v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 876,402 $ 217,717
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,765 6,622
Stock-based compensation 201,592 155,339
Other operating activities (53,959) (3,094)
Changes in operating assets and liabilities:    
Accounts receivable, net (360,973) (134,959)
Prepaid expenses and other assets 49,062 40,730
Accounts payable and accrued liabilities 80,788 22,395
Contract liabilities 112,386 18,760
Other liabilities (12,898) (13,247)
Net cash provided by operating activities 899,165 310,263
Investing activities    
Purchases of property and equipment (7,401) (6,184)
Purchases of marketable securities (810,856) (1,704,720)
Proceeds from sales and redemption of marketable securities 791,533 350,627
Other investing activities 0 (30,000)
Net cash used in investing activities (26,724) (1,390,277)
Financing activities    
Proceeds from the exercise of common stock options 4,899 66,584
Other financing activities (1,502) (95,481)
Net cash provided by (used in) financing activities 3,397 (28,897)
Effect of foreign exchange on cash, cash equivalents, and restricted cash (2,404) 3,980
Net increase (decrease) in cash, cash equivalents, and restricted cash 873,434 (1,104,931)
Cash, cash equivalents, and restricted cash - beginning of period 1,451,425 2,119,936
Cash, cash equivalents, and restricted cash - end of period $ 2,324,859 $ 1,015,005