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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net revenues:        
Total net revenues $ 1,430.1 $ 1,269.6 $ 2,801.9 $ 2,437.8
Cost of revenues:        
Total cost of revenues 617.0 575.5 1,217.6 1,094.3
Gross margin 813.1 694.1 1,584.3 1,343.5
Operating expenses:        
Research and development 282.0 244.3 566.8 492.9
Sales and marketing 308.3 274.3 611.5 547.6
General and administrative 65.2 67.2 133.2 127.4
Restructuring charges 16.5 0.5 16.0 9.3
Total operating expenses 672.0 586.3 1,327.5 1,177.2
Operating income 141.1 107.8 256.8 166.3
Gain (loss) on privately-held investments, net [1],[2] (92.2) 5.9 (92.0) [3] 5.9 [3]
Gain on divestiture 0.0 45.8 0.0 45.8
Other expense, net [2] (7.4) (14.0) (16.2) (26.9)
Income before income taxes and loss from equity method investment 41.5 145.5 148.6 191.1
Income tax provision 15.0 31.6 34.6 21.5
Loss from equity method investment, net of tax 2.1 0.5 4.2 [3] 0.5 [3]
Net income $ 24.4 $ 113.4 $ 109.8 $ 169.1
Net income per share:        
Basic (in dollars per share) $ 0.08 $ 0.35 $ 0.34 $ 0.53
Diluted (in dollars per share) $ 0.07 $ 0.35 $ 0.34 $ 0.51
Weighted-average shares used to compute net income per share:        
Basic (in shares) 319.3 321.0 320.8 321.1
Diluted (in shares) 326.0 328.1 327.6 329.3
Product        
Net revenues:        
Total net revenues $ 963.2 $ 839.8 $ 1,875.8 $ 1,584.1
Cost of revenues:        
Total cost of revenues 470.7 431.9 925.6 810.4
Service        
Net revenues:        
Total net revenues 466.9 429.8 926.1 853.7
Cost of revenues:        
Total cost of revenues $ 146.3 $ 143.6 $ 292.0 $ 283.9
[1] Privately-held investments represent investments in privately-held debt and redeemable preferred stock securities and equity investments without readily determinable fair value
[2] The prior period amounts have been reclassified to conform to the current period presentation
[3] The prior period amounts have been reclassified to conform to the current period presentation.