0001086222-23-000187 | 10-Q | XBRL Viewer

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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

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 Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
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

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

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

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

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

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

Cover Page - shares	3 Months Ended
Cover Page - shares	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 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

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

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, 2023		December 31, 2022

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, 2023		December 31, 2022

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 Ended March 31,
	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

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

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

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

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

Acquisitions	3 Months Ended
Acquisitions	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 computing offering, and this acquisition will help enhance the Company's storage capabilities, allowing us to offer a fundamentally different approach to cloud that integrates core and distributed computing sites with a massively scaled edge network. The Company allocated $15.0 million of the cost of the acquisition to goodwill and $3.5 million to a technology-related identifiable intangible asset with a useful life of 8.8 years. The value of the goodwill is primarily attributable to synergies related to the integration of StorageOS technology onto the Company's platform as well as a trained technical workforce. All of the goodwill related to the acquisition of StorageOS is expected to be deductible for tax purposes. The allocation of the purchase price has not been finalized as of the filing of these interim condensed consolidated financial statements.

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

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

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

Nature of Business and Basis of Presentation (Policies)	3 Months Ended
Nature of Business and Basis of Presentation (Policies)	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.

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

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

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

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

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 business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the conversion rate on each such trading day; or

•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, 2023		December 31, 2022

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 business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of 2025 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the conversion rate on each such trading day; or

•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.

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, 2023		December 31, 2022

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 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 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 Ended March 31,
	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

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

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

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

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	70.00%
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

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 Ended March 31,
	2023		2022
U.S.	$	473,833	$	481,007
International	441,865		422,640
Total revenue	$	915,698	$	903,647

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 Ended March 31,
	2023		2022
Security	$	405,552	$	381,567
Delivery	394,384		444,148
Compute	115,762		77,932
Total revenue	$	915,698	$	903,647

Nature of Business and Basis of Presentation - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) location country segment $ / 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 of Presentation

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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.

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

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

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

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

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

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

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes	3 Months Ended
Income Taxes	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. For the three months ended March 31, 2022, the effective income tax rate was lower than the federal statutory tax rate due to foreign income taxed at lower rates, the excess tax benefit related to stock-based compensation and the benefit of U.S. federal, state and foreign research and development tax credits. These amounts were partially offset by an intercompany sale of intellectual property, the tax on global intangible low taxed income and non-deductible stock-based compensation.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

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, 2023		December 31, 2022
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 Ended March 31,
	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.

Revenue from Contracts with Customers

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 Ended March 31,
	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 Ended March 31,
	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 to three years. Remaining performance obligations represent the amount of the transaction price under contracts with customers that are attributable to performance obligations that are unsatisfied or partially satisfied at the reporting date. This consists of future committed revenue for monthly, quarterly or annual periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced in prior periods for which the related performance obligations have not been satisfied. It excludes estimates of variable consideration, such as usage-based contracts with no committed contract, as well as anticipated renewed contracts. Revenue recognized during the three months ended March 31, 2023 and 2022, related to performance obligations satisfied in previous periods was not material.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

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 Fair Value		Short-Term Marketable Securities		Long-Term Marketable Securities
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 Reporting Date Using
			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, 2023		December 31, 2022
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

Acquisitions (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	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

- Definition

+ References + Details

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

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	130.00%
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	98.00%
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		130.00%
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		98.00%
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

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

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 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 Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
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.

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

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 Ended March 31,
	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

million, respectively, before taxes.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

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)

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

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

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, 2023		December 31, 2022
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, 2023		March 31, 2022
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

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

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

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.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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 Fair Value		Short-Term Marketable Securities		Long-Term Marketable Securities
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 Reporting Date Using
			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, 2023		December 31, 2022
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

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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+ Details

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 Ended March 31,
	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 Ended March 31,
	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

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Stock-Based Compensation Expense


	For the Three Months Ended March 31,
	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

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 Ended March 31,
	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 Ended March 31,
	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

Debt - Revolving Credit Facilities (Details)	1 Months Ended			3 Months Ended
Debt - Revolving Credit Facilities (Details)	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			0.00%
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				0.00%
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%

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

Accounts Receivable

3 Months Ended

Mar. 31, 2023

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Accounts Receivable

Net accounts receivable consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023		December 31, 2022
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, 2023		March 31, 2022
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.

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	$ 597.0
Unrealized loss from available-for-sale marketable securities	$ 21.7

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

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, 2023		December 31, 2022
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 Ended March 31,
	2023		2022
Amortization expense related to deferred costs	$	12,175	$	15,022
Incremental costs capitalized	12,417		9,484

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

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, 2023		December 31, 2022
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 Ended March 31,
	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.

Revenue from Contracts with Customers


	For the Three Months Ended March 31,
	2023		2022
U.S.	$	473,833	$	481,007
International	441,865		422,640
Total revenue	$	915,698	$	903,647


	For the Three Months Ended March 31,
	2023		2022
Security	$	405,552	$	381,567
Delivery	394,384		444,148
Compute	115,762		77,932
Total revenue	$	915,698	$	903,647

- Definition

+ References

+ Details

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	23.50%	12.30%

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