v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 97,132 $ 27,289
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 37,412 24,077
Accretion of discounts on marketable securities (24,360) (21,297)
Amortization of issuance costs 2,096 3,510
Amortization of deferred contract costs 42,402 30,830
Stock-based compensation, net of amounts capitalized 417,093 344,727
Non-cash lease expense 18,590 17,390
Allowance for credit losses on accounts receivable 10,594 8,415
Loss on disposal of property and equipment 1,668 832
Changes in operating assets and liabilities:    
Accounts receivable, net (95,775) (11,672)
Deferred contract costs (72,050) (45,820)
Prepaid expenses and other current assets (15,175) 1,080
Other assets (2,477) (3,038)
Accounts payable 155,120 85,640
Accrued expenses and other liabilities 3,098 2,398
Deferred revenue 75,127 7,235
Net cash provided by operating activities 650,495 471,596
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities (2,437,460) (1,721,779)
Maturities of marketable securities 1,644,703 1,253,110
Proceeds from sale of marketable securities 323,089 13,136
Purchases of property and equipment (21,247) (23,900)
Capitalized software development costs (61,452) (37,952)
Cash paid for acquisition of businesses; net of cash acquired (112,310) (117,090)
Net cash used in investing activities (664,677) (634,475)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 12,465 3,358
Proceeds from issuance of common stock under the employee stock purchase plan 39,067 28,578
Proceeds from issuance of 2029 Convertible Senior Notes, net of issuance costs 0 (190)
Repayments of 2025 Convertible Senior Notes 0 (635,547)
Net cash provided by (used in) financing activities 51,532 (603,801)
Effect of exchange rate changes on cash and cash equivalents (3,698) 8,727
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 33,652 (757,953)
CASH AND CASH EQUIVALENTS—Beginning of period 401,305 1,246,983
CASH AND CASH EQUIVALENTS—End of period 434,957 489,030
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for income taxes, net of refunds 23,640 11,306
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accrued property and equipment purchases 14,062 8,160
Stock-based compensation included in capitalized software development costs 16,071 11,619
Issuance of restricted shares of common stock for the acquisition of businesses 75,327 53,038
Acquisition holdback $ 14,306 $ 16,072