0001467623-25-000060 | 10-Q | XBRL Viewer

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Description of the Business and Summary of Significant Accounting Policies - Schedule of Severance and Related Charges (Details) - 2024 Global Workforce Reduction Plan - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2025	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Charges	$ 2.3	$ 49.5
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of revenue
Charges	$ 0.3
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Research and development
Charges	$ 1.2
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Sales and marketing
Charges	$ 0.3
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	General and administrative
Charges	$ 0.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Income Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share

The Company computes net income per share using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock share equally in the Company’s net income and losses.

Basic net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of the Class A and Class B common stock outstanding.

Diluted net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of diluted common shares outstanding. The computation of the diluted net income per share of Class A common stock assumes the conversion of the Company's Class B common stock to Class A common stock, while the diluted net income per share of Class B common stock does not assume the conversion of those shares to Class A common stock. The dilutive effect of potentially dilutive common shares is reflected in diluted earnings per share by application of the if-converted method for the 2026 Notes and the 2028 Notes, and by application of the treasury stock method for the Company's other potentially dilutive securities.

The numerators and denominators of the basic and diluted EPS computations for the Company's common stock are calculated as follows (in millions, except for per share amounts):


	Three Months Ended March 31,
	2025				2024
	Class A		Class B		Class A		Class B
Basic net income per share:
Numerator
Net income attributable to common stockholders	$	110.4	$	39.9	$	100.5	$	31.8
Denominator
Weighted-average number of common shares outstanding used in computing basic net income per share	213.4		76.9		254.4		80.4
Net income per common share, basic	$	0.52	$	0.52	$	0.40	$	0.40
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	110.4	$	39.9	$	100.5	$	31.8
Reallocation of net income as a result of conversion of Class B to Class A common stock	39.9		—		31.8		—
Reallocation of net income to Class B common stock	—		(0.8)		—		(0.5)
Net income attributable to common stockholders for diluted EPS	$	150.3	$	39.1	$	132.3	$	31.3
Denominator
Weighted-average number of common shares outstanding used in computing basic net income per share	213.4		76.9		254.4		80.4
Weighted-average effect of dilutive restricted stock units and awards and employee stock options	5.4		—		5.9		—
Conversion of Class B to Class A common stock	76.9		—		80.4		—
Weighted-average number of common shares outstanding used in computing diluted net income per share	295.7		76.9		340.7		80.4
Net income per common share, diluted	$	0.51	$	0.51	$	0.39	$	0.39

The weighted-average impact of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive was as follows:


	Three Months Ended March 31,
	2025	2024
Restricted stock units and awards	1.2	1.9
Options to purchase shares of common stock	—	—
Co-Founder Grant	8.3	8.3
Convertible Senior Notes	37.8	37.8
Warrants	37.8	37.8
Total	85.1	85.8

Leases - Schedule of Future Minimum Operating and Finance Lease Payments Under Non-Cancellable Leases (Details) $ in Millions	Mar. 31, 2025 USD ($)
Operating leases
Remainder of 2025	$ 46.8
2026	48.3
2027	47.9
2028	46.9
2029	46.2
2030	42.9
Thereafter	106.2
Total future minimum lease payments	385.2
Less imputed interest	(66.4)
Total liability	318.8
Finance leases
Remainder of 2025	109.8
2026	123.7
2027	86.0
2028	43.7
2029	2.5
2030	0.0
Thereafter	0.0
Total future minimum lease payments	365.7
Less imputed interest	(29.0)
Total liability	$ 336.7

Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

The Company has operating leases for corporate offices, datacenters and finance leases for infrastructure and computer equipment. The Company’s leases have remaining lease terms of under 1 year to 11 years, some of which include options to extend the leases for up to 5 years.

The Company also has subleases for several floors of its corporate offices. The Company classifies its subleases as operating leases. The subleases have remaining lease terms of under 1 year to 9 years, some of which include tenant options to extend the sublease for up to approximately 4 years. Sublease income, which is recorded as a reduction of rental expense, was $3.0 million and $3.5 million during the three months ended March 31, 2025 and 2024, respectively.

Future minimum lease payments under non-cancellable leases as of March 31, 2025 were as follows:


	Operating leases(1)		Finance leases
Remainder of 2025	$	46.8	$	109.8
2026	48.3		123.7
2027	47.9		86.0
2028	46.9		43.7
2029	46.2		2.5
2030	42.9		—
Thereafter	106.2		—
Total future minimum lease payments	$	385.2	$	365.7
Less imputed interest	(66.4)		(29.0)

Total liability	$	318.8	$	336.7

(1) Consists of future non-cancelable minimum rental payments under operating leases for the Company’s corporate offices and datacenters where the Company has possession, excluding rent payments for short-term lease obligations, payments from the Company’s subtenants and variable operating expenses.

Future non-cancelable rent payments from the Company's subtenants as of March 31, 2025 were as follows:


	Operating leases
Remainder of 2025	$	9.4
2026	9.4
2027	9.0
2028	8.6
2029	6.0
2030	5.4
Thereafter	8.6


Total future sublease rent payments, net	$	56.4

In 2017, the Company signed a 15 year lease agreement for office space in San Francisco, California, to serve as its corporate headquarters which commenced in 2018. The Company's obligations under the lease are supported by a $17.5 million letter of credit, which is secured by cash collateral. As of March 31, 2025, the Company's remaining minimum obligation under the lease for its headquarters was $150.2 million.

In the fourth quarter of 2020, the Company moved to a Virtual First work model pursuant to which remote work has become the primary experience for all of its employees. As part of the Virtual First strategy, the Company retained a portion of its office space to be used for the Company’s team collaboration use and a portion was marketed for sublease. Subsequently, every quarter, the Company has evaluated its real estate portfolio for impairment under ASC 360. As part of this analysis, the Company reassesses its real estate asset groups and estimates the fair value of the office space to be subleased using current market conditions. Where the carrying value of the individual asset groups exceeds their fair value, an impairment charge will be recognized for the difference.

During the three months ended March 31, 2025 and 2024, the Company did not recognize any impairment charges related to right-of-use assets and other lease related property and equipment assets.

In the fourth quarter of 2023, the Company executed an amendment to the lease ("the lease amendment") for its San Francisco, California corporate headquarters, whereby the Company surrendered to the landlord approximately 165,000 square feet of office space and agreed to pay an aggregate of $79.0 million in termination payments. The termination fees occurred in three tranches: approximately 52,000 square feet and $28.1 million paid in October 2023 upon the execution of the lease

amendment, 54,000 square feet and $14.9 million paid in June 2024, and the remaining 59,000 square feet and $36.0 million paid in January 2025.

As of March 31, 2025, the Company had $84.3 million in commitments for leases that have not yet commenced, and therefore is not included in the right-of-use asset or lease liability. These leases will commence in 2025, with lease terms of 6 to 7 years.

Leases

Future minimum lease payments under non-cancellable leases as of March 31, 2025 were as follows:


	Operating leases(1)		Finance leases
Remainder of 2025	$	46.8	$	109.8
2026	48.3		123.7
2027	47.9		86.0
2028	46.9		43.7
2029	46.2		2.5
2030	42.9		—
Thereafter	106.2		—
Total future minimum lease payments	$	385.2	$	365.7
Less imputed interest	(66.4)		(29.0)

Total liability	$	318.8	$	336.7

Future non-cancelable rent payments from the Company's subtenants as of March 31, 2025 were as follows:


	Operating leases
Remainder of 2025	$	9.4
2026	9.4
2027	9.0
2028	8.6
2029	6.0
2030	5.4
Thereafter	8.6


Total future sublease rent payments, net	$	56.4

During the three months ended March 31, 2025 and 2024, the Company did not recognize any impairment charges related to right-of-use assets and other lease related property and equipment assets.

amendment, 54,000 square feet and $14.9 million paid in June 2024, and the remaining 59,000 square feet and $36.0 million paid in January 2025.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company computed the year-to-date income tax provision by applying the estimated annual effective tax rate to the year-to-date pre-tax income and adjusting for discrete tax items in the period. The Company's provision for income taxes was $19.2 million and $18.8 million for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025 and 2024, the difference between the U.S. statutory rate and the Company's effective tax rate was primarily due to jurisdictional mix of earnings, tax credits, and state income taxes. The Company periodically evaluates the realizability of its net deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company's ability to generate sufficient future taxable income during periods prior to the expiration of tax attributes to fully utilize these assets. As of March 31, 2025, the Company continues to maintain valuation allowances against its deferred tax assets in certain states and one foreign jurisdiction. The Company is subject to income tax audits in the U.S. and foreign jurisdictions. The Company records liabilities related to uncertain tax positions and believes that it has provided adequate reserves for income tax uncertainties in all open tax years. Unrecognized tax benefits increased by $5.2 million during the three months ended March 31, 2025. The increase was driven by a gross increase in unrecognized tax benefits related to tax positions taken in the period, of which $4.1 million, if recognized, would affect the Company's effective tax rate and $1.1 million would result in adjustment to deferred tax assets with corresponding adjustments to the valuation allowance. It is reasonably possible that there could be changes to the amount of uncertain tax positions due to activities of the taxing authorities, settlement of audit issues, reassessment of existing uncertain tax positions, or the expiration of applicable statutes of limitations; however, the Company is not able to estimate the impact of these items at this time.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cash, Cash Equivalents and Short-Term Investments - Schedule of Contractual Maturities of Short Term Investments (Details) $ in Millions	Mar. 31, 2025 USD ($)
Amortized Cost
Due within one year	$ 147.7
Due between one to three years	83.1
Due after three years	11.9
Total	242.7
Estimated Fair Value
Due within one year	145.0
Due between one to three years	81.1
Due after three years	11.7
Total	$ 237.8

Debt - Convertible Note Hedges and Warrants (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) $ / shares shares
2026 Notes
Derivative [Line Items]
Convertible debt, conversion rate (in dollars per share)	$ 38.25
Convertible debt, effective conversion rate (in dollars per share)	46.36
2028 Notes
Derivative [Line Items]
Convertible debt, conversion rate (in dollars per share)	35.35
Convertible debt, effective conversion rate (in dollars per share)	$ 46.36
2026 And 2028 Warrants
Derivative [Line Items]
Proceeds from issuance of warrants \| $	$ 202.9
2026 Warrants
Derivative [Line Items]
Number of shares covered by warrant (in shares) \| shares	18.1
Warrant price (in dollars per share)	$ 46.36
2028 Warrants
Derivative [Line Items]
Number of shares covered by warrant (in shares) \| shares	20.1
Warrant price (in dollars per share)	$ 46.36
2026 Notes Hedge
Derivative [Line Items]
Convertible note hedge, number of shares covered by hedge (in shares) \| shares	18.2
Convertible note hedge, strike price (in dollars per share)	$ 38.25
2028 Notes Hedge
Derivative [Line Items]
Convertible note hedge, number of shares covered by hedge (in shares) \| shares	19.6
Convertible note hedge, strike price (in dollars per share)	$ 35.35
Convertible Note Hedge
Derivative [Line Items]
Cost of note hedge transaction \| $	$ 265.3

Accrued and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	As of
	March 31, 2025		December 31, 2024
Non-income taxes payable	$	61.8	$	59.2
Accrued legal and other external fees	22.0		26.1
Acquisition indemnification holdbacks	8.4		4.0
Other accrued and current liabilities	56.3		53.9
Total accrued and other current liabilities	$	148.5	$	143.2

Debt - Schedule of Term Loan Debt (Details) - Credit Agreement - Line of Credit - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total	$ 997.5	$ 1,000.0
Secured Debt
Debt Instrument [Line Items]
Remainder of 2025	7.5
2026	10.0
2027	10.0
2028	10.0
2029	960.0
Thereafter	0.0
Total	$ 997.5

Description of the Business and Summary of Significant Accounting Policies - Schedule of Changes in Liabilities Resulting from the Severance Charges and Related Accruals (Details) - 2024 Global Workforce Reduction Plan - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2025	Mar. 31, 2025
Restructuring Reserve [Roll Forward]
Beginning balance	$ 7.3
Charges	2.3	$ 49.5
Cash payments	(8.4)
Ending balance	1.2	1.2
Payments for restructuring, including pro rata amount	$ 10.2	$ 62.2

Cash, Cash Equivalents and Short-Term Investments (Tables)

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Amortized Cost, Unrealized Gains and Losses and Estimated Fair Value of Cash, Cash Equivalents and Short-Term Investments

The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and short-term investments as of March 31, 2025 and December 31, 2024 consisted of the following:


	As of March 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash	$	89.5	$	—	$	—	$	89.5
Cash equivalents
Money market funds	852.7		—		—		852.7
Total cash & cash equivalents	$	942.2	$	—	$	—	$	942.2
Short-term investments
Corporate notes and obligations	114.9		0.2		(2.4)		112.7
U.S. Treasury securities	85.1		—		(1.8)		83.3
Municipal securities	24.5		—		(0.5)		24.0
Asset backed securities	12.6		—		(0.2)		12.4
U.S. agency obligations	3.8		—		(0.1)		3.7
Supranational securities	1.8		—		(0.1)		1.7
Total short-term investments	242.7		0.2		(5.1)		237.8
Total	$	1,184.9	$	0.2	$	(5.1)	$	1,180.0


	As of December 31, 2024
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash	$	98.3	$	—	$	—	$	98.3
Cash equivalents
Money market funds	1,230.0		—		—		1,230.0
Total cash & cash equivalents	$	1,328.3	$	—	$	—	$	1,328.3
Short-term investments
Corporate notes and obligations	133.1		0.2		(3.3)		130.0
U.S. Treasury securities	85.0		—		(2.6)		82.4
Municipal securities	30.0		—		(0.7)		29.3
Asset backed securities	19.2		—		(0.3)		18.9
U.S. agency obligations	3.8		—		(0.2)		3.6
Supranational securities	1.8		—		(0.1)		1.7
Total short-term investments	272.9		0.2		(7.2)		265.9
Total	$	1,601.2	$	0.2	$	(7.2)	$	1,594.2

Schedule of Contractual Maturities of Short Term Investments

The following table presents the contractual maturities of the Company’s short-term investments as of March 31, 2025:


	As of March 31, 2025
	Amortized Cost		Estimated Fair Value
Due within one year	$	147.7	$	145.0
Due between one to three years	83.1		81.1
Due after three years	11.9		11.7
Total	$	242.7	$	237.8

Schedule of Breakdown of the Short-Term Investments

The following tables present the breakdown of the short-term investments that have been in a continuous unrealized loss position aggregated by investment category, as of March 31, 2025 and December 31, 2024:


	As of March 31, 2025
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate notes and obligations	$	1.3	$	—	$	88.3	$	(2.4)	$	89.6	$	(2.4)
U.S. Treasury securities	5.1		—		66.4		(1.8)		71.5		(1.8)
Municipal securities	6.1		(0.1)		17.9		(0.4)		24.0		(0.5)
Asset backed securities	—		—		9.8		(0.2)		9.8		(0.2)
U.S. agency obligations	—		—		3.7		(0.1)		3.7		(0.1)
Supranational securities	—		—		1.7		(0.1)		1.7		(0.1)
Total	$	12.5	$	(0.1)	$	187.8	$	(5.0)	$	200.3	$	(5.1)


	As of December 31, 2024
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate notes and obligations	$	1.9	$	—	$	103.8	$	(3.3)	$	105.7	$	(3.3)
U.S. Treasury securities	9.0		(0.1)		65.7		(2.5)		74.7		(2.6)
Municipal securities	6.0		(0.1)		23.1		(0.6)		29.1		(0.7)
Asset backed securities	—		—		16.0		(0.3)		16.0		(0.3)
U.S. agency obligations	—		—		3.6		(0.2)		3.6		(0.2)

Supranational securities	—		—		1.7		(0.1)		1.7		(0.1)
Total	$	16.9	$	(0.2)	$	213.9	$	(7.0)	$	230.8	$	(7.2)

Property and Equipment, Net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of
	March 31, 2025		December 31, 2024
Datacenter and other computer equipment	$	837.2	$	830.2
Furniture and fixtures	10.3		10.7
Leasehold improvements	99.7		101.9
Construction in progress	0.6		0.2
Total property and equipment	947.8		943.0
Accumulated depreciation	(583.2)		(584.2)
Property and equipment, net	$	364.6	$	358.8

The Company leases certain infrastructure and computer equipment from various third parties, through equipment finance leases. Infrastructure assets as of March 31, 2025 and December 31, 2024 included a total of $516.3 million and $501.1 million, respectively, of assets acquired under finance lease agreements. These leases are capitalized in property and equipment, and the related depreciation of assets under finance leases is included in depreciation expense. The accumulated depreciation of the equipment under finance leases totaled $226.1 million and $223.3 million as of March 31, 2025 and December 31, 2024, respectively.

Depreciation expense related to property and equipment was $31.7 million and $24.8 million for the three months ended March 31, 2025 and 2024, respectively.

Debt - Schedule of Term Loan Facility (Details) - Line of Credit - Credit Agreement - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Principal balance	$ 997.5	$ 1,000.0
Unamortized issuance costs	(25.8)	(27.1)
Carrying value, net	$ 971.7	$ 972.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Description of the Business and Summary of Significant Accounting Policies - Cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash	$ 32.7	$ 32.2

Stockholders’ Deficit (Tables)

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Stock Option and Restricted Stock Activity

Stock option and restricted stock activity for the Plans was as follows for the three months ended March 31, 2025:


		Options outstanding						Restricted stock outstanding
	Number of shares available for issuance under the Plans	Number of shares outstanding under the Plans	Weighted- average exercise price per share		Weighted- average remaining contractual term (In years)	Aggregate intrinsic value		Number of shares outstanding under the Plans	Weighted- average grant date fair value per share
Balance at December 31, 2024	122.8	0.1	$	6.13	3.9	$	0.6	25.7	$	23.79
Additional shares authorized	14.8	—	—		—	—		—	—
Options exercised and restricted stock units and awards released	—	—	—		—	—		(2.8)	24.00
Options and restricted stock units and awards canceled	1.4	—	—		—	—		(1.4)	23.79
Shares withheld related to net share settlement of restricted stock units and awards	1.2	—	—		—	—		—	—
Options and restricted stock units and awards granted	(0.9)	—	—		—	—		0.9	29.73
Balance as of March 31, 2025	139.3	0.1	$	6.13	3.4	$	0.3	22.4	$	24.02
Vested at March 31, 2025		0.1	$	6.13	3.4	$	0.3	—	$	—
Unvested at March 31, 2025		—	$	—	—	$	—	22.4	$	24.02

Schedule of Pre-Tax Intrinsic Value of Options Exercised

The following table summarizes information about the pre-tax intrinsic value of options exercised during the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025		2024
Intrinsic value of options exercised	$	—	$	0.2

Debt - Term Loan Facility (Narrative) (Details) - Line of Credit - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2024	Mar. 31, 2025	Dec. 31, 2024	Dec. 11, 2025
Credit Agreement
Line of Credit Facility [Line Items]
Principal balance	$ 1,000,000,000	$ 997,500,000	$ 1,000,000,000
Credit Agreement \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, term			5 years
Line of credit facility, maximum borrowing capacity	2,000,000,000.0		$ 2,000,000,000.0
Proceeds from term loan facility	1,000,000,000.0
Debt issuance fees	27,600,000		27,600,000
Principal balance		$ 997,500,000
Unused capacity, commitment fee (percent)		1.00%
Accrued commitment fee		$ 3,100,000
Debt instrument, periodic payment percentage		0.25%
Interest expense		$ 21,600,000
Credit Agreement \| Secured Debt \| Variable Rate Component One
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		2.75%
Credit Agreement \| Secured Debt \| Variable Rate Component Two
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		3.75%
Credit Agreement \| Secured Debt \| Federal Funds Rate \| Variable Rate Component One
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		0.50%
Credit Agreement \| Secured Debt \| SOFR \| Variable Rate Component One
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)		1.00%
Credit Agreement \| Secured Debt \| Debt Instrument, Redemption, Period One
Line of Credit Facility [Line Items]
Debt instrument prepayment premium		2.00%
Credit Agreement \| Secured Debt \| Debt Instrument, Redemption, Period Two
Line of Credit Facility [Line Items]
Debt instrument prepayment premium		1.00%
Credit Agreement \| Letter of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	35,000,000.0		35,000,000.0
Debt issuance fees	200,000		200,000
Aggregate letters of credit outstanding amount		$ 0
Initial Term Loan \| Secured Debt
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	1,000,000,000.0		1,000,000,000.0
Delayed Draw Term Loan \| Secured Debt
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	1,000,000,000.0		1,000,000,000.0
Debt issuance fees	22,600,000		22,600,000
Required increment draw amount	$ 5,000,000		$ 5,000,000
Principal balance		$ 0
Delayed Draw Term Loan \| Secured Debt \| Forecast
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 500,000,000.0

Segment Information and Geographic Areas (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Property and equipment, net	$ 364.6		$ 358.8
Revenue	624.7	$ 631.3
United States
Segment Reporting Information [Line Items]
Property and equipment, net	358.9		353.1
Revenue	356.4	358.3
International
Segment Reporting Information [Line Items]
Property and equipment, net	5.7		$ 5.7
Revenue	$ 268.3	$ 273.0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Net Income Per Share - Schedule of Numerators and Denominators of Basic and Diluted EPS Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator
Net income attributable to common stockholders	$ 150.3	$ 132.3
Weighted-average number of common shares outstanding used in computing basic net income per share (in shares)	290.3	334.8
Net income per common share, basic (in dollars per share)	$ 0.52	$ 0.40
Denominator
Weighted-average number of common shares outstanding used in computing basic net income per share (in shares)	290.3	334.8
Weighted-average number of common shares outstanding used in computing diluted net income per share (in shares)	295.7	340.7
Net income per common share, diluted (in dollars per share)	$ 0.51	$ 0.39
Class A
Numerator
Net income attributable to common stockholders	$ 110.4	$ 100.5
Weighted-average number of common shares outstanding used in computing basic net income per share (in shares)	213.4	254.4
Net income per common share, basic (in dollars per share)	$ 0.52	$ 0.40
Reallocation of net income as a result of conversion of Class B to Class A common stock	$ 39.9	$ 31.8
Reallocation of net income to Class B common stock	0.0	0.0
Net income attributable to common stockholders for diluted EPS	$ 150.3	$ 132.3
Denominator
Weighted-average number of common shares outstanding used in computing basic net income per share (in shares)	213.4	254.4
Weighted-average effect of dilutive restricted stock units and awards and employee stock options (in shares)	5.4	5.9
Conversion of Class B to Class A common stock (in shares)	76.9	80.4
Weighted-average number of common shares outstanding used in computing diluted net income per share (in shares)	295.7	340.7
Net income per common share, diluted (in dollars per share)	$ 0.51	$ 0.39
Class B
Numerator
Net income attributable to common stockholders	$ 39.9	$ 31.8
Weighted-average number of common shares outstanding used in computing basic net income per share (in shares)	76.9	80.4
Net income per common share, basic (in dollars per share)	$ 0.52	$ 0.40
Reallocation of net income as a result of conversion of Class B to Class A common stock	$ 0.0	$ 0.0
Reallocation of net income to Class B common stock	(0.8)	(0.5)
Net income attributable to common stockholders for diluted EPS	$ 39.1	$ 31.3
Denominator
Weighted-average number of common shares outstanding used in computing basic net income per share (in shares)	76.9	80.4
Weighted-average effect of dilutive restricted stock units and awards and employee stock options (in shares)	0.0	0.0
Conversion of Class B to Class A common stock (in shares)	0.0	0.0
Weighted-average number of common shares outstanding used in computing diluted net income per share (in shares)	76.9	80.4
Net income per common share, diluted (in dollars per share)	$ 0.51	$ 0.39

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Convertible Notes

The following is a summary of the term loan facility as of March 31, 2025 and December 31, 2024.


	Term Loan
March 31, 2025
Principal balance	$	997.5
Unamortized issuance costs	(25.8)
Carrying value, net	$	971.7

December 31, 2024
Principal balance	$	1,000.0
Unamortized issuance costs	(27.1)
Carrying value, net	$	972.9

The following is a summary of the Notes as of March 31, 2025 and December 31, 2024.


	2026 Notes		2028 Notes		Total
March 31, 2025
Principal balance	$	695.8	$	693.3	$	1,389.1
Unamortized issuance costs	(2.0)		(4.6)		(6.6)
Carrying value, net	$	693.8	$	688.7	$	1,382.5

December 31, 2024
Principal balance	$	695.8	$	693.3	$	1,389.1
Unamortized issuance costs	(2.6)		(4.9)		(7.5)
Carrying value, net	$	693.2	$	688.4	$	1,381.6

Schedule of Maturities of Long-Term Convertible Debt

Maturities on the Company's term loan debt are as follows:


	Term Loan
Remainder of 2025	$	7.5
2026	10.0
2027	10.0
2028	10.0
2029	960.0
Thereafter	—
Total	$	997.5

Maturities on the Company's convertible debt are as follows:


	Convertible Debt
Remainder of 2025	$	—
2026	695.8
2027	—
2028	693.3
2029	—
Thereafter	—
Total	$	1,389.1

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	May 05, 2025
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-38434
Entity Registrant Name	Dropbox, Inc.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	26-0138832
Entity Address, Address Line One	1800 Owens Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94158
City Area Code	415
Local Phone Number	930-7766
Title of 12(b) Security	Class A Common Stock, par value $0.00001 per share
Trading Symbol	DBX
Security Exchange Name	NASDAQ
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	0001467623
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		204,571,028
Class B common stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		76,921,620
Class C common stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		0

Segment Information and Geographic Areas (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Long-lived Assets by Geographic Areas

The following table sets forth long-lived assets by geographic area:


	As of
	March 31, 2025		December 31, 2024
United States	$	358.9	$	353.1
International (1)	5.7		5.7
Total property and equipment, net	$	364.6	$	358.8

(1) No single country other than the United States had a property and equipment balance greater than 10% of total property and equipment, net, as of March 31, 2025 and December 31, 2024.

Schedule of Revenue by Geographic Areas

The following table sets forth revenue by geographic area for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
	2025		2024
United States	$	356.4	$	358.3
International (1)	268.3		273.0
Total revenue	$	624.7	$	631.3

(1) No single country outside of the United States accounted for more than 10% of total revenue during the three months ended March 31, 2025 and 2024, respectively.

Cash, Cash Equivalents and Short-Term Investments

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Short-Term Investments


	As of March 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash	$	89.5	$	—	$	—	$	89.5
Cash equivalents
Money market funds	852.7		—		—		852.7
Total cash & cash equivalents	$	942.2	$	—	$	—	$	942.2
Short-term investments
Corporate notes and obligations	114.9		0.2		(2.4)		112.7
U.S. Treasury securities	85.1		—		(1.8)		83.3
Municipal securities	24.5		—		(0.5)		24.0
Asset backed securities	12.6		—		(0.2)		12.4
U.S. agency obligations	3.8		—		(0.1)		3.7
Supranational securities	1.8		—		(0.1)		1.7
Total short-term investments	242.7		0.2		(5.1)		237.8
Total	$	1,184.9	$	0.2	$	(5.1)	$	1,180.0


	As of December 31, 2024
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash	$	98.3	$	—	$	—	$	98.3
Cash equivalents
Money market funds	1,230.0		—		—		1,230.0
Total cash & cash equivalents	$	1,328.3	$	—	$	—	$	1,328.3
Short-term investments
Corporate notes and obligations	133.1		0.2		(3.3)		130.0
U.S. Treasury securities	85.0		—		(2.6)		82.4
Municipal securities	30.0		—		(0.7)		29.3
Asset backed securities	19.2		—		(0.3)		18.9
U.S. agency obligations	3.8		—		(0.2)		3.6
Supranational securities	1.8		—		(0.1)		1.7
Total short-term investments	272.9		0.2		(7.2)		265.9
Total	$	1,601.2	$	0.2	$	(7.2)	$	1,594.2

Included in cash and cash equivalents is cash in transit from payment processors for credit and debit card transactions of $13.0 million and $9.9 million as of March 31, 2025 and December 31, 2024, respectively.

All short-term investments were designated as available-for-sale securities as of March 31, 2025 and December 31, 2024.

The following table presents the contractual maturities of the Company’s short-term investments as of March 31, 2025:


	As of March 31, 2025
	Amortized Cost		Estimated Fair Value
Due within one year	$	147.7	$	145.0
Due between one to three years	83.1		81.1
Due after three years	11.9		11.7
Total	$	242.7	$	237.8

The Company had 147 short-term investments in unrealized loss positions as of March 31, 2025. There were no material gains or losses from short-term investments that were reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2025 and 2024.

As of March 31, 2025, the Company’s short-term investments portfolio consisted of six security types, all of which were in an unrealized loss position. The Company’s short-term investments had unrealized losses of approximately $5.1 million as of March 31, 2025. The following tables present the breakdown of the short-term investments that have been in a continuous unrealized loss position aggregated by investment category, as of March 31, 2025 and December 31, 2024:


	As of March 31, 2025
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate notes and obligations	$	1.3	$	—	$	88.3	$	(2.4)	$	89.6	$	(2.4)
U.S. Treasury securities	5.1		—		66.4		(1.8)		71.5		(1.8)
Municipal securities	6.1		(0.1)		17.9		(0.4)		24.0		(0.5)
Asset backed securities	—		—		9.8		(0.2)		9.8		(0.2)
U.S. agency obligations	—		—		3.7		(0.1)		3.7		(0.1)
Supranational securities	—		—		1.7		(0.1)		1.7		(0.1)
Total	$	12.5	$	(0.1)	$	187.8	$	(5.0)	$	200.3	$	(5.1)


	As of December 31, 2024
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate notes and obligations	$	1.9	$	—	$	103.8	$	(3.3)	$	105.7	$	(3.3)
U.S. Treasury securities	9.0		(0.1)		65.7		(2.5)		74.7		(2.6)
Municipal securities	6.0		(0.1)		23.1		(0.6)		29.1		(0.7)
Asset backed securities	—		—		16.0		(0.3)		16.0		(0.3)
U.S. agency obligations	—		—		3.6		(0.2)		3.6		(0.2)

Supranational securities	—		—		1.7		(0.1)		1.7		(0.1)
Total	$	16.9	$	(0.2)	$	213.9	$	(7.0)	$	230.8	$	(7.2)

Unrealized losses on short-term investments have not been recorded into income because management does not intend to sell nor will it be required to sell these securities prior to their anticipated recovery, and for which the decline in fair value is largely due to changes in interest rates. The credit ratings associated with the corporate notes and obligations are mostly unchanged, are highly rated and the issuers continue to make timely principal and interest payments.

The Company recorded interest income from its cash, cash equivalents, and short-term investments of $12.7 million and $11.9 million during the three months ended March 31, 2025 and 2024, respectively.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 19.2	$ 18.8
Increase in unrecognized tax benefits	5.2
Unrecognized tax benefits that would impact effective tax rate	4.1
Unrecognized tax benefit that would result in adjustment to deferred tax assets	$ 1.1

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Description of the Business and Summary of Significant Accounting Policies - Short-term investments (Narrative) (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for credit losses	$ 0	$ 0

Net Income Per Share - Schedule of Weighted-Average Impact of Potentially Dilutive Securities (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	85.1	85.8
Restricted stock units and awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1.2	1.9
Options to purchase shares of common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.0	0.0
Co-Founder Grant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8.3	8.3
Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	37.8	37.8
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	37.8	37.8

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Assets under equipment finance lease, gross	$ 516.3		$ 501.1
Assets under equipment finance lease, accumulated depreciation	226.1		$ 223.3
Depreciation	$ 31.7	$ 24.8

Goodwill (Details) - USD ($)	3 Months Ended	12 Months Ended
Goodwill (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 442,800,000
Effect of foreign currency translation	(200,000)
Goodwill, ending balance	442,600,000	$ 442,800,000
Goodwill impairment	$ 0	$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following:


	As of March 31,		As of December 31,		Weighted- average remaining useful life (In years) As of March 31,
	2025		2024		2025
Developed technology	$	93.6	$	93.7	2.7
Customer relationships	48.5		48.5		1.9
Patents	16.6		16.6		2.3
Software	8.9		8.9		0.0
Trademarks and trade names	5.8		5.8		0.7
Licenses	0.5		0.5		3.7
Assembled workforce in asset acquisitions	3.8		3.4		3.3
Other	1.2		1.2		0.6
Total intangibles	178.9		178.6
Accumulated amortization	(130.1)		(123.7)
Intangible assets, net	$	48.8	$	54.9

Schedule of Expected Future Amortization Expense

Expected future amortization expense for intangible assets as of March 31, 2025 is as follows:


	Intangible assets
Remainder of 2025	$	19.1
2026	15.9
2027	7.3
2028	4.2
2029	1.8
Thereafter	0.5
Total	$	48.8

Stockholders’ Deficit - Stock repurchase program (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Jul. 31, 2023	Feb. 28, 2022
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 1,200.0
Stock repurchase program, additional authorized amount			$ 1,200.0	$ 1,200.0
Stock repurchased and retired during period, aggregate purchase price	$ 504.0	$ 281.6
Class A
Class of Stock [Line Items]
Stock repurchased and retired during period (in shares)	18.1	11.1
Stock repurchased and retired during period, aggregate purchase price	$ 504.1	$ 281.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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-Section 50
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-Publisher FASB
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+ Details

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Numerators and Denominators of Basic and Diluted EPS Computations

The numerators and denominators of the basic and diluted EPS computations for the Company's common stock are calculated as follows (in millions, except for per share amounts):


	Three Months Ended March 31,
	2025				2024
	Class A		Class B		Class A		Class B
Basic net income per share:
Numerator
Net income attributable to common stockholders	$	110.4	$	39.9	$	100.5	$	31.8
Denominator
Weighted-average number of common shares outstanding used in computing basic net income per share	213.4		76.9		254.4		80.4
Net income per common share, basic	$	0.52	$	0.52	$	0.40	$	0.40
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	110.4	$	39.9	$	100.5	$	31.8
Reallocation of net income as a result of conversion of Class B to Class A common stock	39.9		—		31.8		—
Reallocation of net income to Class B common stock	—		(0.8)		—		(0.5)
Net income attributable to common stockholders for diluted EPS	$	150.3	$	39.1	$	132.3	$	31.3
Denominator
Weighted-average number of common shares outstanding used in computing basic net income per share	213.4		76.9		254.4		80.4
Weighted-average effect of dilutive restricted stock units and awards and employee stock options	5.4		—		5.9		—
Conversion of Class B to Class A common stock	76.9		—		80.4		—
Weighted-average number of common shares outstanding used in computing diluted net income per share	295.7		76.9		340.7		80.4
Net income per common share, diluted	$	0.51	$	0.51	$	0.39	$	0.39

Schedule of Weighted-Average Impact of Potentially Dilutive Securities

The weighted-average impact of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive was as follows:


	Three Months Ended March 31,
	2025	2024
Restricted stock units and awards	1.2	1.9
Options to purchase shares of common stock	—	—
Co-Founder Grant	8.3	8.3
Convertible Senior Notes	37.8	37.8
Warrants	37.8	37.8
Total	85.1	85.8

Description of the Business and Summary of Significant Accounting Policies - Revenue recognition (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue, performance obligation, description of timing	one year or longer
Revenue recognized	$ 344.6	$ 346.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 813.2
Performance obligation satisfaction period	12 months

Goodwill (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amounts of Goodwill

The changes in the carrying amounts of goodwill were as follows:


Balance at December 31, 2024	$	442.8

Effect of foreign currency translation	(0.2)
Balance at March 31, 2025	$	442.6

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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+ Details

Stockholders’ Deficit - Schedule of Stock Option and Restricted Stock Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Number of shares available for issuance under the Plans
Beginning balance (in shares)	122.8
Additional shares authorized (in shares)	14.8
Options and restricted stock units and awards canceled (in shares)	1.4
Shares withheld related to net share settlement of restricted stock units and awards (in shares)	1.2
Options and restricted stock units and awards granted (in shares)	(0.9)
Ending balance (in shares)	139.3	122.8
Number of shares outstanding under the Plans
Beginning balance (in shares)	0.1
Ending balance (in shares)	0.1	0.1
Vested at end of period (in shares)	0.1
Unvested at end of period (in shares)	0.0
Weighted- average exercise price per share
Beginning balance (in dollars per share)	$ 6.13
Ending balance (in dollars per share)	6.13	$ 6.13
Vested at end of period (in dollars per share)	6.13
Unvested at end of period (in dollars per share)	$ 0
Weighted- average remaining contractual term (In years)
Weighted-average contractual term	3 years 4 months 24 days	3 years 10 months 24 days
Vested at end of period	3 years 4 months 24 days
Options outstanding, aggregate intrinsic value	$ 0.3	$ 0.6
Vested at end of period, aggregate intrinsic value	0.3
Unvested at end of period, aggregate intrinsic value	$ 0.0
Restricted Stock
Restricted stock outstanding, Number of shares outstanding under the Plans
Beginning balance (in shares)	25.7
Options exercised and restricted stock units and awards released (in shares)	(2.8)
Options and restricted stock units and awards canceled (in shares)	(1.4)
Options and restricted stock units and awards granted (in shares)	0.9
Ending balance (in shares)	22.4	25.7
Vested at end of period (in shares)	0.0
Restricted stock outstanding, Weighted- average grant date fair value per share
Beginning balance (in dollars per share)	$ 23.79
Options exercised and restricted stock units and awards released (in dollars per share)	24.00
Options and restricted stock units and awards canceled (in dollars per share)	23.79
Options and restricted stock units and awards granted (in dollars per share)	29.73
Ending balance (in dollars per share)	24.02	$ 23.79
Vested at end of period (in dollars per share)	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Income Statement [Abstract]

Revenue

$ 624.7

$ 631.3

Cost of revenue

^[1],[2]

116.7

105.8

Gross profit

508.0

525.5

Operating expenses:

Research and development

^[1],[2]

178.4

219.1

Sales and marketing

^[1],[2]

92.0

108.8

General and administrative

^[1],[2]

53.8

54.1

Total operating expenses

324.2

382.0

Income from operations

183.8

143.5

Interest (expense) income, net

(14.6)

7.3

Other income, net

0.3

Income before income taxes

169.5

151.1

Provision for income taxes

(19.2)

(18.8)

Net income

$ 150.3

$ 132.3

Basic net income per share (in dollars per share)

$ 0.52

$ 0.40

Diluted net income per share (in dollars per share)

$ 0.51

$ 0.39

Weighted-average shares used in computing net income per share attributable to common stockholders, basic (in shares)

290.3

334.8

Weighted-average shares used in computing net income per share attributable to common stockholders, diluted (in shares)

295.7

340.7

[1]

Includes expenses related to the Company's 2024 reduction in workforce such as severance, benefits and other related items during the three months ended March 31, 2025. See Note 1, "Description of the Business and Summary of Significant Accounting Policies - Reduction in Workforce" for additional information.

[2]

Includes stock-based compensation as follows:


	Three Months Ended March 31,
	2025		2024
Cost of revenue	$	4.9	$	5.2
Research and development	46.7		55.4
Sales and marketing	5.0		5.1
General and administrative	10.5		12.3
Total stock-based compensation	$	67.1	$	78.0

Cash, Cash Equivalents and Short-Term Investments - Schedule of Breakdown of the Short-Term Investments (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Less than 12 months
Fair Value	$ 12.5	$ 16.9
Gross Unrealized Losses	(0.1)	(0.2)
More than 12 months
Fair Value	187.8	213.9
Gross Unrealized Losses	(5.0)	(7.0)
Total
Fair Value	200.3	230.8
Gross Unrealized Losses	(5.1)	(7.2)
Corporate notes and obligations
Less than 12 months
Fair Value	1.3	1.9
Gross Unrealized Losses	0.0	0.0
More than 12 months
Fair Value	88.3	103.8
Gross Unrealized Losses	(2.4)	(3.3)
Total
Fair Value	89.6	105.7
Gross Unrealized Losses	(2.4)	(3.3)
U.S. Treasury securities
Less than 12 months
Fair Value	5.1	9.0
Gross Unrealized Losses	0.0	(0.1)
More than 12 months
Fair Value	66.4	65.7
Gross Unrealized Losses	(1.8)	(2.5)
Total
Fair Value	71.5	74.7
Gross Unrealized Losses	(1.8)	(2.6)
Municipal securities
Less than 12 months
Fair Value	6.1	6.0
Gross Unrealized Losses	(0.1)	(0.1)
More than 12 months
Fair Value	17.9	23.1
Gross Unrealized Losses	(0.4)	(0.6)
Total
Fair Value	24.0	29.1
Gross Unrealized Losses	(0.5)	(0.7)
Asset backed securities
Less than 12 months
Fair Value	0.0	0.0
Gross Unrealized Losses	0.0	0.0
More than 12 months
Fair Value	9.8	16.0
Gross Unrealized Losses	(0.2)	(0.3)
Total
Fair Value	9.8	16.0
Gross Unrealized Losses	(0.2)	(0.3)
U.S. agency obligations
Less than 12 months
Fair Value	0.0	0.0
Gross Unrealized Losses	0.0	0.0
More than 12 months
Fair Value	3.7	3.6
Gross Unrealized Losses	(0.1)	(0.2)
Total
Fair Value	3.7	3.6
Gross Unrealized Losses	(0.1)	(0.2)
Supranational securities
Less than 12 months
Fair Value	0.0	0.0
Gross Unrealized Losses	0.0	0.0
More than 12 months
Fair Value	1.7	1.7
Gross Unrealized Losses	(0.1)	(0.1)
Total
Fair Value	1.7	1.7
Gross Unrealized Losses	$ (0.1)	$ (0.1)

Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following:


	As of March 31,		As of December 31,		Weighted- average remaining useful life (In years) As of March 31,
	2025		2024		2025
Developed technology	$	93.6	$	93.7	2.7
Customer relationships	48.5		48.5		1.9
Patents	16.6		16.6		2.3
Software	8.9		8.9		0.0
Trademarks and trade names	5.8		5.8		0.7
Licenses	0.5		0.5		3.7
Assembled workforce in asset acquisitions	3.8		3.4		3.3
Other	1.2		1.2		0.6
Total intangibles	178.9		178.6
Accumulated amortization	(130.1)		(123.7)
Intangible assets, net	$	48.8	$	54.9

Amortization expense was $6.4 million and $6.7 million for the three months ended March 31, 2025 and 2024, respectively.

Expected future amortization expense for intangible assets as of March 31, 2025 is as follows:


	Intangible assets
Remainder of 2025	$	19.1
2026	15.9
2027	7.3
2028	4.2
2029	1.8
Thereafter	0.5
Total	$	48.8

Description of the Business and Summary of Significant Accounting Policies - Concentrations of risk (Narrative) (Details) - Trade and Other Receivables - Customer Concentration Risk	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%	11.00%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	48.00%	48.00%

Stockholders’ Deficit - Co-Founder Grant (Narrative) (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2017	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense		$ 67,100,000	$ 78,000,000.0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		0.9
Awards vesting (in shares)		0.0
Co-Founder Grant \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Trading period	30 days
Allocated share-based compensation expense		$ 0	$ 1,100,000
Co-Founder Grant \| Chief Executive Officer \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	10.3
Awards vesting (in shares)				2.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Cash, Cash Equivalents and Short-Term Investments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) investment	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Cash and Cash Equivalents [Abstract]
Cash in transit for credit and debit card transactions	$ 13.0		$ 9.9
Number of investments in unrealized loss positions \| investment	147
Number of security types \| investment	6
Unrealized losses, short term investments	$ 5.1		$ 7.2
Investment income	$ 12.7	$ 11.9

Stockholders’ Deficit - Equity incentive plans (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued and outstanding (in shares)	0.1	0.1
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Remaining unamortized stock-based compensation	$ 517.2
Award requisite period	2 years 6 months
2018 Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Vesting period	4 years
Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued and outstanding (in shares)	22.5
Shares available for grant (in shares)	139.3

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income attributable to common stockholders	$ 150.3	$ 132.3

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Convertible Senior Notes (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) d $ / shares	Mar. 31, 2024 USD ($)	Mar. 31, 2021 USD ($)
Debt Instrument [Line Items]
Proceeds from convertible debt			$ 1,400.0
Convertible Scenario One
Debt Instrument [Line Items]
Convertible debt, threshold trading days \| d	20
Convertible debt, threshold consecutive trading days \| d	30
Convertible debt, threshold percentage of stock price trigger	130.00%
Convertible Scenario Two
Debt Instrument [Line Items]
Convertible debt, threshold trading days \| d	5
Convertible debt, threshold consecutive trading days \| d	5
Convertible debt, threshold percentage of stock price trigger	98.00%
Convertible Scenario Three
Debt Instrument [Line Items]
Convertible debt, threshold trading days \| d	20
Convertible debt, threshold consecutive trading days \| d	30
Convertible debt, threshold percentage of stock price trigger	130.00%
Convertible Debt \| Convertible Scenario Three
Debt Instrument [Line Items]
Convertible debt, redemption percentage	100.00%
Convertible Debt \| Convertible Scenario Four
Debt Instrument [Line Items]
Convertible debt, redemption percentage	100.00%
2026 Notes
Debt Instrument [Line Items]
Convertible debt, conversion rate	0.0261458
Convertible debt, conversion rate (in dollars per share) \| $ / shares	$ 38.25
Interest expense	$ 0.4	$ 0.5
2026 Notes \| Maximum
Debt Instrument [Line Items]
Convertible debt, conversion rate	0.0431406
2026 Notes \| Convertible Debt
Debt Instrument [Line Items]
Proceeds from convertible debt			695.8
Debt issuance costs	$ 11.0
Debt instrument, term	5 years
Effective interest rate	0.32%
2028 Notes
Debt Instrument [Line Items]
Convertible debt, conversion rate	0.0282889
Convertible debt, conversion rate (in dollars per share) \| $ / shares	$ 35.35
Interest expense	$ 0.3	$ 0.4
2028 Notes \| Maximum
Debt Instrument [Line Items]
Convertible debt, conversion rate	0.0431406
2028 Notes \| Convertible Debt
Debt Instrument [Line Items]
Proceeds from convertible debt			$ 693.3
Debt issuance costs	$ 11.0
Debt instrument, term	7 years
Effective interest rate	0.22%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 150.3	$ 132.3
Other comprehensive income:
Change in foreign currency translation adjustments	1.0	(1.1)
Change in net unrealized gains and losses on short-term investments	2.1	2.2
Total other comprehensive income	3.1	1.1
Comprehensive income	$ 153.4	$ 133.4

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Description of the Business and Summary of Significant Accounting Policies - Reduction in Workforce (Narrative) (Details) - 2024 Global Workforce Reduction Plan - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 31, 2024	Mar. 31, 2025	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Expected reduction of workforce	20.00%
Expected costs	$ 65.0
Payments for restructuring, including pro rata amount		$ 10.2	$ 62.2
Charges		$ 2.3	$ 49.5
Employee Severance
Restructuring Cost and Reserve [Line Items]
Expected costs	$ 51.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Description of the Business and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the United States of America generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. The accompanying unaudited condensed consolidated financial statements include the accounts of Dropbox and its wholly owned subsidiaries.

Consolidation

All intercompany balances and transactions have been eliminated in consolidation.The condensed consolidated balance sheet as of December 31, 2024 included herein was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets, statements of operations, statements of comprehensive income, statements of stockholders' deficit and the statements of cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year ended December 31, 2025 or any future period.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s condensed consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the condensed consolidated financial statements. Management evaluates these estimates and assumptions on a regular basis. Actual results may differ materially from these estimates.

The Company’s most significant estimates and judgments are related to the valuation of right-of-use and other lease related property and equipment assets as well as income taxes.

Financial information about segments and geographic areas

The Company manages its operations and allocates resources as a single operating segment. Further, the Company manages, monitors, and reports its financial information as a single reportable segment.

Foreign currency transactions

The assets and liabilities of the Company’s foreign subsidiaries are translated from their respective functional currencies into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expense amounts are translated at the average exchange rate for the period. Foreign currency translation gains and losses are recorded in other comprehensive income, net of tax.

Gains and losses realized from foreign currency transactions (those transactions denominated in currencies other than the foreign subsidiaries’ functional currency) are included in other income, net. Monetary assets and liabilities are remeasured using foreign currency exchange rates at the end of the period, and non-monetary assets are remeasured based on historical exchange rates.

Revenue recognition, Cost of revenue, and Deferred commissions, net

Revenue recognition

The Company derives its revenue from subscription fees from customers for access to its platform. The Company’s policy is to exclude sales and other indirect taxes when measuring the transaction price of its subscription agreements. The Company accounts for revenue contracts with customers through the following steps:

•Identification of the contract, or contracts, with a customer

•Identification of the performance obligations in the contract

•Determination of the transaction price

•Allocation of the transaction price to the performance obligations in the contract

•Recognition of revenue when, or as, the Company satisfies a performance obligation

The Company’s subscription agreements are generally non-cancelable and have monthly or annual contractual terms with a small percentage having multi-year contractual terms. Revenue is recognized ratably over the related contractual term beginning on the date that the platform is made available to a customer. Access to the platform represents a series of distinct services as the Company continually provides access to, and fulfills its obligation to the end customer over the subscription term. The series of distinct services represents a single performance obligation that is satisfied over time. The Company recognizes revenue ratably because the customer receives and consumes the benefits of the platform throughout the contract period.

The Company bills in advance for monthly contracts and typically bills annually in advance for contracts with terms of one year or longer. The Company also recognizes an immaterial amount of contract assets, or unbilled receivables, primarily related to consideration for services completed but not billed at the reporting date. Unbilled receivables are classified as receivables when the Company has the right to invoice the customer.

The Company records contract liabilities when cash payments are received or due in advance of performance to deferred revenue. Deferred revenue primarily relates to the advance consideration received from the customer.

The price of subscriptions is generally fixed at contract inception and therefore, the Company’s contracts do not contain a significant amount of variable consideration. As a result, the amount of revenue recognized in the periods presented from performance obligations satisfied (or partially satisfied) in previous periods was not material.

Cost of revenue

Cost of revenue consists primarily of expenses associated with the storage, delivery, and distribution of the Company’s platform for both paying users and free users. These costs, which are referred to as infrastructure costs, include depreciation of servers located in co-location facilities that the Company leases and operates, rent and facilities expense for those datacenters, network and bandwidth costs, support and maintenance costs for infrastructure equipment, and payments to third-party datacenter service providers. Cost of revenue also includes salaries, bonuses, benefits, travel-related expenses, and stock-based compensation, which are referred to as employee-related costs, for employees whose primary responsibilities relate to supporting the Company’s infrastructure and delivering user support. Other non-employee costs included in cost of revenue include credit card fees related to processing customer transactions and allocated overhead, such as facilities, including rent, utilities, depreciation on leasehold improvements and other equipment shared by all departments, and shared information technology costs. In addition, cost of revenue includes amortization of developed technologies, professional fees related to user support initiatives, and property taxes related to datacenter equipment.

Deferred commissions, net

Deferred commissions, net is stated as gross deferred commissions less accumulated amortization. Deferred commissions are considered to be incremental and recoverable costs of obtaining a contract with a customer such as sales commissions earned by the Company’s sales force including related payroll taxes and revenue share earned by strategic partners. These amounts have been capitalized as deferred commissions within prepaid and other current assets and other assets on the condensed consolidated balance sheets.

Stock-based compensation

The Company has primarily granted restricted stock units (“RSUs”) to its employees and members of the Board of Directors under the 2008 Equity Incentive Plan (“2008 Plan”), the 2017 Equity Incentive Plan (“2017 Plan”), and the 2018 Equity Incentive Plan (“2018 Plan” and together with the 2008 Plan and 2017 Plan, the "Dropbox Equity Incentive Plans”). Since August 2015, the Company has granted RSUs, which have a service based vesting condition over a four-year period vesting quarterly, as the only stock-based awards to its employees, with the exception of awards granted to its co-founder and certain executives, and has not granted any stock options to employees under the Dropbox Equity Incentive Plans. The Company recognizes compensation expense associated with RSUs on a straight-line basis over the requisite service period and accounts for forfeitures in the period in which they occur.

The Board of Directors determines the fair value of each share of underlying common stock based on the closing price of the Company's Class A common stock as reported on the Nasdaq Global Select Market on the date of the grant.

In December 2017, the Board of Directors approved a Co-Founder Grant of 10.3 million shares of Class A Common Stock in the form of restricted stock awards (“RSAs”) to Drew Houston, the Company's co-founder and Chief Executive Officer (the “Co-Founder Grant”). The grant is subject to service-based, market-based, and performance-based vesting conditions and is excluded from issued and outstanding Class A Common Stock until vesting. The Company estimated the grant date fair value using a Monte Carlo simulation model that incorporated the probability of not meeting stock price targets. The first tranche vested in the fourth quarter of 2021. Stock-based compensation expense for the Co-Founder Grant was recognized using the accelerated attribution method over the derived service period and will not be reversed if market conditions are unmet. As of December 31, 2024, the Company had fully recognized all related stock-based compensation expense. See Note 11, "Stockholders' Deficit," for additional information.

Cash, cash equivalents, and restricted cash

Cash consists primarily of cash on deposit with banks and includes amounts in transit from payment processors for credit and debit card transactions, which typically settle within five business days. Cash equivalents include highly liquid investments purchased with an original maturity date of 90 days or less from the date of purchase.

Restricted cash relates to cash collateral used to secure outstanding letters of credit primarily for the Company’s office lease agreements. The Company had restricted cash of $32.7 million and $32.2 million as of March 31, 2025 and December 31, 2024, respectively.

The Company monitors its credit risk by considering factors such as historical experience, credit ratings, current economic conditions, and reasonable and supportable forecasts.

Short-term investments

The Company’s short-term investments are primarily comprised of corporate notes and obligations, U.S. Treasury securities, certificates of deposit, asset-backed securities, commercial paper, U.S. agency obligations, foreign government securities, supranational securities, and municipal securities. The Company determines the appropriate classification of its short-term investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its short-term investments as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its short-term investments, including securities with stated maturities beyond twelve months, within current assets in the condensed consolidated balance sheets.

The Company's short-term investments are recorded at fair value each reporting period. Unrealized gains and losses on these short-term investments are reported as a separate component of accumulated other comprehensive loss in the condensed consolidated balance sheets until realized. Unrealized gains and losses for any short-term investments that management intends to sell or it is more likely than not that management will be required to sell prior to their anticipated recovery are recorded in other income (loss), net. The Company segments its portfolio based on the underlying risk profiles of the securities and has a zero-loss expectation for U.S. treasury and U.S. government agency securities. The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as credit ratings, issuer-specific factors, current economic conditions, and reasonable and supportable forecasts.

Concentrations of risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, accounts receivable, and short-term investments. Although the Company deposits its cash and cash equivalents with multiple well-established financial institutions, the deposits, at times, may exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and management believes that the institutions where the Company has deposits are financially stable and, accordingly, minimal credit risk exists.

Property and equipment, net

Equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the related asset, which is generally three to seven years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the related lease.

The following table presents the estimated useful lives of property and equipment:


Property and equipment						Useful life
Datacenter and other computer equipment						3 to 5 years
Office equipment and other						3 to 7 years
Leasehold improvements						Lesser of estimated useful life or remaining lease term

Lease obligations

The Company leases office space, datacenters, and equipment under non-cancelable finance and operating leases with various expiration dates through 2036. The Company determines if an arrangement contains a lease at inception.

Operating lease right-of-use assets and lease liabilities are recognized at the present value of the future lease payments at commencement date. The interest rate implicit in the Company’s operating leases is not readily determinable, and therefore an incremental borrowing rate is estimated to determine the present value of future payments. The estimated incremental borrowing rate factors in a hypothetical interest rate on a collateralized basis with similar terms, payments, and economic environments. Operating lease right-of-use assets also include any prepaid lease payments and lease incentives.

Certain of the operating lease agreements contain rent concession, rent escalation, and option to renew provisions. Rent concession and rent escalation provisions are considered in determining the single lease cost to be recorded over the lease term. Single lease cost is recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property. The lease terms may include options to extend or terminate the lease. The Company generally uses the

base, non-cancelable, lease term when recognizing the lease assets and liabilities, unless it is reasonably certain that the option will be exercised.

In addition, certain operating lease agreements contain tenant improvement allowances from its landlords. These allowances are accounted for as lease incentives and decrease the Company's right-of-use asset and reduce single lease cost over the lease term.

As part of the Company's Virtual First strategy, Dropbox has retained a portion of its office space for in-person collaboration while the remainder will be subleased. During the three months ended March 31, 2025 and 2024, the Company did not recognize any impairment charge related to right-of-use assets and other lease related property and equipment assets. See Note 8 "Leases" for additional information.

The Company leases certain equipment from various third parties, through equipment finance leases. These leases either include a bargain purchase option, a full transfer of ownership at the completion of the lease term, or the terms of the leases are at least 75 percent of the useful lives of the assets and are therefore classified as finance leases. These leases are capitalized in property and equipment, net and the related amortization of assets under finance leases is included in depreciation and amortization expense in the Company’s consolidated statements of operations. Initial asset values and finance lease obligations are based on the present value of future minimum lease payments.

The Company’s finance lease agreements may contain lease and non-lease components. The non-lease components include payments for support on infrastructure equipment obtained via finance leases, which when not significant in relation to the overall agreement, are combined with the lease components and accounted for together as a single lease component.

Business combinations

The Company uses best estimates and assumptions, including but not limited to, future expected cash flows, expected asset lives, and discount rates, to assign a fair value to the tangible and intangible assets acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s condensed consolidated statements of operations.

Long-lived assets, including goodwill and other acquired intangible assets, net

The Company evaluates the recoverability of its property and equipment and finite-lived intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. The evaluation is performed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is measured by comparing the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review determines that the carrying amount of specific property and equipment or intangible assets is not recoverable, the carrying amount of such assets is reduced to its fair value.

The Company reviews goodwill for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances would more likely than not reduce the fair value of its single reporting unit below its carrying value.

The Company has not recorded impairment charges on goodwill or intangible assets for the periods presented in these condensed consolidated financial statements.

During the three months ended March 31, 2025 and 2024, respectively, the Company did not recognize any impairment charge related to right-of-use assets and other lease related property and equipment assets.

Acquired property and equipment and finite-lived intangible assets are amortized over their useful lives. The Company evaluates the estimated remaining useful life of these assets when events or changes in circumstances warrant a revision to the remaining period of depreciation or amortization. If the Company revises the estimated useful life assumption for any asset, the remaining unamortized balance is amortized or depreciated over the revised estimated useful life on a prospective basis.

Income taxes

Deferred income tax balances reflect the effects of temporary differences between the financial reporting and tax bases of the Company’s assets and liabilities using enacted tax rates expected to apply when taxes are actually paid or recovered. In addition, deferred tax assets are recorded for net operating loss and credit carryforwards.

A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will be realized based on all available positive and negative evidence. Such evidence includes, but is not limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets.

The Company uses a two-step approach to recognizing and measuring uncertain income tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit. The second step is to measure the tax benefit as the largest amount, which is more than 50% likely of being realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense.

Although the Company believes that it has adequately reserved for its uncertain tax positions, it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company evaluates its uncertain tax positions on a regular basis and evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of an audit, and effective settlement of audit issues.

To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and results of operations.

The Tax Cuts and Jobs Act of 2017 ("TCJA") subjects a U.S. shareholder to current tax on global intangible low-taxed income ("GILTI") earned by foreign subsidiaries. The Company accounts for GILTI as a period cost as incurred.

Fair value measurement

The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions, and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Recently issued accounting pronouncements not yet adopted

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance income tax disclosures primarily through changes in rate reconciliation and income taxes paid disclosures. The amendments in ASU 2023-09 are effective for

annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the Company's consolidated financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of disaggregated information about the types of expenses (including employee compensation, depreciation, and amortization) in commonly presented expense captions in the statement of operations, as well as the total amount of selling expenses and, in annual periods, an entity’s definition of selling expenses. The amendments in ASU 2024-03 are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on the Company's consolidated financial statement disclosures.

In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in ASU 2024-04 are effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in ASU 2020-06. The Company is currently evaluating the impact of this standard on the Company's consolidated financial statements.

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired.Goodwill amounts are not amortized, but tested for impairment on an annual basis.

Net income per share

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 178.9	$ 178.6
Accumulated amortization	(130.1)	(123.7)
Intangible assets, net	48.8	54.9
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 93.6	93.7
Developed technology \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (in years)	2 years 8 months 12 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 48.5	48.5
Customer relationships \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (in years)	1 year 10 months 24 days
Patents
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 16.6	16.6
Patents \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (in years)	2 years 3 months 18 days
Software
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 8.9	8.9
Software \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (in years)	0 years
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 5.8	5.8
Trademarks and trade names \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (in years)	8 months 12 days
Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 0.5	0.5
Licenses \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (in years)	3 years 8 months 12 days
Assembled workforce in asset acquisitions
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 3.8	3.4
Assembled workforce in asset acquisitions \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (in years)	3 years 3 months 18 days
Other
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 1.2	$ 1.2
Other \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted- average remaining useful life (in years)	7 months 6 days

Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 942.2	$ 1,328.3
Short-term investments	237.8	265.9
Corporate notes and obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	112.7	130.0
U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	83.3	82.4
Municipal securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	24.0	29.3
Asset backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	12.4	18.9
U.S. agency obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	3.7	3.6
Supranational securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	1.7	1.7
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	852.7	1,230.0
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	852.7	1,230.0
Short-term investments	237.8	265.9
Assets, fair value disclosure	1,090.5	1,495.9
Fair Value, Measurements, Recurring \| Corporate notes and obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	112.7	130.0
Fair Value, Measurements, Recurring \| U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	83.3	82.4
Fair Value, Measurements, Recurring \| Municipal securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	24.0	29.3
Fair Value, Measurements, Recurring \| Asset backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	12.4	18.9
Fair Value, Measurements, Recurring \| U.S. agency obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	3.7	3.6
Fair Value, Measurements, Recurring \| Supranational securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	1.7	1.7
Fair Value, Measurements, Recurring \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	852.7	1,230.0
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	852.7	1,230.0
Short-term investments	0.0	0.0
Assets, fair value disclosure	852.7	1,230.0
Fair Value, Measurements, Recurring \| Level 1 \| Corporate notes and obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	0.0	0.0
Fair Value, Measurements, Recurring \| Level 1 \| U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	0.0	0.0
Fair Value, Measurements, Recurring \| Level 1 \| Municipal securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	0.0	0.0
Fair Value, Measurements, Recurring \| Level 1 \| Asset backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	0.0	0.0
Fair Value, Measurements, Recurring \| Level 1 \| U.S. agency obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	0.0	0.0
Fair Value, Measurements, Recurring \| Level 1 \| Supranational securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	0.0	0.0
Fair Value, Measurements, Recurring \| Level 1 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	852.7	1,230.0
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0.0	0.0
Short-term investments	237.8	265.9
Assets, fair value disclosure	237.8	265.9
Fair Value, Measurements, Recurring \| Level 2 \| Corporate notes and obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	112.7	130.0
Fair Value, Measurements, Recurring \| Level 2 \| U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	83.3	82.4
Fair Value, Measurements, Recurring \| Level 2 \| Municipal securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	24.0	29.3
Fair Value, Measurements, Recurring \| Level 2 \| Asset backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	12.4	18.9
Fair Value, Measurements, Recurring \| Level 2 \| U.S. agency obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	3.7	3.6
Fair Value, Measurements, Recurring \| Level 2 \| Supranational securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	1.7	1.7
Fair Value, Measurements, Recurring \| Level 2 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0.0	0.0
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0.0	0.0
Short-term investments	0.0	0.0
Assets, fair value disclosure	0.0	0.0
Fair Value, Measurements, Recurring \| Level 3 \| Corporate notes and obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	0.0	0.0
Fair Value, Measurements, Recurring \| Level 3 \| U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	0.0	0.0
Fair Value, Measurements, Recurring \| Level 3 \| Municipal securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	0.0	0.0
Fair Value, Measurements, Recurring \| Level 3 \| Asset backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	0.0	0.0
Fair Value, Measurements, Recurring \| Level 3 \| U.S. agency obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	0.0	0.0
Fair Value, Measurements, Recurring \| Level 3 \| Supranational securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	0.0	0.0
Fair Value, Measurements, Recurring \| Level 3 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 0.0	$ 0.0

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company measures its financial instruments at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis using the input categories discussed in Note 1:


	As of March 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	852.7	$	—	$	—	$	852.7
Total cash equivalents	$	852.7	$	—	$	—	$	852.7
Short-term investments
Corporate notes and obligations	—		112.7		—		112.7
U.S. Treasury securities	—		83.3		—		83.3
Municipal securities	—		24.0		—		24.0
Asset backed securities	—		12.4		—		12.4
U.S. agency obligations	—		3.7		—		3.7
Supranational securities	—		1.7		—		1.7
Total short-term investments	—		237.8		—		237.8
Total	$	852.7	$	237.8	$	—	$	1,090.5


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	1,230.0	$	—	$	—	$	1,230.0
Total cash equivalents	$	1,230.0	$	—	$	—	$	1,230.0
Short-term investments
Corporate notes and obligations	—		130.0		—		130.0
U.S. Treasury securities	—		82.4		—		82.4
Municipal securities	—		29.3		—		29.3
Asset backed securities	—		18.9		—		18.9
U.S. agency obligations	—		3.6		—		3.6
Supranational securities	—		1.7		—		1.7
Total short-term investments	—		265.9		—		265.9
Total	$	1,230.0	$	265.9	$	—	$	1,495.9

The Company had no transfers between levels of the fair value hierarchy during the periods presented.

The carrying amounts of certain financial instruments, including cash and restricted cash held at banks, accounts receivable and accounts payable approximate fair value due to their short-term maturities and are excluded from the fair value table above.

The Company had $695.8 million in aggregate principal amount of 0% convertible senior notes due in 2026 (the "2026 Notes"), and $693.3 million in aggregate principal amount of 0% convertible senior notes due in 2028 (the "2028 Notes" and together with the 2026 Notes, the "Notes"), outstanding as of March 31, 2025. See Note 7 "Debt" for additional information.

The estimated fair value of the 2026 Notes and the 2028 Notes, based on a market approach as of March 31, 2025 was approximately $684.3 million and $683.0 million, respectively. The Notes were categorized as Level 2 instruments as the estimated fair value was determined based on the trading activity of the Notes in an over-the-counter market on the last business day of the period.

The Company had $997.5 million of term loans outstanding with a carrying value of $971.7 million as of March 31, 2025. See Note 7 "Debt" for additional information. As of March 31, 2025, the fair value of the term loan approximated its carrying value as of such date. The term loans are categorized as Level 2 instruments as the estimated fair value was determined based on the borrowing rates currently available to the Company for bank loans with similar terms and maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Debt - Schedule of Maturities of Long-Term Convertible Debt (Details) - Convertible Debt - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Remainder of 2025	$ 0.0
2026	695.8
2027	0.0
2028	693.3
2029	0.0
Thereafter	0.0
Total	$ 1,389.1	$ 1,389.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis using the input categories discussed in Note 1:


	As of March 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	852.7	$	—	$	—	$	852.7
Total cash equivalents	$	852.7	$	—	$	—	$	852.7
Short-term investments
Corporate notes and obligations	—		112.7		—		112.7
U.S. Treasury securities	—		83.3		—		83.3
Municipal securities	—		24.0		—		24.0
Asset backed securities	—		12.4		—		12.4
U.S. agency obligations	—		3.7		—		3.7
Supranational securities	—		1.7		—		1.7
Total short-term investments	—		237.8		—		237.8
Total	$	852.7	$	237.8	$	—	$	1,090.5


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	1,230.0	$	—	$	—	$	1,230.0
Total cash equivalents	$	1,230.0	$	—	$	—	$	1,230.0
Short-term investments
Corporate notes and obligations	—		130.0		—		130.0
U.S. Treasury securities	—		82.4		—		82.4
Municipal securities	—		29.3		—		29.3
Asset backed securities	—		18.9		—		18.9
U.S. agency obligations	—		3.6		—		3.6
Supranational securities	—		1.7		—		1.7
Total short-term investments	—		265.9		—		265.9
Total	$	1,230.0	$	265.9	$	—	$	1,495.9

Description of the Business and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Severance and Related Charges

These severance and related charges are included within the Company's consolidated statement of operations for the three months ended March 31, 2025 as follows:


Cost of revenue	$	0.3
Research and development	1.2
Sales and marketing	0.3
General and administrative	0.5
Total Charges	$	2.3

For the three months ended March 31, 2025, changes in liabilities resulting from the severance charges and related costs were as follows:


	Severance and Related Costs
Balance as of December 31, 2024	$	7.3
Charges	2.3
Cash payments(1)	(8.4)
Balance as of March 31, 2025	$	1.2

(1) For the three months ended March 31, 2025, total cash payments were $10.2 million when including the pro rata amount of the fiscal year 2024 annual employee bonus.

Schedule of Estimated Useful Lives of Property and Equipment

The following table presents the estimated useful lives of property and equipment:


Property and equipment						Useful life
Datacenter and other computer equipment						3 to 5 years
Office equipment and other						3 to 7 years
Leasehold improvements						Lesser of estimated useful life or remaining lease term

Property and equipment, net consisted of the following:


	As of
	March 31, 2025		December 31, 2024
Datacenter and other computer equipment	$	837.2	$	830.2
Furniture and fixtures	10.3		10.7
Leasehold improvements	99.7		101.9
Construction in progress	0.6		0.2
Total property and equipment	947.8		943.0
Accumulated depreciation	(583.2)		(584.2)
Property and equipment, net	$	364.6	$	358.8

Leases - Narrative (Details)	1 Months Ended			3 Months Ended
Leases - Narrative (Details)	Jan. 31, 2025 USD ($) ft²	Jun. 30, 2024 USD ($) ft²	Oct. 31, 2023 USD ($) ft²	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) ft² tranche	Dec. 31, 2017
Lessee, Lease, Description [Line Items]
Lease, renewal term				5 years
Operating sublease, extension term				4 years
Sublease income				$ 3,000,000.0	$ 3,500,000
Asset impairment charges				0	$ 0
Leases not yet commenced				84,300,000
Corporate Headquarters Lease
Lessee, Lease, Description [Line Items]
Operating lease, term of contract							15 years
Minimum obligations				150,200,000
Corporate Headquarters Lease \| Bridge Loan \| Line of Credit
Lessee, Lease, Description [Line Items]
Line of credit facility, maximum borrowing capacity				$ 17,500,000
Corporate Headquarters Lease Amendment
Lessee, Lease, Description [Line Items]
Area of leased property surrendered \| ft²	59,000	54,000	52,000			165,000
Lease termination liability						$ 79,000,000
Number of tranches \| tranche						3
Lease termination payment	$ 36,000,000	$ 14,900,000	$ 28,100,000
Minimum
Lessee, Lease, Description [Line Items]
Lease, remaining lease term				1 year
Operating sublease, term				1 year
Leases not yet commenced, term of contract				6 years
Maximum
Lessee, Lease, Description [Line Items]
Lease, remaining lease term				11 years
Operating sublease, term				9 years
Leases not yet commenced, term of contract				7 years

Goodwill

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. The changes in the carrying amounts of goodwill were as follows:


Balance at December 31, 2024	$	442.8

Effect of foreign currency translation	(0.2)
Balance at March 31, 2025	$	442.6

Goodwill amounts are not amortized, but tested for impairment on an annual basis. There was no impairment of goodwill during the periods ended March 31, 2025 and December 31, 2024.

Stockholders’ Deficit - Schedule of Pre-Tax Intrinsic Value of Options Exercised (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Intrinsic value of options exercised	$ 0.0	$ 0.2

Description of the Business and Summary of Significant Accounting Policies - Stock-based compensation (Narrative) (Details) - Restricted Stock - shares shares in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2017	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Shares granted (in shares)		0.9
Chief Executive Officer \| Co-Founder Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	10.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Cash, Cash Equivalents and Short-Term Investments - Schedule of Amortized Cost, Unrealized Gains and Losses and Estimated Fair Value of Cash, Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	$ 942.2	$ 1,328.3	$ 548.9
Cash and cash equivalents, estimated fair value	942.2	1,328.3
Short-term investments, amortized cost	242.7	272.9
Short-term investments, unrealized gain	0.2	0.2
Short-term investments, unrealized loss	(5.1)	(7.2)
Short-term investments, estimated fair value	237.8	265.9
Total cash, cash equivalents, and short term investments, before unrealized gains (losses) on investments	1,184.9	1,601.2
Total cash, cash equivalents, and short term investments	1,180.0	1,594.2
Corporate notes and obligations
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	114.9	133.1
Short-term investments, unrealized gain	0.2	0.2
Short-term investments, unrealized loss	(2.4)	(3.3)
Short-term investments, estimated fair value	112.7	130.0
U.S. Treasury securities
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	85.1	85.0
Short-term investments, unrealized gain	0.0	0.0
Short-term investments, unrealized loss	(1.8)	(2.6)
Short-term investments, estimated fair value	83.3	82.4
Municipal securities
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	24.5	30.0
Short-term investments, unrealized gain	0.0	0.0
Short-term investments, unrealized loss	(0.5)	(0.7)
Short-term investments, estimated fair value	24.0	29.3
Asset backed securities
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	12.6	19.2
Short-term investments, unrealized gain	0.0	0.0
Short-term investments, unrealized loss	(0.2)	(0.3)
Short-term investments, estimated fair value	12.4	18.9
U.S. agency obligations
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	3.8	3.8
Short-term investments, unrealized gain	0.0	0.0
Short-term investments, unrealized loss	(0.1)	(0.2)
Short-term investments, estimated fair value	3.7	3.6
Supranational securities
Cash and Cash Equivalents [Line Items]
Short-term investments, amortized cost	1.8	1.8
Short-term investments, unrealized gain	0.0	0.0
Short-term investments, unrealized loss	(0.1)	(0.1)
Short-term investments, estimated fair value	1.7	1.7
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	89.5	98.3
Cash and cash equivalents, estimated fair value	89.5	98.3
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	852.7	1,230.0
Cash and cash equivalents, estimated fair value	$ 852.7	$ 1,230.0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional paid in capital	Accumulated deficit	Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Dec. 31, 2023		336.7
Beginning balance at Dec. 31, 2023	$ (165.8)	$ 0.0	$ 2,598.0	$ (2,742.3)	$ (21.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units and awards (in shares)		3.4
Shares withheld related to net share settlement of restricted stock units and awards (in shares)		(1.3)
Shares withheld related to net share settlement of restricted stock units and awards	(41.3)		(12.5)	(28.8)
Repurchases of common stock (in shares)		(11.1)
Repurchases of common stock	(281.6)		(108.8)	(172.8)
Exercise of stock options and awards	0.1		0.1
Stock-based compensation	78.0		78.0
Other comprehensive income	1.1				1.1
Net income	132.3			132.3
Ending balance (in shares) at Mar. 31, 2024		327.7
Ending balance at Mar. 31, 2024	(277.2)	$ 0.0	2,554.8	(2,811.6)	(20.4)
Beginning balance (in shares) at Dec. 31, 2024		295.9
Beginning balance at Dec. 31, 2024	$ (752.4)	$ 0.0	2,404.2	(3,146.5)	(10.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units and awards (in shares)		2.8
Shares withheld related to net share settlement of restricted stock units and awards (in shares)	(1.2)	(1.2)
Shares withheld related to net share settlement of restricted stock units and awards	$ (39.8)		(12.9)	(26.9)
Repurchases of common stock (in shares)		(18.1)
Repurchases of common stock	(504.0)		(191.4)	(312.6)
Stock-based compensation	67.1		67.1
Other comprehensive income	3.1				3.1
Net income	150.3			150.3
Ending balance (in shares) at Mar. 31, 2025		279.4
Ending balance at Mar. 31, 2025	$ (1,075.7)	$ 0.0	$ 2,267.0	$ (3,335.7)	$ (7.0)

Stockholders’ Deficit

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders’ Deficit

Common stock

The Company’s amended and restated certificate of incorporation authorizes the issuance of Class A common stock, Class B common stock, and Class C common stock. Holders of Class A common stock, Class B common stock, and Class C common stock are entitled to dividends on a pro rata basis, when, as, and if declared by the Company’s Board of Directors, subject to the rights of the holders of the Company’s preferred stock. Holders of Class A common stock are entitled to one vote per share, holders of Class B common stock are entitled to 10 votes per share, and holders of Class C common stock are entitled to zero votes per share.

As of March 31, 2025, the Company had authorized 2,400.0 million shares of Class A common stock, 475.0 million shares of Class B common stock, and 800.0 million shares of Class C common stock, each at par value of $0.00001. Holders of Class B common stock voluntarily converted 0.6 million and 0.7 million shares during the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, 202.6 million shares of Class A common stock, 76.8 million shares of Class B common stock, and no shares of Class C common stock were issued and outstanding. As of December 31, 2024, 218.4 million shares of Class A common stock, 77.5 million shares of Class B common stock, and no shares of Class C common stock were issued and outstanding. Class A shares issued and outstanding as of March 31, 2025 and December 31, 2024 exclude unvested restricted stock awards granted to certain executives. Class A shares issued and outstanding also exclude 8.3 million unvested restricted stock awards granted to one of the Company's co-founders as of March 31, 2025 and December 31, 2024, respectively. See "Co-Founder Grant" section below for additional information.

Preferred stock

The Company's Board of Directors will have the authority, without further action by the Company's stockholders, to issue up to 240.0 million shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time-to-time by the Board of Directors.

Stock repurchase program

In February 2022, the Board of Directors authorized a $1.2 billion share repurchase program, which the Company completed during the three months ended March 31, 2024. In July 2023, the Board of Directors authorized an additional $1.2 billion share repurchase program, which the Company completed during the three months ended March 31, 2025. In December 2024, the Board of Directors authorized a third $1.2 billion share repurchase program, under which the Company continues to repurchase shares. Share repurchases will be made from time-to-time in private transactions or open market purchases, as permitted by securities laws and other legal requirements and will be subject to a review of the circumstances in place at that time, including prevailing market prices. The program does not obligate the Company to repurchase any specific number of shares and may be discontinued at any time.

During the three months ended March 31, 2025 and 2024, the Company repurchased and subsequently retired 18.1 million and 11.1 million shares of its Class A common stock, for aggregate amounts of $504.1 million and $281.6 million, respectively. During the three months ended March 31, 2025 and 2024, the 1% excise tax imposed as part of the Inflation Reduction Act is included in the cost of treasury stock acquired pursuant to common share repurchases. Additionally, repurchases during the three months ended March 31, 2025 included repurchase execution costs incurred in connection with the Company’s share repurchase program.

Equity incentive plans

Under the 2018 Plan, the Company may grant stock-based awards to purchase or directly issue shares of common stock to employees, directors, and consultants. Options are granted at a price per share equal to the fair market value of the Company's common stock at the date of grant. Options granted are exercisable over a maximum term of 10 years from the date of grant and generally vest over a period of four years. RSUs and RSAs are also granted under the 2018 Plan. The 2018 Plan will terminate 10 years after the later of (i) its adoption or (ii) the most recent stockholder-approved increase in the number of shares reserved

under the 2018 Plan, unless terminated earlier by the Company's Board of Directors. The 2018 Plan was adopted on March 22, 2018.

In connection with the acquisition of DocSend, the Company assumed unvested stock options and an immaterial number of unvested RSUs that had been granted under DocSend's 2013 Stock Plan and DocSend's 2015 Stock Option and Grant Plan.

As of March 31, 2025, there were 22.5 million stock-based awards issued and outstanding and 139.3 million shares available for issuance under the Dropbox Equity Incentive Plans, Dropbox Sign's 2011 Equity Incentive Plan, DocSend's 2013 Stock Plan and DocSend's 2015 Stock Option and Grant Plan (collectively, the "Plans").

Stock option and restricted stock activity for the Plans was as follows for the three months ended March 31, 2025:


		Options outstanding						Restricted stock outstanding
	Number of shares available for issuance under the Plans	Number of shares outstanding under the Plans	Weighted- average exercise price per share		Weighted- average remaining contractual term (In years)	Aggregate intrinsic value		Number of shares outstanding under the Plans	Weighted- average grant date fair value per share
Balance at December 31, 2024	122.8	0.1	$	6.13	3.9	$	0.6	25.7	$	23.79
Additional shares authorized	14.8	—	—		—	—		—	—
Options exercised and restricted stock units and awards released	—	—	—		—	—		(2.8)	24.00
Options and restricted stock units and awards canceled	1.4	—	—		—	—		(1.4)	23.79
Shares withheld related to net share settlement of restricted stock units and awards	1.2	—	—		—	—		—	—
Options and restricted stock units and awards granted	(0.9)	—	—		—	—		0.9	29.73
Balance as of March 31, 2025	139.3	0.1	$	6.13	3.4	$	0.3	22.4	$	24.02
Vested at March 31, 2025		0.1	$	6.13	3.4	$	0.3	—	$	—
Unvested at March 31, 2025		—	$	—	—	$	—	22.4	$	24.02

The following table summarizes information about the pre-tax intrinsic value of options exercised during the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025		2024
Intrinsic value of options exercised	$	—	$	0.2

As of March 31, 2025, unamortized stock-based compensation related to unvested stock options, restricted stock awards, and RSUs was $517.2 million. The weighted-average period over which such compensation expense will be recognized if the requisite service is provided is approximately 2.5 years as of March 31, 2025.

Co-Founder Grant

In December 2017, the Board of Directors approved the Co-Founder Grant, consisting of 10.3 million shares of Class A common stock in the form of RSAs granted to Drew Houston, the Company’s co-founder and Chief Executive Officer. The Co-Founder Grant is subject to service-, market-, and performance-based vesting conditions and is excluded from issued and outstanding shares until vesting. Mr. Houston holds voting rights and rights to cumulative declared dividends prior to vesting.

The Co-Founder Grant vests over ten years following the Company’s IPO, based on the achievement of stock price targets during a consecutive thirty-day trading period within the Performance Period, which began on January 1, 2019.

The first tranche, or 2.1 million shares, vested in the fourth quarter of 2021. Stock-based compensation expense was recognized over the derived service period using the accelerated attribution method and will not be reversed if the market conditions are not met for the remaining tranches.

The Company recognized no stock-based compensation expense related to the Co-Founder Grant during the three months ended March 31, 2025, and $1.1 million during the three months ended March 31, 2024. The stock-based compensation expense related to the Co-Founder Grant was fully recognized in the fourth quarter of 2024.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 942.2	$ 1,328.3
Short-term investments	237.8	265.9
Trade and other receivables, net	71.6	70.4
Prepaid expenses and other current assets	83.2	73.8
Total current assets	1,334.8	1,738.4
Property and equipment, net	364.6	358.8
Operating lease right-of-use asset	181.4	158.9
Intangible assets, net	48.8	54.9
Goodwill	442.6	442.8
Deferred tax assets	465.2	466.7
Other assets	119.9	104.7
Total assets	2,957.3	3,325.2
Current liabilities:
Accounts payable	33.6	36.5
Accrued and other current liabilities	148.5	143.2
Accrued compensation and benefits	40.2	105.2
Operating lease liability	44.3	64.9
Finance lease obligation	126.8	123.3
Convertible senior notes, net, current	693.8	0.0
Term loan, net, current	10.0	10.0
Deferred revenue	739.8	727.7
Total current liabilities	1,837.0	1,210.8
Operating lease liability, non-current	274.5	250.4
Finance lease obligation, non-current	209.9	203.5
Convertible senior notes, net, non-current	688.7	1,381.6
Term loan, net, non-current	961.7	962.9
Other non-current liabilities	61.2	68.4
Total liabilities	4,033.0	4,077.6
Commitments and contingencies (Note 9)
Stockholders' deficit:
Additional paid-in-capital	2,267.0	2,404.2
Accumulated deficit	(3,335.7)	(3,146.5)
Accumulated other comprehensive loss	(7.0)	(10.1)
Total stockholders' deficit	(1,075.7)	(752.4)
Total liabilities and stockholders' deficit	$ 2,957.3	$ 3,325.2

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Future Minimum Operating Lease Payments Under Non-Cancellable Leases

Future minimum lease payments under non-cancellable leases as of March 31, 2025 were as follows:


	Operating leases(1)		Finance leases
Remainder of 2025	$	46.8	$	109.8
2026	48.3		123.7
2027	47.9		86.0
2028	46.9		43.7
2029	46.2		2.5
2030	42.9		—
Thereafter	106.2		—
Total future minimum lease payments	$	385.2	$	365.7
Less imputed interest	(66.4)		(29.0)

Total liability	$	318.8	$	336.7

Schedule of Future Minimum Finance Lease Payments Under Non-Cancellable Leases

Future minimum lease payments under non-cancellable leases as of March 31, 2025 were as follows:


	Operating leases(1)		Finance leases
Remainder of 2025	$	46.8	$	109.8
2026	48.3		123.7
2027	47.9		86.0
2028	46.9		43.7
2029	46.2		2.5
2030	42.9		—
Thereafter	106.2		—
Total future minimum lease payments	$	385.2	$	365.7
Less imputed interest	(66.4)		(29.0)

Total liability	$	318.8	$	336.7

Schedule of Future Non-Cancelable Rent Payments

Future non-cancelable rent payments from the Company's subtenants as of March 31, 2025 were as follows:


	Operating leases
Remainder of 2025	$	9.4
2026	9.4
2027	9.0
2028	8.6
2029	6.0
2030	5.4
Thereafter	8.6


Total future sublease rent payments, net	$	56.4

Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Payables and Accruals [Abstract]
Non-income taxes payable	$ 61.8		$ 59.2
Accrued legal and other external fees	22.0		26.1
Acquisition indemnification holdbacks	8.4		4.0
Other accrued and current liabilities	56.3		53.9
Total accrued and other current liabilities	$ 148.5	$ 143.2	$ 143.2

Description of the Business and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	Mar. 31, 2025
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Minimum \| Datacenter and other computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Minimum \| Office equipment and other
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years
Maximum \| Datacenter and other computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Maximum \| Office equipment and other
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flow from operating activities
Net income	$ 150.3	$ 132.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	38.1	31.4
Stock-based compensation	67.1	78.0
Amortization of debt issuance costs	2.3	1.1
Net loss on equity investments	0.5	0.0
Amortization of deferred commissions	7.2	7.5
Non-cash operating lease expense	8.4	9.3
Deferred taxes	1.5	(0.5)
Other	(1.9)	1.2
Changes in operating assets and liabilities:
Trade and other receivables, net	(0.8)	1.6
Prepaid expenses and other current assets	(15.3)	(10.7)
Other assets	1.7	0.9
Accounts payable	(3.5)	(8.2)
Accrued and other current liabilities	(4.1)	(5.5)
Accrued compensation and benefits	(65.1)	(66.3)
Deferred revenue	11.7	16.6
Other non-current liabilities	2.4	1.4
Operating lease liabilities	(10.7)	(14.6)
Cash paid for lease termination	(36.0)	0.0
Net cash provided by operating activities	153.8	175.5
Cash flow from investing activities
Capital expenditures	(0.1)	(9.2)
Purchase of intangible assets	(0.4)	0.0
Purchases of short-term investments	0.0	(62.3)
Proceeds from sales of short-term investments	0.0	55.6
Proceeds from maturities of short-term investments	30.0	123.9
Other	6.3	5.7
Net cash provided by investing activities	35.8	113.7
Cash flow from financing activities
Payments of debt issuance costs and loan commitment fees	(3.3)	0.0
Principal payments against term loan facility	(2.5)	0.0
Payments for taxes related to net share settlement of restricted stock units and awards	(39.8)	(41.3)
Proceeds from issuance of common stock, net of taxes withheld	0.0	0.1
Principal payments on finance lease obligations	(33.8)	(32.1)
Common stock repurchases	(499.1)	(279.4)
Net cash used in financing activities	(578.5)	(352.7)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	3.3	(2.5)
Change in cash, cash equivalents, and restricted cash	(385.6)	(66.0)
Cash, cash equivalents, and restricted cash - beginning of period	1,360.5	614.9
Cash, cash equivalents, and restricted cash - end of period	974.9	548.9
Reconciliation of cash, cash equivalents, and restricted cash to amounts on condensed consolidated balance sheets - end of period
Cash and cash equivalents	942.2	548.9
Restricted cash, current, included in prepaid expenses and other current assets	2.3	0.0
Restricted cash, non-current, included in other assets	30.4	0.0
Total cash, cash equivalents, and restricted cash	974.9	548.9
Supplemental cash flow data:
Property and equipment acquired under finance leases	$ 43.6	$ 26.6

Description of the Business and Summary of Significant Accounting Policies - Long-lived assets, including goodwill and other acquired intangible assets, net (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Goodwill and intangible asset impairment	$ 0	$ 0
Asset impairment charges	$ 0	$ 0

Description of the Business and Summary of Significant Accounting Policies - Financial information about segments and geographic areas (Narrative) (Details)	3 Months Ended
	Mar. 31, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The following table presents the estimated useful lives of property and equipment:


Property and equipment						Useful life
Datacenter and other computer equipment						3 to 5 years
Office equipment and other						3 to 7 years
Leasehold improvements						Lesser of estimated useful life or remaining lease term

Property and equipment, net consisted of the following:


	As of
	March 31, 2025		December 31, 2024
Datacenter and other computer equipment	$	837.2	$	830.2
Furniture and fixtures	10.3		10.7
Leasehold improvements	99.7		101.9
Construction in progress	0.6		0.2
Total property and equipment	947.8		943.0
Accumulated depreciation	(583.2)		(584.2)
Property and equipment, net	$	364.6	$	358.8

Accrued and Other Current Liabilities

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	As of
	March 31, 2025		December 31, 2024
Non-income taxes payable	$	61.8	$	59.2
Accrued legal and other external fees	22.0		26.1
Acquisition indemnification holdbacks	8.4		4.0
Other accrued and current liabilities	56.3		53.9
Total accrued and other current liabilities	$	148.5	$	143.2

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal matters From time-to-time, the Company is a party to a variety of claims, lawsuits, investigations, inquiries, and proceedings which arise in the ordinary course of business, including claims of alleged infringement of intellectual property rights, regulatory matters, and commercial disputes. The Company records a liability when it believes that it is probable that a loss will be incurred and the amount of loss or range of loss can be reasonably estimated. In its opinion, resolution of pending matters is not likely to have a material adverse impact on its consolidated results of operations, cash flows, or its financial position. Given the unpredictable nature of legal proceedings, the Company bases its estimate on the information available at the time of the assessment. As additional information becomes available, the Company reassesses the potential liability and may revise the estimate. Indemnification The Company’s arrangements generally include certain provisions for indemnifying customers against liabilities if its products or services infringe a third party’s intellectual property rights. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims. Other commitments Other commitments include payments to third-party vendors for services related to the Company’s infrastructure, infrastructure warranty contracts, and asset retirement obligations for office modifications. There have been no material changes in the Company's other commitments, as disclosed in the Annual Report.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Total stock-based compensation	$ 67.1	$ 78.0
Cost of revenue
Total stock-based compensation	4.9	5.2
Research and development
Total stock-based compensation	46.7	55.4
Sales and marketing
Total stock-based compensation	5.0	5.1
General and administrative
Total stock-based compensation	$ 10.5	$ 12.3

Description of the Business and Summary of Significant Accounting Policies - Deferred Commissions, net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Capitalized Contract Cost [Line Items]
Additional contract costs deferred	$ 5.0	$ 7.6
Amortization of deferred commissions	$ 7.2	$ 7.5
Deferred Commissions
Capitalized Contract Cost [Line Items]
Deferred contract costs, amortization period	5 years
Deferred Commissions \| Prepaid Expenses and Other Current Assets
Capitalized Contract Cost [Line Items]
Deferred contract costs	$ 19.8		$ 21.3
Deferred Commissions \| Other Assets
Capitalized Contract Cost [Line Items]
Deferred contract costs	$ 21.2		$ 21.9
Renewal Commissions
Capitalized Contract Cost [Line Items]
Deferred contract costs, amortization period	1 year

Leases - Schedule of Future Non-Cancelable Rent Payments (Details) $ in Millions	Mar. 31, 2025 USD ($)
Leases [Abstract]
Remainder of 2025	$ 9.4
2026	9.4
2027	9.0
2028	8.6
2029	6.0
2030	5.4
Thereafter	8.6
Total future sublease rent payments, net	$ 56.4

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Convertible Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Principal balance	$ 1,389.1	$ 1,389.1
Long-term Debt	1,382.5	1,381.6
2026 Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible debt, fair value disclosures	684.3
2026 Notes \| Convertible Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, face amount	$ 695.8
Debt instrument, interest rate, stated percentage	0.00%
Principal balance	$ 695.8	695.8
Long-term Debt	693.8	693.2
2028 Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible debt, fair value disclosures	683.0
2028 Notes \| Convertible Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, face amount	$ 693.3
Debt instrument, interest rate, stated percentage	0.00%
Principal balance	$ 693.3	693.3
Long-term Debt	688.7	688.4
Credit Agreement \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Principal balance	997.5	1,000.0
Long-term Debt	971.7	$ 972.9
Credit Agreement \| Line of Credit \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Principal balance	997.5
Long-term Debt	$ 971.7

Intangible Assets - Schedule of Expected Future Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 6.4	$ 6.7
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2025	19.1
2026	15.9
2027	7.3
2028	4.2
2029	1.8
Thereafter	0.5
Total	$ 48.8

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 947.8	$ 943.0
Accumulated depreciation	(583.2)	(584.2)
Property and equipment, net	364.6	358.8
Datacenter and other computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	837.2	830.2
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	10.3	10.7
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	99.7	101.9
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 0.6	$ 0.2

Debt - Schedule of Convertible Notes (Details) - Convertible Debt - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Principal balance	$ 1,389.1	$ 1,389.1
Unamortized issuance costs	(6.6)	(7.5)
Carrying value, net	1,382.5	1,381.6
2026 Notes
Debt Instrument [Line Items]
Principal balance	695.8	695.8
Unamortized issuance costs	(2.0)	(2.6)
Carrying value, net	693.8	693.2
2028 Notes
Debt Instrument [Line Items]
Principal balance	693.3	693.3
Unamortized issuance costs	(4.6)	(4.9)
Carrying value, net	$ 688.7	$ 688.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Description of the Business and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business and Summary of Significant Accounting Policies

Business

Dropbox, Inc. (the “Company” or “Dropbox”) helps keep life organized and work moving. The Company was incorporated in May 2007 as Evenflow, Inc., a Delaware corporation, and changed its name to Dropbox, Inc. in October 2009. In March 2025, the Company reincorporated in the state of Nevada. The Company is headquartered in San Francisco, California.

Basis of presentation and consolidation

The condensed consolidated balance sheet as of December 31, 2024 included herein was derived from the audited financial statements as of that date. The unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets, statements of operations, statements of comprehensive income, statements of stockholders' deficit and the statements of cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year ended December 31, 2025 or any future period.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2024, included in the Company's Annual Report on Form 10-K on file with the SEC ("Annual Report").

Use of estimates

The Company’s most significant estimates and judgments are related to the valuation of right-of-use and other lease related property and equipment assets as well as income taxes.

Financial information about segments and geographic areas

The Company manages its operations and allocates resources as a single operating segment. Further, the Company manages, monitors, and reports its financial information as a single reportable segment. See Note 14 "Segment Information and Geographic Areas" for additional information.

Foreign currency transactions

Revenue recognition

•Identification of the contract, or contracts, with a customer

•Identification of the performance obligations in the contract

•Determination of the transaction price

•Allocation of the transaction price to the performance obligations in the contract

•Recognition of revenue when, or as, the Company satisfies a performance obligation

The Company recognized $344.6 million and $346.5 million of revenue during the three months ended March 31, 2025 and 2024, respectively, that was included in the deferred revenue balances at the beginning of their respective periods.

As of March 31, 2025, future estimated revenue related to performance obligations that were unsatisfied or partially unsatisfied was $813.2 million. The substantial majority of the unsatisfied performance obligations will be satisfied over the next twelve months.

Stock-based compensation

Cost of revenue

Reduction in Workforce

In October 2024, the Company announced a global workforce reduction of approximately 20% to streamline its team structure and better align with long-term growth and profitability objectives. The Company estimates that it will make total related cash expenditures of approximately $65 million, which included the pro rata fiscal year 2024 annual employee bonus through October 30, 2024. As of March 31, 2025, the Company has paid $62.2 million in associated cash expenditures, the majority of which were paid in the fourth quarter of 2024 with $10.2 million paid during the three months ended March 31, 2025. The Company expects to recognize approximately $51 million in incremental expenses, primarily consisting of severance, employee benefits, and related costs. As of March 31, 2025, $49.5 million of these expenses have been recognized, with the majority incurred in the fourth quarter of 2024 and $2.3 million recognized during the three months ended March 31, 2025.

These severance and related charges are included within the Company's consolidated statement of operations for the three months ended March 31, 2025 as follows:


Cost of revenue	$	0.3
Research and development	1.2
Sales and marketing	0.3
General and administrative	0.5
Total Charges	$	2.3

For the three months ended March 31, 2025, changes in liabilities resulting from the severance charges and related costs were as follows:


	Severance and Related Costs
Balance as of December 31, 2024	$	7.3
Charges	2.3
Cash payments(1)	(8.4)
Balance as of March 31, 2025	$	1.2

(1) For the three months ended March 31, 2025, total cash payments were $10.2 million when including the pro rata amount of the fiscal year 2024 annual employee bonus.

Cash, cash equivalents, and restricted cash

The Company monitors its credit risk by considering factors such as historical experience, credit ratings, current economic conditions, and reasonable and supportable forecasts.

Short-term investments

Concentrations of risk

Trade accounts receivable are typically unsecured and are derived from revenue earned from customers located around the world. Two distribution partners accounted for 10% and 48% of total trade and other receivables, net as of March 31, 2025. Two distribution partners accounted for 11% and 48% of total trade and other receivables, net as of December 31, 2024. No customer accounted for more than 10% of the Company’s revenue in the periods presented.

The Company hosts its services and serves all of its users using a combination of its own custom-built infrastructure that it leases and operates in co-location facilities and third-party datacenter services such as Amazon Web Services ("AWS"). The Company's technology infrastructure, combined with select use of AWS resources, provides a distributed and scalable architecture on a global scale. The Company has designed its platform with multiple layers of redundancy to guard against data loss and deliver high availability.

Deferred commissions, net

Deferred commissions, net included in prepaid and other current assets were $19.8 million and $21.3 million as of March 31, 2025 and December 31, 2024, respectively. Deferred commissions, net included in other assets were $21.2 million and $21.9 million as of March 31, 2025 and December 31, 2024, respectively.

Commissions related to new contracts are typically deferred and amortized over a period of benefit of five years. The period of benefit was estimated by considering factors such as historical customer attrition rates, the useful life of the Company’s technology, and the impact of competition in its industry. Commissions that are commensurate with renewal contracts are typically amortized over one year. Amortization of deferred commissions was $7.2 million and $7.5 million for the three months ended March 31, 2025 and 2024, respectively. Amortization of deferred commissions costs are included in sales and marketing expense in the accompanying condensed consolidated statements of operations. There was no impairment loss in relation to the deferred costs for any period presented.

Property and equipment, net

The following table presents the estimated useful lives of property and equipment:


Property and equipment						Useful life
Datacenter and other computer equipment						3 to 5 years
Office equipment and other						3 to 7 years
Leasehold improvements						Lesser of estimated useful life or remaining lease term

Lease obligations

base, non-cancelable, lease term when recognizing the lease assets and liabilities, unless it is reasonably certain that the option will be exercised.

Business combinations

Long-lived assets, including goodwill and other acquired intangible assets, net

The Company has not recorded impairment charges on goodwill or intangible assets for the periods presented in these condensed consolidated financial statements.

Income taxes

Fair value measurement

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Recently issued accounting pronouncements not yet adopted

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Karen Peacock [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 24, 2025, Karen Peacock, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time-to-time of an aggregate of up to 11,000 shares of our Class A common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until December 31, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Karen Peacock
Title	a member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 24, 2025
Expiration Date	December 31, 2025
Arrangement Duration	310 days
Aggregate Available	11,000
Donald Blair [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 6, 2025, Donald Blair, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time-to-time of an aggregate of up to 100,637 shares of our Class A common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until November 16, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Donald Blair
Title	a member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 6, 2025
Expiration Date	November 16, 2025
Arrangement Duration	255 days
Aggregate Available	100,637
Andrew Houston [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 12, 2025, Andrew Houston, our Chief Executive Officer and chair of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time-to-time of an aggregate of up to 8,266,666 shares of our Class A common stock and up to 1,550,000 shares of our Class B common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until May 31, 2026, or earlier if all transactions under the trading arrangement are completed.
Name	Andrew Houston
Title	Chief Executive Officer and chair of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 12, 2025
Expiration Date	May 31, 2026
Arrangement Duration	445 days
Ashraf Alkarmi [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 14, 2025, Ashraf Alkarmi, our General Manager of Core Products, adopted a Rule 10b5-1 trading arrangement providing for the sale from time-to-time of an aggregate of up to 77,240 shares of our Class A common stock, although we expect the total number of such shares sold will ultimately be less than this amount due to withholding for applicable taxes. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until March 31, 2026, or earlier if all transactions under the trading arrangement are completed.
Name	Ashraf Alkarmi
Title	General Manager of Core Products
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 14, 2025
Expiration Date	March 31, 2026
Arrangement Duration	382 days
Aggregate Available	77,240
Andrew Houston Trading Arrangement, Class A Common Stock [Member] \| Andrew Houston [Member]
Trading Arrangements, by Individual
Aggregate Available	8,266,666
Andrew Houston Trading Arrangement, Class B Common Stock [Member] \| Andrew Houston [Member]
Trading Arrangements, by Individual
Aggregate Available	1,550,000

Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

Term loan facility

During the fourth quarter of 2024, the Company entered into a Credit and Guaranty Agreement (the “Credit Agreement”), with certain counterparties which provided for, among other things, a secured five-year term loan facility in an aggregate principal amount of up to $2.0 billion, consisting of initial term loans and delayed draw term loan commitments each in an aggregate principal amount of up to $1.0 billion, respectively. The Credit Agreement also provides for a secured letter of credit facility in an aggregate amount of up to $35.0 million. The Company’s obligations under the Credit Agreement are guaranteed by certain material subsidiaries of the Company and are secured by substantially all of the assets of the Company and such subsidiary guarantors. In December 2024, the Company borrowed $1.0 billion of term loans under its term loan facility, measured at amortized cost. In accounting for the term loans, issuance costs of $27.6 million were deducted from the carrying value of the term loan in the consolidated balance sheet. Issuance costs are amortized and recognized as a component of interest expense over the five-year term using the effective interest method. Furthermore, there were $22.6 million and $0.2 million of deferred issuance costs related to the delayed draw term loan commitments and secured letter of credit facility, respectively, which will be recognized initially as deferred assets and subsequently reclassified and presented as a direct deduction to the carrying value of the related debt upon an eventual draw, and amortized over the remaining term on an effective interest method basis from the time of draw.

The delayed draw term loan commitments of $1.0 billion may be borrowed, subject to the satisfaction of certain conditions, from the closing date of the Credit Agreement through December 11, 2026, provided that the delayed draw term loan commitments shall be reduced to $500.0 million as of December 11, 2025, if the undrawn delayed draw term loan commitments exceed $500.0 million at that date. The delayed draw term loan commitments can be drawn in increments of $5.0 million or greater and up to ten draws can be made. The initial term loans and the delayed draw term loans (if and when funded) shall have the same terms and shall be treated as a single fungible class of term loans for all purposes under the Credit Agreement, except that interest on any delayed draw term loan shall commence from the applicable date of draw. As of March 31, 2025, no amounts were outstanding on the delayed draw term loan commitments and no letters of credit were issued under the letter of credit facility.

Pursuant to the terms of the Credit Agreement, the Company is required to pay a quarterly commitment fee that accrues at a rate of 1.00% per annum on the unused portion of the delayed draw term loan commitments. The 1.00% fee will be capitalized each reporting period, as the draw is probable as of the issuance date, and reclassified against the carrying value of the debt upon draw and amortized over the debt term on an effective interest method basis from the time of draw. As of March 31, 2025, the deferred issuance asset related to the commitment fee was $3.1 million.

The term loans have a maturity date of December 11, 2029. Quarterly principal payments began on March 31, 2025 and will continue on the last business day of each quarter thereafter, equal to 0.25% of the original principal amount of such term loans. In addition, the term loans are subject to mandatory prepayments upon the occurrence of certain events as defined in the Credit Agreement, including excess cash flows generated by the Company's operating activities, the proceeds of certain asset sales and the incurrence of certain indebtedness. The Company believes the occurrence of any such events is remote as of the three months ended March 31, 2025. The Company is permitted to prepay the term loans at any time in whole or in part, subject to a prepayment premium equal to 2.00% of the aggregate principal amount prepaid on or prior to the first anniversary of the closing date and 1.00% of the aggregate principal amount prepaid after the first anniversary of the closing date but on or prior to the second anniversary of the closing date. Term loans repaid or prepaid may not be reborrowed.

The following is a summary of the term loan facility as of March 31, 2025 and December 31, 2024.


	Term Loan
March 31, 2025
Principal balance	$	997.5
Unamortized issuance costs	(25.8)
Carrying value, net	$	971.7

December 31, 2024
Principal balance	$	1,000.0
Unamortized issuance costs	(27.1)
Carrying value, net	$	972.9

Borrowings under the term loan facility bear interest, at the Company’s option, at either (a) an alternate base rate, which is defined as a fluctuating rate per annum equal to the greatest of (i) the prime rate then in effect, (ii) the federal funds rate then in effect, plus 0.50% per annum, and (iii) a term SOFR rate determined on the basis of a one-month interest period plus 1.00% per annum, in each case, plus a margin of 2.75%, or (b) an overnight or term SOFR rate (based on one, three or six month interest periods), plus a margin of 3.75%. Interest is payable quarterly in arrears with respect to borrowings bearing interest at the alternative base rate on the last business day of an interest period, but at most monthly and at least quarterly, with respect to overnight and term SOFR rate borrowings.

Interest expense associated with the term loans for the three months ended March 31, 2025 was $21.6 million, with such interest expense consisting of interest expense on the outstanding principal of the term loans and amortization of issuance costs.

The Credit Agreement permits the Company, subject to satisfaction of certain conditions, including obtaining commitments from new or existing lenders, to add new term loan facilities or increase the term loan commitments under the Credit Agreement, in each case, subject to certain limits. Additionally, the term loan agreement contains customary representations and warranties, customary affirmative and negative covenants, and customary events of default. Failure to comply with these covenants may result in a portion of the outstanding term loan debt becoming due immediately. The Company was in compliance with all covenants under the term loan facility as of March 31, 2025.

Maturities on the Company's term loan debt are as follows:


	Term Loan
Remainder of 2025	$	7.5
2026	10.0
2027	10.0
2028	10.0
2029	960.0
Thereafter	—
Total	$	997.5

Convertible senior notes

During the first quarter of 2021, the Company issued $695.8 million aggregate principal amount of the 2026 Notes. Additionally, during the first quarter of 2021, the Company issued $693.3 million aggregate principal amount of the 2028 Notes. The Notes were issued in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities

Act of 1933. The net proceeds from the sale of the Notes were approximately $1.4 billion after deducting offering and issuance costs related to the Notes.

The Notes of each series do not bear regular interest. The Notes of each series may bear special interest as the remedy relating to the Company’s failure to comply with certain of its reporting obligations. The Company has complied with these reporting obligations from the issuance date through March 31, 2025. The 2026 Notes will mature on March 1, 2026, and the 2028 Notes will mature on March 1, 2028, in each case, unless earlier converted, redeemed or repurchased.

The initial conversion rate for the 2026 Notes is 26.1458 shares of the Company’s Class A common stock per $1,000 principal amount of such Note, which is equivalent to an initial conversion price of approximately $38.25 per share. The initial conversion rate for the 2028 Notes is 28.2889 shares of Class A common stock per $1,000 principal amount of such Notes, which is equivalent to an initial conversion price of approximately $35.35 per share. The conversion rate for each series of Notes will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid special interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the relevant indentures governing the Notes) or a notice of redemption, the Company will, in certain circumstances, increase the conversion rate of the relevant series of Notes by a number of additional shares for a holder that elects to convert all or a portion of its Notes of such series in connection with such make-whole fundamental change or who elects to convert such Notes that are subject to such notice of redemption. The conversion rate for the 2026 Notes and the 2028 Notes shall not exceed 43.1406 shares per $1,000 principal amount of such Notes, subject to certain customary anti-dilution adjustments (as defined in the relevant indentures governing the Notes). There have been no changes to the initial conversion price of the Notes since issuance as of March 31, 2025.

Upon conversion, the principal portion of the Notes of the applicable series being converted will be settled in cash, and any amount in excess of the principal portion of such Notes will be settled in cash or shares of the Company’s Class A common stock or any combination thereof at the Company’s option. The if-converted value of the 2026 Notes and the 2028 Notes was below the principal value of the respective series of Notes as of March 31, 2025. In addition, during the three months ended March 31, 2025 and 2024 the conditions allowing holders of the Notes to convert during the following fiscal quarter were not met.

Prior to the close of business on the business day immediately preceding December 1, 2025, in the case of the 2026 Notes, and prior to the close of business on the business day immediately preceding December 1, 2027, in the case of the 2028 Notes, the Notes of the applicable series will be convertible only under the following circumstances: (1) during any calendar quarter commencing after June 30, 2021 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the relevant series of Notes on each applicable trading day; (2) during the five business day period after any five consecutive trading day period in which, for each trading day of that period, the trading price per $1,000 principal amount of 2026 Notes or 2028 Notes, as applicable, for such trading day was less than 98% of the product of the last reported sale price of the Class A common stock and the conversion rate for such series of Notes on each such trading day; (3) if the Company calls any or all of the Notes for redemption, such Notes of the applicable series called for redemption may be converted at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate transactions.

On or after December 1, 2025, in the case of the 2026 Notes, and on or after December 1, 2027, in the case of the 2028 Notes, until the close of business on the second scheduled trading day immediately preceding the relevant maturity date, holders of the relevant series of Notes may convert all or a portion of their Notes of such series regardless of the foregoing conditions.

The Company may redeem for cash all or any part of the Notes, at its option, on or after March 6, 2024, in the case of the 2026 Notes, and on or after March 6, 2025, in the case of the 2028 Notes, if the last reported sale price of its Class A common stock has been at least 130% of the conversion price for the relevant series of Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the series of Notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. No sinking fund is provided for the Notes.

Upon the occurrence of a fundamental change (as defined in the relevant indentures governing the Notes) prior to the relevant maturity date, holders of the relevant series of Notes may require the Company to repurchase all or a portion of the Notes of such series for cash at a price equal to 100% of the principal amount of the series of Notes to be repurchased, plus any accrued and unpaid special interest to, but excluding, the fundamental change repurchase date. Additionally, and upon events of default (as defined in the relevant indentures governing the Notes), the maturity of the Notes may be accelerated.

The Notes are the Company’s general unsecured obligations and will rank senior in right of payment to any existing and future indebtedness that is contractually subordinated to the Notes; rank equal in right of payment with the Company’s existing and future senior unsecured indebtedness that is not so subordinated; effectively rank junior in right of payment to any of the Company’s existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness; and be structurally subordinated to all indebtedness and other liabilities (including trade payables) of subsidiaries of the Company.

In accounting for the Notes, issuance costs of $11.0 million and $11.0 million for the 2026 Notes and the 2028 Notes, respectively, were deducted from the carrying value of the Notes in the consolidated balance sheet. Issuance costs will be recognized as interest expense over the five-year term and seven-year term for the 2026 Notes and the 2028 Notes, respectively.

The following is a summary of the Notes as of March 31, 2025 and December 31, 2024.


	2026 Notes		2028 Notes		Total
March 31, 2025
Principal balance	$	695.8	$	693.3	$	1,389.1
Unamortized issuance costs	(2.0)		(4.6)		(6.6)
Carrying value, net	$	693.8	$	688.7	$	1,382.5

December 31, 2024
Principal balance	$	695.8	$	693.3	$	1,389.1
Unamortized issuance costs	(2.6)		(4.9)		(7.5)
Carrying value, net	$	693.2	$	688.4	$	1,381.6

During the three months ended March 31, 2025 and 2024, the Company recognized $0.4 million and $0.5 million in interest expense for the 2026 Notes and $0.3 million and $0.4 million in interest expense for the 2028 Notes, respectively, with such interest expense solely consisting of amortization of issuance costs. The effective interest rate for the 2026 Notes and the 2028 Notes was 0.32% and 0.22%, respectively, as of March 31, 2025.

Maturities on the Company's convertible debt are as follows:


	Convertible Debt
Remainder of 2025	$	—
2026	695.8
2027	—
2028	693.3
2029	—
Thereafter	—
Total	$	1,389.1

Convertible Note Hedges and Warrants

Concurrent with the offering of the Notes, the Company entered into convertible note hedge transactions with certain counterparties whereby the Company had the option to purchase a total of approximately 18.2 million shares for note hedges

expiring in March 2026 (the “2026 Note Hedges”) and 19.6 million shares for note hedges expiring in March 2028 (the “2028 Note Hedges”, together with the 2026 Note Hedges, the “Note Hedges”), respectively, of its Class A common stock at a price of approximately $38.25 and $35.35 per share, respectively. The aggregate cost of the convertible note hedge transactions was $265.3 million.

The Note Hedges, or a portion thereof, are exercisable upon conversion of the Notes and the satisfaction of certain conditions set forth in the Note Hedges. Additionally, the Note Hedges may be terminated and early settled upon the occurrence of certain events, including certain merger events, events of default, and upon a fundamental change (as defined in the relevant indentures for the Notes). The Note Hedges are settleable in cash, shares or a combination of cash and shares, at the option of the Company, and the settlement alternative will be the same as the settlement alternative of the conversion spread for the respective series of Notes.

The convertible note hedge transactions are expected generally to offset the potential dilution to the Class A common stock upon conversion of the relevant series of Notes and/or reduce any cash payments the Company is required to make in excess of the principal amount of such converted Notes, as the case may be, in the event that the market price per share of the Class A common stock, as measured under the terms of the convertible note hedge transactions, is greater than the applicable strike price of those convertible note hedge transactions. As of March 31, 2025, the Company’s stock price was below the exercise price of the respective Note Hedges.

In addition, the Company sold warrants to certain counterparties whereby the holders of the warrants had the option to purchase a total of approximately 18.1 million shares of Class A common stock underlying such warrants expiring in 2026 (the “2026 Warrants”) and 20.1 million shares of Class A common stock underlying such warrants expiring in 2028 (the “2028 Warrants”, together with the 2026 Warrants, the “Warrants”), respectively, at an initial strike price of $46.36 and $46.36 per share, respectively. The Company received aggregate cash proceeds of $202.9 million from the sale of these Warrants.

If the market price per share of the Company’s Class A common stock, as measured under the terms of the Warrants, exceeds the strike price of the Warrants, the Warrants could have a dilutive effect, unless the Company elects, subject to certain conditions, to settle the Warrants in cash. The Warrants are only exercisable on the applicable expiration dates in accordance with the terms of the Warrants. Subject to the other terms of the Warrants, the first expiration date applicable to the 2026 Warrants and to the 2028 Warrants is June 1, 2026, and June 1, 2028, respectively, and the final expiration date applicable to the 2026 Warrants and 2028 Warrants is August 10, 2026 and August 10, 2028, respectively. As of March 31, 2025, the Company’s Class A common stock price was below the exercise price of the Warrants.

Taken together, the purchase of the Note Hedges and the sale of the Warrants are intended to reduce potential dilution from the conversion of the 2026 Notes and the 2028 Notes, and to effectively increase the overall conversion price from $38.25 per share to $46.36 per share and from $35.35 per share to $46.36 for the 2026 Notes and the 2028 Notes, respectively.

The Note Hedges and the Warrants are equity-classified instruments as a result of being indexed to the Company’s Class A common stock and meeting certain equity classification criteria, and the instruments will not be remeasured in subsequent periods as long as the instruments continue to meet these accounting criteria. The premium paid for the Note Hedges has been included as a net reduction to additional paid-in capital within stockholders’ deficit, and the premium received for the Warrants has been included as a net increase to additional paid-in capital within stockholders' deficit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Segment Information and Geographic Areas

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information and Geographic Areas

Segment Information

The Company’s chief operating decision-maker (“CODM”), the Chief Executive Officer, manages the Company's business activities as a single operating and reportable segment at the consolidated level. Accordingly, the CODM uses consolidated net income, as reported on the consolidated statements of operations, to allocate resources as part of the annual planning process and to assess the performance of the Company's single reportable segment, primarily by monitoring actual results versus the annual plan.

The significant expenses reviewed by the CODM are cost of revenue, research and development, sales and marketing, general and administrative, and stock-based compensation, as presented in the condensed consolidated statements of operations. Cost of revenue, research and development, sales and marketing, and general and administrative expenses include depreciation and amortization expense, which are disclosed in Note 4 "Property and Equipment, Net" and Note 5 "Intangible Assets", respectively. Other segment items consist of interest (expense) income, net, other income (loss), net, and provision for income taxes, as presented in the condensed consolidated statements of operations.

The CODM does not evaluate segment performance using balance sheet information.

Geographic Areas

Long-lived assets and revenue by geographic region, based on the physical location of the operations recording the asset or the sale, are as follows:

Long-lived assets

The following table sets forth long-lived assets by geographic area:


	As of
	March 31, 2025		December 31, 2024
United States	$	358.9	$	353.1
International (1)	5.7		5.7
Total property and equipment, net	$	364.6	$	358.8

(1) No single country other than the United States had a property and equipment balance greater than 10% of total property and equipment, net, as of March 31, 2025 and December 31, 2024.

Revenue

Revenue by geography is generally based on the address of the customer as defined in the Company’s subscription agreement. The following table sets forth revenue by geographic area for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
	2025		2024
United States	$	356.4	$	358.3
International (1)	268.3		273.0
Total revenue	$	624.7	$	631.3

(1) No single country outside of the United States accounted for more than 10% of total revenue during the three months ended March 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Stockholders’ Deficit - Common stock and preferred stock (Narrative) (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2017 shares	Mar. 31, 2025 vote $ / shares shares	Mar. 31, 2024 shares	Dec. 31, 2024 shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		240,000,000.0
Restricted Stock
Class of Stock [Line Items]
Shares granted (in shares)		900,000
Co-Founder Grant \| Restricted Stock \| Chief Executive Officer
Class of Stock [Line Items]
Shares granted (in shares)	10,300,000
Class A common stock
Class of Stock [Line Items]
Votes per share \| vote		1
Common stock, shares authorized (in shares)		2,400,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001
Common stock, shares issued (in shares)		202,600,000		218,400,000
Common stock, shares outstanding (in shares)		202,600,000		218,400,000
Class A common stock \| Co-Founder Grant \| Restricted Stock \| Chief Executive Officer
Class of Stock [Line Items]
Shares granted (in shares)		8,300,000		8,300,000
Class B common stock
Class of Stock [Line Items]
Votes per share \| vote		10
Common stock, shares authorized (in shares)		475,000,000.0
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001
Shares converted in conversion (in shares)		600,000	700,000
Common stock, shares issued (in shares)		76,800,000		77,500,000
Common stock, shares outstanding (in shares)		76,800,000		77,500,000
Class C common stock
Class of Stock [Line Items]
Votes per share \| vote		0
Common stock, shares authorized (in shares)		800,000,000.0
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001
Common stock, shares issued (in shares)		0		0
Common stock, shares outstanding (in shares)		0		0

Description of the Business and Summary of Significant Accounting Policies - Lease obligations (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Asset impairment charges	$ 0	$ 0