Zoom(NASDAQ:ZM) 
Zoom Video Communications, Inc. provides a video-first communications platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company offers Zoom Meetings that offers HD video, voice, chat, and content sharing through mobile devices, desktops, laptops, telephones, and co...
Website: http://www.zoom.us
Founded: 2011
IPO Price: $36 (Apr 18, 2019)
Full Time Employees: 8,484 (Jan 2023)
CEO / Founder: Eric S. Yuan
Sector: Communication Services
Industry: Telecom Services
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At a glance:
- Revenue Growth Normalizing After Pandemic Surge: Zoom’s top-line growth has moderated from hypergrowth levels as demand stabilizes, making expansion more dependent on enterprise adoption and new product areas.
- Enterprise Momentum and Contract Mix Are Key Drivers: Performance is increasingly influenced by large customers, multi-product deals, and retention/expansion within enterprise accounts rather than rapid SMB seat growth.
- Profitability and Cash Generation Remain Strengths: Zoom generally maintains solid margins and strong operating cash flow, supported by a scalable software model and disciplined expense management.
- Competitive Pressure Persists in Unified Communications: Microsoft Teams and other UCaaS vendors continue to pressure pricing and seat growth, pushing Zoom to differentiate via reliability, AI features, and broader platform capabilities.
- Platform Expansion (Phone, Contact Center, AI) Is the Core Upside Narrative: Growth opportunities center on increasing share of wallet through Zoom Phone, Contact Center, and AI-driven features, aiming to raise ARPU and reduce reliance on meetings-only usage.
Bull Thesis:
- Enduring Hybrid Work Model & Enterprise Stickiness: The global shift to hybrid work is a permanent fixture, ensuring continued demand for robust communication platforms. Zoom's success in securing and expanding its footprint within large enterprises, coupled with the stickiness of its integrated solutions, provides a stable and growing revenue base beyond the initial pandemic surge.
- Successful Product Diversification & Platform Expansion: Zoom is effectively expanding beyond its core video conferencing product with offerings like Zoom Phone, Zoom Contact Center, Zoom Events, and the Workvivo acquisition. These new products open up significant total addressable markets (TAMs) and reduce reliance on a single product, driving cross-selling opportunities and increasing customer lifetime value.
- Strong Profitability, Free Cash Flow, and Balance Sheet: Despite a slowdown in revenue growth, Zoom maintains high profitability margins (both GAAP and non-GAAP) and generates substantial free cash flow. This financial strength provides a solid foundation for continued investment in R&D, strategic acquisitions, and potential shareholder returns, without relying on external financing.
- Strategic AI Integration for Enhanced Productivity: Zoom is actively integrating advanced AI capabilities across its platform, such as meeting summaries, smart replies, and virtual assistants (e.g., Zoom AI Companion). These features enhance user productivity, differentiate Zoom from competitors, and add significant value to its offerings, potentially driving increased adoption and ARPU.
Bear Thesis:
- Intense Competition & Core Product Commoditization: The collaboration software market is highly competitive, with formidable players like Microsoft Teams, Google Meet, and Cisco Webex often bundling their services. This intense competition puts significant pressure on Zoom's pricing power and market share, especially for its core video conferencing product, which is increasingly becoming a commoditized offering.
- Significant Post-Pandemic Growth Deceleration: Zoom's hyper-growth phase experienced during the pandemic has largely ended. The company is now facing significantly lower growth rates, making it challenging to impress investors with top-line expansion. Future growth will likely be more modest and harder to achieve compared to its peak performance.
- SMB Churn and Pricing Pressure on Smaller Accounts: Smaller businesses and individual users, who were a significant driver of early growth, are more susceptible to churn due to economic pressures or the availability of free/cheaper alternatives. This segment also faces greater pricing pressure, potentially impacting average revenue per user (ARPU) and overall subscriber growth.
- Macroeconomic Headwinds & Enterprise IT Spending Cuts: A challenging macroeconomic environment, characterized by inflation and recession fears, is leading many enterprises to scrutinize and reduce their IT spending. This trend could directly impact Zoom's ability to acquire new large customers or expand existing contracts, particularly for its higher-priced enterprise solutions.
Main Competitors:
- Microsoft ($MSFT) (Microsoft Teams), Competes directly with Zoom by offering integrated video conferencing, chat, file sharing, and collaboration tools, often bundled with Microsoft 365 subscriptions. Its strength lies in deep integration with other Microsoft business applications, making it a strong choice for enterprises already invested in Microsoft's ecosystem.
- Google (Alphabet Inc.) ($GOOGL) (Google Meet), Part of Google Workspace, Google Meet provides video conferencing integrated with Gmail, Calendar, and other Google services. It competes by offering ease of use, strong security, and accessibility for individuals and businesses already using Google's cloud productivity suite.
- Cisco Systems ($CSCO) (Webex), A long-standing enterprise competitor, Webex offers a comprehensive suite of video conferencing, calling, and collaboration tools. It competes on its strong security features, reliability, hardware integration (e.g., room systems), and robust offerings for large enterprises and government clients.
- RingCentral ($RNG) (RingCentral MVP (Message, Video, Phone)), RingCentral competes as a leading UCaaS (Unified Communications as a Service) provider, offering a complete cloud-based communication platform that includes video conferencing, business phone systems, and team messaging. It targets businesses looking for an all-in-one communication solution beyond just video.
Moat:
Zoom's main competitors leverage existing large ecosystems (Microsoft Teams, Google Meet) by bundling their video conferencing solutions with broader productivity suites, offering deep integration and convenience. Others, like Cisco Webex, compete on enterprise-grade security, reliability, and hardware integration, while UCaaS providers like RingCentral offer comprehensive all-in-one communication platforms. These competitors challenge Zoom's market position by offering integrated solutions, catering to specific enterprise needs, or leveraging their existing customer bases and distribution channels.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-01-31 | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-10-31 | 2021-07-31 | 2021-04-30 | 2021-01-31 | 2020-10-31 | 2020-07-31 | 2020-04-30 | 2020-01-31 | 2019-10-31 | 2019-07-31 | 2019-04-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 1,246,992,000 | 1,229,835,000 | 1,217,227,000 | 1,174,715,000 | 1,184,138,000 | 1,177,541,000 | 1,162,520,000 | 1,141,234,000 | 1,146,457,000 | 1,136,727,000 | 1,138,676,000 | 1,105,364,000 | 1,117,803,000 | 1,101,899,000 | 1,099,458,000 | 1,073,800,000 | 1,071,376,000 | 1,050,756,000 | 1,021,495,000 | 956,237,000 | 882,485,000 | 777,196,000 | 663,520,000 | 328,167,000 | 188,251,000 | 166,593,000 | 145,826,000 | 121,988,000 |
yoy | 5.31% | 4.44% | 4.71% | 2.93% | 3.29% | 3.59% | 2.09% | 3.25% | 2.56% | 3.16% | 3.57% | 2.94% | 4.33% | 4.87% | 7.63% | 12.29% | 21.40% | 35.20% | 53.95% | 191.39% | 368.78% | 366.52% | 355.01% | 169.02% | ||||
qoq | 1.40% | 1.04% | 3.62% | -0.80% | 0.56% | 1.29% | 1.87% | -0.46% | 0.86% | -0.17% | 3.01% | -1.11% | 1.44% | 0.22% | 2.39% | 0.23% | 1.96% | 2.86% | 6.82% | 8.36% | 13.55% | 17.13% | 102.19% | 74.32% | 13.00% | 14.24% | 19.54% | |
cost of revenue | 295,699,000 | 271,770,000 | 273,165,000 | 278,402,000 | 287,355,000 | 283,881,000 | 285,089,000 | 273,302,000 | 276,307,000 | 270,988,000 | 266,559,000 | 263,947,000 | 294,354,000 | 270,665,000 | 273,611,000 | 261,821,000 | 257,347,000 | 270,957,000 | 261,256,000 | 264,994,000 | 267,284,000 | 258,727,000 | 192,271,000 | 103,707,000 | 32,547,000 | 30,845,000 | 27,900,000 | 24,104,000 |
gross profit | 951,293,000 | 958,065,000 | 944,062,000 | 896,313,000 | 896,783,000 | 893,660,000 | 877,431,000 | 867,932,000 | 870,150,000 | 865,739,000 | 872,117,000 | 841,417,000 | 823,449,000 | 831,234,000 | 825,847,000 | 811,979,000 | 814,029,000 | 779,799,000 | 760,239,000 | 691,243,000 | 615,201,000 | 518,469,000 | 471,249,000 | 224,460,000 | 155,704,000 | 135,748,000 | 117,926,000 | 97,884,000 |
yoy | 6.08% | 7.21% | 7.59% | 3.27% | 3.06% | 3.23% | 0.61% | 3.15% | 5.67% | 4.15% | 5.60% | 3.63% | 1.16% | 6.60% | 8.63% | 17.47% | 32.32% | 50.40% | 61.32% | 207.96% | 295.11% | 281.93% | 299.61% | 129.31% | ||||
qoq | -0.71% | 1.48% | 5.33% | -0.05% | 0.35% | 1.85% | 1.09% | -0.25% | 0.51% | -0.73% | 3.65% | 2.18% | -0.94% | 0.65% | 1.71% | -0.25% | 4.39% | 2.57% | 9.98% | 12.36% | 18.66% | 10.02% | 109.95% | 44.16% | 14.70% | 15.11% | 20.48% | |
gross margin % | 76.29% | 77.90% | 77.56% | 76.30% | 75.73% | 75.89% | 75.48% | 76.05% | 75.90% | 76.16% | 76.59% | 76.12% | 73.67% | 75.44% | 75.11% | 75.62% | 75.98% | 74.21% | 74.42% | 72.29% | 69.71% | 66.71% | 71.02% | 68.40% | 82.71% | 81.48% | 80.87% | 80.24% |
operating expenses: | ||||||||||||||||||||||||||||
research and development | 222,915,000 | 210,097,000 | 206,447,000 | 205,416,000 | 217,121,000 | 222,980,000 | 206,756,000 | 205,558,000 | 205,282,000 | 196,832,000 | 191,802,000 | 209,271,000 | 261,258,000 | 195,946,000 | 172,564,000 | 144,291,000 | 116,996,000 | 98,508,000 | 82,311,000 | 65,175,000 | 52,375,000 | 42,582,000 | 42,734,000 | 26,389,000 | 20,669,000 | 17,573,000 | 15,054,000 | 13,783,000 |
sales and marketing | 359,518,000 | 342,814,000 | 338,995,000 | 346,970,000 | 358,903,000 | 361,703,000 | 358,770,000 | 348,008,000 | 371,052,000 | 374,378,000 | 373,373,000 | 422,504,000 | 505,586,000 | 427,747,000 | 400,474,000 | 362,783,000 | 325,415,000 | 293,698,000 | 271,179,000 | 245,667,000 | 214,018,000 | 190,157,000 | 159,173,000 | 121,556,000 | 100,905,000 | 96,048,000 | 79,652,000 | 64,041,000 |
general and administrative | 118,968,000 | 94,740,000 | 76,885,000 | 102,335,000 | 95,696,000 | 126,137,000 | 109,535,000 | 111,344,000 | 125,286,000 | 125,140,000 | 129,324,000 | 199,900,000 | 186,492,000 | 141,033,000 | 131,066,000 | 117,840,000 | 119,799,000 | 96,736,000 | 112,146,000 | 154,089,000 | 92,691,000 | 93,488,000 | 81,238,000 | 53,130,000 | 23,577,000 | 23,806,000 | 20,955,000 | 18,503,000 |
total operating expenses | 701,401,000 | 647,651,000 | 622,327,000 | 654,721,000 | 671,720,000 | 710,820,000 | 675,061,000 | 664,910,000 | 701,620,000 | 696,350,000 | 694,499,000 | 831,675,000 | 953,336,000 | 764,726,000 | 704,104,000 | 624,914,000 | 562,210,000 | 488,942,000 | 465,636,000 | 464,931,000 | 359,084,000 | 326,227,000 | 283,145,000 | 201,075,000 | 145,151,000 | 137,427,000 | 115,661,000 | 96,327,000 |
income from operations | 249,892,000 | 310,414,000 | 321,735,000 | 241,592,000 | 225,063,000 | 182,840,000 | 202,370,000 | 203,022,000 | 168,530,000 | 169,389,000 | 177,618,000 | 9,742,000 | -129,887,000 | 66,508,000 | 121,743,000 | 187,065,000 | 251,819,000 | 290,857,000 | 294,603,000 | 226,312,000 | 256,117,000 | 192,242,000 | 188,104,000 | 23,385,000 | 10,553,000 | -1,679,000 | 2,265,000 | 1,557,000 |
yoy | 11.03% | 69.77% | 58.98% | 19.00% | 33.54% | 7.94% | 13.94% | 1983.99% | -229.75% | 154.69% | 45.90% | -94.79% | -151.58% | -77.13% | -58.68% | -17.34% | -1.68% | 51.30% | 56.62% | 867.77% | 2326.96% | -11549.79% | 8204.81% | 1401.93% | ||||
qoq | -19.50% | -3.52% | 33.17% | 7.34% | 23.09% | -9.65% | -0.32% | 20.47% | -0.51% | -4.63% | 1723.22% | -107.50% | -295.30% | -45.37% | -34.92% | -25.71% | -13.42% | -1.27% | 30.18% | -11.64% | 33.23% | 2.20% | 704.38% | 121.60% | -728.53% | -174.13% | 45.47% | |
operating margin % | 20.04% | 25.24% | 26.43% | 20.57% | 19.01% | 15.53% | 17.41% | 17.79% | 14.70% | 14.90% | 15.60% | 0.88% | -11.62% | 6.04% | 11.07% | 17.42% | 23.50% | 27.68% | 28.84% | 23.67% | 29.02% | 24.74% | 28.35% | 7.13% | 5.61% | -1.01% | 1.55% | 1.28% |
gains on strategic investments | 532,325,000 | 406,060,000 | 45,056,000 | -13,619,000 | 150,357,000 | 6,324,000 | 3,107,000 | 17,354,000 | 101,296,000 | -25,471,000 | 31,670,000 | 2,275,000 | 40,443,000 | -6,898,000 | -34,712,000 | -110,736,000 | 122,421,000 | 32,076,000 | ||||||||||
other income | 81,432,000 | 78,235,000 | 81,371,000 | 87,792,000 | 74,899,000 | 91,248,000 | 87,412,000 | 71,588,000 | 83,057,000 | 41,908,000 | 41,085,000 | 31,213,000 | 3,368,000 | -6,989,000 | 730,250 | 978,000 | 1,628,000 | 315,000 | ||||||||||
income before provision for income taxes | 863,649,000 | 794,709,000 | 448,162,000 | 315,765,000 | 450,319,000 | 280,412,000 | 292,889,000 | 291,964,000 | 352,883,000 | 185,826,000 | 250,373,000 | 43,230,000 | -39,544,000 | 54,749,000 | 90,399,000 | 143,672,000 | 138,534,000 | 410,283,000 | 323,884,000 | 228,931,000 | ||||||||
provision for income taxes | 189,569,000 | 181,836,000 | 89,570,000 | 61,162,000 | 82,454,000 | 73,362,000 | 73,874,000 | 75,656,000 | 54,051,000 | 44,614,000 | 68,399,000 | 27,786,000 | 64,506,000 | 6,396,000 | 44,649,000 | 30,014,000 | -352,107,000 | 69,900,000 | 6,800,000 | 1,400,000 | 4,043,000 | -4,621,000 | 4,196,000 | 2,100,000 | -794,000 | 319,000 | ||
net income | 674,080,000 | 612,873,000 | 358,592,000 | 254,603,000 | 367,865,000 | 207,050,000 | 219,015,000 | 216,308,000 | 298,832,000 | 141,212,000 | 181,974,000 | 15,444,000 | -104,050,000 | 48,353,000 | 45,750,000 | 113,658,000 | 490,641,000 | 340,383,000 | 317,084,000 | 227,531,000 | 260,610,000 | 198,642,000 | 185,989,000 | 27,075,000 | 15,339,000 | 2,211,000 | 5,541,000 | 2,214,000 |
yoy | 83.24% | 196.00% | 63.73% | 17.70% | 23.10% | 46.62% | 20.36% | 1300.60% | -387.20% | 192.04% | 297.76% | -86.41% | -121.21% | -85.79% | -85.57% | -50.05% | 88.27% | 71.36% | 70.49% | 740.37% | 1599.00% | 8884.26% | 3256.60% | 1122.90% | ||||
qoq | 9.99% | 70.91% | 40.84% | -30.79% | 77.67% | -5.46% | 1.25% | -27.62% | 111.62% | -22.40% | 1078.28% | -114.84% | -315.19% | 5.69% | -59.75% | -76.83% | 44.14% | 7.35% | 39.36% | -12.69% | 31.20% | 6.80% | 586.94% | 76.51% | 593.76% | -60.10% | 150.27% | |
net income margin % | 54.06% | 49.83% | 29.46% | 21.67% | 31.07% | 17.58% | 18.84% | 18.95% | 26.07% | 12.42% | 15.98% | 1.40% | -9.31% | 4.39% | 4.16% | 10.58% | 45.80% | 32.39% | 31.04% | 23.79% | 29.53% | 25.56% | 28.03% | 8.25% | 8.15% | 1.33% | 3.80% | 1.81% |
net income per share | ||||||||||||||||||||||||||||
basic | 2.26 | 2.05 | 1.19 | 0.84 | 1.2 | 0.67 | 0.71 | 0.7 | 0.99 | 0.47 | 0.61 | 0.05 | -0.35 | 0.16 | 0.15 | 0.38 | 1.65 | 1.14 | 1.07 | 0.77 | 0.91 | 0.7 | 0.66 | 0.1 | 0.06 | 0.01 | 0.02 | |
diluted | 2.21 | 2.01 | 1.16 | 0.81 | 1.17 | 0.66 | 0.7 | 0.69 | 0.97 | 0.45 | 0.59 | 0.05 | -0.34 | 0.16 | 0.15 | 0.37 | 1.61 | 1.11 | 1.04 | 0.74 | 0.87 | 0.66 | 0.63 | 0.09 | 0.06 | 0.01 | 0.02 | |
weighted-average shares used for eps calculation | ||||||||||||||||||||||||||||
basic | 300,503,787 | 298,660,092 | 301,779,114 | 304,908,652 | 307,981,971 | 307,529,696 | 309,137,807 | 308,700,582 | 300,748,162 | 302,493,182 | 299,093,452 | 295,409,207 | 296,560,501 | 295,537,026 | 298,553,379 | 299,147,105 | 296,334,894 | 297,375,011 | 295,712,675 | 293,794,778 | 283,853,654 | 284,783,006 | 282,850,805 | 279,891,111 | 233,641,336 | 273,316,850 | 271,813,141 | 109,708,898 |
diluted | 307,333,185 | 305,024,411 | 308,224,372 | 312,783,861 | 315,069,582 | 314,191,269 | 314,027,192 | 315,360,678 | 308,519,897 | 310,389,905 | 305,932,596 | 304,115,913 | 304,231,350 | 301,986,341 | 307,160,840 | 306,614,220 | 305,826,505 | 305,939,624 | 305,861,051 | 305,412,419 | 298,127,669 | 299,258,765 | 297,162,309 | 295,184,958 | 254,298,014 | 292,771,122 | 292,185,665 | 136,428,379 |
undistributed earnings attributable to participating securities | 10,000 | -4,000 | -18,000 | -152,000 | -112,000 | -154,000 | -148,000 | -258,000 | -202,000 | -247,000 | -39,000 | -1,062,000 | -4,000 | -20,000 | -2,016,000 | |||||||||||||
net income attributable to common stockholders | 298,832,000 | 141,212,000 | 181,974,000 | 15,444,000 | -104,040,000 | 48,353,000 | 45,746,000 | 113,640,000 | 490,489,000 | 340,271,000 | 316,930,000 | 227,383,000 | 260,352,000 | 198,440,000 | 185,742,000 | 27,036,000 | 14,277,000 | 2,207,000 | 5,521,000 | 198,000 | ||||||||
other expense | -2,120,500 | -4,861,000 | ||||||||||||||||||||||||||
losses on strategic investments | -36,404,000 | |||||||||||||||||||||||||||
interest income and other | -792,750 | -2,995,000 | -2,795,000 | 2,619,000 | 8,536,000 | 1,779,000 | 2,081,000 | 5,790,000 | ||||||||||||||||||||
net income before provision for income taxes | 103,345,250 | 194,021,000 | 190,185,000 | 29,175,000 | 14,545,000 | 2,530,000 | ||||||||||||||||||||||
interest income | 1,688,250 | 3,231,000 | 2,864,000 | 658,000 | ||||||||||||||||||||||||
net income before benefit from income taxes | 6,757,000 | 2,530,000 | ||||||||||||||||||||||||||
benefit from income taxes | -1,216,000 | -316,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-01-31 | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-10-31 | 2021-07-31 | 2021-04-30 | 2021-01-31 | 2020-10-31 | 2020-07-31 | 2020-04-30 | 2020-01-31 | 2019-10-31 | 2019-07-31 | 2019-04-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||||
cash and cash equivalents | 1,272,877,000 | 1,215,877,000 | 1,198,576,000 | 1,228,847,000 | 1,349,380,000 | 1,273,823,000 | 1,539,457,000 | 1,885,603,000 | 1,558,252,000 | 1,492,910,000 | 1,380,121,000 | 1,029,546,000 | 1,086,830,000 | 1,096,174,000 | 937,443,000 | 1,407,305,000 | 1,062,820,000 | 1,322,435,000 | 1,931,370,000 | 1,557,270,000 | 2,240,303,000 | 730,506,000 | 748,944,000 | 488,653,000 | 283,134,000 | 230,874,000 | 213,886,000 | 629,793,000 |
marketable securities | 6,544,031,000 | 6,727,428,000 | 6,580,073,000 | 6,563,976,000 | 6,442,329,000 | 6,428,214,000 | 5,980,575,000 | 5,488,737,000 | 5,404,233,000 | 5,001,507,000 | 4,648,393,000 | 4,566,845,000 | 4,325,836,000 | 4,068,818,000 | 4,582,708,000 | 4,318,974,000 | 4,356,446,000 | 4,095,520,000 | 3,174,029,000 | 3,132,309,000 | 2,004,410,000 | 1,141,425,000 | 732,995,000 | 616,714,000 | 572,060,000 | 580,526,000 | 541,380,000 | 107,389,000 |
accounts receivable | 497,339,000 | 417,693,000 | 516,799,000 | 477,242,000 | 495,228,000 | 458,007,000 | 528,237,000 | 527,515,000 | 536,078,000 | 514,045,000 | 571,049,000 | 590,694,000 | 557,404,000 | 589,573,000 | 509,543,000 | 483,879,000 | 419,673,000 | 377,874,000 | 395,266,000 | 366,346,000 | 294,703,000 | 280,896,000 | 295,330,000 | 257,512,000 | 120,435,000 | 95,770,000 | 95,682,000 | 78,888,000 |
deferred contract acquisition costs, current | 108,856,000 | 175,047,000 | 177,498,000 | 175,900,000 | 188,358,000 | 189,874,000 | 197,502,000 | 198,113,000 | 208,474,000 | 205,169,000 | 207,165,000 | 209,607,000 | 223,250,000 | 221,871,000 | 225,221,000 | 211,575,000 | 199,266,000 | 177,966,000 | 162,126,000 | 148,645,000 | 136,630,000 | 126,001,000 | 111,545,000 | 84,054,000 | 44,885,000 | 39,609,000 | 35,502,000 | 30,339,000 |
prepaid expenses and other current assets | 234,856,000 | 178,922,000 | 190,260,000 | 220,812,000 | 200,679,000 | 182,497,000 | 149,374,000 | 182,077,000 | 219,182,000 | 271,128,000 | 244,264,000 | 170,987,000 | 163,092,000 | 165,661,000 | 159,486,000 | 142,545,000 | 145,602,000 | 138,921,000 | 172,288,000 | 136,326,000 | 116,819,000 | 345,448,000 | 343,288,000 | 336,024,000 | 75,008,000 | 72,620,000 | 29,609,000 | 19,931,000 |
total current assets | 8,657,959,000 | 8,714,967,000 | 8,663,206,000 | 8,666,777,000 | 8,675,974,000 | 8,532,415,000 | 8,395,145,000 | 8,282,045,000 | 7,926,219,000 | 7,484,759,000 | 7,050,992,000 | 6,567,679,000 | 6,356,412,000 | 6,142,097,000 | 6,414,401,000 | 6,564,278,000 | 6,183,807,000 | 6,112,716,000 | 5,835,079,000 | 5,340,896,000 | 4,792,865,000 | 2,624,276,000 | 2,232,102,000 | 1,782,957,000 | 1,095,522,000 | 1,019,399,000 | 916,059,000 | 866,340,000 |
deferred contract acquisition costs, noncurrent | 215,533,000 | 118,316,000 | 124,313,000 | 114,513,000 | 123,464,000 | 113,079,000 | 120,603,000 | 121,087,000 | 138,724,000 | 140,518,000 | 150,260,000 | 166,742,000 | 179,991,000 | 173,305,000 | 176,263,000 | 161,315,000 | 164,714,000 | 155,541,000 | 154,971,000 | 155,295,000 | 157,262,000 | 160,142,000 | 152,595,000 | 115,643,000 | 46,245,000 | 40,792,000 | ||
property and equipment | 264,525,000 | 284,851,000 | 301,457,000 | 312,211,000 | 330,475,000 | 340,750,000 | 347,714,000 | 304,712,000 | 293,704,000 | 291,844,000 | 275,881,000 | 255,218,000 | 252,821,000 | 250,843,000 | 239,102,000 | 240,611,000 | 222,354,000 | 212,655,000 | 193,852,000 | 192,410,000 | 149,924,000 | 108,077,000 | 91,291,000 | 60,479,000 | 57,138,000 | 53,848,000 | 51,987,000 | 41,724,000 |
operating lease right-of-use assets | 52,423,000 | 40,870,000 | 46,831,000 | 53,217,000 | 55,900,000 | 56,878,000 | 53,045,000 | 55,750,000 | 58,975,000 | 65,065,000 | 70,249,000 | 75,525,000 | 80,906,000 | 90,981,000 | 88,473,000 | 92,036,000 | 95,965,000 | 88,335,000 | 91,087,000 | 93,780,000 | 97,649,000 | 63,008,000 | 65,295,000 | 65,316,000 | 68,608,000 | 53,308,000 | 51,126,000 | 48,957,000 |
strategic investments | 1,578,611,000 | 1,052,604,000 | 647,908,000 | 576,139,000 | 591,481,000 | 444,653,000 | 438,529,000 | 424,923,000 | 409,222,000 | 353,022,000 | 376,693,000 | 452,267,000 | 398,992,000 | 354,549,000 | 358,248,000 | 343,160,000 | 367,814,000 | 299,750,000 | 137,795,000 | |||||||||
goodwill | 400,392,000 | 307,295,000 | 307,295,000 | 307,295,000 | 307,295,000 | 307,295,000 | 307,295,000 | 307,295,000 | 307,295,000 | 307,295,000 | 307,295,000 | 304,162,000 | 122,641,000 | 122,556,000 | 122,556,000 | 27,607,000 | 27,607,000 | 26,247,000 | 26,247,000 | 24,340,000 | 24,340,000 | 24,340,000 | 24,340,000 | |||||
deferred tax assets | 646,640,000 | 746,400,000 | 804,772,000 | 769,189,000 | 749,759,000 | 730,601,000 | 718,066,000 | 673,808,000 | 662,177,000 | 531,677,000 | 541,016,000 | 532,996,000 | 558,428,000 | 550,539,000 | 494,257,000 | 419,979,000 | 382,296,000 | |||||||||||
other assets, noncurrent | 144,333,000 | 125,508,000 | 148,281,000 | 152,555,000 | 154,073,000 | 154,198,000 | 126,795,000 | 127,010,000 | 133,477,000 | 143,292,000 | 150,722,000 | 181,621,000 | 177,874,000 | 152,308,000 | 154,298,000 | 107,727,000 | 106,761,000 | 83,727,000 | 69,562,000 | 81,890,000 | 75,953,000 | 70,468,000 | 59,318,000 | 43,314,000 | 22,332,000 | 20,710,000 | ||
total assets | 11,960,416,000 | 11,390,811,000 | 11,044,063,000 | 10,951,896,000 | 10,988,421,000 | 10,679,869,000 | 10,507,192,000 | 10,296,630,000 | 9,929,793,000 | 9,317,472,000 | 8,923,108,000 | 8,536,210,000 | 8,128,065,000 | 7,837,178,000 | 8,047,598,000 | 7,956,713,000 | 7,551,318,000 | 6,978,971,000 | 6,508,593,000 | 5,888,611,000 | 5,297,993,000 | 3,050,311,000 | 2,624,941,000 | 2,067,709,000 | 1,289,845,000 | 1,188,057,000 | 1,069,923,000 | 999,052,000 |
liabilities and stockholders’ equity | ||||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||||
accounts payable | 6,268,000 | 12,843,000 | 11,619,000 | 14,205,000 | 8,345,000 | 8,542,000 | 10,611,000 | 18,315,000 | 10,175,000 | 14,431,000 | 20,854,000 | 16,520,000 | 14,414,000 | 27,247,000 | 22,994,000 | 22,506,000 | 7,841,000 | 20,064,000 | 49,762,000 | 8,324,000 | 8,664,000 | 12,666,000 | 12,615,000 | 3,472,000 | 1,596,000 | 3,202,000 | 819,000 | 9,678,000 |
accrued expenses and other current liabilities | 581,773,000 | 514,778,000 | 471,017,000 | 473,951,000 | 558,562,000 | 481,492,000 | 439,459,000 | 501,799,000 | 500,164,000 | 441,472,000 | 397,268,000 | 489,813,000 | 457,716,000 | 561,300,000 | 498,258,000 | 500,101,000 | 430,415,000 | 509,874,000 | 482,162,000 | 450,678,000 | 393,018,000 | 565,520,000 | 560,188,000 | 507,010,000 | 122,692,000 | 128,064,000 | 64,586,000 | 47,410,000 |
deferred revenue, current | 1,411,149,000 | 1,431,802,000 | 1,465,044,000 | 1,409,217,000 | 1,336,387,000 | 1,363,392,000 | 1,391,278,000 | 1,335,787,000 | 1,251,848,000 | 1,297,102,000 | 1,349,351,000 | 1,337,560,000 | 1,266,514,000 | 1,307,763,000 | 1,345,636,000 | 1,286,403,000 | 1,141,435,000 | 1,161,442,000 | 1,154,449,000 | 1,069,334,000 | 858,284,000 | 835,762,000 | 714,523,000 | 523,246,000 | 209,542,000 | 186,537,000 | 163,591,000 | 137,337,000 |
total current liabilities | 1,999,190,000 | 1,959,423,000 | 1,947,680,000 | 1,897,373,000 | 1,903,294,000 | 1,853,426,000 | 1,841,348,000 | 1,855,901,000 | 1,762,187,000 | 1,753,005,000 | 1,767,473,000 | 1,843,893,000 | 1,738,644,000 | 1,896,310,000 | 1,866,888,000 | 1,809,010,000 | 1,579,691,000 | 1,691,380,000 | 1,686,373,000 | 1,528,336,000 | 1,259,966,000 | 1,413,948,000 | 1,287,326,000 | 1,033,728,000 | 333,830,000 | 317,803,000 | 228,996,000 | 194,425,000 |
deferred revenue, noncurrent | 13,195,000 | 12,682,000 | 14,233,000 | 16,185,000 | 17,274,000 | 15,559,000 | 15,416,000 | 16,405,000 | 18,514,000 | 18,796,000 | 20,417,000 | 28,576,000 | 41,932,000 | 46,460,000 | 55,513,000 | 44,644,000 | 38,481,000 | 24,677,000 | 23,579,000 | 25,089,000 | 25,211,000 | 18,935,000 | 28,090,000 | 28,596,000 | 20,994,000 | 15,062,000 | ||
operating lease liabilities, noncurrent | 30,710,000 | 28,072,000 | 32,015,000 | 35,894,000 | 37,406,000 | 37,590,000 | 36,052,000 | 40,284,000 | 48,308,000 | 55,409,000 | 62,181,000 | 68,470,000 | 73,687,000 | 78,128,000 | 75,954,000 | 80,201,000 | 85,018,000 | 79,319,000 | 83,009,000 | 86,433,000 | 90,415,000 | 60,522,000 | 63,105,000 | 62,989,000 | 64,792,000 | 50,132,000 | ||
other liabilities, noncurrent | 109,063,000 | 103,794,000 | 100,058,000 | 100,076,000 | 95,363,000 | 93,460,000 | 89,129,000 | 85,216,000 | 81,378,000 | 76,861,000 | 70,685,000 | 71,164,000 | 67,195,000 | 60,468,000 | 58,846,000 | 74,971,000 | 68,110,000 | 69,910,000 | 57,884,000 | 56,020,000 | 61,634,000 | 56,988,000 | 47,608,000 | 40,765,000 | 36,286,000 | 32,543,000 | ||
total liabilities | 2,152,158,000 | 2,103,971,000 | 2,093,986,000 | 2,049,528,000 | 2,053,337,000 | 2,000,035,000 | 1,981,945,000 | 1,997,806,000 | 1,910,387,000 | 1,904,071,000 | 1,920,756,000 | 2,012,103,000 | 1,921,458,000 | 2,081,366,000 | 2,057,201,000 | 2,008,826,000 | 1,771,300,000 | 1,865,286,000 | 1,850,845,000 | 1,695,878,000 | 1,437,226,000 | 1,550,393,000 | 1,426,129,000 | 1,166,078,000 | 455,902,000 | 415,540,000 | 326,127,000 | 279,324,000 |
commitments and contingencies | ||||||||||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||||||||||
common stock, 0.001 par value per share... | 295,000 | 296,000 | 299,000 | 302,000 | 305,000 | 306,000 | 308,000 | 309,000 | 307,000 | 305,000 | 302,000 | 298,000 | 294,000 | 292,000 | 298,000 | 299,000 | 299,000 | 297,000 | 296,000 | 293,000 | 292,000 | 284,000 | 283,000 | 280,000 | 277,000 | 275,000 | 272,000 | 271,000 |
additional paid-in capital | 4,099,753,000 | 4,250,595,000 | 4,537,542,000 | 4,832,800,000 | 5,130,271,000 | 5,241,088,000 | 5,298,145,000 | 5,310,417,000 | 5,228,756,000 | 4,949,757,000 | 4,689,521,000 | 4,391,418,000 | 4,104,880,000 | 3,572,368,000 | 3,830,745,000 | 3,831,060,000 | 3,749,514,000 | 3,561,050,000 | 3,440,222,000 | 3,292,241,000 | 3,187,168,000 | 1,086,459,000 | 982,541,000 | 872,237,000 | 832,705,000 | 786,778,000 | 760,990,000 | 742,388,000 |
accumulated other comprehensive income | 8,544,000 | 10,363,000 | -477,000 | 15,145,000 | 4,990,000 | 6,787,000 | 2,191,000 | -17,490,000 | 1,063,000 | -17,902,000 | -5,128,000 | 147,000 | 200,000 | 839,000 | 1,317,000 | 2,772,000 | 1,887,000 | 809,000 | 651,000 | 8,000 | ||||||||
retained earnings | 5,699,666,000 | 5,025,586,000 | 4,412,713,000 | 4,054,121,000 | 3,799,518,000 | 3,431,653,000 | 3,224,603,000 | 3,005,588,000 | 2,789,280,000 | 2,490,448,000 | 2,349,236,000 | 2,167,262,000 | 2,151,818,000 | 2,255,868,000 | 2,207,515,000 | 2,161,765,000 | 2,048,107,000 | 1,557,466,000 | 1,217,083,000 | 899,999,000 | 672,468,000 | 411,858,000 | 213,216,000 | 27,227,000 | 152,000 | |||
total stockholders’ equity | 9,808,258,000 | 9,286,840,000 | 8,950,077,000 | 8,902,368,000 | 8,935,084,000 | 8,679,834,000 | 8,525,247,000 | 8,298,824,000 | 8,019,406,000 | 7,413,401,000 | 7,002,352,000 | 6,524,107,000 | 6,206,607,000 | 5,755,812,000 | 5,990,397,000 | 5,947,887,000 | 5,780,018,000 | 5,113,685,000 | 4,657,748,000 | 4,192,733,000 | 3,860,767,000 | 1,499,918,000 | 1,198,812,000 | 901,631,000 | 833,943,000 | 772,517,000 | 743,796,000 | 719,728,000 |
total liabilities and stockholders’ equity | 11,960,416,000 | 11,390,811,000 | 11,044,063,000 | 10,951,896,000 | 10,988,421,000 | 10,679,869,000 | 10,507,192,000 | 10,296,630,000 | 9,929,793,000 | 9,317,472,000 | 8,923,108,000 | 8,536,210,000 | 8,128,065,000 | 7,837,178,000 | 8,047,598,000 | 7,956,713,000 | 7,551,318,000 | 6,978,971,000 | 6,508,593,000 | 5,888,611,000 | 5,297,993,000 | 3,050,311,000 | 2,624,941,000 | 2,067,709,000 | ||||
preferred stock, 0.001 par value per share... | ||||||||||||||||||||||||||||
accumulated other comprehensive loss | -27,109,000 | -36,707,000 | -34,871,000 | -50,385,000 | -72,716,000 | -48,161,000 | -45,237,000 | -68,000 | ||||||||||||||||||||
liabilities, convertible preferred stock, and stockholders’ equity | ||||||||||||||||||||||||||||
convertible preferred stock, 0.001 par value per share... | ||||||||||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||||||||||
total liabilities, convertible preferred stock, and stockholders’ equity | 1,289,845,000 | 1,188,057,000 | 1,069,923,000 | 999,052,000 | ||||||||||||||||||||||||
accumulated deficit | -15,187,000 | -17,398,000 | -22,939,000 | |||||||||||||||||||||||||
deferred contract acquisition costs, non-current | 37,688,000 | 32,192,000 | ||||||||||||||||||||||||||
other assets, non-current | 13,063,000 | 9,839,000 | ||||||||||||||||||||||||||
deferred revenue, non-current | 17,816,000 | 11,993,000 | ||||||||||||||||||||||||||
operating lease liabilities, non-current | 48,104,000 | 46,056,000 | ||||||||||||||||||||||||||
other liabilities, non-current | 31,211,000 | 26,850,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-01-31 | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-10-31 | 2021-07-31 | 2021-04-30 | 2021-01-31 | 2020-10-31 | 2020-07-31 | 2020-04-30 | 2020-01-31 | 2019-10-31 | 2019-07-31 | 2019-04-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||||||||||||
net income | 674,080,000 | 612,873,000 | 358,592,000 | 254,603,000 | 367,865,000 | 207,050,000 | 219,015,000 | 216,308,000 | 298,832,000 | 141,212,000 | 181,974,000 | 15,444,000 | -104,050,000 | 48,353,000 | 45,750,000 | 113,658,000 | 490,641,000 | 340,383,000 | 317,084,000 | 227,531,000 | 260,610,000 | 198,642,000 | 185,989,000 | 27,075,000 | 15,339,000 | 2,211,000 | 5,541,000 | 2,214,000 |
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||||||
stock-based compensation expense | 185,226,000 | 185,282,000 | 188,699,000 | 201,569,000 | 222,939,000 | 240,995,000 | 237,950,000 | 229,425,000 | 254,373,000 | 258,934,000 | 261,509,000 | 282,345,000 | 518,059,000 | 302,815,000 | 255,515,000 | 209,363,000 | 161,375,000 | 114,801,000 | 102,142,000 | 98,969,000 | 96,261,000 | 93,925,000 | 56,855,000 | 28,777,000 | 26,577,000 | 21,795,000 | 18,075,000 | 6,662,000 |
deferred income taxes | 104,902,000 | 53,404,000 | -28,581,000 | -24,690,000 | -18,416,000 | -14,269,000 | -49,914,000 | -7,952,000 | -136,735,000 | 6,081,000 | -7,536,000 | 21,511,000 | ||||||||||||||||
amortization of deferred contract acquisition costs | 72,603,000 | 71,216,000 | 70,006,000 | 69,557,000 | 71,063,000 | 71,227,000 | 71,688,000 | 68,125,000 | 66,793,000 | 65,164,000 | 65,514,000 | 73,230,000 | 72,742,000 | 67,124,000 | 62,722,000 | 56,780,000 | 51,592,000 | 46,299,000 | 41,626,000 | 37,766,000 | 33,025,000 | 30,500,000 | 24,494,000 | 16,287,000 | 11,162,000 | 9,913,000 | 8,607,000 | 7,419,000 |
gains on strategic investments | -532,325,000 | -406,060,000 | -6,324,000 | -3,107,000 | -17,354,000 | 110,736,000 | -122,421,000 | |||||||||||||||||||||
depreciation and amortization | 32,961,000 | 32,391,000 | 32,163,000 | 35,316,000 | 34,591,000 | 32,290,000 | 29,084,000 | 26,667,000 | 27,272,000 | 26,977,000 | 26,126,000 | 24,076,000 | 24,400,000 | 21,766,000 | 20,875,000 | 15,280,000 | 12,913,000 | 12,584,000 | 12,028,000 | 10,663,000 | 9,456,000 | 7,587,000 | 6,475,000 | 5,339,000 | 4,860,000 | 4,415,000 | 3,850,000 | 3,324,000 |
provision for accounts receivable allowances | 3,685,000 | 3,546,000 | 4,265,000 | 5,855,000 | 4,521,000 | 5,736,000 | 6,782,000 | 6,182,000 | 6,858,000 | 6,771,000 | 15,433,000 | 10,705,000 | 12,853,000 | 13,630,000 | 13,097,000 | 13,265,000 | 8,890,000 | 10,537,000 | 4,055,000 | 11,789,000 | 5,259,000 | 11,091,000 | 3,868,000 | 2,394,000 | ||||
unrealized foreign exchange losses | -2,857,000 | -9,000 | -913,000 | -7,626,000 | 12,364,000 | -2,428,000 | -8,000 | 7,237,000 | -11,022,000 | 18,598,000 | 1,367,000 | 3,316,000 | ||||||||||||||||
non-cash operating lease cost | 5,871,000 | 6,413,000 | 6,386,000 | 6,108,000 | 6,205,000 | 5,904,000 | 6,589,000 | 5,368,000 | 5,225,000 | 5,184,000 | 5,276,000 | 5,381,000 | 11,984,000 | 5,882,000 | 5,616,000 | 5,451,000 | 5,256,000 | 4,498,000 | 4,359,000 | 4,274,000 | 3,705,000 | 2,585,000 | 2,349,000 | 2,248,000 | ||||
charitable donation of common stock | 0 | 0 | 22,312,000 | 1,000,000 | ||||||||||||||||||||||||
amortization of discount/premium on marketable securities | -2,570,000 | -4,705,000 | -8,790,000 | -12,845,000 | -16,871,000 | -18,925,000 | -18,172,000 | -17,668,000 | -17,463,000 | -15,293,000 | -11,249,000 | -6,765,000 | -2,950,000 | |||||||||||||||
other | 16,149,000 | 2,346,000 | -330,000 | 4,142,000 | 630,000 | 4,643,000 | -1,323,000 | 98,000 | -2,419,000 | -1,836,000 | 2,056,000 | -5,471,000 | -27,015,000 | 22,623,000 | 6,575,000 | 12,730,000 | 2,464,000 | 1,863,000 | -5,602,000 | 5,866,000 | 105,000 | 1,689,000 | 911,000 | 1,117,000 | 509,000 | -1,063,000 | -771,000 | 257,000 |
changes in operating assets and liabilities: | ||||||||||||||||||||||||||||
accounts receivable | -81,630,000 | 108,061,000 | -36,093,000 | 12,485,000 | -47,632,000 | 66,635,000 | -4,623,000 | 12,260,000 | -18,723,000 | 58,362,000 | 42,732,000 | -29,101,000 | 6,175,000 | -112,122,000 | -42,293,000 | -83,605,000 | -50,642,000 | 8,718,000 | -41,594,000 | -75,665,000 | -28,922,000 | 6,809,000 | -54,425,000 | -142,501,000 | -27,829,000 | -1,525,000 | -19,258,000 | -16,103,000 |
prepaid expenses and other assets | -53,878,000 | 21,897,000 | 15,453,000 | -12,293,000 | -11,360,000 | -66,789,000 | 25,196,000 | 35,839,000 | 53,208,000 | -40,567,000 | -77,229,000 | -6,659,000 | 145,655,000 | -27,102,000 | -109,384,000 | -27,235,000 | -83,936,000 | -14,628,000 | -27,395,000 | -29,975,000 | -20,263,000 | 5,471,000 | -4,649,000 | -49,080,000 | -2,366,000 | 1,158,000 | -14,980,000 | -8,617,000 |
deferred contract acquisition costs | -103,629,000 | -62,768,000 | -81,404,000 | -48,148,000 | -79,932,000 | -56,076,000 | -70,591,000 | -40,128,000 | -68,303,000 | -53,427,000 | -46,589,000 | -46,338,000 | -80,807,000 | -60,817,000 | -91,315,000 | -65,690,000 | -82,066,000 | -62,708,000 | -54,784,000 | -47,813,000 | -40,774,000 | -52,504,000 | -88,936,000 | -124,854,000 | -21,890,000 | -17,124,000 | -19,266,000 | -14,434,000 |
accounts payable | -6,986,000 | 1,579,000 | -2,458,000 | 7,252,000 | -1,686,000 | -1,714,000 | -7,009,000 | 7,276,000 | -2,158,000 | -7,257,000 | 3,118,000 | 1,881,000 | -12,950,000 | 8,120,000 | 5,288,000 | 11,153,000 | -14,280,000 | -31,898,000 | 42,368,000 | 1,592,000 | -5,292,000 | -2,098,000 | 9,115,000 | 1,756,000 | -912,000 | 1,665,000 | -7,156,000 | 4,373,000 |
accrued expenses and other liabilities | 55,050,000 | 46,696,000 | -1,602,000 | -80,383,000 | 65,245,000 | 50,999,000 | -39,025,000 | -14,942,000 | 51,989,000 | 58,936,000 | -83,591,000 | 24,640,000 | -95,861,000 | 52,129,000 | -13,974,000 | 78,236,000 | -70,545,000 | 78,105,000 | 5,153,000 | 88,656,000 | 47,735,000 | 1,853,000 | 34,744,000 | 167,322,000 | -2,306,000 | 18,562,000 | 22,700,000 | 12,223,000 |
deferred revenue | -25,237,000 | -36,592,000 | 52,874,000 | 72,141,000 | -26,253,000 | -27,381,000 | 55,665,000 | 77,964,000 | -48,637,000 | -54,414,000 | 2,992,000 | 53,340,000 | -46,924,000 | -46,225,000 | 67,576,000 | 152,974,000 | -10,626,000 | 7,877,000 | 85,740,000 | 210,896,000 | 32,124,000 | 114,451,000 | 196,287,000 | 322,862,000 | 29,707,000 | 20,345,000 | 32,677,000 | 23,557,000 |
operating lease liabilities | -7,798,000 | -6,244,000 | -7,271,000 | -7,401,000 | -6,812,000 | -7,141,000 | -7,817,000 | -7,114,000 | -5,893,000 | -5,830,000 | -5,600,000 | -5,501,000 | -6,171,000 | -6,318,000 | -5,301,000 | -6,049,000 | -4,564,000 | -4,716,000 | -4,211,000 | -3,513,000 | -2,701,000 | -2,699,000 | -1,266,000 | 287,000 | -736,000 | -1,429,000 | -2,295,000 | -1,000,000 |
net cash from operating activities | 354,521,000 | 629,326,000 | 515,940,000 | 489,261,000 | 424,566,000 | 483,217,000 | 449,334,000 | 588,191,000 | 351,225,000 | 493,153,000 | 335,971,000 | 418,487,000 | 211,588,000 | 295,314,000 | 257,209,000 | 526,151,000 | 209,396,000 | 394,556,000 | 468,012,000 | 533,302,000 | 399,396,000 | 411,470,000 | 401,346,000 | 258,965,000 | 36,554,000 | 61,930,000 | 31,172,000 | 22,236,000 |
capital expenditures | -16,076,000 | -15,009,000 | -7,966,000 | -25,910,000 | -8,334,000 | -25,484,000 | -84,234,000 | -18,508,000 | -18,540,000 | -39,987,000 | -46,600,000 | -21,826,000 | -28,258,000 | -22,698,000 | -27,832,000 | -25,038,000 | -20,774,000 | -19,767,000 | -12,975,000 | -79,074,000 | -21,455,000 | -23,264,000 | -27,981,000 | -7,272,000 | -9,952,000 | -7,195,000 | -14,040,000 | -6,897,000 |
free cash flows | 338,445,000 | 614,317,000 | 507,974,000 | 463,351,000 | 416,232,000 | 457,733,000 | 365,100,000 | 569,683,000 | 332,685,000 | 453,166,000 | 289,371,000 | 396,661,000 | 183,330,000 | 272,616,000 | 229,377,000 | 501,113,000 | 188,622,000 | 374,789,000 | 455,037,000 | 454,228,000 | 377,941,000 | 388,206,000 | 373,365,000 | 251,693,000 | 26,602,000 | 54,735,000 | 17,132,000 | 15,339,000 |
cash flows from investing activities: | ||||||||||||||||||||||||||||
purchases of marketable securities | -1,471,638,000 | -1,125,917,000 | -1,092,019,000 | -1,135,024,000 | -919,938,000 | -1,520,851,000 | -1,313,404,000 | -867,911,000 | -1,120,371,000 | -1,137,431,000 | -1,057,936,000 | -768,230,000 | -922,072,000 | -350,196,000 | -965,191,000 | -611,662,000 | -988,436,000 | -1,351,726,000 | -669,136,000 | -1,425,451,000 | -1,040,361,000 | -531,227,000 | -277,336,000 | -207,546,000 | -171,121,000 | -150,620,000 | -455,175,000 | -23,312,000 |
maturities of marketable securities | 986,117,000 | 990,195,000 | 1,054,802,000 | 1,033,279,000 | 919,856,000 | 1,046,249,000 | 867,228,000 | 776,941,000 | 773,341,000 | 814,958,000 | 983,434,000 | 559,686,000 | 697,321,000 | 831,199,000 | 697,349,000 | 609,327,000 | 685,498,000 | 255,639,000 | 500,859,000 | 291,047,000 | 174,188,000 | 119,269,000 | 150,324,000 | 137,014,000 | 179,414,000 | 113,200,000 | 22,050,000 | 28,890,000 |
sales of marketable securities | 666,846,000 | 5,000,000 | 10,000,000 | 2,525,000 | 0 | 15,285,000 | 162,013,000 | 0 | 0 | 10,284,000 | 26,613,000 | |||||||||||||||||
purchases of property and equipment | -16,076,000 | -15,009,000 | -7,966,000 | -25,910,000 | -8,334,000 | -25,484,000 | -84,234,000 | -18,508,000 | -18,540,000 | -39,987,000 | -46,600,000 | -21,826,000 | -28,258,000 | -22,698,000 | -27,832,000 | -25,038,000 | -20,774,000 | -19,767,000 | -12,975,000 | -79,074,000 | -21,455,000 | -23,264,000 | -27,981,000 | -7,272,000 | -9,952,000 | -7,195,000 | -14,040,000 | -6,897,000 |
purchases of strategic investments | -70,750,000 | 0 | -5,000,000 | 0 | -10,500,000 | -3,000,000 | -17,727,000 | -1,800,000 | 0 | -51,000,000 | -4,000,000 | -3,500,000 | -49,800,000 | -11,750,000 | -178,800,000 | -39,449,000 | ||||||||||||
proceeds from sale of strategic investments | ||||||||||||||||||||||||||||
cash paid for acquisitions, net of cash acquired | ||||||||||||||||||||||||||||
purchases of intangible assets | 0 | 0 | -700,000 | -7,357,000 | 0 | -3,211,000 | ||||||||||||||||||||||
net cash from investing activities | 51,273,000 | -144,368,000 | -60,673,000 | -125,130,000 | -4,886,000 | -452,404,000 | -540,910,000 | -107,824,000 | -319,283,000 | -364,260,000 | -19,360,000 | -480,786,000 | -257,709,000 | 447,748,000 | -466,027,000 | -42,334,000 | -491,999,000 | -1,002,916,000 | -144,204,000 | -1,219,978,000 | -889,043,000 | -437,816,000 | -172,527,000 | -63,034,000 | -3,369,000 | -47,615,000 | -447,165,000 | -1,319,000 |
cash flows from financing activities: | ||||||||||||||||||||||||||||
cash paid for repurchases of common stock, including excise taxes | -323,701,000 | -413,706,000 | ||||||||||||||||||||||||||
proceeds from issuance of common stock for employee stock purchase plan | 25,149,000 | 0 | 19,745,000 | 0 | 21,584,000 | 0 | 19,105,000 | 0 | 21,485,000 | 0 | 17,673,000 | 0 | ||||||||||||||||
proceeds from exercise of stock options | 628,000 | 479,000 | 421,000 | 954,000 | 867,000 | 1,897,000 | 839,000 | 1,016,000 | 1,859,000 | 650,000 | 3,418,000 | 4,268,000 | 1,762,000 | 1,750,000 | 1,810,000 | 3,255,000 | 3,023,000 | 4,653,000 | 3,368,000 | |||||||||
proceeds from employee equity transactions (remitted) to be remitted to employees and tax authorities | -423,000 | 1,983,000 | 791,000 | 3,216,000 | -11,662,000 | -9,984,000 | ||||||||||||||||||||||
taxes paid related to net share settlement of equity awards | -55,564,000 | -54,811,000 | -55,304,000 | -82,153,000 | ||||||||||||||||||||||||
net cash from financing activities | -353,911,000 | -466,055,000 | -494,862,000 | -490,530,000 | -328,971,000 | -300,390,000 | -256,265,000 | -142,451,000 | 24,234,000 | -5,506,000 | 34,439,000 | 7,019,000 | 11,745,000 | -559,866,000 | -255,578,000 | -133,243,000 | 13,183,000 | -44,219,000 | 71,383,000 | -6,279,000 | 1,754,035,000 | 23,600,000 | 44,516,000 | 228,126,000 | 19,067,000 | 51,485,000 | -114,000 | 545,252,000 |
effect of exchange rate changes on cash, cash equivalents, and restricted cash | 4,310,000 | -14,000 | 1,422,000 | 11,854,000 | -12,150,000 | 3,126,000 | 706,000 | -6,852,000 | 11,077,000 | -17,492,000 | -1,228,000 | -2,553,000 | 28,531,000 | -20,528,000 | -6,686,000 | -9,425,000 | ||||||||||||
net increase in cash, cash equivalents, and restricted cash | -114,545,000 | 78,559,000 | -266,451,000 | -347,135,000 | 331,064,000 | 67,253,000 | 105,895,000 | 349,822,000 | -57,833,000 | -5,845,000 | 341,149,000 | -269,420,000 | -652,579,000 | 395,191,000 | -692,955,000 | 1,264,388,000 | -2,746,000 | 273,335,000 | 424,057,000 | 52,252,000 | 65,800,000 | -416,107,000 | 566,169,000 | |||||
cash, cash equivalents, and restricted cash—beginning of year | ||||||||||||||||||||||||||||
cash, cash equivalents, and restricted cash—end of year | ||||||||||||||||||||||||||||
proceeds from strategic investments | 1,363,000 | 8,530,000 | 200,000 | 0 | 4,654,000 | 62,823,000 | 0 | |||||||||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | 18,889,000 | |||||||||||||||||||||||||||
cash, cash equivalents, and restricted cash – beginning of period | 0 | 0 | 1,361,417,000 | 0 | 0 | 1,565,380,000 | 0 | 0 | 1,100,243,000 | 0 | 0 | 1,073,353,000 | 0 | 0 | 2,293,116,000 | 0 | 0 | 334,082,000 | 0 | 0 | 65,968,000 | |||||||
cash, cash equivalents, and restricted cash – end of period | 18,889,000 | -38,173,000 | 1,246,872,000 | -266,451,000 | -347,135,000 | 1,896,444,000 | 105,895,000 | 349,822,000 | 1,042,410,000 | 162,668,000 | -471,082,000 | 1,414,502,000 | -652,579,000 | 395,191,000 | 1,600,161,000 | -2,746,000 | 273,335,000 | 758,139,000 | 65,800,000 | -416,107,000 | 632,137,000 | |||||||
reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above: | ||||||||||||||||||||||||||||
cash and cash equivalents | 17,301,000 | -30,271,000 | 1,228,847,000 | -265,634,000 | -346,146,000 | 1,885,603,000 | 112,789,000 | 350,575,000 | 1,029,546,000 | 158,731,000 | -469,862,000 | 1,407,305,000 | -608,935,000 | 374,100,000 | 1,557,270,000 | 16,988,000 | -415,907,000 | 629,793,000 | ||||||||||
restricted cash, current included in prepaid expenses and other current assets | 1,588,000 | -7,902,000 | 18,025,000 | -817,000 | -736,000 | 10,588,000 | -6,884,000 | -754,000 | 12,610,000 | 3,960,000 | -1,215,000 | 6,923,000 | -43,144,000 | 22,537,000 | 40,648,000 | 48,547,000 | -100,000 | 200,000 | ||||||||||
total cash, cash equivalents, and restricted cash | 18,889,000 | -38,173,000 | 1,246,872,000 | -266,451,000 | -347,135,000 | 1,896,444,000 | 105,895,000 | 349,822,000 | 1,042,410,000 | 162,668,000 | -471,082,000 | 1,414,502,000 | -652,579,000 | 395,191,000 | 1,600,161,000 | 65,800,000 | -416,107,000 | 632,137,000 | ||||||||||
losses on strategic investments | 13,619,000 | -101,296,000 | 25,471,000 | -31,670,000 | -2,275,000 | -40,443,000 | 6,898,000 | 34,712,000 | 36,404,000 | |||||||||||||||||||
proceeds from employee equity transactions to be remitted to employees and tax authorities | 8,690,000 | -669,000 | -3,722,000 | 6,581,000 | -247,553,000 | 17,176,000 | ||||||||||||||||||||||
cash paid for repurchases of common stock | -418,021,000 | -354,567,000 | -301,618,000 | -287,645,000 | -150,048,000 | -9,225,000 | -564,832,000 | -293,534,000 | -132,412,000 | |||||||||||||||||||
restricted cash, noncurrent included in other assets, noncurrent | 253,000 | -10,000 | 1,000 | 254,000 | -23,000 | -5,000 | 274,000 | -500,000 | -1,446,000 | 2,243,000 | ||||||||||||||||||
(gains) losses on strategic investments | ||||||||||||||||||||||||||||
benefit from accounts receivable allowances | 1,865,000 | 828,000 | ||||||||||||||||||||||||||
cash paid for acquisition, net of cash acquired | 0 | 0 | -5,502,000 | -199,416,000 | 0 | 0 | -1,380,000 | 0 | 0 | 0 | ||||||||||||||||||
proceeds from employee equity transactions to be remitted (remitted) to employees and tax authorities | -1,492,000 | 2,751,000 | ||||||||||||||||||||||||||
proceeds from follow-on public offering, net of underwriting discounts and commissions and other offering costs | ||||||||||||||||||||||||||||
amortization on marketable securities | 1,217,000 | 3,604,000 | 5,770,000 | 6,909,000 | ||||||||||||||||||||||||
proceeds from employee equity transactions remitted to employees and tax authorities | -4,086,000 | |||||||||||||||||||||||||||
income tax benefit from release of valuation allowance | ||||||||||||||||||||||||||||
proceeds from exercise of stock options, net of repurchases | 4,709,000 | 6,424,000 | 7,831,000 | 9,586,000 | 3,585,000 | 3,393,000 | 410,000 | 1,781,000 | ||||||||||||||||||||
proceeds from initial public offering and private placement, net of underwriting discounts and commissions and other offering costs | 0 | -455,000 | -524,000 | 543,471,000 | ||||||||||||||||||||||||
purchase of intangible assets | -2,891,000 | -1,332,000 | -162,000 | |||||||||||||||||||||||||
purchase of equity investment | 0 | 0 | 0 | -8,000,000 | 0 | |||||||||||||||||||||||
purchase of convertible promissory note | -6,500,000 | 0 | 0 | 0 | -5,000,000 | |||||||||||||||||||||||
proceeds from issuance of convertible promissory notes and derivatives | ||||||||||||||||||||||||||||
principal payments on capital lease obligations | ||||||||||||||||||||||||||||
remeasurement gain on equity investment | 0 | 0 | -2,538,000 | |||||||||||||||||||||||||
sales of property and equipment | ||||||||||||||||||||||||||||
collections of employee loans | 0 | 0 | 1,319,000 | |||||||||||||||||||||||||
proceeds from international employee stock sales to be remitted to employees and tax authorities | 218,540,000 | 0 | ||||||||||||||||||||||||||
loans to employees | ||||||||||||||||||||||||||||
repurchase of convertible preferred stock | ||||||||||||||||||||||||||||
cash, cash equivalents, and restricted cash—beginning of period | ||||||||||||||||||||||||||||
cash, cash equivalents, and restricted cash—end of period | ||||||||||||||||||||||||||||
amortization of operating lease right-of-use assets | 1,724,000 | 1,583,000 | 1,533,000 | |||||||||||||||||||||||||
restricted cash, non-current included in other assets, non-current | -100,000 | 2,144,000 | ||||||||||||||||||||||||||
reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets to the amounts shown in the statements of cash flows above: |