v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 27,289 $ 86,455
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 24,077 25,335
Accretion of discounts on marketable securities (21,297) (26,695)
Amortization of issuance costs 3,510 1,760
Amortization of deferred contract costs 30,830 24,294
Stock-based compensation, net of amounts capitalized 344,727 269,685
Non-cash lease expense 17,390 13,591
Allowance for credit losses on accounts receivable 8,415 6,574
Loss on disposal of property and equipment 832 343
Changes in operating assets and liabilities:    
Accounts receivable, net (11,672) (30,586)
Deferred contract costs (45,820) (32,170)
Prepaid expenses and other current assets 1,080 (8,443)
Other assets (3,038) 2,171
Accounts payable 85,640 31,570
Accrued expenses and other liabilities 2,398 (15,856)
Deferred revenue 7,235 28,666
Net cash provided by operating activities 471,596 376,694
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities (1,721,779) (1,240,301)
Maturities of marketable securities 1,253,110 965,985
Proceeds from sale of marketable securities 13,136 8
Purchases of property and equipment (23,900) (18,573)
Capitalized software development costs (37,952) (27,594)
Cash paid for acquisition of businesses; net of cash acquired (117,090) (444)
Net cash used in investing activities (634,475) (320,919)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 3,358 3,944
Proceeds from issuance of common stock under the employee stock purchase plan 28,578 22,507
Proceeds from issuance of 2029 Convertible Senior Notes, net of issuance costs (190) 0
Repayments of 2025 Convertible Senior Notes (635,547) (25)
Net cash (used in) provided by financing activities (603,801) 26,426
Effect of exchange rate changes on cash and cash equivalents 8,727 (1,577)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (757,953) 80,624
CASH AND CASH EQUIVALENTS—Beginning of period 1,246,983 330,339
CASH AND CASH EQUIVALENTS—End of period 489,030 410,963
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for income taxes 11,306 14,822
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accrued property and equipment purchases 8,160 3,840
Stock-based compensation included in capitalized software development costs 11,619 6,906
Issuance of restricted shares of common stock for the acquisition of businesses 53,038 0
Acquisition holdback $ 16,072 $ 0