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Personnel expenses for the year ended December 31, 2024 increased by $359 million, or 378%, compared to the 
year  ended  December  31,  2023.  The  increase  was  primarily  driven  by  a  $164  million  increase  in  cash 
compensation and a $163 million increase in stock-based compensation expense, both as a result of headcount 
growth.

Sales, Marketing, and Partnerships

(in millions, except for percentages)
Sales, marketing, and partnerships

Percentage of revenue

Year Ended December 31,

2023

2024

$ Change

% Change

$

$

2
5 %

$

43
11 %

41

2,050 %

Sales, marketing, and partnerships expenses for the year ended December 31, 2024 increased by $41 million, or 
2,050%, compared to the year ended December 31, 2023. The increase was primarily driven by a $39 million 
increase in marketing and advertising expenses reflecting higher media and public relations spend to support 
product launches.

Other Operating and Administrative

(in millions, except for percentages)
Other operating and administrative

Percentage of revenue

Year Ended December 31,

2023

2024

$ Change

% Change

$

$

62
151 %

$

347
90 %

285

460 %

Other operating and administrative expenses for the year ended December 31, 2024 increased by $285 million, 
or 460%, compared to the year ended December 31, 2023. The increase was primarily driven by a $165 million 
increase in vendor costs related to data quality and performance evaluation services, a $30 million increase in 
professional  services  costs,  a  $28  million  increase  in  information  technology  and  cloud  software  costs,  and  a 
$24 million increase in facility and occupancy costs due to headcount growth.

Interest Income

(in millions, except for percentages)
Interest income

2023

2024

$ Change

% Change

$

69 $

106 $

37

54 %

Year Ended December 31,

Interest income for the year ended December 31, 2024 increased by $37 million, or 54%, compared to the year 
ended  December  31,  2023.  The  increase  was  primarily  due  to  higher  average  cash  and  cash  equivalents 
balances, driven by the growth of our money market funds portfolio.

Change in Fair Value of Convertible Notes, Derivative Liabilities, and SAFEs 

(in millions, except for percentages)
Change in fair value of convertible notes, 
derivative liabilities, and SAFEs

Year Ended December 31,

2023

2024

$ Change

% Change

$

(1,045) $

(5,434) $

(4,389)

420 %

Change in fair value of convertible notes, derivative liabilities, and SAFEs for the year ended December 31, 2024 
increased by $4.4 billion, or 420%, compared to the year ended December 31, 2023. The increase was primarily 
driven  by  an  increase  in  the  fair  value  of  our  outstanding  convertible  promissory  notes  resulting  from  an 
increase in our enterprise valuation from 2023 through 2024.

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