v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net income attributable to common stockholders $ 8,599 $ 233,602
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 171,771 97,035
Stock-based compensation 91,276 60,313
Provision for expected credit losses 13,078 13,337
Gain (loss) on extinguishment of debt, net 2,700 (48,104)
Induced conversion expense 57,110 0
Deferred income taxes 0 (72,522)
Operating lease right-of-use assets and liabilities, net (42,520) (7,746)
Non-cash interest expense 3,872 5,451
Net accretion of discounts and amortization of premiums on investments (1,088) 0
Other 7,737 (7,652)
Changes in operating assets and liabilities:    
Accounts receivable (62,040) (25,060)
Prepaid expenses and other current assets (4,602) (4,875)
Accounts payable and accrued expenses 24,618 18
Deferred revenue 46,825 3,190
Other assets and liabilities 780 5,337
Net cash provided by operating activities 318,116 252,324
Investing activities    
Capital expenditures - property and equipment (105,124) (102,931)
Capital expenditures - internal-use software (19,279) (6,541)
Acquisition of equipment under financing arrangements (75,143) (27,622)
Purchase of intangible assets (754) (1,835)
Cash paid for acquisition of businesses, net of cash acquired (4,042) 0
Purchase of marketable securities (177,632) 0
Proceeds from sale of equipment 0 157
Net cash used in investing activities (381,974) (138,772)
Financing activities    
Proceeds from follow-on public offering, net of underwriting discounts and issuance costs 887,888 0
Proceeds from drawdown of Term Loan Facility 120,000 0
Principal repayment of Term Loan Facility (500,000) 0
Payment of issuance costs related to Equipment Lease Facility (7,239) 0
Proceeds related to issuance of common stock under equity incentive plan 3,678 3,628
Proceeds from issuance of common stock under employee stock purchase plan 2,494 2,660
Employee payroll taxes paid related to net settlement of equity awards (62,054) (22,222)
Proceeds from financing arrangements 75,143 27,622
Principal repayments of finance leases and financing arrangements (39,895) (4,154)
Repurchase and retirement of common stock including related costs 0 (82,124)
Net cash provided by (used in) financing activities 475,796 (307,177)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (319) (7)
Increase (decrease) in cash, cash equivalents and restricted cash 411,619 (193,632)
Cash, cash equivalents and restricted cash - beginning of period 254,633 430,193
Cash, cash equivalents and restricted cash - end of period 666,252 236,561
Supplemental disclosures of cash flow information:    
Cash paid for interest 25,240 2,722
Cash paid for taxes, net of refunds 3,389 4,910
Operating cash flows paid for operating leases 118,645 95,738
Non-cash investing and financing activities:    
Capitalized stock-based compensation 3,599 1,627
Property and equipment received but not yet paid, included in accounts payable and accrued other expenses 57,578 76,345
Debt issuance costs incurred but not yet paid, included in accounts payable and accrued liabilities 35 750
Operating right-of-use assets obtained in exchange for operating lease liabilities 492,929 161,219
Finance right-of-use assets obtained in exchange for finance lease liabilities 750,038 1,486
2030 Convertible Notes    
Financing activities    
Proceeds from direct offering for induced conversion of 2030 Convertible Notes, net of related costs 1,473,883 0
Repayments of Convertible Notes including related costs (1,478,102) 0
Proceeds from issuance of Convertible Notes, net of issuance costs 0 606,827
Purchases of capped calls related to 2030 Convertible Notes 0 (83,875)
2025 Credit Facility    
Financing activities    
Proceeds from issuance of Convertible Notes, net of issuance costs 0 375,919
2026 Convertible Notes    
Financing activities    
Repayments of Convertible Notes including related costs $ 0 $ (1,131,458)