Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 05, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-27275 | |
Entity Registrant Name | Akamai Technologies, Inc | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3432319 | |
Entity Address, Address Line One | 145 Broadway | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02142 | |
City Area Code | 617 | |
Local Phone Number | 444-3000 | |
Title of 12(b) Security | Common Stock - par value $0.01 per share | |
Trading Symbol | AKAM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 152,202,115 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001086222 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 298,800 | $ 542,337 |
Marketable securities | 453,113 | 562,979 |
Accounts receivable, net of reserves of $5,557 and $5,917 at March 31, 2023, and December 31, 2022, respectively | 705,817 | 679,206 |
Prepaid expenses and other current assets | 239,981 | 185,040 |
Total current assets | 1,697,711 | 1,969,562 |
Marketable securities | 298,699 | 320,531 |
Property and equipment, net | 1,654,608 | 1,540,182 |
Operating lease right-of-use assets | 850,282 | 813,372 |
Acquired intangible assets, net | 432,233 | 441,716 |
Goodwill | 2,781,859 | 2,763,838 |
Deferred income tax assets | 334,733 | 337,677 |
Other assets | 133,208 | 116,522 |
Total assets | 8,183,333 | 8,303,400 |
Current liabilities: | ||
Accounts payable | 202,129 | 145,420 |
Accrued expenses | 256,924 | 367,017 |
Deferred revenue | 140,927 | 105,109 |
Operating lease liabilities | 205,055 | 196,094 |
Other current liabilities | 31,218 | 5,228 |
Total current liabilities | 836,253 | 818,868 |
Deferred revenue | 23,754 | 22,117 |
Deferred income tax liabilities | 20,439 | 18,400 |
Convertible senior notes | 2,286,369 | 2,285,258 |
Operating lease liabilities | 735,808 | 693,265 |
Other liabilities | 109,369 | 105,305 |
Total liabilities | 4,011,992 | 3,943,213 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 700,000 shares designated as Series A Junior Participating Preferred Stock; no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 700,000,000 shares authorized; 157,299,369 shares issued and 152,743,828 shares outstanding at March 31, 2023, and 156,494,816 shares issued and outstanding at December 31, 2022 | 1,573 | 1,565 |
Additional paid-in capital | 2,625,244 | 2,578,603 |
Accumulated other comprehensive loss | (121,161) | (140,332) |
Treasury stock, at cost, 4,555,541 shares at March 31, 2023, and no shares at December 31, 2022 | (351,772) | 0 |
Retained earnings | 2,017,457 | 1,920,351 |
Total stockholders’ equity | 4,171,341 | 4,360,187 |
Total liabilities and stockholders’ equity | $ 8,183,333 | $ 8,303,400 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable reserve | $ 5,557 | $ 5,917 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares designated as Series A Junior Participating Preferred Stock (in shares) | 700,000 | 700,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 700,000,000 | 700,000,000 |
Common stock, shares issued (in shares) | 157,299,369 | 156,494,816 |
Common stock, shares outstanding (in shares) | 152,743,828 | 156,494,816 |
Treasury stock (in shares) | 4,555,541 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 915,698 | $ 903,647 |
Costs and operating expenses: | ||
Cost of revenue (exclusive of amortization of acquired intangible assets shown below) | 361,316 | 332,752 |
Research and development | 91,863 | 99,935 |
Sales and marketing | 129,107 | 122,719 |
General and administrative | 146,139 | 153,262 |
Amortization of acquired intangible assets | 15,912 | 13,644 |
Restructuring charge | 44,723 | 8,016 |
Total costs and operating expenses | 789,060 | 730,328 |
Income from operations | 126,638 | 173,319 |
Interest and marketable securities income (loss), net | 5,292 | (211) |
Interest expense | (2,681) | (2,695) |
Other expense, net | (2,363) | (9,565) |
Income before provision for income taxes | 126,886 | 160,848 |
Provision for income taxes | (29,780) | (19,837) |
Loss from equity method investment | 0 | (7,635) |
Net income | $ 97,106 | $ 133,376 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.62 | $ 0.83 |
Diluted (in dollars per share) | $ 0.62 | $ 0.82 |
Shares used in per share calculations: | ||
Basic (in shares) | 155,637 | 160,494 |
Diluted (in shares) | 156,135 | 163,637 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 97,106 | $ 133,376 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 11,722 | 2,036 |
Change in unrealized gain (loss) on investments, net of income tax (provision) benefit of $(2,399) and $4,948 for the three months ended March 31, 2023 and 2022, respectively | 7,449 | (21,542) |
Other comprehensive income (loss) | 19,171 | (19,506) |
Comprehensive income | $ 116,277 | $ 113,870 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Income tax (provision) benefit | $ (2,399) | $ 4,948 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Cash flows from operating activities: | ||
Net income | $ 97,106 | $ 133,376 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 135,457 | 142,595 |
Stock-based compensation | 61,883 | 56,227 |
Provision (benefit) for deferred income taxes | 4,925 | (27,792) |
Amortization of debt issuance costs | 1,098 | 1,119 |
(Gain) loss on investments | (174) | 16,536 |
Other non-cash reconciling items, net | 21,602 | 12,598 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | (25,251) | (39,198) |
Prepaid expenses and other current assets | (26,009) | (64,695) |
Accounts payable and accrued expenses | (97,263) | (66,938) |
Deferred revenue | 36,449 | 55,394 |
Other current liabilities | 25,834 | (1,441) |
Other non-current assets and liabilities | (2,158) | 4,670 |
Net cash provided by operating activities | 233,499 | 222,451 |
Cash flows from investing activities: | ||
Cash paid for acquisitions, net of cash acquired | (20,070) | (872,099) |
Purchases of property and equipment | (141,700) | (51,005) |
Capitalization of internal-use software development costs | (80,545) | (80,354) |
Purchases of short- and long-term marketable securities | (134,191) | 0 |
Proceeds from sales of short- and long-term marketable securities | 185,249 | 571,369 |
Proceeds from maturities and redemptions of short- and long-term marketable securities | 91,637 | 120,433 |
Other, net | (20,268) | (5,242) |
Net cash used in investing activities | (119,888) | (316,898) |
Cash flows from financing activities: | ||
Proceeds from borrowings under revolving credit facility | 0 | 75,000 |
Proceeds related to the issuance of common stock under stock plans | 21,257 | 21,941 |
Employee taxes paid related to net share settlement of stock-based awards | (29,894) | (54,819) |
Repurchases of common stock | (348,600) | (102,853) |
Other, net | (52) | (104) |
Net cash used in financing activities | (357,289) | (60,835) |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 2,297 | (1,462) |
Net decrease in cash, cash equivalents and restricted cash | (241,381) | (156,744) |
Cash, cash equivalents and restricted cash at beginning of period | 543,022 | 537,751 |
Cash, cash equivalents and restricted cash at end of period | 301,641 | 381,007 |
Supplemental disclosures of cash flow information: | ||
Cash paid for income taxes, net of refunds received of $225 and $1,025 for the three months ended March 31, 2023 and 2022, respectively | 86,066 | 50,533 |
Cash paid for interest expense | 2,156 | 2,156 |
Cash paid for operating lease liabilities | 55,167 | 54,285 |
Non-cash activities: | ||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 102,952 | 38,582 |
Purchases of property and equipment and capitalization of internal-use software development costs included in accounts payable and accrued expenses | 101,196 | 48,326 |
Capitalization of stock-based compensation | 14,611 | 7,803 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 298,800 | 377,811 |
Restricted cash | 2,841 | 3,196 |
Cash, cash equivalents and restricted cash | $ 301,641 | $ 381,007 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Cash Flows [Abstract] | ||
Proceeds from income tax refunds | $ 225 | $ 1,025 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative-effect adjustment from adoption of new accounting pronouncement | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital Cumulative-effect adjustment from adoption of new accounting pronouncement | Accumulated Other Comprehensive Loss | Treasury Stock | Retained Earnings | Retained Earnings Cumulative-effect adjustment from adoption of new accounting pronouncement |
Beginning balance (in shares) at Dec. 31, 2021 | 160,512,111 | ||||||||
Beginning balance at Dec. 31, 2021 | $ 4,530,014 | $ (235,427) | $ 1,605 | $ 3,340,822 | $ (375,414) | $ (69,105) | $ 0 | $ 1,256,692 | $ 139,987 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock upon the exercise of stock options and vesting of restricted and deferred stock units, net of shares withheld for employee taxes (in shares) | 948,150 | ||||||||
Issuance of common stock upon the vesting of restricted and deferred stock units, net of shares withheld for employee taxes | (54,639) | $ 10 | (54,649) | ||||||
Stock-based compensation | 63,770 | 63,770 | |||||||
Repurchases of common stock (in shares) | (924,492) | ||||||||
Repurchases of common stock | (102,853) | (102,853) | |||||||
Net income | 133,376 | 133,376 | |||||||
Foreign currency translation adjustments | 2,036 | 2,036 | |||||||
Change in unrealized gain (loss) on investments, net of tax | (21,542) | (21,542) | |||||||
Ending balance (in shares) at Mar. 31, 2022 | 160,535,769 | ||||||||
Ending balance at Mar. 31, 2022 | 4,314,735 | $ 1,615 | 2,974,529 | (88,611) | (102,853) | 1,530,055 | |||
Beginning balance (in shares) at Dec. 31, 2022 | 156,494,816 | ||||||||
Beginning balance at Dec. 31, 2022 | 4,360,187 | $ 1,565 | 2,578,603 | (140,332) | 0 | 1,920,351 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock upon the exercise of stock options and vesting of restricted and deferred stock units, net of shares withheld for employee taxes (in shares) | 804,553 | ||||||||
Issuance of common stock upon the vesting of restricted and deferred stock units, net of shares withheld for employee taxes | (31,336) | $ 8 | (31,344) | ||||||
Stock-based compensation | 77,985 | 77,985 | |||||||
Repurchases of common stock (in shares) | (4,555,541) | ||||||||
Repurchases of common stock | (351,772) | (351,772) | |||||||
Net income | 97,106 | 97,106 | |||||||
Foreign currency translation adjustments | 11,722 | 11,722 | |||||||
Change in unrealized gain (loss) on investments, net of tax | 7,449 | 7,449 | |||||||
Ending balance (in shares) at Mar. 31, 2023 | 152,743,828 | ||||||||
Ending balance at Mar. 31, 2023 | $ 4,171,341 | $ 1,573 | $ 2,625,244 | $ (121,161) | $ (351,772) | $ 2,017,457 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | Nature of Business and Basis of Presentation Akamai Technologies, Inc. (the “Company”) provides solutions to power and protect life online. Its massively distributed edge and cloud platform comprises more than 4,200 locations across more than 130 countries. The Company was incorporated in Delaware in 1998 and is headquartered in Cambridge, Massachusetts. The Company is currently organized and operates as one reportable and operating segment. The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. These financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in the accompanying interim condensed consolidated financial statements. Certain information and footnote disclosures normally included in the Company’s annual audited consolidated financial statements and accompanying notes have been condensed in, or omitted from, these interim financial statements. Accordingly, the unaudited interim condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. The December 31, 2022 consolidated balance sheet included herein is derived from the Company's audited consolidated financial statements. The results of operations presented in this quarterly report on Form 10-Q are not necessarily indicative of the results of operations that may be expected for any future periods. In the opinion of management, these unaudited interim condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, that are necessary for a fair statement of the results of all interim periods reported herein. Revision of Previously Issued Financial Statements During the preparation of the financial statements for the year ended December 31, 2022, an error was identified in the Company’s accounting for an intercompany sale of intellectual property that occurred during 2022. During each of the first three quarters of 2022, the Company failed to record a deferred tax asset in the jurisdiction where the intellectual property was sold for the step up in tax basis that was achieved with the sale. This caused net deferred taxes to be understated in the interim condensed consolidated balance sheets, the provision for income taxes to be overstated and net income and earnings per share to be understated in the interim condensed consolidated statements of income. Management evaluated the error and determined that the related impact was not material to any of the Company's previously issued financial statements. Changes to the interim condensed consolidated statements of income for the three months ended March 31, 2022, as a result of the error, were as follows (in thousands, except per share data): For the Three Months Ended March 31, 2022 As Previously Reported Adjustment As Revised Provision for income taxes $ (34,050) $ 14,213 $ (19,837) Net income 119,163 14,213 133,376 Net income per share: Basic $ 0.74 $ 0.09 $ 0.83 Diluted $ 0.73 $ 0.09 $ 0.82 The condensed consolidated statements of comprehensive income, condensed consolidated statements of cash flows and condensed consolidated statements of shareholders' equity for the three months ended March 31, 2022 were also revised to reflect the impact to net income as stated in the table above. The benefit for deferred income tax line was also adjusted in the interim condensed consolidated statement of cash flows, however, the error had no net impact on cash flows from operating, investing or financing activities for the three months ended March 31, 2022. Significant Accounting Policies Update The Company's significant accounting policies are detailed in Note 2 of its annual report on Form 10-K for the year ended December 31, 2022. The following policy has been updated as of January 1, 2023. Property and Equipment Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Property and equipment generally includes purchases of items with a per-unit value greater than $1,000 and a useful life greater than one year. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets. The Company periodically reviews the estimated useful lives of property and equipment. Changes to the estimated useful lives are recorded prospectively from the date of the change. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in income from operations. The Company has implemented software and hardware initiatives to manage its global network more efficiently and, as a result, the expected average useful life of its servers increased from five years to six years, effective January 1, 2023. These changes decreased depreciation expense by $16.7 million and increased net income by $14.0 million, or $0.09 per share, for the three months ended March 31, 2023. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Available-for-sale marketable securities held as of March 31, 2023 and December 31, 2022 were as follows (in thousands): Gross Unrealized Classification on Balance Sheet Amortized Cost Gains Losses Aggregate Short-Term Long-Term As of March 31, 2023 Commercial paper $ 960 $ 1 $ — $ 961 $ 961 $ — Corporate bonds 508,508 336 (14,722) 494,122 254,986 239,136 U.S. government agency obligations 243,717 47 (7,232) 236,532 196,843 39,689 $ 753,185 $ 384 $ (21,954) $ 731,615 $ 452,790 $ 278,825 As of December 31, 2022 Time deposit $ 19,530 $ — $ — $ 19,530 $ 19,530 $ — Corporate bonds 624,082 — (21,029) 603,053 362,458 240,595 U.S. government agency obligations 252,573 — (10,391) 242,182 180,320 61,862 $ 896,185 $ — $ (31,420) $ 864,765 $ 562,308 $ 302,457 The Company offers certain eligible employees the ability to participate in a non-qualified deferred compensation plan. The mutual funds held by the Company that are associated with this plan are classified as restricted trading securities. These securities are not included in the available-for-sale securities table above but are included in marketable securities in the interim condensed consolidated balance sheets. Unrealized gains and unrealized temporary losses on investments classified as available-for-sale are included within accumulated other comprehensive loss in the interim condensed consolidated balance sheets. Upon realization, those amounts are reclassified from accumulated other comprehensive loss to interest and marketable securities income, net in the interim condensed consolidated statements of income. As of March 31, 2023, the Company held for investment corporate bonds and U.S. government agency obligations with a fair value of $597.0 million, which are classified as available-for-sale marketable securities and have been in a continuous unrealized loss position for more than 12 months. The unrealized losses related to these securities were $21.7 million and are included in accumulated other comprehensive loss as of March 31, 2023. The unrealized losses are attributable to changes in interest rates. Based on the evaluation of available evidence, the Company does not believe any unrealized losses represent other than temporary impairments. The fair value measurements within the fair value hierarchy of the Company’s financial assets as of March 31, 2023 and December 31, 2022 were as follows (in thousands): Total Fair Value Fair Value Measurements at Level 1 Level 2 As of March 31, 2023 Cash Equivalents and Marketable Securities: Money market funds $ 635 $ 635 $ — Time deposit 25,576 — 25,576 Commercial paper 961 — 961 Corporate bonds 494,122 — 494,122 U.S. government agency obligations 236,532 — 236,532 Mutual funds 20,198 20,198 — $ 778,024 $ 20,833 $ 757,191 As of December 31, 2022 Cash Equivalents and Marketable Securities: Money market funds $ 999 $ 999 $ — Time deposit 285,830 — 285,830 Corporate bonds 603,053 — 603,053 U.S. government agency obligations 242,182 — 242,182 Mutual funds 18,745 18,745 — $ 1,150,809 $ 19,744 $ 1,131,065 As of March 31, 2023 and December 31, 2022, the Company grouped money market funds and mutual funds using a Level 1 valuation because market prices for such investments are readily available in active markets. As of March 31, 2023 and December 31, 2022, the Company grouped time deposits, commercial paper, U.S. government agency obligations and corporate bonds using a Level 2 valuation because quoted prices for similar assets in active markets (or identical assets in an inactive market) are available. The Company did not have any transfers of assets or liabilities between Level 1 or Level 2 of the fair value measurement hierarchy during the three months ended March 31, 2023. When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure fair value. The valuation technique used to measure fair value for the Company's Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgments about the assumptions market participants would use to estimate the fair value of a financial instrument. Contractual maturities of the Company’s available-for-sale marketable securities held as of March 31, 2023 and December 31, 2022 were as follows (in thousands): March 31, December 31, Due in 1 year or less $ 452,790 $ 562,308 Due after 1 year through 5 years 278,825 302,457 $ 731,615 $ 864,765 |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Accounts Receivable | Accounts Receivable Net accounts receivable consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, Trade accounts receivable $ 516,398 $ 490,162 Unbilled accounts receivable 194,976 194,961 Gross accounts receivable 711,374 685,123 Allowances for current expected credit losses and other reserves (5,557) (5,917) Accounts receivable, net $ 705,817 $ 679,206 A summary of activity in the accounts receivable allowance for current expected credit losses and other reserves for the three months ended March 31, 2023 and 2022 was as follows (in thousands): March 31, March 31, Beginning balance $ 5,917 $ 1,397 Charges to income from operations 1,397 1,951 Collections from customers previously reserved and other (1,757) (69) Ending balance $ 5,557 $ 3,279 Charges to income from operations primarily represents charges to provision for doubtful accounts for increases in the allowance for current expected credit losses. |
Incremental Costs to Obtain a C
Incremental Costs to Obtain a Contract with a Customer | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Incremental Costs to Obtain a Contract with a Customer | Incremental Costs to Obtain a Contract with a Customer Deferred costs associated with obtaining customer contracts, specifically commission and incentive payments, as of March 31, 2023 and December 31, 2022 were as follows (in thousands): March 31, December 31, Deferred costs included in prepaid expenses and other current assets $ 37,226 $ 37,316 Deferred costs included in other assets 29,870 29,069 Total deferred costs $ 67,096 $ 66,385 Information related to incremental costs to obtain a contract with a customer for the three months ended March 31, 2023 and 2022 were as follows (in thousands): For the Three Months 2023 2022 Amortization expense related to deferred costs $ 12,175 $ 15,022 Incremental costs capitalized 12,417 9,484 Amortization expense related to deferred costs is primarily included in sales and marketing expense in the interim condensed consolidated statements of income. The Company sells its services through a sales force located both domestically and abroad. Revenue derived from operations outside of the U.S. is determined based on the country in which the sale originated. Other than the U.S., no single country accounted for 10% or more of the Company’s total revenue for any reported period. Revenue by geography included in the Company’s interim condensed consolidated statements of income for the three months ended March 31, 2023 and 2022 was as follows (in thousands): For the Three Months 2023 2022 U.S. $ 473,833 $ 481,007 International 441,865 422,640 Total revenue $ 915,698 $ 903,647 The Company reports its revenue in three solution categories: security, delivery and compute. Security includes solutions that are designed to protect business online by keeping infrastructure, websites, applications and users safe. Delivery includes solutions that are designed to enable business online, including media delivery and web performance. Compute includes cloud computing, edge applications, cloud optimization and storage. Revenue by solution category included in the Company’s interim condensed consolidated statements of income for the three months ended March 31, 2023 and 2022 was as follows (in thousands): For the Three Months 2023 2022 Security $ 405,552 $ 381,567 Delivery 394,384 444,148 Compute 115,762 77,932 Total revenue $ 915,698 $ 903,647 Most security, delivery and compute services represent obligations that are satisfied over time as the customer simultaneously receives and consumes the services provided by the Company. Accordingly, the majority of the Company's revenue is recognized over time, generally ratably over the term of the arrangement due to consistent monthly usage commitments that expire each period. Any usage over a given commitment is recognized in the period in which the units are served. A small percentage of the Company's contracts are satisfied at a point in time, such as one-time professional services contracts, integration services and most license sales where the primary obligation is delivery of the license at the start of the term. In these cases, revenue is recognized at a point in time of delivery or satisfaction of the performance obligation. During the three months ended March 31, 2023 and 2022, the Company recognized $57.5 million and $56.2 million of revenue that was included in deferred revenue as of December 31, 2022 and 2021, respectively. As of March 31, 2023, the aggregate amount of remaining performance obligations from contracts with customers was $3.3 billion. The Company expects to recognize approximately 70% of its remaining performance obligations as revenue over the next 12 months. The remainder of the balance is expected to be recognized over the next two |
Acquired Intangible Assets and
Acquired Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Intangible Assets and Goodwill | Acquired Intangible Assets and Goodwill Acquired intangible assets that are subject to amortization consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Gross Accumulated Amortization Net Gross Accumulated Net Completed technologies $ 333,647 $ (170,930) $ 162,717 $ 327,848 $ (162,323) $ 165,525 Customer-related intangible assets 481,965 (251,001) 230,964 480,817 (244,158) 236,659 Non-compete agreements 249 (208) 41 244 (183) 61 Trademarks and trade names 14,650 (7,980) 6,670 14,642 (7,585) 7,057 Acquired license rights 34,810 (2,969) 31,841 34,810 (2,396) 32,414 Total $ 865,321 $ (433,088) $ 432,233 $ 858,361 $ (416,645) $ 441,716 Aggregate expense related to amortization of acquired intangible assets for the three months ended March 31, 2023 and 2022 was $15.9 million and $13.6 million, respectively. Based on the Company’s acquired intangible assets as of March 31, 2023, aggregate expense related to amortization of acquired intangible assets is expected to be $48.0 million for the remainder of 2023, and $59.9 million, $62.4 million, $58.0 million and $44.8 million for 2024, 2025, 2026 and 2027, respectively. The changes in the carrying amount of goodwill for the three months ended March 31, 2023 were as follows (in thousands): Balance as of January 1, 2023 $ 2,763,838 Acquisition of StorageOS, Inc. 14,989 Foreign currency translation 3,032 Balance as of March 31, 2023 $ 2,781,859 The Company tests goodwill for impairment at least annually. Through the date the interim condensed consolidated financial statements were issued, no triggering events had occurred that would indicate that a potential impairment exists. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Acquisition-related costs during the three months ended March 31, 2023 were $2.2 million and are included in general and administrative expense in the interim condensed consolidated statements of income. Pro forma results of operations for the acquisition completed during the three months ended March 31, 2023 have not been presented because the effects of the acquisition were not material to the Company's consolidated financial results. Revenue and earnings of the acquired company since the date of the acquisition that are included in the Company's interim condensed consolidated statements of income are also not presented separately because they are not material. Neosec In May 2023, the Company acquired Neosec, Inc. ("Neosec") for approximately $86.7 million, net of cash acquired and subject to post-closing adjustments. Neosec is an API detection and response platform based on data and behavioral analytics. The acquisition is intended to complement the Company's application and API security portfolio by extending its visibility into the rapidly growing API threat landscape. The allocation of the purchase price has not been finalized as of the filing of these interim condensed consolidated financial statements. The Company expects the majority of the purchase price to be allocated to acquired intangible assets and goodwill. StorageOS In March 2023, the Company acquired StorageOS, Inc. ("StorageOS"), also known as Ondat, a privately-held cloud-based storage technology provider for $20.6 million in cash. The acquisition of StorageOS's cloud storage technology and its industry-recognized talent is intended to strengthen the Company's cloud computing offerings. Storage is a key component of any cloud |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Convertible Senior Notes – Due 2027 In August 2019, the Company issued $1,150.0 million in par value of convertible senior notes due 2027 (the "2027 Notes"). The 2027 Notes are senior unsecured obligations of the Company, bear regular interest of 0.375%, payable semi-annually in arrears on March 1 and September 1 of each year, and mature on September 1, 2027, unless repurchased or converted in accordance with their terms prior to maturity. Each $1,000 principal amount of the notes will be convertible into 8.6073 shares of the Company's common stock, which is equivalent to a conversion price of approximately $116.18 per share, subject to adjustments in certain events. At their option, holders may convert their 2027 Notes prior to the close of business on the business day immediately preceding May 1, 2027, only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ended December 31, 2019 (and only during such calendar quarter), if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five five • upon the occurrence of specified corporate events. On or after May 1, 2027, holders may convert all or any portion of their 2027 Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will pay the principal amount in cash and will pay, or deliver, as the case may be, any amount in excess of the principal amount in cash, shares of common stock or a combination of cash and shares of the Company stock, at the Company's election. In accounting for the issuance of the 2027 Notes, the principal less debt issuance costs are recorded as debt on the Company's interim condensed consolidated balance sheet. The debt issuance costs are amortized to interest expense using the effective interest method over the contractual term of the 2027 Notes. The 2027 Notes consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, Principal $ 1,150,000 $ 1,150,000 Less: issuance costs, net of amortization (8,239) (8,707) Net carrying amount $ 1,141,761 $ 1,141,293 The estimated fair value of the 2027 Notes at March 31, 2023 and December 31, 2022 was $1,057.9 million and $1,111.0 million, respectively. The fair value was determined based on the quoted price of the 2027 Notes in an inactive market on the last trading day of the reporting period and has been classified as Level 2 within the fair value hierarchy. Based on the closing price of the Company's common stock of $78.30 on March 31, 2023, the value of the 2027 Notes if converted to common stock was less than the principal amount of $1,150.0 million. The Company used $100.0 million of the proceeds from the offering to repurchase shares of its common stock, concurrent with the issuance of the 2027 Notes. The repurchase was made in accordance with a share repurchase program previously approved by the board of directors. Additionally, $127.1 million of the proceeds was used for the net cost of the convertible note hedge and warrant transactions. The remaining net proceeds are intended to be used for share repurchases, working capital and general corporate purposes, including potential acquisitions and other strategic transactions. Note Hedge To minimize the impact of potential dilution upon conversion of the 2027 Notes, the Company entered into convertible note hedge transactions with respect to its common stock in August 2019. The Company paid $312.2 million for the note hedge transactions. The note hedge transactions cover approximately 9.9 million shares of the Company’s common stock at a strike price that corresponds to the initial conversion price of the 2027 Notes, also subject to adjustment, and are exercisable upon conversion of the 2027 Notes. The Company determined that the note hedge meets the definition of a derivative and is classified in stockholders’ equity, as the note hedge is indexed to the Company's common stock, and the Company, at its election, may receive cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock. The Company recorded the purchase of the hedge as a decrease to additional paid-in capital. The Company does not recognize subsequent changes in fair value of the note hedge in its interim condensed consolidated financial statements. Warrants Separately, in August 2019, the Company entered into warrant transactions, whereby the Company sold warrants to acquire, subject to anti-dilution adjustments, up to 9.9 million shares of the Company’s common stock at a strike price of approximately $178.74 per share. The Company received aggregate proceeds of $185.2 million from the sale of the warrants. The convertible note hedge and warrant transactions will generally have the effect of increasing the conversion price of the 2027 Notes to approximately $178.74 per share. The Company determined that the warrants meet the definition of a derivative and are classified in stockholders’ equity, as the warrants are indexed to the Company's common stock, and the Company, at its election, may pay or deliver to holders cash or shares of the Company's common stock. The Company recorded the proceeds from issuance of the warrants as an increase to additional paid-in capital. The Company does not recognize subsequent changes in fair value of the warrants in its interim condensed consolidated financial statements. Convertible Senior Notes – Due 2025 In May 2018, the Company issued $1,150.0 million in par value of convertible senior notes due 2025 (the "2025 Notes"). The 2025 Notes are senior unsecured obligations of the Company, bear regular interest of 0.125%, payable semi-annually on May 1 and November 1 of each year, and mature on May 1, 2025, unless repurchased or converted prior to maturity. Each $1,000 principal amount of the notes will be convertible into 10.5150 shares of the Company's common stock, which is equivalent to a conversion price of approximately $95.10 per share, subject to adjustments in certain events. At their option, holders may convert their 2025 Notes prior to the close of business on the business day immediately preceding January 1, 2025, only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ended June 30, 2018 (and only during such calendar quarter), if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five five • upon the occurrence of specified corporate events. On or after January 1, 2025, holders may convert all or any portion of their 2025 Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date, regardless of the foregoing circumstances. Upon conversion, the Company will pay the principal amount in cash and will pay, or deliver, as the case may be, any amount in excess of the principal amount in cash, shares of common stock or a combination of cash and shares of the Company stock, at the Company's election. In accounting for the issuance of the 2025 Notes, the principal less debt issuance costs are recorded as debt on the Company's interim condensed consolidated balance sheet. The debt issuance costs are amortized to interest expense using the effective interest method over the contractual term of the 2025 Notes. The 2025 Notes consisted of the following components as of March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, Principal $ 1,150,000 $ 1,150,000 Less: issuance costs, net of amortization (5,392) (6,035) Net carrying amount $ 1,144,608 $ 1,143,965 The estimated fair value of the 2025 Notes at March 31, 2023 and December 31, 2022 was $1,151.5 million and $1,209.1 million, respectively. The fair value was determined based on the quoted price of the 2025 Notes in an inactive market on the last trading day of the reporting period and has been classified as Level 2 w ithin the fair value hierarchy. Based on the closing price of the Company's common stock of $78.30 on March 31, 2023, the value of the 2025 Notes if converted to common stock was less than the principal amount of $1,150.0 million . The Company used $46.2 million of the proceeds from the offering to repurchase shares of its common stock, concurrent with the issuance of the 2025 Notes. The repurchase was made in accordance with a share repurchase program previously approved by the board of directors. Additionally, $141.8 million of the proceeds was used for the net cost of convertible note hedge and warrant transactions. The Company also used a portion of the net proceeds to repay at maturity $690.0 million in par value of convertible senior notes due in 2019. The remaining net proceeds are intended to be used for share repurchases, working capital and general corporate purposes, including potential acquisitions and other strategic transactions. Note Hedge To minimize the impact of potential dilution upon conversion of the 2025 Notes, the Company entered into convertible note hedge transactions with respect to its common stock in May 2018. The Company paid $261.7 million for the note hedge transactions. The note hedge transactions cover approximately 12.1 million shares of the Company’s common stock at a strike price that corresponds to the initial conversion price of the 2025 Notes, also subject to adjustment, and are exercisable upon conversion of the 2025 Notes. The Company determined that the note hedge meets the definition of a derivative and is classified in stockholders’ equity, as the note hedge is indexed to the Company's common stock, and the Company, at its election, may receive cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock. The Company recorded the purchase of the hedge as a decrease to additional paid-in capital. The Company does not recognize subsequent changes in fair value of the note hedge in its interim condensed consolidated financial statements. Warrants Separately, in May 2018, the Company entered into warrant transactions, whereby the Company sold warrants to acquire, subject to anti-dilution adjustments, up to 12.1 million shares of the Company’s common stock at a strike price of approximately $149.18 per share. The Company received aggregate proceeds of $119.9 million from the sale of the warrants. The convertible note hedge and warrant transactions will generally have the effect of increasing the conversion price of the 2025 Notes to approximately $149.18 per share. The Company determined that the warrants meet the definition of a derivative and are classified in stockholders’ equity, as the warrants are indexed to the Company's common stock, and the Company, at its election, may pay or deliver to holders cash or shares of the Company's common stock. The Company recorded the proceeds from issuance of the warrants as an increase to additional paid-in capital. The Company does not recognize subsequent changes in fair value of the warrants in its interim condensed consolidated financial statements. Revolving Credit Facility In May 2018, the Company entered into a $500.0 million five-year, revolving credit agreement (the “2018 Credit Agreement”). Borrowings under the 2018 Credit Agreement bore interest, at the Company's option, at a base rate plus a spread of 0.00% to 0.25% or an adjusted LIBOR rate plus a spread of 0.875% to 1.25%, in each case with such spread being determined based on the Company's consolidated leverage ratio specified in the 2018 Credit Agreement. Regardless of what amounts, if any, outstanding under the 2018 Credit Agreement, the Company was also obligated to pay an ongoing commitment fee on undrawn amounts at a rate of 0.075% to 0.15%, with such rate being based on the Company's consolidated leverage ratio specified in the 2018 Credit Agreement. In November 2022, the Company entered into a $500.0 million five-year, revolving credit agreement (the “2022 Credit Agreement”). The 2022 Credit Agreement replaces the 2018 Credit Agreement. Borrowings under the 2022 Credit Agreement may be used to finance working capital needs and for general corporate purposes. The 2022 Credit Agreement provides for an initial $500.0 million in revolving loans. Under specified circumstances, the facility can be increased to up to $1.0 billion in aggregate principal amount. The 2022 Credit Agreement expires, and any amounts outstanding thereunder will become due and payable, on November 22, 2027, subject to up to two one-year extensions at the Company's request and with the consent of the lenders party thereto. Borrowings under the 2022 Credit Agreement bear interest, at the Company's option, and subject to a credit spread adjustment, at a term benchmark rate plus a spread of 0.75% to 1.125%, a reference rate plus a spread of 0.75% to 1.125%, or a base rate plus a spread of 0.00% to 0.125%, in each case with such spread being determined based on the Company's consolidated leverage ratio specified in the 2022 Credit Agreement. Regardless of what amounts, if any, are outstanding under the 2022 Credit Agreement, the Company is also obligated to pay an ongoing commitment fee on undrawn amounts at a rate of 0.07% to 0.125%, with such rate being based on the Company's consolidated leverage ratio specified in the 2022 Credit Agreement. The 2022 Credit Agreement contains customary representations and warranties, affirmative and negative covenants and events of default. The negative covenants include restrictions on subsidiary indebtedness, liens and fundamental changes. These covenants are subject to a number of important exceptions and qualifications. The principal financial covenant requires a maximum consolidated leverage ratio . There were no outstanding borrowings under the 2022 Credit Agreement as of March 31, 2023. In April 2023, the Company borrowed $90.0 million under the 2022 Credit Agreement. Interest Expense The 2027 Notes bear interest at a fixed rate of 0.375%, with interest payable semi-annually on March 1 and September 1 of each year. The 2025 Notes bear interest at a fixed rate of 0.125%, with interest payable semi-annually on May 1 and November 1 of each year. The Company is also obligated to pay ongoing commitment fees under the terms of its credit agreements, in addition to interest payable on outstanding borrowings. Interest expense included in the interim condensed consolidated statements of income for the three months ended March 31, 2023 and 2022 was as follows (in thousands): For the Three Months 2023 2022 Amortization of debt issuance costs $ 1,166 $ 1,168 Coupon interest payable on 2025 Notes 359 359 Coupon interest payable on 2027 Notes 1,078 1,078 Interest payable under the credit agreements 146 139 Capitalization of interest expense (68) (49) Total interest expense $ 2,681 $ 2,695 |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | RestructuringDuring the first quarter of 2023, management committed to an action to restructure certain parts of the Company to enable it to prioritize investments in the fastest growing areas of the business. As a result, certain headcount reductions were necessary. The Company incurred expenses of $23.6 million for the three months ended March 31, 2023. The Company does not expect to incur material additional charges related to this action. The Company launched its FlexBase program in May 2022, which is a flexible workspace arrangement that allows employees to choose to work from their home office, a Company office or a combination of both. This is a significant change to the way employees worked prior to the program, and prior to office shutdowns as part of the COVID-19 pandemic. The Company began to identify certain facilities that were no longer needed in the fourth quarter of 2021. As a result, impairments of right-of-use assets and leasehold improvements were recognized. The Company has incurred $25.9 million of total expenses related to this action, of which $18.5 million was incurred during the three months ended March 31, 2023. As the Company executes its FlexBase program, additional charges related to this action are expected to occur over the next 12 months. The Company also recognizes restructuring charges for redundant employees, facilities and contracts associated with completed acquisitions. The Company's accrual for employee severance and related benefits for all restructuring actions during the three months ended March 31, 2023 was as follows (in thousands): Balance as of January 1, 2023 $ 541 Costs incurred 23,937 Cash disbursements (556) Translation adjustments and other 7 Balance as of March 31, 2023 $ 23,929 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Share Repurchase Program Effective January 2022, the board of directors of the Company authorized a $1.8 billion share repurchase program through December 2024. During the three months ended March 31, 2023, the Company repurchased 4.6 million of its common stock for $348.6 million. The Company's goals for the share repurchase program are to offset the dilution created by its employee equity compensation programs over time and provide the flexibility to return capital to stockholders as business and market conditions warrant, while still preserving its ability to pursue other strategic opportunities. Stock-Based Compensation Components of total stock-based compensation included in the Company’s interim condensed consolidated statements of income for the three months ended March 31, 2023 and 2022 were as follows (in thousands): For the Three Months 2023 2022 Cost of revenue $ 9,329 $ 6,233 Research and development 21,844 20,232 Sales and marketing 13,545 12,326 General and administrative 17,165 17,436 Total stock-based compensation 61,883 56,227 Provision for income taxes (11,413) (14,043) Total stock-based compensation, net of income taxes $ 50,470 $ 42,184 During 2023, the Company redesigned one of its performance-based compensation programs from a cash-based to a stock-based program that vests in one year. In addition to the amounts of stock-based compensation reported in the table above, the Company’s interim condensed consolidated statements of income for the three months ended March 31, 2023 and 2022 include stock-based compensation reflected as a component of amortization primarily consisting of capitalized internal-use software of $7.5 million and $7.6 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss, net of tax, which is reported as a component of stockholders' equity, for the three months ended March 31, 2023 were as follows (in thousands): Foreign Currency Translation Net Unrealized (Losses) Gains on Investments Total Balance as of January 1, 2023 $ (116,474) $ (23,858) $ (140,332) Other comprehensive income 11,722 7,449 19,171 Balance as of March 31, 2023 $ (104,752) $ (16,409) $ (121,161) There were no amounts reclassified from accumulated other comprehensive loss to net income for the three months ended March 31, 2023. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Incremental Costs to Obtain a Contract with a Customer Deferred costs associated with obtaining customer contracts, specifically commission and incentive payments, as of March 31, 2023 and December 31, 2022 were as follows (in thousands): March 31, December 31, Deferred costs included in prepaid expenses and other current assets $ 37,226 $ 37,316 Deferred costs included in other assets 29,870 29,069 Total deferred costs $ 67,096 $ 66,385 Information related to incremental costs to obtain a contract with a customer for the three months ended March 31, 2023 and 2022 were as follows (in thousands): For the Three Months 2023 2022 Amortization expense related to deferred costs $ 12,175 $ 15,022 Incremental costs capitalized 12,417 9,484 Amortization expense related to deferred costs is primarily included in sales and marketing expense in the interim condensed consolidated statements of income. The Company sells its services through a sales force located both domestically and abroad. Revenue derived from operations outside of the U.S. is determined based on the country in which the sale originated. Other than the U.S., no single country accounted for 10% or more of the Company’s total revenue for any reported period. Revenue by geography included in the Company’s interim condensed consolidated statements of income for the three months ended March 31, 2023 and 2022 was as follows (in thousands): For the Three Months 2023 2022 U.S. $ 473,833 $ 481,007 International 441,865 422,640 Total revenue $ 915,698 $ 903,647 The Company reports its revenue in three solution categories: security, delivery and compute. Security includes solutions that are designed to protect business online by keeping infrastructure, websites, applications and users safe. Delivery includes solutions that are designed to enable business online, including media delivery and web performance. Compute includes cloud computing, edge applications, cloud optimization and storage. Revenue by solution category included in the Company’s interim condensed consolidated statements of income for the three months ended March 31, 2023 and 2022 was as follows (in thousands): For the Three Months 2023 2022 Security $ 405,552 $ 381,567 Delivery 394,384 444,148 Compute 115,762 77,932 Total revenue $ 915,698 $ 903,647 Most security, delivery and compute services represent obligations that are satisfied over time as the customer simultaneously receives and consumes the services provided by the Company. Accordingly, the majority of the Company's revenue is recognized over time, generally ratably over the term of the arrangement due to consistent monthly usage commitments that expire each period. Any usage over a given commitment is recognized in the period in which the units are served. A small percentage of the Company's contracts are satisfied at a point in time, such as one-time professional services contracts, integration services and most license sales where the primary obligation is delivery of the license at the start of the term. In these cases, revenue is recognized at a point in time of delivery or satisfaction of the performance obligation. During the three months ended March 31, 2023 and 2022, the Company recognized $57.5 million and $56.2 million of revenue that was included in deferred revenue as of December 31, 2022 and 2021, respectively. As of March 31, 2023, the aggregate amount of remaining performance obligations from contracts with customers was $3.3 billion. The Company expects to recognize approximately 70% of its remaining performance obligations as revenue over the next 12 months. The remainder of the balance is expected to be recognized over the next two |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's effective income tax rate is based on estimated income for the year, the estimated composition of the income in different jurisdictions and discrete adjustments, if any, in the applicable quarterly periods. Potential discrete adjustments include tax charges or benefits related to stock-based compensation, changes in tax legislation, settlements of tax audits or assessments, uncertain tax positions and acquisitions, among other items. The Company’s effective income tax rate was 23.5% and 12.3% for the three months ended March 31, 2023 and 2022, respectively. The higher effective tax rate for the three months ended March 31, 2023 was primarily due to a decrease in the excess tax benefit related to stock-based compensation, an increase in the valuation allowance recorded against tax credits and foreign net operating loss carryforwards (NOLs) and an increase in the revaluation of certain foreign income tax liabilities due to foreign exchange rate fluctuations. For the three months ended March 31, 2023, the effective income tax rate was higher than the federal statutory tax rate due to tax on global intangible low taxed income, non-deductible stock-based compensation, a shortfall related to stock-based compensation and an increase in the valuation allowance recorded against tax credits and foreign NOLs. These amounts were partially offset by foreign income taxed at lower rates and the benefit of U.S. federal, state and foreign research and development credits. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share Reconciliation [Abstract] | |
Net Income per Share | Net Income per ShareBasic net income per share is computed using the weighted average number of common shares outstanding during the applicable period. Diluted net income per share is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common stock. Potential common stock consists of shares issuable pursuant to stock options, restricted stock units (“RSUs”), deferred stock units (“DSUs”), convertible senior notes and warrants issued by the Company. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method and the dilutive effect of the convertible securities is reflected in diluted earnings per share by application of the if-converted method. The components used in the computation of basic and diluted net income per share for the three months ended March 31, 2023 and 2022 were as follows (in thousands, except per share data): For the Three Months 2023 2022 Numerator: Net income $ 97,106 $ 133,376 Denominator: Shares used for basic net income per share 155,637 160,494 Effect of dilutive securities: Stock options — 1 RSUs and DSUs 498 1,320 Convertible senior notes — 1,822 Shares used for diluted net income per share 156,135 163,637 Basic net income per share $ 0.62 $ 0.83 Diluted net income per share $ 0.62 $ 0.82 For the three months ended March 31, 2023 and 2022, certain potential outstanding shares from service-based RSUs and warrants were excluded from the computation of diluted net income per share because the effect of including these items was anti-dilutive. Additionally, certain market- and performance-based RSUs were excluded from the computation of diluted net income per share because the underlying market and performance conditions for such RSUs had not been met as of these dates. The number of potentially outstanding shares excluded from the computation of diluted net income per share for the three months ended March 31, 2023 and 2022 were as follows (in thousands): For the Three Months 2023 2022 Service-based RSUs 7,867 2,234 Market- and performance-based RSUs 1,580 1,054 Warrants related to issuance of convertible senior notes 21,991 21,991 Total shares excluded from computation 31,438 25,279 |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. These financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in the accompanying interim condensed consolidated financial statements. Certain information and footnote disclosures normally included in the Company’s annual audited consolidated financial statements and accompanying notes have been condensed in, or omitted from, these interim financial statements. Accordingly, the unaudited interim condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. The December 31, 2022 consolidated balance sheet included herein is derived from the Company's audited consolidated financial statements. The results of operations presented in this quarterly report on Form 10-Q are not necessarily indicative of the results of operations that may be expected for any future periods. In the opinion of management, these unaudited interim condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, that are necessary for a fair statement of the results of all interim periods reported herein. |
Nature of Business and Basis _3
Nature of Business and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of Condensed Statement Of Income | Changes to the interim condensed consolidated statements of income for the three months ended March 31, 2022, as a result of the error, were as follows (in thousands, except per share data): For the Three Months Ended March 31, 2022 As Previously Reported Adjustment As Revised Provision for income taxes $ (34,050) $ 14,213 $ (19,837) Net income 119,163 14,213 133,376 Net income per share: Basic $ 0.74 $ 0.09 $ 0.83 Diluted $ 0.73 $ 0.09 $ 0.82 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Marketable Securities | Available-for-sale marketable securities held as of March 31, 2023 and December 31, 2022 were as follows (in thousands): Gross Unrealized Classification on Balance Sheet Amortized Cost Gains Losses Aggregate Short-Term Long-Term As of March 31, 2023 Commercial paper $ 960 $ 1 $ — $ 961 $ 961 $ — Corporate bonds 508,508 336 (14,722) 494,122 254,986 239,136 U.S. government agency obligations 243,717 47 (7,232) 236,532 196,843 39,689 $ 753,185 $ 384 $ (21,954) $ 731,615 $ 452,790 $ 278,825 As of December 31, 2022 Time deposit $ 19,530 $ — $ — $ 19,530 $ 19,530 $ — Corporate bonds 624,082 — (21,029) 603,053 362,458 240,595 U.S. government agency obligations 252,573 — (10,391) 242,182 180,320 61,862 $ 896,185 $ — $ (31,420) $ 864,765 $ 562,308 $ 302,457 |
Schedule of Fair Value Measurement Within Fair Value Hierarchy | The fair value measurements within the fair value hierarchy of the Company’s financial assets as of March 31, 2023 and December 31, 2022 were as follows (in thousands): Total Fair Value Fair Value Measurements at Level 1 Level 2 As of March 31, 2023 Cash Equivalents and Marketable Securities: Money market funds $ 635 $ 635 $ — Time deposit 25,576 — 25,576 Commercial paper 961 — 961 Corporate bonds 494,122 — 494,122 U.S. government agency obligations 236,532 — 236,532 Mutual funds 20,198 20,198 — $ 778,024 $ 20,833 $ 757,191 As of December 31, 2022 Cash Equivalents and Marketable Securities: Money market funds $ 999 $ 999 $ — Time deposit 285,830 — 285,830 Corporate bonds 603,053 — 603,053 U.S. government agency obligations 242,182 — 242,182 Mutual funds 18,745 18,745 — $ 1,150,809 $ 19,744 $ 1,131,065 |
Schedule of Contractual Maturities of Marketable Securities and Other Investment Related Assets | Contractual maturities of the Company’s available-for-sale marketable securities held as of March 31, 2023 and December 31, 2022 were as follows (in thousands): March 31, December 31, Due in 1 year or less $ 452,790 $ 562,308 Due after 1 year through 5 years 278,825 302,457 $ 731,615 $ 864,765 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of Accounts Receivable | Net accounts receivable consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, Trade accounts receivable $ 516,398 $ 490,162 Unbilled accounts receivable 194,976 194,961 Gross accounts receivable 711,374 685,123 Allowances for current expected credit losses and other reserves (5,557) (5,917) Accounts receivable, net $ 705,817 $ 679,206 |
Schedule of Activity in the Accounts Receivable Reserves | A summary of activity in the accounts receivable allowance for current expected credit losses and other reserves for the three months ended March 31, 2023 and 2022 was as follows (in thousands): March 31, March 31, Beginning balance $ 5,917 $ 1,397 Charges to income from operations 1,397 1,951 Collections from customers previously reserved and other (1,757) (69) Ending balance $ 5,557 $ 3,279 |
Incremental Costs to Obtain a_2
Incremental Costs to Obtain a Contract with a Customer (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Deferred Costs Associated with Obtaining Customer Contracts | Deferred costs associated with obtaining customer contracts, specifically commission and incentive payments, as of March 31, 2023 and December 31, 2022 were as follows (in thousands): March 31, December 31, Deferred costs included in prepaid expenses and other current assets $ 37,226 $ 37,316 Deferred costs included in other assets 29,870 29,069 Total deferred costs $ 67,096 $ 66,385 Information related to incremental costs to obtain a contract with a customer for the three months ended March 31, 2023 and 2022 were as follows (in thousands): For the Three Months 2023 2022 Amortization expense related to deferred costs $ 12,175 $ 15,022 Incremental costs capitalized 12,417 9,484 |
Acquired Intangible Assets an_2
Acquired Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Intangible Assets | Acquired intangible assets that are subject to amortization consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Gross Accumulated Amortization Net Gross Accumulated Net Completed technologies $ 333,647 $ (170,930) $ 162,717 $ 327,848 $ (162,323) $ 165,525 Customer-related intangible assets 481,965 (251,001) 230,964 480,817 (244,158) 236,659 Non-compete agreements 249 (208) 41 244 (183) 61 Trademarks and trade names 14,650 (7,980) 6,670 14,642 (7,585) 7,057 Acquired license rights 34,810 (2,969) 31,841 34,810 (2,396) 32,414 Total $ 865,321 $ (433,088) $ 432,233 $ 858,361 $ (416,645) $ 441,716 |
Schedule of the Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2023 were as follows (in thousands): Balance as of January 1, 2023 $ 2,763,838 Acquisition of StorageOS, Inc. 14,989 Foreign currency translation 3,032 Balance as of March 31, 2023 $ 2,781,859 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Senior Notes | The 2027 Notes consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, Principal $ 1,150,000 $ 1,150,000 Less: issuance costs, net of amortization (8,239) (8,707) Net carrying amount $ 1,141,761 $ 1,141,293 The 2025 Notes consisted of the following components as of March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, Principal $ 1,150,000 $ 1,150,000 Less: issuance costs, net of amortization (5,392) (6,035) Net carrying amount $ 1,144,608 $ 1,143,965 |
Schedule of Interest Expense | Interest expense included in the interim condensed consolidated statements of income for the three months ended March 31, 2023 and 2022 was as follows (in thousands): For the Three Months 2023 2022 Amortization of debt issuance costs $ 1,166 $ 1,168 Coupon interest payable on 2025 Notes 359 359 Coupon interest payable on 2027 Notes 1,078 1,078 Interest payable under the credit agreements 146 139 Capitalization of interest expense (68) (49) Total interest expense $ 2,681 $ 2,695 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Accrual | The Company's accrual for employee severance and related benefits for all restructuring actions during the three months ended March 31, 2023 was as follows (in thousands): Balance as of January 1, 2023 $ 541 Costs incurred 23,937 Cash disbursements (556) Translation adjustments and other 7 Balance as of March 31, 2023 $ 23,929 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock-Based Compensation Expense | Components of total stock-based compensation included in the Company’s interim condensed consolidated statements of income for the three months ended March 31, 2023 and 2022 were as follows (in thousands): For the Three Months 2023 2022 Cost of revenue $ 9,329 $ 6,233 Research and development 21,844 20,232 Sales and marketing 13,545 12,326 General and administrative 17,165 17,436 Total stock-based compensation 61,883 56,227 Provision for income taxes (11,413) (14,043) Total stock-based compensation, net of income taxes $ 50,470 $ 42,184 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss, net of tax, which is reported as a component of stockholders' equity, for the three months ended March 31, 2023 were as follows (in thousands): Foreign Currency Translation Net Unrealized (Losses) Gains on Investments Total Balance as of January 1, 2023 $ (116,474) $ (23,858) $ (140,332) Other comprehensive income 11,722 7,449 19,171 Balance as of March 31, 2023 $ (104,752) $ (16,409) $ (121,161) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue by geography included in the Company’s interim condensed consolidated statements of income for the three months ended March 31, 2023 and 2022 was as follows (in thousands): For the Three Months 2023 2022 U.S. $ 473,833 $ 481,007 International 441,865 422,640 Total revenue $ 915,698 $ 903,647 For the Three Months 2023 2022 Security $ 405,552 $ 381,567 Delivery 394,384 444,148 Compute 115,762 77,932 Total revenue $ 915,698 $ 903,647 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share Reconciliation [Abstract] | |
Schedule of Components Used in Diluted and Basic Income Per Common Share | The components used in the computation of basic and diluted net income per share for the three months ended March 31, 2023 and 2022 were as follows (in thousands, except per share data): For the Three Months 2023 2022 Numerator: Net income $ 97,106 $ 133,376 Denominator: Shares used for basic net income per share 155,637 160,494 Effect of dilutive securities: Stock options — 1 RSUs and DSUs 498 1,320 Convertible senior notes — 1,822 Shares used for diluted net income per share 156,135 163,637 Basic net income per share $ 0.62 $ 0.83 Diluted net income per share $ 0.62 $ 0.82 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The number of potentially outstanding shares excluded from the computation of diluted net income per share for the three months ended March 31, 2023 and 2022 were as follows (in thousands): For the Three Months 2023 2022 Service-based RSUs 7,867 2,234 Market- and performance-based RSUs 1,580 1,054 Warrants related to issuance of convertible senior notes 21,991 21,991 Total shares excluded from computation 31,438 25,279 |
Nature of Business and Basis _4
Nature of Business and Basis of Presentation - Narrative (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) segment location country $ / shares | Mar. 31, 2022 USD ($) $ / shares | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||
Number of locations (more than) | location | 4,200 | ||
Number of countries with networks | country | 130 | ||
Number of reportable segments | segment | 1 | ||
Number of operating segments | segment | 1 | ||
Property and equipment per unit value minimum | $ | $ 1,000 | ||
Property and equipment useful life minimum | 1 year | ||
Useful life | 6 years | 5 years | |
Net income | $ | $ 97,106,000 | $ 133,376,000 | |
Basic net income per share (in dollars per share) | $ / shares | $ 0.62 | $ 0.83 | |
Diluted net income per share (in dollars per share) | $ / shares | $ 0.62 | $ 0.82 | |
Service Life | |||
Schedule of Equity Method Investments [Line Items] | |||
Depreciation | $ | $ 16,700,000 | ||
Net income | $ | $ 14,000,000 | ||
Basic net income per share (in dollars per share) | $ / shares | $ 0.09 | ||
Diluted net income per share (in dollars per share) | $ / shares | $ 0.09 |
Nature of Business and Basis _5
Nature of Business and Basis of Presentation - Schedule Of Condensed Statement Of Income (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Provision for income taxes | $ (29,780) | $ (19,837) |
Net income | $ 97,106 | $ 133,376 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.62 | $ 0.83 |
Diluted (in dollars per share) | $ 0.62 | $ 0.82 |
As Previously Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Provision for income taxes | $ (34,050) | |
Net income | $ 119,163 | |
Net income per share: | ||
Basic (in dollars per share) | $ 0.74 | |
Diluted (in dollars per share) | $ 0.73 | |
Adjustment | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Provision for income taxes | $ 14,213 | |
Net income | $ 14,213 | |
Net income per share: | ||
Basic (in dollars per share) | $ 0.09 | |
Diluted (in dollars per share) | $ 0.09 |
Fair Value Measurements - Marke
Fair Value Measurements - Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 753,185 | $ 896,185 |
Gross unrealized gains | 384 | 0 |
Gross unrealized losses | (21,954) | (31,420) |
Aggregate Fair Value | 731,615 | 864,765 |
Short-Term Marketable Securities | 452,790 | 562,308 |
Long-Term Marketable Securities | 278,825 | 302,457 |
Commercial paper | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 960 | |
Gross unrealized gains | 1 | |
Gross unrealized losses | 0 | |
Aggregate Fair Value | 961 | |
Short-Term Marketable Securities | 961 | |
Long-Term Marketable Securities | 0 | |
Corporate bonds | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 508,508 | 624,082 |
Gross unrealized gains | 336 | 0 |
Gross unrealized losses | (14,722) | (21,029) |
Aggregate Fair Value | 494,122 | 603,053 |
Short-Term Marketable Securities | 254,986 | 362,458 |
Long-Term Marketable Securities | 239,136 | 240,595 |
U.S. government agency obligations | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 243,717 | 252,573 |
Gross unrealized gains | 47 | 0 |
Gross unrealized losses | (7,232) | (10,391) |
Aggregate Fair Value | 236,532 | 242,182 |
Short-Term Marketable Securities | 196,843 | 180,320 |
Long-Term Marketable Securities | $ 39,689 | 61,862 |
Time deposit | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 19,530 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | 0 | |
Aggregate Fair Value | 19,530 | |
Short-Term Marketable Securities | 19,530 | |
Long-Term Marketable Securities | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - Corporate bonds $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-sale marketable securities, continuous unrealized loss position for more than 12 months | $ 597 |
Unrealized loss from available-for-sale marketable securities | $ 21.7 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurement (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 731,615 | $ 864,765 |
Total Fair Value | 778,024 | 1,150,809 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 635 | 999 |
Time deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities and cash equivalents | 25,576 | 285,830 |
Available-for-sale securities | 19,530 | |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities and cash equivalents | 961 | |
Available-for-sale securities | 961 | |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 494,122 | 603,053 |
U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities and cash equivalents | 236,532 | 242,182 |
Available-for-sale securities | 236,532 | 242,182 |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 20,198 | 18,745 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 20,833 | 19,744 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 635 | 999 |
Level 1 | Time deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities and cash equivalents | 0 | 0 |
Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities and cash equivalents | 0 | |
Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Level 1 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities and cash equivalents | 0 | 0 |
Level 1 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 20,198 | 18,745 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 757,191 | 1,131,065 |
Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 2 | Time deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities and cash equivalents | 25,576 | 285,830 |
Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities and cash equivalents | 961 | |
Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 494,122 | 603,053 |
Level 2 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities and cash equivalents | 236,532 | 242,182 |
Level 2 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Contractual Maturities of Marketable Securities and Other Investment Related Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Due in 1 year or less | $ 452,790 | $ 562,308 |
Due after 1 year through 5 years | 278,825 | 302,457 |
Aggregate Fair Value | $ 731,615 | $ 864,765 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross accounts receivable | $ 711,374 | $ 685,123 |
Allowances for current expected credit losses and other reserves | (5,557) | (5,917) |
Accounts receivable, net | 705,817 | 679,206 |
Trade accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross accounts receivable | 516,398 | 490,162 |
Unbilled accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross accounts receivable | $ 194,976 | $ 194,961 |
Accounts Receivable - Activity
Accounts Receivable - Activity in Allowance for Expected Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 5,917 | $ 1,397 |
Charges to income from operations | 1,397 | 1,951 |
Collections from customers previously reserved and other | (1,757) | (69) |
Ending balance | $ 5,557 | $ 3,279 |
Incremental Costs to Obtain a_3
Incremental Costs to Obtain a Contract with a Customer (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Capitalized Contract Cost [Line Items] | |||
Amortization expense related to deferred costs | $ 12,175 | $ 15,022 | |
Incremental costs capitalized | 12,417 | $ 9,484 | |
Commission and incentive payments | |||
Capitalized Contract Cost [Line Items] | |||
Total deferred costs | 67,096 | $ 66,385 | |
Commission and incentive payments | Deferred costs included in prepaid expenses and other current assets | |||
Capitalized Contract Cost [Line Items] | |||
Total deferred costs | 37,226 | 37,316 | |
Commission and incentive payments | Deferred costs included in other assets | |||
Capitalized Contract Cost [Line Items] | |||
Total deferred costs | $ 29,870 | $ 29,069 |
Acquired Intangible Assets an_3
Acquired Intangible Assets and Goodwill - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 865,321 | $ 858,361 |
Accumulated Amortization | (433,088) | (416,645) |
Net Carrying Amount | 432,233 | 441,716 |
Completed technologies | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 333,647 | 327,848 |
Accumulated Amortization | (170,930) | (162,323) |
Net Carrying Amount | 162,717 | 165,525 |
Customer-related intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 481,965 | 480,817 |
Accumulated Amortization | (251,001) | (244,158) |
Net Carrying Amount | 230,964 | 236,659 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 249 | 244 |
Accumulated Amortization | (208) | (183) |
Net Carrying Amount | 41 | 61 |
Trademarks and trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,650 | 14,642 |
Accumulated Amortization | (7,980) | (7,585) |
Net Carrying Amount | 6,670 | 7,057 |
Acquired license rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 34,810 | 34,810 |
Accumulated Amortization | (2,969) | (2,396) |
Net Carrying Amount | $ 31,841 | $ 32,414 |
Acquired Intangible Assets an_4
Acquired Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of acquired intangible assets | $ 15,912 | $ 13,644 |
Remainder of 2023 | 48,000 | |
2024 | 59,900 | |
2025 | 62,400 | |
2026 | 58,000 | |
2027 | $ 44,800 |
Acquired Intangible Assets an_5
Acquired Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Schedule of Goodwill [Roll Forward] | |
Balance as of January 1, 2023 | $ 2,763,838 |
Acquisition of StorageOS, Inc. | 14,989 |
Foreign currency translation | 3,032 |
Balance as of March 31, 2023 | $ 2,781,859 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
May 09, 2023 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Acquisition-related costs | $ 2,200 | ||||
Cash paid to acquire business net of cash acquired | 20,070 | $ 872,099 | |||
Goodwill | $ 2,781,859 | 2,781,859 | $ 2,763,838 | ||
StorageOS | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Cash paid to acquire business net of cash acquired | 20,600 | ||||
Goodwill | 15,000 | 15,000 | |||
Identifiable intangibles assets | $ 3,500 | $ 3,500 | |||
Intangible asset, useful life | 8 years 9 months 18 days | ||||
Neosec, Inc. | Subsequent Event | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Cash paid to acquire business net of cash acquired | $ 86,700 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ / shares in Units, shares in Millions | 1 Months Ended | 3 Months Ended | ||||
Aug. 31, 2019 USD ($) d $ / shares shares | May 31, 2018 USD ($) d $ / shares shares | Mar. 31, 2023 USD ($) $ / shares | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2019 USD ($) | |
Debt Instrument [Line Items] | ||||||
Repurchases of common stock | $ 348,600,000 | $ 102,853,000 | ||||
Convertible Debt | 2027 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt issued | $ 1,150,000,000 | |||||
Interest rate | 0.375% | 0.375% | ||||
Conversion rate | 0.0086073 | |||||
Conversion price (in dollars per share) | $ / shares | $ 116.18 | |||||
Threshold trading days exceeding price | d | 20 | |||||
Threshold consecutive trading days exceeding price | d | 30 | |||||
Threshold greater than percentage of stock price trigger | 130% | |||||
Threshold trading days not exceeding price | 5 days | |||||
Threshold consecutive trading days not exceeding price | 5 days | |||||
Threshold less than percentage of stock price trigger | 98% | |||||
Fair value of convertible senior notes | $ 1,057,900,000 | $ 1,111,000,000 | ||||
Closing stock price (in dollars per share) | $ / shares | $ 78.30 | |||||
Outstanding borrowings | $ 1,150,000,000 | 1,150,000,000 | ||||
Repurchases of common stock | $ 100,000,000 | |||||
Payments for purchase of convertible note hedge and warrant transactions | 127,100,000 | |||||
Payments for note hedge transactions | $ 312,200,000 | |||||
Warrants outstanding (in shares) | shares | 9.9 | |||||
Warrant strike price (in dollars per share) | $ / shares | $ 178.74 | |||||
Proceeds from sale of warrants | $ 185,200,000 | |||||
Convertible Debt | 2025 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt issued | $ 1,150,000,000 | |||||
Interest rate | 0.125% | 0.125% | ||||
Conversion rate | 0.010515 | |||||
Conversion price (in dollars per share) | $ / shares | $ 95.10 | |||||
Threshold trading days exceeding price | d | 20 | |||||
Threshold consecutive trading days exceeding price | d | 30 | |||||
Threshold greater than percentage of stock price trigger | 130% | |||||
Threshold trading days not exceeding price | 5 days | |||||
Threshold consecutive trading days not exceeding price | 5 days | |||||
Threshold less than percentage of stock price trigger | 98% | |||||
Fair value of convertible senior notes | $ 1,151,500,000 | 1,209,100,000 | ||||
Closing stock price (in dollars per share) | $ / shares | $ 78.30 | |||||
Outstanding borrowings | $ 1,150,000,000 | $ 1,150,000,000 | ||||
Repurchases of common stock | $ 46,200,000 | |||||
Payments for purchase of convertible note hedge and warrant transactions | 141,800,000 | |||||
Payments for note hedge transactions | $ 261,700,000 | |||||
Warrants outstanding (in shares) | shares | 12.1 | |||||
Warrant strike price (in dollars per share) | $ / shares | $ 149.18 | |||||
Proceeds from sale of warrants | $ 119,900,000 | |||||
Convertible Debt | 2019 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt issued | $ 690,000,000 |
Debt - Schedule of Convertible
Debt - Schedule of Convertible Senior Notes (Details) - Convertible Debt - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
2027 Notes | ||
Liability component: | ||
Principal | $ 1,150,000 | $ 1,150,000 |
Less: issuance costs, net of amortization | (8,239) | (8,707) |
Net carrying amount | 1,141,761 | 1,141,293 |
2025 Notes | ||
Liability component: | ||
Principal | 1,150,000 | 1,150,000 |
Less: issuance costs, net of amortization | (5,392) | (6,035) |
Net carrying amount | $ 1,144,608 | $ 1,143,965 |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facilities (Details) | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2023 USD ($) | Nov. 30, 2022 USD ($) extension | May 31, 2018 USD ($) | Mar. 31, 2023 USD ($) | |
2018 Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 500,000,000 | |||
Debt term | 5 years | |||
2018 Credit Agreement | Minimum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee | 0.075% | |||
2018 Credit Agreement | Maximum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee | 0.15% | |||
2018 Credit Agreement | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0% | |||
2018 Credit Agreement | Base Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.25% | |||
2018 Credit Agreement | LIBOR | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.875% | |||
2018 Credit Agreement | LIBOR | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
2022 Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 500,000,000 | |||
Debt term | 5 years | |||
Maximum borrowing capacity under specific conditions | $ 1,000,000,000 | |||
Line of credit facility, number of extensions | extension | 2 | |||
Line of credit facility, extension term | 1 year | |||
Outstanding borrowings | $ 0 | |||
2022 Credit Agreement | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Borrowings on line of credit | $ 90,000,000 | |||
2022 Credit Agreement | Minimum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee | 0.07% | |||
2022 Credit Agreement | Maximum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee | 0.125% | |||
2022 Credit Agreement | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0% | |||
2022 Credit Agreement | Base Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.125% | |||
2022 Credit Agreement | Benchmark Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.75% | |||
2022 Credit Agreement | Benchmark Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.125% | |||
2022 Credit Agreement | Reference Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.75% | |||
2022 Credit Agreement | Reference Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.125% |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Aug. 31, 2019 | May 31, 2018 | |
Debt Instrument [Line Items] | ||||
Amortization of debt issuance costs | $ 1,166 | $ 1,168 | ||
Capitalization of interest expense | (68) | (49) | ||
Total interest expense | 2,681 | 2,695 | ||
Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Interest on debt instruments | $ 146 | 139 | ||
Convertible Debt | 2025 Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 0.125% | 0.125% | ||
Interest on debt instruments | $ 359 | 359 | ||
Convertible Debt | 2027 Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 0.375% | 0.375% | ||
Interest on debt instruments | $ 1,078 | $ 1,078 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charge (benefit) | $ 44,723 | $ 8,016 |
Restructuring charges, expected duration | 12 months | |
Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charge (benefit) | $ 23,600 | |
2021 Restructuring Plan | Lease Impairment | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charge (benefit) | 18,500 | |
Restructuring and related cost, cost incurred to date | $ 25,900 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Accrual (Details) - Employee Severance $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 541 |
Costs incurred | 23,937 |
Cash disbursements | (556) |
Translation adjustments and other | 7 |
Ending balance | $ 23,929 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jan. 31, 2022 | |
Class of Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 1,800,000 | ||
Repurchases of common stock | $ 348,600 | $ 102,853 | |
Vesting period | 1 year | ||
Amortization expense from capitalized stock-based compensation | $ 7,500 | $ 7,600 | |
Common Stock | |||
Class of Stock [Line Items] | |||
Shares repurchased during period (in shares) | 4.6 | ||
Repurchases of common stock | $ 348,600 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation | $ 61,883 | $ 56,227 |
Provision for income taxes | (11,413) | (14,043) |
Total stock-based compensation, net of income taxes | 50,470 | 42,184 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation | 9,329 | 6,233 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation | 21,844 | 20,232 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation | 13,545 | 12,326 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation | $ 17,165 | $ 17,436 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ 4,360,187 | $ 4,530,014 |
Other comprehensive income | 19,171 | (19,506) |
Ending balance | 4,171,341 | 4,314,735 |
Total | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (140,332) | (69,105) |
Ending balance | (121,161) | $ (88,611) |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (116,474) | |
Other comprehensive income | 11,722 | |
Ending balance | (104,752) | |
Net Unrealized (Losses) Gains on Investments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (23,858) | |
Other comprehensive income | 7,449 | |
Ending balance | $ (16,409) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) solution_category | Mar. 31, 2022 USD ($) | |
Revenue from Contract with Customer [Abstract] | ||
Number of solutions | solution_category | 3 | |
Revenue recognized | $ | $ 57.5 | $ 56.2 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 915,698 | $ 903,647 |
Security | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 405,552 | 381,567 |
Delivery | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 394,384 | 444,148 |
Compute | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 115,762 | 77,932 |
U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 473,833 | 481,007 |
International | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 441,865 | $ 422,640 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Performance Obligation (Details) $ in Billions | Mar. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 3.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations, percentage | 70% |
Remaining performance obligation, expected timing | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing | 3 years |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 23.50% | 12.30% |
Net Income per Share - Schedule
Net Income per Share - Schedule of Components (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net income | $ 97,106 | $ 133,376 |
Denominator: | ||
Shares used for basic net income per share (in shares) | 155,637 | 160,494 |
Effect of dilutive securities: | ||
Stock options (in shares) | 0 | 1 |
RSUs and DSU (in shares) | 498 | 1,320 |
Convertible senior notes (in shares) | 0 | 1,822 |
Shares used for diluted net income per share (in shares) | 156,135 | 163,637 |
Basic net income per share (in dollars per share) | $ 0.62 | $ 0.83 |
Diluted net income per share (in dollars per share) | $ 0.62 | $ 0.82 |
Net Income per Share - Schedu_2
Net Income per Share - Schedule of Anti-Dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares excluded from computation | 31,438 | 25,279 |
Service-based RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares excluded from computation | 7,867 | 2,234 |
Market- and performance-based RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares excluded from computation | 1,580 | 1,054 |
Warrants related to issuance of convertible senior notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares excluded from computation | 21,991 | 21,991 |