v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 1,634,644 $ 467,918 $ 217,375
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 26,145 31,587 33,354
Stock-based compensation 684,033 691,638 475,903
Unrealized and realized (gain) loss from marketable securities, net 21,228 19,306 13,160
Noncash consideration (37,244) (52,521) (46,609)
Other operating activities 15,630 66,034 12,764
Changes in operating assets and liabilities:      
Accounts receivable, net (450,429) (211,157) (106,159)
Prepaid expenses and other assets 51,979 11,883 (2,955)
Accounts payable and accrued liabilities 4,659 96,793 21,063
Contract liabilities 238,688 76,796 143,859
Other liabilities (54,860) (44,412) (49,572)
Net cash provided by operating activities 2,134,473 1,153,865 712,183
Investing activities      
Purchases of property and equipment (33,882) (12,634) (15,114)
Purchases of marketable securities (7,702,060) (5,395,913) (5,636,406)
Proceeds from sales and redemption of marketable securities 5,026,315 5,073,507 2,889,268
Purchases of privately-held securities (72,924) (5,615) 0
Other investing activities (1,000) 0 51,072
Net cash used in investing activities (2,783,551) (340,655) (2,711,180)
Financing activities      
Proceeds from the exercise of common stock options 129,107 745,396 218,238
Repurchases of common stock 74,985 64,196 0
Taxes paid related to net share settlement of equity awards (81,117) (218,280) 0
Other financing activities 85 444 601
Net cash provided by (used in) financing activities (26,910) 463,364 218,839
Effect of foreign exchange on cash, cash equivalents, and restricted cash 7,477 (6,745) 2,930
Net cash provided by (used in) financing activities (668,511) 1,269,829 (1,777,228)
Cash, cash equivalents, and restricted cash - beginning of period 2,119,936 850,107 2,627,335
Cash, cash equivalents, and restricted cash - end of period 1,451,425 2,119,936 850,107
Noncash investing and financing activities      
Accrued taxes related to net share settlement of equity awards $ 0 $ 84,207 $ 0