v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES:    
Net income $ 104,391 $ 140,807
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 61,571 50,689
Stock-based compensation expense 218,602 257,138
Noncash lease expense 38,057 34,253
Provision for expected credit losses on accounts receivable 4,290 1,177
Gain on sale of property and equipment (13,772) 0
Other 4,850 (13,899)
Changes in operating assets and liabilities:    
Accounts receivable 548,109 80,033
Prepaid expenses and other current and non-current assets 59,754 (18,281)
Accounts payable (427,941) (19,839)
Accrued expenses and other current and non-current liabilities (16,828) (24,081)
Operating lease liabilities (35,684) (31,551)
Net cash provided by operating activities 545,399 456,446
INVESTING ACTIVITIES:    
Purchases of investments (238,872) (577,834)
Sales of investments 112,060 0
Maturities of investments 409,583 346,120
Purchases of property and equipment (125,966) (104,352)
Proceeds from sale of property and equipment 15,513 0
Capitalized software development costs (7,399) (5,739)
Business acquisition 0 (4,350)
Net cash provided by (used in) investing activities 164,919 (346,155)
FINANCING ACTIVITIES:    
Repurchases of Class A common stock (241,331) (647,093)
Proceeds from exercise of stock options 4,706 14,085
Proceeds from employee stock purchase plan 11,929 32,450
Taxes paid relating to net settlement of restricted stock (20,818) (57,048)
Proceeds from short-term borrowings 0 74,239
Net cash used in financing activities (245,514) (583,367)
Increase (decrease) in cash and cash equivalents 464,804 (473,076)
Cash and cash equivalents—Beginning of period 658,175 1,369,463
Cash and cash equivalents—End of period 1,122,979 896,387
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for operating lease liabilities 45,247 35,942
Operating lease assets obtained in exchange for operating lease liabilities 34,507 41,594
Capitalized assets financed by accounts payable 88,214 57,562
Repurchases of Class A common stock in accrued expenses and other current liabilities 1,578 12,218
Tenant improvements paid by lessor 0 8,579
Assets acquired in a business combination, included in other assets, non-current, in exchange for Class A common stock 0 10,299
Stock-based compensation included in capitalized software development costs $ 4,179 $ 3,634