v3.26.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue        
Total revenue $ 410 $ 408 $ 854 $ 826
Cost of revenue        
Total cost of revenue 167 178 335 348
Gross profit 243 230 519 478
Operating expenses        
Selling, general and administrative expenses 120 135 360 251
Research and development expenses 75 71 147 137
Total operating expenses 195 206 507 388
Income from operations 48 24 12 90
Other (expense) income, net        
Interest expense (6) (6) (12) (13)
Interest income 7 2 10 5
Other (expense) income (2) (7) 474 (11)
Total other (expense) income, net (1) (11) 472 (19)
Income before income taxes 47 13 484 71
Income tax expense 1 4 103 18
Net income $ 46 $ 9 $ 381 $ 53
Net income per common share        
Basic (in dollars per share) $ 0.49 $ 0.09 $ 4.07 $ 0.56
Diluted (in dollars per share) $ 0.48 $ 0.09 $ 3.95 $ 0.55
Weighted average common shares outstanding        
Basic (in shares) 93.9 95.3 93.5 95.2
Diluted (in shares) 96.2 96.0 96.4 97.0
Total recurring        
Revenue        
Total revenue $ 363 $ 354 $ 763 $ 712
Cost of revenue        
Total cost of revenue 120 119 243 227
Subscription software licenses        
Revenue        
Total revenue 53 65 152 148
Cost of revenue        
Total cost of revenue 8 5 19 10
Services and other        
Revenue        
Total revenue 310 289 611 564
Cost of revenue        
Total cost of revenue 112 114 224 217
Perpetual software licenses, hardware and other        
Revenue        
Total revenue 8 3 9 13
Cost of revenue        
Total cost of revenue 6 3 6 12
Consulting services        
Revenue        
Total revenue 39 51 82 101
Cost of revenue        
Total cost of revenue $ 41 $ 56 $ 86 $ 109