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 $ 185,723 $ 226,789
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 369,288 349,483
Stock-based compensation 274,971 224,754
(Benefit) provision for deferred income taxes (4,481) 44,063
Amortization of debt issuance costs 5,180 3,250
Gain on investments 0 (9,313)
Other non-cash reconciling items, net 6,425 3,982
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable (171,804) (33,117)
Prepaid expenses and other current assets (33,341) (29,699)
Accounts payable and accrued expenses (15,094) (84,541)
Deferred revenue 53,986 23,117
Other current liabilities (22,209) (22,457)
Other non-current assets and liabilities (9,870) 14,038
Net cash provided by operating activities 638,774 710,349
Cash flows from investing activities:    
Cash (paid) received for business acquisitions, net of cash acquired (37) 790
Cash paid for asset acquisition 0 (29,930)
Purchases of property and equipment (246,613) (263,312)
Capitalization of internal-use software development costs (170,987) (156,477)
Purchases of short- and long-term marketable securities (2,268,108) (669,795)
Proceeds from sales of short- and long-term marketable securities 5,837 266,004
Proceeds from maturities and redemptions of short- and long-term marketable securities 109,251 1,053,221
Other, net (3,102) (6,521)
Net cash (used in) provided by investing activities (2,573,759) 193,980
Cash flows from financing activities:    
Proceeds from borrowings under revolving credit facility 0 250,000
Repayment of borrowings under revolving credit facility 0 (250,000)
Proceeds from the issuance of convertible senior notes, net of issuance costs 3,452,749 1,702,188
Proceeds from the issuance of warrants related to convertible senior notes 657,125 330,855
Purchase of note hedge related to convertible senior notes (893,725) (605,820)
Repayment of convertible senior notes 0 (1,149,992)
Proceeds related to the issuance of common stock under stock plans 35,967 29,241
Employee taxes paid related to net share settlement of stock awards (150,076) (97,929)
Repurchases of common stock (615,744) (799,963)
Other, net (1,459) (2,035)
Net cash provided by (used in) financing activities 2,484,837 (593,455)
Effects of exchange rate changes on cash, cash equivalents and restricted cash 579 21,501
Net increase in cash, cash equivalents and restricted cash 550,431 332,375
Cash, cash equivalents and restricted cash at beginning of period 931,308 519,084
Cash, cash equivalents and restricted cash at end of period 1,481,739 851,459
Supplemental disclosures of cash flow information:    
Cash paid for interest expense 11,994 11,380
Cash paid for operating lease liabilities 225,077 156,036
Non-cash activities:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 399,587 182,731
Purchases of property and equipment and capitalization of internal-use software development costs included in accounts payable and accrued expenses 191,192 75,565
Capitalization of stock-based compensation 75,752 63,918
Reconciliation of cash and cash equivalents, and restricted cash:    
Cash and cash equivalents 1,480,257 850,302
Restricted cash 1,482 1,157
Cash, cash equivalents and restricted cash $ 1,481,739 $ 851,459