v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 123,171 $ 175,418
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 174,022 156,183
Stock-based compensation 111,978 93,260
Provision (benefit) for deferred income taxes 31,383 (10,467)
Amortization of debt issuance costs 1,605 1,682
Gain on investments (9,313) 0
Other non-cash reconciling items, net 2,142 2,062
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable (25,677) (736)
Prepaid expenses and other current assets (37,129) (26,016)
Accounts payable and accrued expenses (109,906) (66,949)
Deferred revenue 14,948 34,316
Other current liabilities (20,276) 356
Other non-current assets and liabilities (5,748) (7,231)
Net cash provided by operating activities 251,200 351,878
Cash flows from investing activities:    
Cash paid for asset acquisition (29,930) 0
Purchases of property and equipment (117,776) (93,751)
Capitalization of internal-use software development costs (78,232) (80,003)
Purchases of short- and long-term marketable securities (7,080) (170,019)
Proceeds from sales of short- and long-term marketable securities 265,806 15,144
Proceeds from maturities and redemptions of short- and long-term marketable securities 847,149 167,111
Other, net (3,091) 9,935
Net cash provided by (used in) investing activities 876,846 (151,583)
Cash flows from financing activities:    
Proceeds related to the issuance of common stock under stock plans 20,182 20,310
Employee taxes paid related to net share settlement of stock awards (72,063) (109,333)
Repurchases of common stock (499,963) (125,449)
Other, net (406) (1,509)
Net cash used in financing activities (552,250) (215,981)
Effects of exchange rate changes on cash, cash equivalents and restricted cash 5,431 (4,013)
Net increase (decrease) in cash, cash equivalents and restricted cash 581,227 (19,699)
Cash, cash equivalents and restricted cash at beginning of period 519,084 490,470
Cash, cash equivalents and restricted cash at end of period 1,100,311 470,771
Supplemental disclosures of cash flow information:    
Cash paid for income taxes, net of refunds received of $90 and $525 for the three months ended March 31, 2025 and 2024, respectively 89,713 74,940
Cash paid for interest expense 9,412 9,153
Cash paid for operating lease liabilities 74,729 64,795
Non-cash activities:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 34,930 100,167
Purchases of property and equipment and capitalization of internal-use software development costs included in accounts payable and accrued expenses 85,155 43,065
Capitalization of stock-based compensation 32,064 26,596
Reconciliation of cash and cash equivalents, and restricted cash:    
Cash and cash equivalents 1,097,026 467,717
Restricted cash 3,285 3,054
Cash, cash equivalents and restricted cash $ 1,100,311 $ 470,771