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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our chief operating decision maker is our chief executive officer. Our chief executive officer 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 business activity, and there are no segment managers who are held accountable for operations, operating results and plans for levels or components below the consolidated unit level. Accordingly, we have determined that we have one operating segment, and therefore, one reportable segment. The following table reflects certain financial data for our reportable segment (in millions):
| Three Months Ended |  | Nine Months Ended
September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Total revenue | $ | 1,724.9 |  |  | $ | 1,508.1 |  |  | $ | 4,894.6 |  |  | $ | 4,295.7 |
Less: |  |  |  |  |  |  |
Cost of product revenue | 180.7 |  |  | 136.1 |  |  | 496.5 |  |  | 474.0 |
Cost of service revenue | 151.0 |  |  | 127.3 |  |  | 443.2 |  |  | 369.1 |
Research and development expense | 202.4 |  |  | 187.3 |  |  | 610.5 |  |  | 525.7 |
Other sales and marketing expense (1) | 469.2 |  |  | 416.3 |  |  | 1,392.6 |  |  | 1,232.1 |
Commission expense | 114.3 |  |  | 99.6 |  |  | 325.6 |  |  | 286.2 |
General and administrative expense | 61.4 |  |  | 71.7 |  |  | 176.1 |  |  | 182.7 |
Other segment items (2) | 48.7 |  |  | 151.3 |  |  | 191.6 |  |  | 190.3 |
Provision for income taxes | 120.7 |  |  | 81.2 |  |  | 294.3 |  |  | 197.2 |
Net income | $ | 473.9 |  |  | $ | 539.9 |  |  | $ | 1,347.4 |  |  | $ | 1,219.0 |
(1) Excludes commission expense. (2) The following table presents other segment items (in millions):
| Three Months Ended |  | Nine Months Ended
September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Gain on intellectual property matters | $ | 1.4 |  |  | $ | 1.1 |  |  | $ | 9.0 |  |  | $ | 3.4 |
Interest income | 40.7 |  |  | 42.4 |  |  | 130.0 |  |  | 112.9 |
Interest expense | (6.2) |  |  | (5.0) |  |  | (15.7) |  |  | (15.1) |
Other income—net | 13.0 |  |  | 118.1 |  |  | 58.0 |  |  | 113.0 |
Gain (loss) from equity method investments | (0.2) |  |  | (5.3) |  |  | 10.3 |  |  | (23.9) |
Total other segment items | $ | 48.7 |  |  | $ | 151.3 |  |  | $ | 191.6 |  |  | $ | 190.3 |
The following table presents other segment information (in millions):
| Three Months Ended |  | Nine Months Ended
September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Significant non-cash items: |  |  |  |  |  |  |
Stock‐based compensation expense | $ | 71.8 |  |  | $ | 65.9 |  |  | $ | 207.0 |  |  | $ | 192.1 |
Depreciation and amortization expense | 38.4 |  |  | 29.8 |  |  | 112.5 |  |  | 87.6 |
Total assets | $ | 9,361.3 |  |  | $ | 8,852.0 |  |  | $ | 9,361.3 |  |  | $ | 8,852.0 |
Purchases of property and equipment | $ | 87.7 |  |  | $ | 36.3 |  |  | $ | 322.0 |  |  | $ | 281.3 |
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 |  | Nine Months Ended
Revenue | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Americas: |  |  |  |  |  |  |
United States | $ | 486.6 |  |  | $ | 455.1 |  |  | $ | 1,415.0 |  |  | $ | 1,297.9 |
Other Americas | 193.9 |  |  | 168.9 |  |  | 554.1 |  |  | 478.4 |
Total Americas | 680.5 |  |  | 624.0 |  |  | 1,969.1 |  |  | 1,776.3 |
Europe, Middle East and Africa (“EMEA”) | 713.7 |  |  | 599.3 |  |  | 2,009.2 |  |  | 1,703.9 |
Asia Pacific (“APAC”) | 330.7 |  |  | 284.8 |  |  | 916.3 |  |  | 815.5 |
Total revenue | $ | 1,724.9 |  |  | $ | 1,508.1 |  |  | $ | 4,894.6 |  |  | $ | 4,295.7 |
Property and Equipment—net | September 30, 2025 |  | December 31, 2024
Americas: |  |  |
United States | $ | 996.2 |  |  | $ | 993.5 |
Canada | 334.3 |  |  | 216.8 |
Latin America | 5.3 |  |  | 4.4 |
Total Americas | 1,335.8 |  |  | 1,214.7 |
EMEA | 199.7 |  |  | 73.3 |
APAC | 69.7 |  |  | 61.5 |
Total property and equipment—net | $ | 1,605.2 |  |  | $ | 1,349.5 |
The following distributors accounted for 10% or more of our revenue:
| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Distributor A | 27 | % |  | 27 | % |  | 27 | % |  | 29 | %
Distributor B | 14 | % |  | 15 | % |  | 14 | % |  | 15 | %
Distributor C | 12 | % |  | 12 | % |  | 12 | % |  | 13 | %
The following distributors accounted for 10% or more of net accounts receivable:
| September 30, 2025 |  | December 31, 2024
Distributor A | 25 | % |  | 31 | %
Distributor B | 11 | % |  | 14 | %
Distributor C | 12 | % |  | 10 | %

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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