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v3.25.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table reflects certain financial data for our reportable segment (in millions):
| Three Months Ended
March 31, 2025 |  | March 31, 2024
Total revenue | $ | 1,539.7 |  |  | $ | 1,353.3 |
Less: |  |  |
Cost of product revenue | 149.9 |  |  | 182.8 |
Cost of service revenue | 143.2 |  |  | 121.9 |
Research and development expense | 198.6 |  |  | 173.0 |
Other sales and marketing expense (1) | 439.7 |  |  | 412.6 |
Commission expense | 103.0 |  |  | 88.5 |
General and administrative expense | 57.8 |  |  | 54.4 |
Other segment items (2) | 82.4 |  |  | 18.7 |
Provision for income taxes | 96.5 |  |  | 39.5 |
Net income | $ | 433.4 |  |  | $ | 299.3 |
(1) Excludes commission expense. (2) The following table presents other segment items (in millions):
| Three Months Ended
March 31, 2025 |  | March 31, 2024
Gain on intellectual property matters | $ | 6.3 |  |  | $ | 1.1 |
Interest income | 44.3 |  |  | 32.2 |
Interest expense | (4.9) |  |  | (5.1) |
Other income (expense)—net | 26.1 |  |  | (2.9) |
Gain (loss) from equity method investments | 10.6 |  |  | (6.6) |
Total other segment items | $ | 82.4 |  |  | $ | 18.7 |
The following table presents other segment information (in millions):
| Three Months Ended
March 31, 2025 |  | March 31, 2024
Significant non-cash items: |  |  |
Stock‐based compensation expense | $ | 66.9 |  |  | $ | 63.0 |
Depreciation and amortization expense | 35.8 |  |  | 28.6 |
Total assets | $ | 10,407.0 |  |  | $ | 7,662.1 |
Purchases of property and equipment | $ | 66.5 |  |  | $ | 221.9 |
Revenue From External Customers by Geographic Region | 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, 2025 |  | March 31, 2024 |  |  |  |
Americas: |  |  |  |  |  |  |
United States | $ | 455.4 |  |  | $ | 407.1 |  |  |  |  |
Other Americas | 174.4 |  |  | 149.9 |  |  |  |  |
Total Americas | 629.8 |  |  | 557.0 |  |  |  |  |
Europe, Middle East and Africa (“EMEA”) | 628.4 |  |  | 539.4 |  |  |  |  |
Asia Pacific (“APAC”) | 281.5 |  |  | 256.9 |  |  |  |  |
Total revenue | $ | 1,539.7 |  |  | $ | 1,353.3 |  |  |  |  |
Property and Equipment by Geographic Region |
Property and Equipment—net | March 31, 2025 |  | December 31, 2024
Americas: |  |  |
United States | $ | 993.5 |  |  | $ | 993.5 |
Canada | 215.8 |  |  | 216.8 |
Latin America | 2.4 |  |  | 4.4 |
Total Americas | 1,211.7 |  |  | 1,214.7 |
EMEA | 129.3 |  |  | 73.3 |
APAC | 62.8 |  |  | 61.5 |
Total property and equipment—net | $ | 1,403.8 |  |  | $ | 1,349.5 |
Schedule of Distributor Concentration | The following distributors accounted for 10% or more of our revenue:
| Three Months Ended |  |
| March 31, 2025 |  | March 31, 2024 |  |  |  |
Distributor A | 28 | % |  | 31 | % |  |  |  |
Distributor B | 14 | % |  | 15 | % |  |  |  |
Distributor C | 12 | % |  | 13 | % |  |  |  |
The following distributors accounted for 10% or more of net accounts receivable:
| March 31, 2025 |  | December 31, 2024
Distributor A | 28 | % |  | 31 | %
Distributor B | 11 | % |  | 14 | %
Distributor C | 13 | % |  | 10 | %

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