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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 377,034 $ 175,783 $ 146,930
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Stock-based compensation 382,604 131,358 106,176
(Gain) loss on strategic investments and marketable securities, net (283,217) 41,785 (98,943)
Depreciation and amortization 48,425 19,315 23,116
Provision for bad debts and inventory 20,073 5,484 701
Deferred income taxes (85,096) (72,497) 22,019
Other noncash items 21,177 12,853 16,031
Change in assets and liabilities:      
Receivables and contract assets (245,842) (178,989) (78,226)
Inventory 607 (77,626) (95,011)
Deferred revenue 155,641 146,819 155,566
Accounts payable, accrued and other liabilities 54,519 65,329 80,978
Prepaid expenses and other assets (37,613) (80,351) (43,976)
Net cash provided by operating activities 408,312 189,263 235,361
Cash flows from investing activities:      
Purchases of investments (793,419) (563,680) (845,179)
Business combinations, net of cash acquired (621,817) (21,090) (2,104)
Proceeds from call, maturity, and sale of investments 1,003,394 657,418 72,138
Purchases of property and equipment (78,785) (59,635) (55,802)
Other, net 54 (537) (20)
Net cash (used in) provided by investing activities (490,573) 12,476 (830,967)
Cash flows from financing activities:      
Net proceeds from equity offering 0 94,705 (74)
Proceeds from options exercised 14,576 54,503 0
Income and payroll tax payments for net-settled stock awards (58,178) (107,894) (4,870)
Net proceeds from issuance of convertible senior notes 0 0 673,769
Proceeds from issuance of warrants 0 0 124,269
Purchase of convertible note hedge 0 0 (194,994)
Other, net (1,835) 0 0
Net cash (used in) provided by financing activities (45,437) 41,314 598,100
Effect of exchange rate changes on cash and cash equivalents (6,209) 2,065 (3,380)
Net increase (decrease) in cash and cash equivalents (133,907) 245,118 (886)
Cash and cash equivalents and restricted cash, beginning of period 600,670 355,552 356,438
Cash and cash equivalents and restricted cash, end of period 466,763 600,670 355,552
Supplemental disclosures:      
Cash and cash equivalents 454,844 598,545 353,684
Restricted cash (Note 1) 11,919 2,125 1,868
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 466,763 600,670 355,552
Cash paid for interest 3,450 3,508 0
Cash paid for income taxes, net of refunds 67,845 64,492 10,508
Non-cash transactions      
Property and equipment purchases in accounts payable and accrued liabilities 5,157 238 1,056
Non-cash equity issuances related to business combinations $ 2,871 $ 0 $ 0