Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

Operating segments are determined based on the financial information that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance. The Company’s CODM is our Chief Executive Officer, who reviews financial information presented on a consolidated basis, accompanied by information about

revenue by geographic region for purposes of allocating resources and evaluating financial performance. We have one operating and reportable segment.

The following table reflects certain financial data for our reportable segment (in millions):

	Three Months Ended
	March 31, 2026		March 31, 2025
Total revenue	$	1,849.6	$	1,539.7
Less:
Cost of product revenue	208.3		149.9
Cost of service revenue	156.2		143.2
Research and development expenses	214.0		198.6
Adjusted sales and marketing expenses (1)	514.8		439.7
Commission expense	121.5		103.0
General and administrative expenses	56.2		57.8
Provision for income taxes	122.0		96.5
Add: Other segment items (2)	77.9		82.4
Net income	$	534.5	$	433.4

(1) Excludes commission expense.

(2) Includes gain on intellectual property matters, interest income, interest expense, other income—net and gain (loss) from equity method investments.

Revenue by geographic region is based on the billing address of our customers. The following tables set forth revenue and property and equipment—net by geographic region (in millions):

	Three Months Ended
Revenue	March 31, 2026		March 31, 2025
Americas:
United States	$	526.5	$	455.4
Other Americas	213.3		174.4
Total Americas	739.8		629.8
Europe, Middle East and Africa (“EMEA”)	784.8		628.4
Asia Pacific (“APAC”)	325.0		281.5
Total revenue	$	1,849.6	$	1,539.7

Property and Equipment—net	March 31, 2026		December 31, 2025
Americas:
United States	$	1,072.1	$	1,000.8
Canada	330.9		329.2
Latin America	4.4		4.9
Total Americas	1,407.4		1,334.9
EMEA	211.4		211.3
APAC	72.7		72.8
Total property and equipment—net	$	1,691.5	$	1,619.0

The following distributor customers accounted for 10% or more of our revenue:

	Three Months Ended
	March 31, 2026		March 31, 2025
Distributor A	28	%	28	%
Distributor B	15	%	14	%
Distributor C	12	%	12	%

The following distributor customers accounted for 10% or more of net accounts receivable:

	March 31, 2026		December 31, 2025
Distributor A	28	%	32	%
Distributor B	12	%	12	%
Distributor C	11	%	*

* Represents less than 10%