021 | $ (487,982) | $ 14,287,664 | $ (11,288,895) | $ (17,782) | $ 14 | $ 0 | $ 2 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Snap Inc. is a technology company. Snap Inc. (“we,” “our,” or “us”), a Delaware corporation, is headquartered in Santa Monica, California. Our flagship product, Snapchat, is a visual messaging application that was created to help people communicate through short videos and images called “Snaps.” Basis of Presentation The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Our consolidated financial statements include the accounts of Snap Inc. and our wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Our fiscal year ends on December 31. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission (“SEC”) in February 2023 (the “Annual Report”). In our opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position, results of operations, and cash flows. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. There have been no changes to our significant accounting policies described in our Annual Report that have had a material impact on our consolidated financial statements and related notes. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements. Management’s estimates are based on historical information available as of the date of the consolidated financial statements and various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from those estimates. Key estimates relate primarily to determining the fair value of assets and liabilities assumed in business combinations, evaluation of contingencies, uncertain tax positions, and the fair value of strategic investments. On an ongoing basis, management evaluates our estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities. Future Stock Split to be Effected in the Form of a Stock Dividend In July 2022, our board of directors determined that it was advisable and in our best interest to approve a stock split to be effected in the form of a special dividend of one share of Class A common stock on each outstanding share of our common stock at a future date (the “Future Stock Split”). In connection with the Future Stock Split, we entered into certain agreements (the “Co-Founder Agreements”) with Evan Spiegel and Robert Murphy, our co-founders, and certain of their respective affiliates requiring them, among other things, to convert shares of Class B common stock and Class C common stock into Class A common stock under certain circumstances. The Future Stock Split will not be declared and paid until the first business day following the date on which the average of the volume weighted average price (“VWAP”) per share of Class A common stock equals or exceeds $40 per share for 65 consecutive trading days. If this does not occur by July 21, 2032, the Future Stock Split will not be declared and paid, and the Co-Founder Agreements will terminate. In June 2023, in connection with a proposed settlement of a class-action lawsuit, we agreed to modify the conditions for the Future Stock Split, subject to various conditions, including judicial approval of the settlement. If approved, the Future Stock Split will not be declared and paid until the first business day following the date on which (i) the VWAP per share of Class A common stock equals or exceeds $40 per share for 90 consecutive trading days “90-Day VWAP”) and (ii) the ratio of the 90-Day VWAP to $8.70 equals or exceeds the ratio of the average closing price of the S&P 500 Total Return index for the same 90 trading days for which the 90-Day VWAP was calculated to 8,862.85. The original ten year time period to trigger the Future Stock Split would remain unchanged. No adjustments have been made to share or per share amounts for Class A common stock in the accompanying consolidated financial statements for the effects of the Future Stock Split as these triggering conditions have not been met. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue We determine revenue recognition by first identifying the contract or contracts with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations in the contract, and recognizing revenue when, or as, we satisfy a performance obligation. Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We determine collectability by performing ongoing credit evaluations and monitoring customer accounts receivable balances. Sales tax, including value added tax, is excluded from reported revenue. We generate substantially all of our revenues by offering various advertising products on Snapchat, which include Snap Ads and AR Ads, referred to as advertising revenue. AR Ads include Sponsored Lenses, which allow users to interact with an advertiser’s brand by enabling branded augmented reality experiences, and Sponsored Filters, which allow users to interact with an advertiser’s brand by enabling stylized brand artwork to be overlaid on a Snap. The substantial majority of advertising revenue is generated from the display of advertisements on Snapchat through contractual agreements that are either on a fixed fee basis over a period of time or based on the number of advertising impressions delivered. Revenue related to agreements based on the number of impressions delivered is recognized when the advertisement is served. Revenue related to fixed fee arrangements is recognized ratably over the service period, typically less than 30 days in duration, and such arrangements do not contain minimum impression guarantees. In arrangements where another party is involved in providing specified services to a customer, we evaluate whether we are the principal or agent. In this evaluation, we consider if we obtain control of the specified goods or services before they are transferred to the customer, as well as other indicators such as the party primarily responsible for fulfillment, inventory risk, and discretion in establishing price. For advertising revenue arrangements where we are not the principal, we recognize revenue on a net basis. For the periods presented, revenue for arrangements where we are the agent was not material. We also generate revenue from subscriptions and sales of hardware products. For the periods presented, all such revenue was not material. The following table represents our revenue disaggregated by geography based on the billing address of the advertising customer: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Revenue: North America (1) (2) $ 771,040 $ 804,484 $ 2,074,671 $ 2,328,600 Europe (3) 195,232 163,066 530,081 497,087 Rest of world 222,279 160,926 640,076 476,425 Total revenue $ 1,188,551 $ 1,128,476 $ 3,244,828 $ 3,302,112 (1) North America includes Mexico, the Caribbean, and Central America. (2) United States revenue was $747.6 million and $2,009.8 million for the three and nine months ended September 30, 2023, respectively, and $779.1 million and $2,258.0 million for the three and nine months ended September 30, 2022, respectively. (3) Europe includes Russia and Turkey. Effective March 2022, we halted advertising sales to Russian and Belarusian entities. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share We compute net loss per share using the two-class method required for multiple classes of common stock. We have three classes of authorized common stock for which voting rights differ by class. Basic net loss per share is computed by dividing net loss attributable to each class of stockholders by the weighted-average number of shares of stock outstanding during the period, adjusted for restricted stock awards (“RSAs”) for which the risk of forfeiture has not yet lapsed. For the calculation of diluted net loss per share, net loss per share attributable to common stockholders for basic net loss per share is adjusted by the effect of dilutive securities, including awards under our equity compensation plans. Diluted net loss per share attributable to common stockholders is computed by dividing the resulting net loss attributable to common stockholders by the weighted-average number of fully diluted common shares outstanding. We use the if‑converted method for calculating any potential dilutive effect of the convertible senior notes due in 2025, 2026, 2027, and 2028 (collectively, the “Convertible Notes”) on diluted net loss per share. The Convertible Notes would have a dilutive impact on net income per share when the average market price of Class A common stock for a given period exceeds the respective conversion price of the Convertible Notes. For the periods presented, our potentially dilutive shares relating to stock options, restricted stock units (“RSUs”), RSAs, and Convertible Notes were not included in the computation of diluted net loss per share as the effect of including these shares in the calculation would have been anti-dilutive. The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except per share data) Class A Class B Class C Class A Class B Class C Class A Class B Class C Class A Class B Class C Numerator: Net loss $ (310,689) $ (5,105) $ (52,462) $ (302,674) $ (5,060) $ (51,768) $ (903,987) $ (15,093) $ (155,158) $ (962,047) $ (15,967) $ (163,179) Net loss attributable to common stockholders $ (310,689) $ (5,105) $ (52,462) $ (302,674) $ (5,060) $ (51,768) $ (903,987) $ (15,093) $ (155,158) $ (962,047) $ (15,967) $ (163,179) Denominator: Basic shares: Weighted-average common shares - Basic 1,371,751 22,539 231,627 1,354,258 22,638 231,627 1,349,514 22,531 231,627 1,365,593 22,665 231,627 Diluted shares: Weighted-average common shares - Diluted 1,371,751 22,539 231,627 1,354,258 22,638 231,627 1,349,514 22,531 231,627 1,365,593 22,665 231,627 Net loss per share attributable to common stockholders: Basic $ (0.23) $ (0.23) $ (0.23) $ (0.22) $ (0.22) $ (0.22) $ (0.67) $ (0.67) $ (0.67) $ (0.70) $ (0.70) $ (0.70) Diluted $ (0.23) $ (0.23) $ (0.23) $ (0.22) $ (0.22) $ (0.22) $ (0.67) $ (0.67) $ (0.67) $ (0.70) $ (0.70) $ (0.70) The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: Three and Nine Months Ended September 30, 2023 2022 (in thousands) Stock options 2,195 4,084 Unvested RSUs and RSAs 153,629 94,143 Convertible Notes (if-converted) 89,379 89,379 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stockholders' Equity | Stockholders’ Equity We maintain three share-based employee compensation plans: the 2017 Equity Incentive Plan (“2017 Plan”), the 2014 Equity Incentive Plan (“2014 Plan”), and the 2012 Equity Incentive Plan (“2012 Plan”, and collectively with the 2017 Plan and the 2014 Plan, the “Stock Plans”). The 2017 Plan serves as the successor to the 2014 Plan and 2012 Plan and provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options, stock appreciation rights, RSAs, RSUs, performance stock awards, performance cash awards, and other forms of stock awards to employees, directors, and consultants, including employees and consultants of our affiliates. Restricted Stock Units and Restricted Stock Awards The following table summarizes the RSU and RSA activity during the nine months ended September 30, 2023: Class A Weighted- (in thousands, except per share data) Unvested at December 31, 2022 132,392 $ 18.28 Granted 106,982 $ 9.77 Vested (66,603) $ 16.08 Forfeited (19,142) $ 17.80 Unvested at September 30, 2023 153,629 $ 13.37 All RSUs and RSAs vest on the satisfaction of a service-based condition. Total unrecognized compensation cost related to outstanding RSUs and RSAs was $1.7 billion as of September 30, 2023 and is expected to be recognized over a weighted-average period of 2.0 years. The service condition for RSUs and RSAs is generally satisfied in equal monthly or quarterly installments over three Stock Options The following table summarizes the stock option award activity under the Stock Plans during the nine months ended September 30, 2023: Class A Class B Weighted- Weighted- Aggregate Intrinsic Value (1) (in thousands, except per share data) Outstanding at December 31, 2022 2,589 570 $ 9.68 4.05 $ 9,669 Granted — — $ — Exercised (368) (365) $ 0.57 Forfeited (231) — $ 13.04 Outstanding at September 30, 2023 1,990 205 $ 12.37 4.16 $ 3,511 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our Class A common stock as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023, there was no unrecognized compensation cost related to stock options granted under the Stock Plans. Stock-Based Compensation Expense by Function Total stock-based compensation expense by function was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Cost of revenue $ 2,640 $ 2,745 $ 6,890 $ 8,040 Research and development 234,615 246,783 672,030 651,299 Sales and marketing 72,783 43,098 185,319 133,746 General and administrative 47,895 50,333 126,568 144,128 Total $ 357,933 $ 342,959 $ 990,807 $ 937,213 Stock Repurchases In July 2022, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. The program was completed in the third quarter of 2022, during which we repurchased 51.3 million shares of our Class A common stock for an aggregate of $500.5 million, representing the entire amount approved by our board of directors and including costs associated with the repurchases. These shares are recorded as treasury stock on our consolidated balance sheets and remain available for re-issuance. |
Business Acquisitions
Business Acquisitions | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Acquisitions | Business Acquisitions 2023 Acquisitions In the nine months ended September 30, 2023, aggregate purchase consideration for business acquisitions was $73.1 million, which primarily consisted of $56.3 million in cash and $12.6 million recorded in other liabilities on the consolidated balance sheet. Of the aggregate purchase consideration, $42.8 million was allocated to goodwill and the remainder primarily to identifiable intangible assets. The acquired assets are expected to enhance our existing platform, technology, and workforce. The goodwill amount represents synergies related to our existing platform expected to be realized from the business acquisitions and assembled workforce. The associated goodwill and intangible assets are not deductible for tax purposes. 2022 Acquisitions For the year ended December 31, 2022, we completed acquisitions to enhance our existing platform, technology, and workforce. The aggregate purchase consideration was $120.5 million, which included $17.7 million in cash, $44.0 million in shares of our Class A common stock, and $58.8 million recorded in other liabilities on our consolidated balance sheet. Of the aggregate purchase consideration, $69.3 million was allocated to goodwill and the remainder primarily to identifiable intangible assets. The goodwill amount represents synergies related to our existing platform expected to be realized from the business acquisitions and assembled workforce. Of the acquired goodwill and intangible assets, $101.7 million is deductible for tax purposes. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the nine months ended September 30, 2023 were as follows: Goodwill (in thousands) Balance as of December 31, 2022 $ 1,646,120 Goodwill acquired 42,780 Foreign currency translation 2,642 Balance as of September 30, 2023 $ 1,691,542 Intangible assets consisted of the following: As of September 30, 2023 Weighted- Gross Accumulated Net (in thousands, except years) Domain names 3.3 $ 745 $ (530) $ 215 Trademarks 0.5 800 (678) 122 Technology 2.9 343,425 (193,691) 149,734 Customer relationships 0.5 21,000 (9,401) 11,599 Patents 8.8 39,373 (18,052) 21,321 Other 0.3 6,000 (5,125) 875 $ 411,343 $ (227,477) $ 183,866 As of December 31, 2022 Weighted- Gross Accumulated Net (in thousands, except years) Domain names 4.0 $ 954 $ (690) $ 264 Trademarks 1.2 800 (478) 322 Technology 3.1 340,375 (178,427) 161,948 Customer relationships 5.7 21,000 (6,641) 14,359 Patents 9.1 39,373 (14,912) 24,461 Other 1.0 6,000 (2,874) 3,126 $ 408,502 $ (204,022) $ 204,480 Amortization of intangible assets was $19.1 million and $55.3 million for the three and nine months ended September 30, 2023, respectively, and $20.9 million and $107.6 million for the three and nine months ended September 30, 2022, respectively. In the second and third quarters of 2022, we revised the useful lives of certain customer relationships and trademarks, which resulted in a $43.6 million increase to amortization expense for the nine months ended September 30, 2022. As of September 30, 2023, the estimated intangible asset amortization expense for the next five years and thereafter is as follows: Estimated (in thousands) Remainder of 2023 $ 27,529 2024 68,567 2025 42,513 2026 20,776 2027 12,104 Thereafter 12,377 Total $ 183,866 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Convertible Notes 2028 Notes In February 2022, we entered into a purchase agreement for the sale of an aggregate of $1.50 billion principal amount of convertible senior notes due in 2028 (the “2028 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds from the issuance of the 2028 Notes were $1.31 billion, net of debt issuance costs and cash used to purchase the capped call transactions (“2028 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method. The 2028 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears beginning on September 1, 2022 at a rate of 0.125% per year. The 2028 Notes mature on March 1, 2028 unless repurchased, redeemed, or converted in accordance with their terms prior to such date. The 2028 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 17.7494 shares of Class A common stock per $1,000 principal amount of 2028 Notes, which is equivalent to an initial conversion price of approximately $56.34 per share of our Class A common stock. We may redeem for cash all or any portion of the 2028 Notes, at our option, on or after March 5, 2025 based on certain circumstances. 2027 Notes In April 2021, we entered into a purchase agreement for the sale of an aggregate of $1.15 billion principal amount of convertible senior notes due in 2027 (the “2027 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2027 Notes were $1.05 billion, net of debt issuance costs and cash used to purchase the capped call transactions (the “2027 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method. The 2027 Notes are unsecured and unsubordinated obligations which do not bear regular interest and for which the principal balance will not accrete. The 2027 Notes will mature on May 1, 2027 unless repurchased, redeemed, or converted in accordance with their terms prior to such date. The 2027 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 11.2042 shares of Class A common stock per $1,000 principal amount of 2027 Notes, which is equivalent to an initial conversion price of approximately $89.25 per share of our Class A common stock. We may redeem for cash all or portions of the 2027 Notes, at our option, on or after May 5, 2024 based on certain circumstances. 2025 Notes In April 2020, we entered into a purchase agreement for the sale of an aggregate of $1.0 billion principal amount of convertible senior notes due in 2025 (the “2025 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2025 Notes were $888.6 million, net of debt issuance costs and cash used to purchase the capped call transactions (the “2025 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method. The 2025 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears beginning on November 1, 2020 at a rate of 0.25% per year. The 2025 Notes mature on May 1, 2025 unless repurchased, redeemed, or converted in accordance with their terms prior to such date. The 2025 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 46.1233 shares of Class A common stock per $1,000 principal amount of 2025 Notes, which is equivalent to an initial conversion price of approximately $21.68 per share of our Class A common stock. We may redeem for cash all or portions of the 2025 Notes, at our option, on or after May 6, 2023 based on certain circumstances. 2026 Notes In August 2019, we entered into a purchase agreement for the sale of an aggregate of $1.265 billion principal amount of convertible senior notes due in 2026 (the “2026 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2026 Notes were $1.15 billion, net of debt issuance costs and cash used to purchase the capped call transactions (the “2026 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method. The 2026 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears beginning on February 1, 2020 at a rate of 0.75% per year. The 2026 Notes mature on August 1, 2026 unless repurchased, redeemed, or converted in accordance with the terms prior to such date. The 2026 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at an initial conversion rate of 43.8481 shares of Class A common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $22.81 per share of our Class A common stock. We may redeem for cash all or portions of the 2026 Notes, at our option, on or after August 6, 2023 based on certain circumstances. The Convertible Notes consisted of the following: As of September 30, 2023 As of December 31, 2022 Principal Unamortized Debt Issuance Costs Net Carrying Amount Principal Unamortized Debt Issuance Costs Net Carrying Amount (in thousands) 2025 Notes $ 284,105 $ (1,034) $ 283,071 $ 284,105 $ (1,521) $ 282,584 2026 Notes 838,482 (3,728) 834,754 838,482 (4,698) 833,784 2027 Notes 1,150,000 (7,645) 1,142,355 1,150,000 (9,239) 1,140,761 2028 Notes 1,500,000 (12,503) 1,487,497 1,500,000 (14,609) 1,485,391 Total $ 3,772,587 $ (24,910) $ 3,747,677 $ 3,772,587 $ (30,067) $ 3,742,520 As of September 30, 2023, the debt issuance costs on the 2025 Notes, 2026 Notes, 2027 Notes, and 2028 Notes will be amortized over the remaining period of approximately 1.6 years, 2.8 years, 3.6 years, and 4.4 years, respectively. Interest expense related to the amortization of debt issuance costs was $1.8 million and $5.2 million for the three and nine months ended September 30, 2023, respectively, and $1.7 million and $4.8 million for the three and nine months ended September 30, 2022, respectively. Contractual interest expense was $2.3 million and $6.7 million for the three and nine months ended September 30, 2023, respectively, and $2.2 million and $6.4 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023 , the if-converted value of the Convertible Notes did not exceed the principal amount. The sale price for conversion was not satisfied as of September 30, 2023 for the Convertible Notes, and as a result, the Convertible Notes will not be eligible for optional conversion during the fourth quarter of 2023. No sinking fund is provided for the Convertible Notes, which means that we are not required to redeem or retire them periodically. Refer to Note 7 in our consolidated financial statements in the Annual Report for additional details. Capped Call Transactions In connection with the pricing of the 2025 Notes, the 2026 Notes, the 2027 Notes, and the 2028 Notes, we entered into the 2025 Capped Call Transactions, the 2026 Capped Call Transactions, the 2027 Capped Call Transactions, and the 2028 Capped Call Transactions (collectively, the “Capped Call Transactions”), respectively, with certain counterparties at a net cost of $100.0 million, $102.1 million, $86.8 million, and $177.0 million, respectively. The cap price of the 2025 Capped Call Transactions, the 2026 Capped Call Transactions, the 2027 Capped Call Transactions, and the 2028 Capped Call Transactions is initially $32.12, $32.58, $121.02, and $93.90 per share of our Class A common stock, respectively. All are subject to certain adjustments under the terms of the Capped Call Transactions. Conditions that cause adjustments to the initial strike price of the Capped Call Transactions mirror conditions that result in corresponding adjustments for the Convertible Notes. The Capped Call Transactions are intended to reduce potential dilution to holders of our Class A common stock beyond the conversion prices up to the cap prices on any conversion of the Convertible Notes or offset any cash payments we are required to make in excess of the principal amount, as the case may be, with such reduction or offset subject to a cap. The cost of the Capped Call Transactions was recorded as a reduction of our additional paid-in capital in our consolidated balance sheets. The Capped Call Transactions will not be remeasured as long as they continue to meet the conditions for equity classification. As of September 30, 2023, the Capped Call Transactions were out-of-the-money. Credit Facility In May 2022, we entered into a five-year senior unsecured revolving credit facility (“Credit Facility”) with certain lenders that allows us to borrow up to $1.05 billion to fund working capital and general corporate-purpose expenditures. Loans bear interest, at our option, at a rate equal to (i) a term secured overnight financing rat e (“SOFR”) plus 0.75% or the base rate, if selected by us, for loans made in U.S. dollars, (ii) the Sterling overnight index average plus 0.7826% for loans made in Sterling, or (iii) foreign indices as stated in the credit agreement plus 0.75% for loans made in other permitted foreign currencies. The base rate is defined as the greatest of (i) the Wall Street Journal prime rate, (ii) the greater of the (a) federal funds rate and (b) the overnight bank funding rate, plus 0.50%, and (iii) the applicable SOFR for a period of one month (but not less than zero) plus 1.00. The Credit Facility also contains an annual commitment fee of 0.10% on the daily undrawn balance of the facility. As of September 30, 2023 , we had $31.3 million in the form of outstanding standby letters of credit, with no amounts outstanding under the Credit Facility . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments We have non-cancelable contractual agreements primarily related to the hosting of our data processing, storage, and other computing services, as well as lease, content and developer partner, and other commitments. We had $2.9 billion in commitments as of September 30, 2023, primarily due within three years. For additional discussion on leases, see Note 9 to our consolidated financial statements. Contingencies We record a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably possible. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Many legal and tax contingencies can take years to be resolved. Pending Matters In November 2021, we and certain of our officers and directors, were named as defendants in a securities class action lawsuit purportedly brought on behalf of purchasers of our Class A common stock, alleging that we and certain of our officers made false or misleading statements and omissions concerning the impact that Apple’s App Tracking Transparency framework would have on our business. We believe we have meritorious defenses to this lawsuit and continue to defend the lawsuit vigorously. Based on the preliminary nature of the proceedings in this case, the outcome of this matter remains uncertain. The outcomes of our legal proceedings are inherently unpredictable, subject to significant uncertainties, and could be material to our financial condition, results of operations, and cash flows for a particular period. For the pending matter described above, it is not possible to estimate the reasonably possible loss or range of loss. We are subject to various other legal proceedings and claims in the ordinary course of business, including certain patent, trademark, privacy, regulatory, and employment matters. Although occasional adverse decisions or settlements may occur, we do not believe that the final disposition of any of our other pending matters will seriously harm our business, financial condition, results of operations, and cash flows. Indemnifications In the ordinary course of business, we may provide indemnifications of varying scope and terms to customers, vendors, lessors, investors, directors, officers, employees, and other parties with respect to certain matters. Indemnification may include losses from our breach of such agreements, services we provide, or third-party intellectual property infringement claims. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future indemnification payments may not be subject to a cap. We have not incurred material costs to defend lawsuits or settle claims related to these indemnifications as of September 30, 2023. We believe the fair value of these liabilities is immaterial and accordingly have no liabilities recorded for these agreements at September 30, 2023. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases The components of lease cost were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Operating lease expense $ 24,845 $ 25,230 $ 75,436 $ 77,686 Sublease income (364) (92) (657) (956) Total net lease costs $ 24,481 $ 25,138 $ 74,779 $ 76,730 The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows: Nine Months Ended September 30, 2023 2022 Weighted-average remaining lease term 6.2 6.8 Weighted-average discount rate 5.0 % 4.9 % The maturities of our operating lease liabilities as of September 30, 2023 were as follows: Operating Leases (in thousands) Remainder of 2023 $ 8,840 2024 99,626 2025 104,112 2026 57,085 2027 40,948 Thereafter 183,032 Total lease payments $ 493,643 Less: Imputed interest (85,024) Present value of lease liabilities $ 408,619 As of September 30, 2023, we had additional operating leases that have not yet commenced for facilities with lease obligations of $27.1 million. These operating leases will commence between 2023 and 2024 with lease terms of approximately 7 years to 10 years. Cash payments included in the measurement of our o perating lease liabilities were $24.4 million and $72.8 million for the three and nine months ended September 30, 2023, respectively, and $20.6 million and $66.8 million for the three and nine months ended September 30, 2022, respectively. Lease liabilities arising from obtaining operating lease right-of-use assets were $16.0 million and $30.2 million for the three and nine months ended September 30, 2023, respectively, and $134.8 million for the nine months ended |
Strategic Investments
Strategic Investments | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Strategic Investments | Strategic Investments We hold strategic investments primarily in privately held companies with a carrying value of $222.1 million and $252.3 million as of September 30, 2023 and December 31, 2022, respectively, which consist primarily of equity securities, and to a lesser extent, debt securities. These strategic investments are primarily recorded at fair value on a non-recurring basis. The estimation of fair value for these privately held strategic investments requires the use of significant unobservable inputs, such as the issuance of new equity by the company, and as a result, we deem these assets as Level 3 financial instruments within the fair value measurement framework. Gains and losses recognized during the periods presented were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Gains (losses) recognized on investments in privately held companies sold during the period, net $ — $ — $ — $ 45,935 Unrealized gains (losses) on investments in privately held companies still held at the reporting date, net 130 — 1,685 19,666 Gains (losses) on investments in privately held companies, net $ 130 $ — $ 1,685 $ 65,601 Gains and losses on all strategic investments are included within other income (expense), net on our consolidated statements of operations and included as an adjustment to reconcile net loss to net cash provided by (used in) operating activities in our consolidated statements of cash flows. Strategic investments are included within other assets on our consolidated balance sheets. All strategic investments are reviewed periodically for impairment. Impairment expense recorded for the three and nine months ended September 30, 2023 and 2022, respectively, was not material. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities measured at fair value are classified into the following categories: • Level 1: Quoted market prices in active markets for identical assets or liabilities. • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets. We classify our cash equivalents and marketable securities within Level 1 or Level 2 because we use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. The following tables set forth our financial assets that are measured at fair value on a recurring basis, excluding publicly traded equity securities, as of September 30, 2023 and December 31, 2022: September 30, 2023 Cost or Gross Gross Total Estimated (in thousands) Cash $ 1,189,387 $ — $ — $ 1,189,387 Level 1 securities: U.S. government securities 1,751,878 9 (16,331) 1,735,556 U.S. government agency securities 202,125 1 (599) 201,527 Level 2 securities: Corporate debt securities 331,664 33 (1,559) 330,138 Commercial paper 109,757 — — 109,757 Certificates of deposit 32,739 — — 32,739 Total $ 3,617,550 $ 43 $ (18,489) $ 3,599,104 December 31, 2022 Cost or Gross Gross Total Estimated (in thousands) Cash $ 1,325,946 $ — $ — $ 1,325,946 Level 1 securities: U.S. government securities 1,630,224 109 (9,484) 1,620,849 U.S. government agency securities 175,269 19 (188) 175,100 Level 2 securities: Corporate debt securities 309,942 32 (1,462) 308,512 Commercial paper 290,589 — — 290,589 Certificates of deposit 157,965 — (1) 157,964 Total $ 3,889,935 $ 160 $ (11,135) $ 3,878,960 We hold investments in publicly traded companies with an aggregate carrying value of $14.4 million and $91.5 million as of September 30, 2023 and December 31, 2022, respectively, primarily recorded as marketable securities. We classify these publicly traded equity securities within Level 1 because we use quoted market prices to determine their fair value. Gains and losses recognized during the periods presented, which are included within other income (expense), net on our consolidated statements of operations, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Gains (losses) recognized on publicly traded equity securities sold during the period, net $ (14,105) $ 22,704 $ 11,046 $ (10,000) Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net (6,803) 53,503 (16,941) (69,750) Gains (losses) on publicly traded equity securities, net $ (20,908) $ 76,207 $ (5,895) $ (79,750) Gross unrealized losses on marketable debt securities were not material for the three and nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, we considered any decreases in fair value on our marketable debt securities to be driven by factors other than credit risk, including market risk. As of September 30, 2023, $1.2 billion of our total $2.4 billion in marketable debt securities have contractual maturities between one We carry the Convertible Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets and present the fair value for disclosure purposes only. As of September 30, 2023, the fair value of the 2025 Notes, the 2026 Notes, the 2027 Notes, and the 2028 Notes was $261.4 million, $728.2 million, $852.5 million, and $1.0 billion, respectively. As of December 31, 2022, the fair value of the 2025 Notes, the 2026 Notes, the 2027 Notes, and the 2028 Notes was $257.0 million, $711.9 million, $796.2 million, and $1.0 billion, respectively. The estimated fair value of the Convertible Notes, which are classified as Level 2 financial instruments, was determined based on the estimated or actual bid prices of the Convertible Notes in an over-the-counter market on the last business day of the period. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesOur tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items arising in that quarter. Our effective tax rate differs from the U.S. statutory tax rate primarily due to valuation allowances on our deferred tax assets as it is more likely than not that some or all of our deferred tax assets will not be realized. Income tax expense was $5.8 million and $24.8 million for the three and nine months ended September 30, 2023, respectively, compared to an income tax expense of $9.2 million and $24.8 million for the three and nine months ended September 30, 2022, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The table below presents the changes in accumulated other comprehensive income (loss) (“AOCI”) by component and the reclassifications out of AOCI: Changes in Accumulated Other Comprehensive Income (Loss) by Component Marketable Foreign Currency Total (in thousands) Balance at December 31, 2022 $ (11,129) $ (2,845) $ (13,974) OCI before reclassifications (7,468) 3,663 (3,805) Amounts reclassified from AOCI (1) (3) — (3) Net current period OCI (7,471) 3,663 (3,808) Balance at September 30, 2023 $ (18,600) $ 818 $ (17,782) (1) Realized gains and losses on marketable securities are reclassified from AOCI into other income (expense), net in our consolidated statements of operations. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net The following table lists property and equipment, net by geographic area: As of September 30, 2023 As of December 31, 2022 (in thousands) Property and equipment, net: United States $ 247,963 $ 214,857 United Kingdom 94,558 36,774 Rest of world (1) 34,799 20,146 Total property and equipment, net $ 377,320 $ 271,777 (1) No individual country exceeded 10% of our total property and equipment, net for any period presented. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring AR Enterprise Strategic Review In the third quarter of 2023, we initiated the wind down of our AR Enterprise business, which included a reduction of our global employee headcount by approximately 3%. We expect to incur total pre-tax restructuring charges of up to $49 million, primarily through December 31, 2023. During the three months ended September 30, 2023, we recognized $18.6 million of pre-tax restructuring charges. The charges primarily include cash severance and stock-based compensation expense recorded in sales and marketing expenses in our consolidated statement of operations. The remaining charges we expect to incur through December 31, 2023 primarily relate to acquired intangible assets. Strategic Reprioritization In the third quarter of 2022, we initiated a strategic reprioritization plan, which included a reduction of our global employee headcount by approximately 20%. We substantially completed the reprioritization plan in the fourth quarter of 2022. The following table summarizes the restructuring charges (benefits) in our consolidated statement of operations for the three months ended September 30, 2022: Severance and Related Charges (1) Stock-Based Compensation Expense (Benefit) Lease Exit and Related Charges Other (2) Total (in thousands) Cost of revenue $ 1,318 $ (11) $ — $ 13,092 $ 14,399 Research and development 46,528 27,848 — 683 75,059 Sales and marketing 27,800 (1,606) — 730 26,924 General and administrative 15,420 4,038 16,626 2,097 38,181 Total $ 91,066 $ 30,269 $ 16,626 $ 16,602 $ 154,563 (1) Severance and related charges include cash severance expense and other termination benefits. The majority of cash paid for restructuring in the third quarter of 2022 was related to severance and benefits. (2) Other includes impairment and contract termination charges. The liabilities related to the strategic reprioritization plan were immaterial as of September 30, 2023 and December 31, 2022. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsIn October 2023, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. Repurchases of Class A common stock may be made from time to time, either through open market transactions (including pre-set trading plans) or through other transactions in accordance with applicable securities laws. Repurchases have been authorized for the next 12 months but the program may be modified, suspended, or terminated at any time. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net loss | $ (368,256) | $ (359,502) | $ (1,074,238) | $ (1,141,193) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 shares | Sep. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | During the quarter ended September 30, 2023, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions, or written plans for the purchase or sale of our securities set forth in the table below: Type of Trading Arrangement Name and Position Date Action Rule 10b5-1 * Expiration Date Total Shares of Class A Common Stock to be Sold Michael Lynton, Director and Chairperson of the Board 9/7/2023 Adoption X 12/7/2024 16,257 | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Michael Lynton [Member] | ||
Trading Arrangements, by Individual | ||
Name | Michael Lynton | |
Title | Director and Chairperson of the Board | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 9/7/2023 | |
Termination Date | 12/7/2024 | |
Arrangement Duration | 457 days | |
Aggregate Available | 16,257 | 16,257 |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Our consolidated financial statements include the accounts of Snap Inc. and our wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Our fiscal year ends on December 31. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission (“SEC”) in February 2023 (the “Annual Report”). In our opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position, results of operations, and cash flows. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. There have been no changes to our significant accounting policies described in our Annual Report that have had a material impact on our consolidated financial statements and related notes. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements. Management’s estimates are based on historical information available as of the date of the consolidated financial statements and various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from those estimates. |
Future Stock Split to be Effected in the Form of a Stock Dividend | Future Stock Split to be Effected in the Form of a Stock Dividend In July 2022, our board of directors determined that it was advisable and in our best interest to approve a stock split to be effected in the form of a special dividend of one share of Class A common stock on each outstanding share of our common stock at a future date (the “Future Stock Split”). In connection with the Future Stock Split, we entered into certain agreements (the “Co-Founder Agreements”) with Evan Spiegel and Robert Murphy, our co-founders, and certain of their respective affiliates requiring them, among other things, to convert shares of Class B common stock and Class C common stock into Class A common stock under certain circumstances. The Future Stock Split will not be declared and paid until the first business day following the date on which the average of the volume weighted average price (“VWAP”) per share of Class A common stock equals or exceeds $40 per share for 65 consecutive trading days. If this does not occur by July 21, 2032, the Future Stock Split will not be declared and paid, and the Co-Founder Agreements will terminate. In June 2023, in connection with a proposed settlement of a class-action lawsuit, we agreed to modify the conditions for the Future Stock Split, subject to various conditions, including judicial approval of the settlement. If approved, the Future Stock Split will not be declared and paid until the first business day following the date on which (i) the VWAP per share of Class A common stock equals or exceeds $40 per share for 90 consecutive trading days “90-Day VWAP”) and (ii) the ratio of the 90-Day VWAP to $8.70 equals or exceeds the ratio of the average closing price of the |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Geography | The following table represents our revenue disaggregated by geography based on the billing address of the advertising customer: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Revenue: North America (1) (2) $ 771,040 $ 804,484 $ 2,074,671 $ 2,328,600 Europe (3) 195,232 163,066 530,081 497,087 Rest of world 222,279 160,926 640,076 476,425 Total revenue $ 1,188,551 $ 1,128,476 $ 3,244,828 $ 3,302,112 (1) North America includes Mexico, the Caribbean, and Central America. (2) United States revenue was $747.6 million and $2,009.8 million for the three and nine months ended September 30, 2023, respectively, and $779.1 million and $2,258.0 million for the three and nine months ended September 30, 2022, respectively. (3) Europe includes Russia and Turkey. Effective March 2022, we halted advertising sales to Russian and Belarusian entities. |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Numerators and Denominators of Basic and Diluted Net Loss per Share Computations for Common Stock | The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except per share data) Class A Class B Class C Class A Class B Class C Class A Class B Class C Class A Class B Class C Numerator: Net loss $ (310,689) $ (5,105) $ (52,462) $ (302,674) $ (5,060) $ (51,768) $ (903,987) $ (15,093) $ (155,158) $ (962,047) $ (15,967) $ (163,179) Net loss attributable to common stockholders $ (310,689) $ (5,105) $ (52,462) $ (302,674) $ (5,060) $ (51,768) $ (903,987) $ (15,093) $ (155,158) $ (962,047) $ (15,967) $ (163,179) Denominator: Basic shares: Weighted-average common shares - Basic 1,371,751 22,539 231,627 1,354,258 22,638 231,627 1,349,514 22,531 231,627 1,365,593 22,665 231,627 Diluted shares: Weighted-average common shares - Diluted 1,371,751 22,539 231,627 1,354,258 22,638 231,627 1,349,514 22,531 231,627 1,365,593 22,665 231,627 Net loss per share attributable to common stockholders: Basic $ (0.23) $ (0.23) $ (0.23) $ (0.22) $ (0.22) $ (0.22) $ (0.67) $ (0.67) $ (0.67) $ (0.70) $ (0.70) $ (0.70) Diluted $ (0.23) $ (0.23) $ (0.23) $ (0.22) $ (0.22) $ (0.22) $ (0.67) $ (0.67) $ (0.67) $ (0.70) $ (0.70) $ (0.70) |
Schedule of Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss per Share | The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: Three and Nine Months Ended September 30, 2023 2022 (in thousands) Stock options 2,195 4,084 Unvested RSUs and RSAs 153,629 94,143 Convertible Notes (if-converted) 89,379 89,379 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of RSU and RSA Activity | The following table summarizes the RSU and RSA activity during the nine months ended September 30, 2023: Class A Weighted- (in thousands, except per share data) Unvested at December 31, 2022 132,392 $ 18.28 Granted 106,982 $ 9.77 Vested (66,603) $ 16.08 Forfeited (19,142) $ 17.80 Unvested at September 30, 2023 153,629 $ 13.37 |
Summary of Stock Option Award Activity | The following table summarizes the stock option award activity under the Stock Plans during the nine months ended September 30, 2023: Class A Class B Weighted- Weighted- Aggregate Intrinsic Value (1) (in thousands, except per share data) Outstanding at December 31, 2022 2,589 570 $ 9.68 4.05 $ 9,669 Granted — — $ — Exercised (368) (365) $ 0.57 Forfeited (231) — $ 13.04 Outstanding at September 30, 2023 1,990 205 $ 12.37 4.16 $ 3,511 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our Class A common stock as of September 30, 2023 and December 31, 2022, respectively. |
Summary of Total Stock-based Compensation Expense | Total stock-based compensation expense by function was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Cost of revenue $ 2,640 $ 2,745 $ 6,890 $ 8,040 Research and development 234,615 246,783 672,030 651,299 Sales and marketing 72,783 43,098 185,319 133,746 General and administrative 47,895 50,333 126,568 144,128 Total $ 357,933 $ 342,959 $ 990,807 $ 937,213 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the nine months ended September 30, 2023 were as follows: Goodwill (in thousands) Balance as of December 31, 2022 $ 1,646,120 Goodwill acquired 42,780 Foreign currency translation 2,642 Balance as of September 30, 2023 $ 1,691,542 |
Schedule of Intangible Assets | Intangible assets consisted of the following: As of September 30, 2023 Weighted- Gross Accumulated Net (in thousands, except years) Domain names 3.3 $ 745 $ (530) $ 215 Trademarks 0.5 800 (678) 122 Technology 2.9 343,425 (193,691) 149,734 Customer relationships 0.5 21,000 (9,401) 11,599 Patents 8.8 39,373 (18,052) 21,321 Other 0.3 6,000 (5,125) 875 $ 411,343 $ (227,477) $ 183,866 As of December 31, 2022 Weighted- Gross Accumulated Net (in thousands, except years) Domain names 4.0 $ 954 $ (690) $ 264 Trademarks 1.2 800 (478) 322 Technology 3.1 340,375 (178,427) 161,948 Customer relationships 5.7 21,000 (6,641) 14,359 Patents 9.1 39,373 (14,912) 24,461 Other 1.0 6,000 (2,874) 3,126 $ 408,502 $ (204,022) $ 204,480 |
Schedule of Estimated Intangible Asset Amortization Expense | As of September 30, 2023, the estimated intangible asset amortization expense for the next five years and thereafter is as follows: Estimated (in thousands) Remainder of 2023 $ 27,529 2024 68,567 2025 42,513 2026 20,776 2027 12,104 Thereafter 12,377 Total $ 183,866 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Convertible Notes | The Convertible Notes consisted of the following: As of September 30, 2023 As of December 31, 2022 Principal Unamortized Debt Issuance Costs Net Carrying Amount Principal Unamortized Debt Issuance Costs Net Carrying Amount (in thousands) 2025 Notes $ 284,105 $ (1,034) $ 283,071 $ 284,105 $ (1,521) $ 282,584 2026 Notes 838,482 (3,728) 834,754 838,482 (4,698) 833,784 2027 Notes 1,150,000 (7,645) 1,142,355 1,150,000 (9,239) 1,140,761 2028 Notes 1,500,000 (12,503) 1,487,497 1,500,000 (14,609) 1,485,391 Total $ 3,772,587 $ (24,910) $ 3,747,677 $ 3,772,587 $ (30,067) $ 3,742,520 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Operating lease expense $ 24,845 $ 25,230 $ 75,436 $ 77,686 Sublease income (364) (92) (657) (956) Total net lease costs $ 24,481 $ 25,138 $ 74,779 $ 76,730 |
Summary of Weighted Average Remaining Lease Term and Discount Rate Related to Operating Leases | The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows: Nine Months Ended September 30, 2023 2022 Weighted-average remaining lease term 6.2 6.8 Weighted-average discount rate 5.0 % 4.9 % |
Present Value of Operating Lease Liabilities | The maturities of our operating lease liabilities as of September 30, 2023 were as follows: Operating Leases (in thousands) Remainder of 2023 $ 8,840 2024 99,626 2025 104,112 2026 57,085 2027 40,948 Thereafter 183,032 Total lease payments $ 493,643 Less: Imputed interest (85,024) Present value of lease liabilities $ 408,619 |
Strategic Investments (Tables)
Strategic Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Gain (Loss) on Securities | Gains and losses recognized during the periods presented were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Gains (losses) recognized on investments in privately held companies sold during the period, net $ — $ — $ — $ 45,935 Unrealized gains (losses) on investments in privately held companies still held at the reporting date, net 130 — 1,685 19,666 Gains (losses) on investments in privately held companies, net $ 130 $ — $ 1,685 $ 65,601 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Gains (losses) recognized on publicly traded equity securities sold during the period, net $ (14,105) $ 22,704 $ 11,046 $ (10,000) Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net (6,803) 53,503 (16,941) (69,750) Gains (losses) on publicly traded equity securities, net $ (20,908) $ 76,207 $ (5,895) $ (79,750) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following tables set forth our financial assets that are measured at fair value on a recurring basis, excluding publicly traded equity securities, as of September 30, 2023 and December 31, 2022: September 30, 2023 Cost or Gross Gross Total Estimated (in thousands) Cash $ 1,189,387 $ — $ — $ 1,189,387 Level 1 securities: U.S. government securities 1,751,878 9 (16,331) 1,735,556 U.S. government agency securities 202,125 1 (599) 201,527 Level 2 securities: Corporate debt securities 331,664 33 (1,559) 330,138 Commercial paper 109,757 — — 109,757 Certificates of deposit 32,739 — — 32,739 Total $ 3,617,550 $ 43 $ (18,489) $ 3,599,104 December 31, 2022 Cost or Gross Gross Total Estimated (in thousands) Cash $ 1,325,946 $ — $ — $ 1,325,946 Level 1 securities: U.S. government securities 1,630,224 109 (9,484) 1,620,849 U.S. government agency securities 175,269 19 (188) 175,100 Level 2 securities: Corporate debt securities 309,942 32 (1,462) 308,512 Commercial paper 290,589 — — 290,589 Certificates of deposit 157,965 — (1) 157,964 Total $ 3,889,935 $ 160 $ (11,135) $ 3,878,960 |
Gain (Loss) on Securities | Gains and losses recognized during the periods presented were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Gains (losses) recognized on investments in privately held companies sold during the period, net $ — $ — $ — $ 45,935 Unrealized gains (losses) on investments in privately held companies still held at the reporting date, net 130 — 1,685 19,666 Gains (losses) on investments in privately held companies, net $ 130 $ — $ 1,685 $ 65,601 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Gains (losses) recognized on publicly traded equity securities sold during the period, net $ (14,105) $ 22,704 $ 11,046 $ (10,000) Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net (6,803) 53,503 (16,941) (69,750) Gains (losses) on publicly traded equity securities, net $ (20,908) $ 76,207 $ (5,895) $ (79,750) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The table below presents the changes in accumulated other comprehensive income (loss) (“AOCI”) by component and the reclassifications out of AOCI: Changes in Accumulated Other Comprehensive Income (Loss) by Component Marketable Foreign Currency Total (in thousands) Balance at December 31, 2022 $ (11,129) $ (2,845) $ (13,974) OCI before reclassifications (7,468) 3,663 (3,805) Amounts reclassified from AOCI (1) (3) — (3) Net current period OCI (7,471) 3,663 (3,808) Balance at September 30, 2023 $ (18,600) $ 818 $ (17,782) (1) Realized gains and losses on marketable securities are reclassified from AOCI into other income (expense), net in our consolidated statements of operations. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net by Geographic Area | The following table lists property and equipment, net by geographic area: As of September 30, 2023 As of December 31, 2022 (in thousands) Property and equipment, net: United States $ 247,963 $ 214,857 United Kingdom 94,558 36,774 Rest of world (1) 34,799 20,146 Total property and equipment, net $ 377,320 $ 271,777 (1) No individual country exceeded 10% of our total property and equipment, net for any period presented. |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Charges (Benefits) | The following table summarizes the restructuring charges (benefits) in our consolidated statement of operations for the three months ended September 30, 2022: Severance and Related Charges (1) Stock-Based Compensation Expense (Benefit) Lease Exit and Related Charges Other (2) Total (in thousands) Cost of revenue $ 1,318 $ (11) $ — $ 13,092 $ 14,399 Research and development 46,528 27,848 — 683 75,059 Sales and marketing 27,800 (1,606) — 730 26,924 General and administrative 15,420 4,038 16,626 2,097 38,181 Total $ 91,066 $ 30,269 $ 16,626 $ 16,602 $ 154,563 (1) Severance and related charges include cash severance expense and other termination benefits. The majority of cash paid for restructuring in the third quarter of 2022 was related to severance and benefits. (2) Other includes impairment and contract termination charges. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) | 1 Months Ended | ||
Jun. 30, 2023 d $ / shares | Jul. 31, 2022 d $ / shares | Sep. 30, 2023 $ / shares | |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Weighted average price per share (in usd per share) | $ 40 | $ 40 | |
Common stock, convertible, threshold trading days | d | 90 | 65 | |
Common stock, convertible, volume weighted average price per share (in usd per share) | $ 8.70 | ||
Common stock, convertible, volume weighted average price per share, S&P 500 total return index (in usd per share) | $ 8,862.85 | ||
Class A | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Stock split ratio, common stock | 1 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | $ 1,188,551 | $ 1,128,476 | $ 3,244,828 | $ 3,302,112 | |
Deferred revenue | 75,200 | 75,200 | $ 50,800 | ||
North America | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 771,040 | 804,484 | 2,074,671 | 2,328,600 | |
United States | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 747,600 | 779,100 | 2,009,800 | 2,258,000 | |
Europe | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | 195,232 | 163,066 | 530,081 | 497,087 | |
Rest of world | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total revenue | $ 222,279 | $ 160,926 | $ 640,076 | $ 476,425 |
Net Loss per Share - Numerators
Net Loss per Share - Numerators and Denominators of Basic and Diluted Net Loss per Share Computations for Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Net loss | $ (368,256) | $ (359,502) | $ (1,074,238) | $ (1,141,193) |
Basic shares: | ||||
Weighted-average common shares - Basic (in shares) | 1,625,917 | 1,608,523 | 1,603,672 | 1,619,885 |
Diluted shares: | ||||
Weighted-average common shares - Diluted (in shares) | 1,625,917 | 1,608,523 | 1,603,672 | 1,619,885 |
Net loss per share attributable to common stockholders: | ||||
Basic (in usd per share) | $ (0.23) | $ (0.22) | $ (0.67) | $ (0.70) |
Diluted (in usd per share) | $ (0.23) | $ (0.22) | $ (0.67) | $ (0.70) |
Class A | ||||
Numerator: | ||||
Net loss | $ (310,689) | $ (302,674) | $ (903,987) | $ (962,047) |
Net loss attributable to common stockholders | $ (310,689) | $ (302,674) | $ (903,987) | $ (962,047) |
Basic shares: | ||||
Weighted-average common shares - Basic (in shares) | 1,371,751 | 1,354,258 | 1,349,514 | 1,365,593 |
Diluted shares: | ||||
Weighted-average common shares - Diluted (in shares) | 1,371,751 | 1,354,258 | 1,349,514 | 1,365,593 |
Net loss per share attributable to common stockholders: | ||||
Basic (in usd per share) | $ (0.23) | $ (0.22) | $ (0.67) | $ (0.70) |
Diluted (in usd per share) | $ (0.23) | $ (0.22) | $ (0.67) | $ (0.70) |
Class B | ||||
Numerator: | ||||
Net loss | $ (5,105) | $ (5,060) | $ (15,093) | $ (15,967) |
Net loss attributable to common stockholders | $ (5,105) | $ (5,060) | $ (15,093) | $ (15,967) |
Basic shares: | ||||
Weighted-average common shares - Basic (in shares) | 22,539 | 22,638 | 22,531 | 22,665 |
Diluted shares: | ||||
Weighted-average common shares - Diluted (in shares) | 22,539 | 22,638 | 22,531 | 22,665 |
Net loss per share attributable to common stockholders: | ||||
Basic (in usd per share) | $ (0.23) | $ (0.22) | $ (0.67) | $ (0.70) |
Diluted (in usd per share) | $ (0.23) | $ (0.22) | $ (0.67) | $ (0.70) |
Class C | ||||
Numerator: | ||||
Net loss | $ (52,462) | $ (51,768) | $ (155,158) | $ (163,179) |
Net loss attributable to common stockholders | $ (52,462) | $ (51,768) | $ (155,158) | $ (163,179) |
Basic shares: | ||||
Weighted-average common shares - Basic (in shares) | 231,627 | 231,627 | 231,627 | 231,627 |
Diluted shares: | ||||
Weighted-average common shares - Diluted (in shares) | 231,627 | 231,627 | 231,627 | 231,627 |
Net loss per share attributable to common stockholders: | ||||
Basic (in usd per share) | $ (0.23) | $ (0.22) | $ (0.67) | $ (0.70) |
Diluted (in usd per share) | $ (0.23) | $ (0.22) | $ (0.67) | $ (0.70) |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares) | 2,195 | 4,084 | 2,195 | 4,084 |
Unvested RSUs and RSAs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares) | 153,629 | 94,143 | 153,629 | 94,143 |
Convertible Notes (if-converted) | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares) | 89,379 | 89,379 | 89,379 | 89,379 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) shares | Sep. 30, 2023 USD ($) plan | Sep. 30, 2022 USD ($) shares | Jul. 31, 2023 USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of share-based employee compensation plans | plan | 3 | |||
Treasury stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Repurchases of Class A non-voting common stock (in shares) | shares | 51,312 | 51,312 | ||
Repurchases of Class A non-voting common stock | $ 500,513,000 | $ 500,513,000 | ||
Class A | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share repurchase program, authorized amount | $ 500,000,000 | |||
Repurchases of Class A non-voting common stock (in shares) | shares | 51,300 | |||
Repurchases of Class A non-voting common stock | $ 500,500,000 | |||
Restricted Stock Units and Restricted Stock Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 1,700,000,000 | |||
Weighted average recognition period | 2 years | |||
RSUs and RSAs Granted after February 2018 | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Service condition satisfied, years | 3 years | |||
RSUs and RSAs Granted after February 2018 | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Service condition satisfied, years | 4 years |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of RSU and RSA Activity (Details) - Restricted Stock Units and Restricted Stock Awards - Class A shares in Thousands | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Class A Number of Shares | |
Outstanding restricted stock, unvested beginning balance (in shares) | shares | 132,392 |
Outstanding restricted stock, Granted (in shares) | shares | 106,982 |
Outstanding restricted stock, Vested (in shares) | shares | (66,603) |
Outstanding restricted stock, Forfeited (in shares) | shares | (19,142) |
Outstanding restricted stock, unvested ending balance (in shares) | shares | 153,629 |
Weighted- Average Grant Date Fair Value | |
Weighted-average grant date fair value per restricted stock, unvested beginning balance (in usd per share) | $ / shares | $ 18.28 |
Weighted-average grant date fair value per restricted stock, Granted (in usd per share) | $ / shares | 9.77 |
Weighted-average grant date fair value per restricted stock, Vested (in usd per share) | $ / shares | 16.08 |
Weighted-average grant date fair value per restricted stock, Forfeited (in usd per share) | $ / shares | 17.80 |
Weighted-average grant date fair value per restricted stock, unvested ending balance (in usd per share) | $ / shares | $ 13.37 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Stock Option Award Activity (Details) - Stock options $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Weighted- Average Exercise Price | ||
Weighted-Average Exercise Price, Beginning balance (in usd per share) | $ / shares | $ 9.68 | |
Weighted-Average Exercise Price, Granted (in usd per share) | $ / shares | 0 | |
Weighted-Average Exercise Price, Exercised (in usd per share) | $ / shares | 0.57 | |
Weighted-Average Exercise Price, Forfeited (in usd per share) | $ / shares | 13.04 | |
Weighted-Average Exercise Price, Ending balance (in usd per share) | $ / shares | $ 12.37 | $ 9.68 |
Weighted- Average Remaining Contractual Term (in years) | ||
Weighted-Average Remaining Contractual Term (in years) | 4 years 1 month 28 days | 4 years 18 days |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value, Outstanding | $ | $ 3,511 | $ 9,669 |
Class A | ||
Number of Shares | ||
Beginning balance (in shares) | 2,589 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (368) | |
Forfeited (in shares) | (231) | |
Ending balance (in shares) | 1,990 | 2,589 |
Class B | ||
Number of Shares | ||
Beginning balance (in shares) | 570 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (365) | |
Forfeited (in shares) | 0 | |
Ending balance (in shares) | 205 | 570 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total | $ 357,933 | $ 342,959 | $ 990,807 | $ 937,213 |
Cost of revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total | 2,640 | 2,745 | 6,890 | 8,040 |
Research and development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total | 234,615 | 246,783 | 672,030 | 651,299 |
Sales and marketing | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total | 72,783 | 43,098 | 185,319 | 133,746 |
General and administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total | $ 47,895 | $ 50,333 | $ 126,568 | $ 144,128 |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 1,691,542,000 | $ 1,646,120,000 |
2023 Acquisitions | ||
Business Acquisition [Line Items] | ||
Purchase price consideration | 73,100,000 | |
Payment to acquire business | 56,300,000 | |
Goodwill | 42,800,000 | |
Goodwill deductible for tax purposes | 0 | |
2023 Acquisitions | Other Liabilities | ||
Business Acquisition [Line Items] | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities | $ 12,600,000 | |
2022 Acquisitions | ||
Business Acquisition [Line Items] | ||
Purchase price consideration | 120,500,000 | |
Payment to acquire business | 17,700,000 | |
Goodwill | 69,300,000 | |
Goodwill deductible for tax purposes | 101,700,000 | |
2022 Acquisitions | Class A Common Stock | ||
Business Acquisition [Line Items] | ||
Business combination, consideration transferred, equity interests issued and issuable | 44,000,000 | |
2022 Acquisitions | Other Liabilities | ||
Business Acquisition [Line Items] | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities | $ 58,800,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 1,646,120 |
Goodwill acquired | 42,780 |
Foreign currency translation | 2,642 |
Goodwill, ending balance | $ 1,691,542 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 411,343 | $ 408,502 |
Accumulated Amortization | (227,477) | (204,022) |
Net | $ 183,866 | $ 204,480 |
Domain names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Useful Life - Years | 3 years 3 months 18 days | 4 years |
Gross Carrying Amount | $ 745 | $ 954 |
Accumulated Amortization | (530) | (690) |
Net | $ 215 | $ 264 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Useful Life - Years | 6 months | 1 year 2 months 12 days |
Gross Carrying Amount | $ 800 | $ 800 |
Accumulated Amortization | (678) | (478) |
Net | $ 122 | $ 322 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Useful Life - Years | 2 years 10 months 24 days | 3 years 1 month 6 days |
Gross Carrying Amount | $ 343,425 | $ 340,375 |
Accumulated Amortization | (193,691) | (178,427) |
Net | $ 149,734 | $ 161,948 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Useful Life - Years | 6 months | 5 years 8 months 12 days |
Gross Carrying Amount | $ 21,000 | $ 21,000 |
Accumulated Amortization | (9,401) | (6,641) |
Net | $ 11,599 | $ 14,359 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Useful Life - Years | 8 years 9 months 18 days | 9 years 1 month 6 days |
Gross Carrying Amount | $ 39,373 | $ 39,373 |
Accumulated Amortization | (18,052) | (14,912) |
Net | $ 21,321 | $ 24,461 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Useful Life - Years | 3 months 18 days | 1 year |
Gross Carrying Amount | $ 6,000 | $ 6,000 |
Accumulated Amortization | (5,125) | (2,874) |
Net | $ 875 | $ 3,126 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 19.1 | $ 20.9 | $ 55.3 | $ 107.6 |
Increase (decrease) in amortization of intangible assets | $ 43.6 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Estimated Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2023 | $ 27,529 | |
2024 | 68,567 | |
2025 | 42,513 | |
2026 | 20,776 | |
2027 | 12,104 | |
Thereafter | 12,377 | |
Net | $ 183,866 | $ 204,480 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
May 31, 2022 | Feb. 28, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | Aug. 31, 2019 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 3,772,587,000 | $ 3,772,587,000 | $ 3,772,587,000 | |||||||
Proceeds from issuance of convertible notes, net of issuance costs | 0 | $ 0 | 0 | $ 1,483,500,000 | ||||||
Amortization of debt issuance costs | 1,842,000 | 1,835,000 | 5,517,000 | 5,028,000 | ||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility expiration period | 5 years | |||||||||
Maximum borrowing capacity | $ 1,050,000,000 | |||||||||
Annual commitment fee | 0.10% | |||||||||
Outstanding letters of credit | 31,300,000 | 31,300,000 | ||||||||
Amounts outstanding under the credit facility | 0 | 0 | ||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable interest rate (percentage) | 0.75% | |||||||||
Revolving Credit Facility | Sterling Overnight Index | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable interest rate (percentage) | 0.7826% | |||||||||
Revolving Credit Facility | Miscellaneous | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable interest rate (percentage) | 0.75% | |||||||||
Revolving Credit Facility | Overnight Funding Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable interest rate (percentage) | 0.50% | |||||||||
Revolving Credit Facility | One Month Secured Overnight Financing Rate S O F R Overnight Index Swap Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility expiration period | 1 month | |||||||||
Basis spread on variable interest rate (percentage) | 100% | |||||||||
2028 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 1,500,000,000 | 1,500,000,000 | $ 1,500,000,000 | 1,500,000,000 | ||||||
Proceeds from issuance of convertible notes, net of issuance costs | $ 1,310,000,000 | |||||||||
Debt instrument, interest rate | 0.125% | |||||||||
Debt instrument convertible, amortization period | 4 years 4 months 24 days | |||||||||
Cap price, net cost | $ 177,000,000 | $ 177,000,000 | ||||||||
2028 Notes | Class A | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Shares issued upon conversion of each $1000 principal amount | 17.7494 | |||||||||
Debt instrument, convertible principal amount used in conversion rate | $ 1,000 | |||||||||
Conversion price per share (in usd per share) | $ 56.34 | |||||||||
Cap price, per share (in usd per share) | $ 93.90 | $ 93.90 | ||||||||
2027 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 1,150,000,000 | $ 1,150,000,000 | $ 1,150,000,000 | 1,150,000,000 | ||||||
Proceeds from issuance of convertible notes, net of issuance costs | $ 1,050,000,000 | |||||||||
Debt instrument convertible, amortization period | 3 years 7 months 6 days | |||||||||
Cap price, net cost | $ 86,800,000 | $ 86,800,000 | ||||||||
2027 Notes | Class A | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Shares issued upon conversion of each $1000 principal amount | 11.2042 | |||||||||
Debt instrument, convertible principal amount used in conversion rate | $ 1,000 | |||||||||
Conversion price per share (in usd per share) | $ 89.25 | |||||||||
Cap price, per share (in usd per share) | $ 121.02 | $ 121.02 | ||||||||
2025 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 1,000,000,000 | $ 284,105,000 | $ 284,105,000 | 284,105,000 | ||||||
Debt instrument, interest rate | 0.25% | |||||||||
Debt issuance costs | $ 888,600,000 | |||||||||
Debt instrument convertible, amortization period | 1 year 7 months 6 days | |||||||||
Cap price, net cost | $ 100,000,000 | $ 100,000,000 | ||||||||
2025 Notes | Class A | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Shares issued upon conversion of each $1000 principal amount | 46.1233 | |||||||||
Debt instrument, convertible principal amount used in conversion rate | $ 1,000 | |||||||||
Conversion price per share (in usd per share) | $ 21.68 | |||||||||
Cap price, per share (in usd per share) | $ 32.12 | $ 32.12 | ||||||||
2026 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 1,265,000,000 | $ 838,482,000 | $ 838,482,000 | $ 838,482,000 | ||||||
Debt instrument, interest rate | 0.75% | |||||||||
Proceeds from issuance of convertible notes, net of issuance costs | $ 1,150,000,000 | |||||||||
Debt instrument convertible, amortization period | 2 years 9 months 18 days | |||||||||
Amortization of debt issuance costs | 1,800,000 | 1,700,000 | $ 5,200,000 | 4,800,000 | ||||||
Contractual interest expense | 2,300,000 | $ 2,200,000 | 6,700,000 | $ 6,400,000 | ||||||
Cap price, net cost | $ 102,100,000 | $ 102,100,000 | ||||||||
2026 Notes | Class A | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Shares issued upon conversion of each $1000 principal amount | 43.8481 | |||||||||
Debt instrument, convertible principal amount used in conversion rate | $ 1,000 | |||||||||
Conversion price per share (in usd per share) | $ 22.81 | |||||||||
Cap price, per share (in usd per share) | $ 32.58 | $ 32.58 |
Long-Term Debt - Summary of Con
Long-Term Debt - Summary of Convertible Notes (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Feb. 28, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | Aug. 31, 2019 |
Debt Instrument [Line Items] | ||||||
Principal | $ 3,772,587 | $ 3,772,587 | ||||
Unamortized Debt Issuance Costs | (24,910) | (30,067) | ||||
Net Carrying Amount | 3,747,677 | 3,742,520 | ||||
2025 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 284,105 | 284,105 | $ 1,000,000 | |||
Unamortized Debt Issuance Costs | (1,034) | (1,521) | ||||
Net Carrying Amount | 283,071 | 282,584 | ||||
2026 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 838,482 | 838,482 | $ 1,265,000 | |||
Unamortized Debt Issuance Costs | (3,728) | (4,698) | ||||
Net Carrying Amount | 834,754 | 833,784 | ||||
2027 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 1,150,000 | 1,150,000 | $ 1,150,000 | |||
Unamortized Debt Issuance Costs | (7,645) | (9,239) | ||||
Net Carrying Amount | 1,142,355 | 1,140,761 | ||||
2028 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 1,500,000 | 1,500,000 | $ 1,500,000 | |||
Unamortized Debt Issuance Costs | (12,503) | (14,609) | ||||
Net Carrying Amount | $ 1,487,497 | $ 1,485,391 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Loss Contingencies [Line Items] | |
Commitments due within three years | $ 2,900,000,000 |
Contractual obligation maturity | 3 years |
Indemnification Agreement | |
Loss Contingencies [Line Items] | |
Liabilities recorded | $ 0 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease expense | $ 24,845 | $ 25,230 | $ 75,436 | $ 77,686 |
Sublease income | (364) | (92) | (657) | (956) |
Total net lease costs | $ 24,481 | $ 25,138 | $ 74,779 | $ 76,730 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate Related to Operating Leases (Details) | Sep. 30, 2023 | Sep. 30, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term | 6 years 2 months 12 days | 6 years 9 months 18 days |
Weighted-average discount rate | 5% | 4.90% |
Leases - Present Value of Opera
Leases - Present Value of Operating Lease Liabilities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Leases [Abstract] | |
Remainder of 2023 | $ 8,840 |
2024 | 99,626 |
2025 | 104,112 |
2026 | 57,085 |
2027 | 40,948 |
Thereafter | 183,032 |
Total lease payments | 493,643 |
Less: Imputed interest | (85,024) |
Present value of lease liabilities | $ 408,619 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lessee Lease Description [Line Items] | ||||
Lease obligations for additional leases not yet commenced | $ 27.1 | $ 27.1 | ||
Operating cash outflows for operating leases | 24.4 | $ 20.6 | 72.8 | $ 66.8 |
Lease liabilities arising from obtaining operating lease right-of-use assets | $ 16 | $ 0 | $ 30.2 | $ 134.8 |
Minimum | ||||
Lessee Lease Description [Line Items] | ||||
Operating leases, terms | 7 years | 7 years | ||
Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Operating leases, terms | 10 years | 10 years |
Strategic Investments - Additio
Strategic Investments - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Privately Held Securities | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value of investment in privately-held companies | $ 222.1 | $ 252.3 |
Strategic Investments - Gain (L
Strategic Investments - Gain (Loss) on Strategic Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Gains (losses) recognized on investments in privately held companies sold during the period, net | $ 0 | $ 0 | $ 0 | $ 45,935 |
Unrealized gains (losses) on investments in privately held companies still held at the reporting date, net | 130 | 0 | 1,685 | 19,666 |
Gains (losses) on investments in privately held companies, net | $ 130 | $ 0 | $ 1,685 | $ 65,601 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Total Estimated Fair Value | $ 2,400,000 | |
Fair Value, Measurements, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash, Equity Securities and Marketable securities, Cost or Amortized Cost | 3,617,550 | $ 3,889,935 |
Equity Securities and Marketable securities, Gross Unrealized Gains | 43 | 160 |
Equity Securities and Marketable securities, Gross Unrealized Losses | (18,489) | (11,135) |
Cash, Equity Securities and Marketable Securities, Total Estimated Fair Value | 3,599,104 | 3,878,960 |
Fair Value, Measurements, Recurring | Cash | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash, Cost or Amortized Cost | 1,189,387 | 1,325,946 |
Cash, Total Estimated Fair Value | 1,189,387 | 1,325,946 |
Fair Value, Measurements, Recurring | Level 1 securities: | U.S. government securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Cost or Amortized Cost | 1,751,878 | 1,630,224 |
Marketable securities, Gross Unrealized Gains | 9 | 109 |
Marketable securities, Gross Unrealized Losses | (16,331) | (9,484) |
Marketable securities, Total Estimated Fair Value | 1,735,556 | 1,620,849 |
Fair Value, Measurements, Recurring | Level 1 securities: | U.S. government agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Cost or Amortized Cost | 202,125 | 175,269 |
Marketable securities, Gross Unrealized Gains | 1 | 19 |
Marketable securities, Gross Unrealized Losses | (599) | (188) |
Marketable securities, Total Estimated Fair Value | 201,527 | 175,100 |
Fair Value, Measurements, Recurring | Level 2 securities: | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Cost or Amortized Cost | 331,664 | 309,942 |
Marketable securities, Gross Unrealized Gains | 33 | 32 |
Marketable securities, Gross Unrealized Losses | (1,559) | (1,462) |
Marketable securities, Total Estimated Fair Value | 330,138 | 308,512 |
Fair Value, Measurements, Recurring | Level 2 securities: | Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Cost or Amortized Cost | 109,757 | 290,589 |
Marketable securities, Gross Unrealized Losses | 0 | |
Marketable securities, Total Estimated Fair Value | 109,757 | 290,589 |
Fair Value, Measurements, Recurring | Level 2 securities: | Certificates of deposit | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, Cost or Amortized Cost | 32,739 | 157,965 |
Marketable securities, Gross Unrealized Losses | 0 | (1) |
Marketable securities, Total Estimated Fair Value | $ 32,739 | $ 157,964 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities, fair value | $ 14.4 | $ 91.5 |
Marketable securities contractual maturities | 1,200 | |
Marketable securities, total estimated fair value | 2,400 | |
Level 2 securities: | 2025 Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Convertible notes | 261.4 | 257 |
Level 2 securities: | 2026 Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Convertible notes | 728.2 | 711.9 |
Level 2 securities: | 2027 Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Convertible notes | 852.5 | 796.2 |
Level 2 securities: | 2028 Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Convertible notes | $ 1,000 | $ 1,000 |
Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities contractual maturities period | 1 year | |
Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities contractual maturities period | 5 years |
Fair Value Measurements - Gain
Fair Value Measurements - Gain (Loss) on Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | ||||
Gains (losses) recognized on publicly traded equity securities sold during the period, net | $ (14,105) | $ 22,704 | $ 11,046 | $ (10,000) |
Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net | (6,803) | 53,503 | (16,941) | (69,750) |
Gains (losses) on publicly traded equity securities, net | $ (20,908) | $ 76,207 | $ (5,895) | $ (79,750) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 5,849 | $ 9,241 | $ 24,787 | $ 24,750 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedules of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | $ 2,580,698 | |||
OCI before reclassifications | (3,805) | |||
Amounts reclassified from AOCI | (3) | |||
Total other comprehensive income (loss), net of tax | $ (1,621) | $ (13,428) | (3,808) | $ (38,792) |
Balance, end of period | 2,493,021 | 2,900,262 | 2,493,021 | 2,900,262 |
Accumulated other comprehensive income (loss) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (16,161) | (19,843) | (13,974) | 5,521 |
Total other comprehensive income (loss), net of tax | (1,621) | (13,428) | (3,808) | (38,792) |
Balance, end of period | (17,782) | $ (33,271) | (17,782) | $ (33,271) |
Marketable Securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (11,129) | |||
OCI before reclassifications | (7,468) | |||
Amounts reclassified from AOCI | (3) | |||
Total other comprehensive income (loss), net of tax | (7,471) | |||
Balance, end of period | (18,600) | (18,600) | ||
Foreign Currency Translation | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (2,845) | |||
OCI before reclassifications | 3,663 | |||
Amounts reclassified from AOCI | 0 | |||
Total other comprehensive income (loss), net of tax | 3,663 | |||
Balance, end of period | $ 818 | $ 818 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property and equipment, net: | ||
Total property and equipment, net | $ 377,320 | $ 271,777 |
United States | ||
Property and equipment, net: | ||
Total property and equipment, net | 247,963 | 214,857 |
United Kingdom | ||
Property and equipment, net: | ||
Total property and equipment, net | 94,558 | 36,774 |
Rest of World | ||
Property and equipment, net: | ||
Total property and equipment, net | $ 34,799 | $ 20,146 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | ||
Percentage of employee reduction in reprioritization plan | 3% | 20% |
Expected restructuring charges | $ 49,000 | |
Restructuring charges (benefits) | $ 18,600 | $ 154,563 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Charges (Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | $ 18,600 | $ 154,563 |
Cost of revenue | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 14,399 | |
Research and development | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 75,059 | |
Sales and marketing | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 26,924 | |
General and administrative | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 38,181 | |
Severance and Related Charges | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 91,066 | |
Severance and Related Charges | Cost of revenue | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 1,318 | |
Severance and Related Charges | Research and development | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 46,528 | |
Severance and Related Charges | Sales and marketing | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 27,800 | |
Severance and Related Charges | General and administrative | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 15,420 | |
Stock-Based Compensation Expense (Benefit) | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 30,269 | |
Stock-Based Compensation Expense (Benefit) | Cost of revenue | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | (11) | |
Stock-Based Compensation Expense (Benefit) | Research and development | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 27,848 | |
Stock-Based Compensation Expense (Benefit) | Sales and marketing | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | (1,606) | |
Stock-Based Compensation Expense (Benefit) | General and administrative | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 4,038 | |
Lease Exit and Related Charges | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 16,626 | |
Lease Exit and Related Charges | General and administrative | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 16,626 | |
Other | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 16,602 | |
Other | Cost of revenue | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 13,092 | |
Other | Research and development | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 683 | |
Other | Sales and marketing | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | 730 | |
Other | General and administrative | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring charges (benefits) | $ 2,097 |
Subsequent Events (Details)
Subsequent Events (Details) - Class A - USD ($) | Oct. 31, 2023 | Jul. 31, 2023 |
Subsequent Event [Line Items] | ||
Share repurchase program, authorized amount | $ 500,000,000 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Share repurchase program, authorized amount | $ 500,000,000 |