v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 198,739 $ 124,097
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Stock-based compensation 278,697 279,483
Gain on strategic investments and marketable securities, net (197,873) (111,754)
Debt inducement expense 0 28,666
Depreciation and amortization 62,824 36,610
Provision for bad debts and inventory 2,630 6,254
Deferred income taxes 11,456 (70,065)
Other noncash items 18,466 19,278
Change in assets and liabilities:    
Receivables and contract assets (256,919) (212,833)
Inventory (145,099) (48,098)
Deferred revenue (35,334) (51,143)
Accounts payable, accrued and other liabilities 105,531 21,175
Prepaid expenses and other assets (54,558) (87,580)
Net cash used in operating activities (11,440) (65,910)
Cash flows from investing activities:    
Purchases of investments (302,844) (1,793,862)
Business combinations, net of cash acquired (551,593) (3,809)
Proceeds from call, maturity, and sale of investments 434,345 756,654
Purchases of property and equipment (44,174) (47,815)
Other, net (1,496) 83
Net cash used in investing activities (465,762) (1,088,749)
Cash flows from financing activities:    
Net proceeds from equity offering 100,477 183,960
Principal payments for conversion and redemption of convertible debt (81,110) (407,453)
Income and payroll tax payments for net-settled stock awards (140,192) (192,835)
Payments to third parties for debt issuance, amendment, conversion and redemption activity (964) (24,735)
Proceeds from issuance of notes 0 1,750,000
Other, net (829) (76)
Net cash (used in) provided by financing activities (122,618) 1,308,861
Effect of exchange rate changes on cash and cash equivalents (3,949) 6,497
Net change in cash and cash equivalents (603,769) 160,699
Cash and cash equivalents and restricted cash, beginning of period 1,213,393 466,763
Cash and cash equivalents and restricted cash, end of period 609,624 627,462
Supplemental disclosures:    
Cash and cash equivalents 597,704 615,496
Restricted cash 11,920 11,966
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 609,624 627,462
Cash paid for interest 54,124 1,204
Non-cash transactions:    
Leased assets obtained in exchange for new operating lease liabilities 8,502 5,554
Property and equipment purchases in accounts payable and accrued liabilities 8,051 3,060
Expense for induced conversion of convertible debt, debt offering and revolver modification $ 0 $ 33,725