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v3.25.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 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 |  | 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 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 |  | 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 by Geographic Region |
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 |
Schedule of Distributor Concentration | 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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