v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 124,097 $ 174,825
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation 279,483 149,936
Gain on strategic investments and marketable securities, net (111,754) (147,699)
Debt inducement expense 28,666 0
Depreciation and amortization 36,610 17,742
Provision for bad debts and inventory 6,254 11,084
Deferred income taxes (70,065) (7,755)
Other noncash items 19,278 6,364
Change in assets and liabilities:    
Receivables and contract assets (212,833) (77,092)
Inventory (48,098) (16,959)
Deferred revenue (51,143) (8,499)
Accounts payable, accrued and other liabilities 21,175 (43,532)
Prepaid expenses and other assets (87,580) 8,410
Net cash provided by (used in) operating activities (65,910) 66,825
Cash flows from investing activities:    
Purchases of investments (1,793,862) (490,989)
Business combinations, net of cash acquired (3,809) (237,796)
Proceeds from call, maturity, and sale of investments 756,654 664,358
Purchases of property and equipment (47,815) (27,512)
Other, net 83 34
Net cash used in investing activities (1,088,749) (91,905)
Cash flows from financing activities:    
Net proceeds from equity offering 183,960 0
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 (24,735) 0
Income and payroll tax payments for net-settled stock awards (192,835) (4,895)
Other, net (76) 0
Net cash provided by (used in) financing activities 1,308,861 (4,895)
Effect of exchange rate changes on cash and cash equivalents 6,497 (2,086)
Net increase (decrease) in cash and cash equivalents 160,699 (32,061)
Cash and cash equivalents and restricted cash, beginning of period 466,763 600,670
Cash and cash equivalents and restricted cash, end of period 627,462 568,609
Supplemental disclosures:    
Cash and cash equivalents 615,496 566,452
Restricted cash (Note 1) 11,966 2,157
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 627,462 568,609
Cash paid for income taxes, net of refunds 49,616 47,399
Non-cash transactions:    
Property and equipment purchases in accounts payable and accrued liabilities 3,060 5,299
Leased assets obtained in exchange for new operating lease liabilities 5,554 11,711
Expense for induced conversion of convertible debt, debt offering and revolver modification $ 33,725 $ 0