v3.26.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities:    
Net income (loss) $ 75,892 $ (25,051)
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities, net of acquisitions    
Depreciation and amortization 84,635 62,024
Stock-based compensation 244,227 257,668
Gain on strategic investments (569) (1,869)
Impairment of strategic investments 3,014 1,600
Benefit from deferred income taxes (1,852) (214)
Amortization of debt discount and issuance costs 243 577
Accretion of bond discount (10,321) (24,443)
Unrealized currency translation 2,590 (2,777)
Changes in assets and liabilities    
Accounts receivable 33,934 30,030
Prepaid expenses and other assets (57,849) (50,080)
Deferred commission expense (38,075) (49,590)
Right-of-use assets 13,924 12,828
Accounts payable 3,544 9,121
Accrued expenses and other liabilities 32,664 59,876
Operating lease liabilities (23,877) (17,656)
Deferred revenue 59,456 63,888
Net cash and cash equivalents provided by operating activities 421,580 325,932
Investing Activities:    
Purchases of investments (358,691) (830,204)
Maturities of investments 900,784 1,305,509
Purchases of property and equipment (35,074) (29,370)
Purchases of strategic investments (13,932) (18,825)
Purchases of intangible assets (527) (256)
Capitalization of software development costs (74,292) (65,857)
Business acquisitions, net of cash acquired (27,449) (69,833)
Net cash and cash equivalents provided by investing activities 390,819 291,164
Financing Activities:    
Employee taxes paid related to the net share settlement of stock-based awards (5,413) (13,812)
Payment of debt issuance costs (2,620)  
Repayment of 2025 Convertible Notes   (459,811)
Proceeds related to the issuance of common stock under stock plans 23,238 38,664
Repurchases of common stock (742,880) (125,004)
Net cash and cash equivalents used in financing activities (727,675) (559,963)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (8,652) 30,046
Net increase in cash, cash equivalents and restricted cash 76,072 87,179
Cash, cash equivalents and restricted cash, beginning of period 884,945 516,720
Cash, cash equivalents and restricted cash, end of period 961,017 603,899
Supplemental cash flow disclosure:    
Cash paid for income taxes 14,569 10,640
Cash paid for interest 219 422
Right-of-use assets obtained in exchange for operating lease liabilities   1,242
Non-cash investing and financing activities:    
Excise tax liability accrued for common stock repurchased 5,815  
Capital expenditures incurred but not yet paid $ 2,679 555
Settlement of Capped Call Options related to the 2025 Convertible Notes   $ 50,600