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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net revenues:        
Total net revenues $ 1,189.6 $ 1,430.1 $ 2,338.5 $ 2,801.9
Cost of revenues:        
Total cost of revenues 501.1 617.0 969.1 1,217.6
Gross margin 688.5 813.1 1,369.4 1,584.3
Operating expenses:        
Research and development 274.6 282.0 571.2 566.8
Sales and marketing 297.4 308.3 602.8 611.5
General and administrative 60.8 65.2 121.5 133.2
Restructuring charges 1.6 16.5 5.7 16.0
Merger-related charges [1] 9.1 0.0 37.4 0.0
Total operating expenses 643.5 672.0 1,338.6 1,327.5
Operating income 45.0 141.1 30.8 256.8
Gain (loss) on privately-held investments, net 0.7 (92.2) (13.6) (92.0)
Other income (expense), net 1.3 (7.4) 3.4 (16.2)
Income before income taxes and loss from equity method investment 47.0 41.5 20.6 148.6
Income tax provision (benefit) 10.8 15.0 (16.9) 34.6
Loss from equity method investment, net of tax 2.1 2.1 4.2 4.2
Net income $ 34.1 $ 24.4 $ 33.3 $ 109.8
Net income per share:        
Basic (in dollars per share) $ 0.10 $ 0.08 $ 0.10 $ 0.34
Diluted (in dollars per share) $ 0.10 $ 0.07 $ 0.10 $ 0.34
Weighted-average shares used to compute net income per share:        
Basic (in shares) 325.1 319.3 323.8 320.8
Diluted (in shares) 332.7 326.0 332.1 327.6
Product        
Net revenues:        
Total net revenues $ 681.2 $ 963.2 $ 1,333.1 $ 1,875.8
Cost of revenues:        
Total cost of revenues 356.2 470.7 680.1 925.6
Service        
Net revenues:        
Total net revenues 508.4 466.9 1,005.4 926.1
Cost of revenues:        
Total cost of revenues $ 144.9 $ 146.3 $ 289.0 $ 292.0
[1] Represents charges incurred directly in connection with the pending merger with HPE (as defined below). See Note 1, Basis of Presentation and Summary of Significant Accounting Policies, for further information.