v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 87,980 $ 133,352
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation 140,239 75,115
Gain on strategic investments and marketable securities, net (143,921) (139,711)
Debt inducement expense 28,666 0
Depreciation and amortization 19,453 7,356
Provision for bad debts and inventory 3,800 1,580
Deferred income taxes (48,768) 20,670
Other noncash items 9,515 2,584
Change in assets and liabilities:    
Receivables and contract assets (73,565) (56,737)
Inventory (16,986) (2,074)
Deferred revenue 33,505 19,121
Accounts payable, accrued and other liabilities 8,611 (85,840)
Prepaid expenses and other assets (22,735) 8,646
Net cash provided by (used in) operating activities 25,794 (15,938)
Cash flows from investing activities:    
Purchases of investments (1,079,169) (250,585)
Business combinations, net of cash acquired 0 (237,771)
Proceeds from call, maturity, and sale of investments 401,811 330,472
Purchases of property and equipment (24,862) (16,194)
Other, net 3 34
Net cash used in investing activities (702,217) (174,044)
Cash flows from financing activities:    
Proceeds from issuance of notes 1,750,000 0
Principal payments for induced conversion of convertible debt (407,453) 0
Payments to third-parties for debt issuance, amendment and repurchase activity (24,210) 0
Income and payroll tax payments for net-settled stock awards (5,035) (2,710)
Other, net (76) 0
Net cash provided by (used in) financing activities 1,313,226 (2,710)
Effect of exchange rate changes on cash and cash equivalents 1,192 (1,978)
Net increase (decrease) in cash and cash equivalents 637,995 (194,670)
Cash and cash equivalents and restricted cash, beginning of period 466,763 600,670
Cash and cash equivalents and restricted cash, end of period 1,104,758 406,000
Supplemental disclosures:    
Cash and cash equivalents 1,092,938 403,870
Restricted cash (Note 1) 11,820 2,130
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 1,104,758 406,000
Cash paid for interest 498 0
Cash paid for income taxes, net of refunds 54 1,413
Non-cash transactions:    
Property and equipment purchases in accounts payable and accrued liabilities 151 1,406
Non-cash expense for induced conversion of convertible debt, debt offering and revolver modification $ 34,248 $ 0