v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income (loss) $ (8.6) $ 25.9
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 112.8 72.1
Amortization of deferred commissions costs 66.9 56.3
Non-cash lease expense 16.0 16.5
Stock-based compensation expense 82.2 45.5
Deferred income taxes, net (5.5) (6.4)
Credit loss expense 16.9 17.0
Unrealized gains on investments and deal-contingent foreign currency forward contracts (24.6) 0.0
Other operating activities, net (1.9) 1.8
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (18.8) (31.1)
Prepaid expenses, other current assets and other assets 13.4 (13.9)
Deferred commissions (80.0) (67.6)
Accounts payable and other liabilities 54.2 88.0
Lease liabilities (18.8) (18.4)
Income taxes payable, net (21.3) (7.0)
Deferred revenue 16.8 19.0
Net cash provided by operating activities 199.7 197.7
Investing activities:    
Proceeds from sale and settlement of investments 203.4 0.0
Proceeds from sale of property, equipment, and other assets 0.8 0.0
Purchases of property, equipment, and other assets for new campuses (172.5) (449.5)
Purchases of property, equipment, and other assets (58.2) (23.0)
Purchases of equity securities (284.8) 0.0
Cash paid for acquisitions, net of cash acquired (750.1) (5.1)
Net cash used in investing activities (1,061.4) (477.6)
Financing activities:    
Payments of debt issuance costs 0.0 (3.4)
Repurchase of restricted stock to satisfy tax withholding obligations (47.0) (26.9)
Stock repurchase (63.8) 0.0
Proceeds from exercise of stock options and employee stock purchase plan 14.4 17.2
Principal repayments of financing lease obligations (2.0) (2.2)
Net cash used in financing activities (98.4) (15.3)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash 6.1 (1.2)
Net decrease in cash, cash equivalents, and restricted cash (954.0) (296.4)
Cash, cash equivalents, and restricted cash at the beginning of period 4,681.0 5,215.9
Cash, cash equivalents, and restricted cash at the end of period 3,727.0 4,919.5
Supplemental cash flow disclosures:    
Interest paid 15.1 15.7
Income taxes paid 56.2 54.1
Supplemental non-cash investing and financing activities:    
Accrued capital expenditures and non-cash landlord incentives $ 84.0 $ 11.3