v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) were as follows (in millions):
June 30,
2025		December 31,
2024
Foreign currency translation income (loss)
$20.2 $(25.5)
Total accumulated other comprehensive income (loss)
$20.2 $(25.5)
Schedule of Calculation of Basic and Diluted Net (loss) income Per Share
The following table sets forth the calculation of basic and diluted net income (loss) per share (in millions, except per share data):
Three Months Ended
June 30,		Six Months Ended
June 30,

Numerator:		2025202420252024
Net income (loss)
$6.2 $19.2 $(8.6)$25.9 
Denominator:
Denominator for basic net income (loss) per share — weighted-average outstanding shares
419.6 406.0 415.1 405.8 
Effect of dilutive securities:
Stock options, restricted stock awards, and restricted stock units
4.7 1.4 — 1.5 
Denominator for diluted net income (loss) per share — weighted-average outstanding shares
424.3 407.4 415.1 407.3 
 
Net income (loss) per share — basic
$0.01 $0.05 $(0.02)$0.06 
Net income (loss) per share — diluted
$0.01 $0.05 $(0.02)$0.06 
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
The following table summarizes the shares underlying the unvested performance-based restricted stock and anti-dilutive securities excluded from the basic and diluted earnings per share calculations (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Performance-based restricted stock awards1.4 0.9 1.4 0.9 
Anti-dilutive securities2.3 0.5 2.2 1.1 
Schedule of Stock-based Compensation Expense for Stock Options and Restricted Stock
Stock-based compensation expense for stock options, restricted stock awards, and restricted stock units issued under equity incentive plans, stock purchases under the ESPP, and DSUs and Matching RSUs awarded under the MSPP included in the Company’s condensed consolidated statements of operations were as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Cost of revenues$5.7 $3.6 $9.7 $7.3 
Selling and marketing (excluding customer base amortization)8.5 3.0 13.6 5.5 
Software development12.2 5.7 19.9 11.0 
General and administrative25.4 10.4 39.0 21.7 
Total stock-based compensation expense$51.8 $22.7 $82.2 $45.5 
The following table presents stock-based compensation expense related to performance-based restricted stock awards for the three and six months ended June 30, 2025 and 2024 (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Performance-based restricted stock awards without market conditions
$1.4 $— $1.9 $— 
Performance-based restricted stock awards with market conditions
$3.1 $3.1 $3.7 $5.6 
Schedule of Restrictions on Cash and Cash Equivalents
Cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets and condensed consolidated statements of cash flows as of June 30, 2025 and December 31, 2024 were as follows (in millions):
June 30, 2025December 31, 2024
Cash and cash equivalents
$3,628.6 $4,681.0 
Restricted cash
98.4 — 
Total cash, cash equivalents, and restricted cash
$3,727.0 $4,681.0 
Schedule of Inventories Related to the Matterport Acquisition
Inventories related to the Matterport Acquisition as of June 30, 2025 consisted of the following (in millions):
June 30, 2025
Finished goods$4.6 
Work in process0.4 
Purchased parts and raw materials2.2 
Total inventories$7.2 
Schedule of Results of Operations of Asset Acquisition and Land and Building Cost
The total cost of the land and building was $343.0 million and was allocated to the following components (in millions):
ComponentBalance Sheet CaptionAmount
LandProperty and equipment, net$17.2 
BuildingProperty and equipment, net224.5 
Land and building improvementsProperty and equipment, net27.5 
Above-market leasesIntangible assets, net41.7 
In-place leasesIntangible assets, net32.1 
$343.0 
Schedule of Deferred Lease Income
Deferred lease income as of June 30, 2025 and December 31, 2024 was as follows (in millions):
BalanceBalance Sheet CaptionJune 30,
2025		December 31,
2024
Current portion
Other current liabilities
$5.9 $4.5 
Non-current portion
Lease and other long-term liabilities
38.2 18.5 
Total deferred lease income$44.1 $23.0 
Schedule of Components of Other (Expense) Income Components of other income (expense), net related to leasing operations for the three months ended June 30, 2025 and 2024 were as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Lease income(1)
$4.5 $6.6 $9.0 $9.8 
Less:
Property operating expenses1.6 2.7 2.8 4.2 
Depreciation and amortization expense7.6 5.3 11.5 8.9 
Other expense from leasing operations
$(4.7)$(1.4)$(5.3)$(3.3)
__________________________
(1) Includes $0.9 million and $3.0 million of amortization expense of above-market leases for the three months ended June 30, 2025 and 2024, respectively, and $2.0 million and $4.9 million for the six months ended June 30, 2025 and 2024, respectively.