Akamai (AKAM) 10-Q9 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		152,316,548
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001086222
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 467,717	$ 489,468
Marketable securities	1,206,971	374,971
Accounts receivable, net of reserves of $2,775 and $3,469 at March 31, 2024, and December 31, 2023, respectively	716,638	724,302
Prepaid expenses and other current assets	233,853	216,114
Total current assets	2,625,179	1,804,855
Marketable securities	582,023	1,431,354
Property and equipment, net	1,864,307	1,825,944
Operating lease right-of-use assets	947,049	908,634
Acquired intangible assets, net	512,554	536,143
Goodwill	2,846,535	2,850,470
Deferred income tax assets	430,428	418,297
Other assets	127,531	124,340
Total assets	9,935,606	9,900,037
Current liabilities:
Accounts payable	134,677	146,927
Accrued expenses	291,986	352,181
Deferred revenue	142,527	107,544
Operating lease liabilities	232,731	222,944
Other current liabilities	7,017	6,442
Total current liabilities	808,938	836,038
Deferred revenue	20,929	23,006
Deferred income tax liabilities	24,977	24,622
Convertible senior notes	3,540,120	3,538,229
Operating lease liabilities	800,107	774,806
Other liabilities	106,768	106,181
Total liabilities	5,301,839	5,302,882
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; 153,553,975 shares issued and 152,411,363 shares outstanding at March 31, 2024, and 151,232,908 shares issued and outstanding at December 31, 2023	1,536	1,512
Additional paid-in capital	2,230,875	2,222,993
Accumulated other comprehensive loss	(116,593)	(95,330)
Treasury stock, at cost, 1,142,612 shares at March 31, 2024, and no shares at December 31, 2023	(125,449)	0
Retained earnings	2,643,398	2,467,980
Total stockholders’ equity	4,633,767	4,597,155
Total liabilities and stockholders’ equity	$ 9,935,606	$ 9,900,037

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable reserve	$ 2,775	$ 3,469
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)	153,553,975	151,232,908
Common stock, shares outstanding (in shares)	152,411,363	151,232,908
Treasury stock (in shares)	1,142,612	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 986,970	$ 915,698
Costs and operating expenses:
Cost of revenue (exclusive of amortization of acquired intangible assets shown below)	394,743	361,316
Research and development	116,932	91,863
Sales and marketing	134,570	129,107
General and administrative	152,430	146,139
Amortization of acquired intangible assets	21,023	15,912
Restructuring charge	544	44,723
Total costs and operating expenses	820,242	789,060
Income from operations	166,728	126,638
Interest and marketable securities income, net	27,841	5,292
Interest expense	(6,818)	(2,681)
Other income (expense), net	511	(2,363)
Income before provision for income taxes	188,262	126,886
Provision for income taxes	(12,844)	(29,780)
Net income	$ 175,418	$ 97,106
Net income per share:
Basic (in dollars per share)	$ 1.16	$ 0.62
Diluted (in dollars per share)	$ 1.11	$ 0.62
Shares used in per share calculations:
Basic (in shares)	151,628	155,637
Diluted (in shares)	157,466	156,135

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 175,418	$ 97,106
Other comprehensive (loss) gain:
Foreign currency translation adjustments	(16,447)	11,722
Change in unrealized (loss) gain on investments, net of income tax benefit (expense) of $1,562 and $(2,399) for the three months ended March 31, 2024 and 2023, respectively	(4,816)	7,449
Other comprehensive (loss) gain	(21,263)	19,171
Comprehensive income	$ 154,155	$ 116,277

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Income tax (provision) benefit	$ 1,562	$ (2,399)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 175,418	$ 97,106
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	156,183	135,457
Stock-based compensation	93,260	61,883
(Benefit) provision for deferred income taxes	(10,467)	4,925
Amortization of debt issuance costs	1,682	1,098
Gain on investments	0	(174)
Other non-cash reconciling items, net	2,062	21,602
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(736)	(25,251)
Prepaid expenses and other current assets	(26,016)	(26,009)
Accounts payable and accrued expenses	(66,949)	(97,263)
Deferred revenue	34,316	36,449
Other current liabilities	356	25,834
Other non-current assets and liabilities	(7,231)	(2,158)
Net cash provided by operating activities	351,878	233,499
Cash flows from investing activities:
Cash paid for business acquisition, net of cash acquired	0	(20,070)
Purchases of property and equipment	(93,751)	(141,700)
Capitalization of internal-use software development costs	(80,003)	(80,545)
Purchases of short- and long-term marketable securities	(170,019)	(134,191)
Proceeds from sales of short- and long-term marketable securities	15,144	185,249
Proceeds from maturities and redemptions of short- and long-term marketable securities	167,111	91,637
Other, net	9,935	(20,268)
Net cash used in investing activities	(151,583)	(119,888)
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock plans	20,310	21,257
Employee taxes paid related to net share settlement of stock awards	(109,333)	(29,894)
Repurchases of common stock	(125,449)	(348,600)
Other, net	(1,509)	(52)
Net cash used in financing activities	(215,981)	(357,289)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(4,013)	2,297
Net decrease in cash, cash equivalents and restricted cash	(19,699)	(241,381)
Cash, cash equivalents and restricted cash at beginning of period	490,470	543,022
Cash, cash equivalents and restricted cash at end of period	470,771	301,641
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds received of $525 and $225 for the three months ended March 31, 2024 and 2023, respectively	74,940	86,066
Cash paid for interest expense	9,153	2,156
Cash paid for operating lease liabilities	64,795	55,167
Non-cash activities:
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	100,167	102,952
Purchases of property and equipment and capitalization of internal-use software development costs included in accounts payable and accrued expenses	43,065	101,196
Capitalization of stock-based compensation	26,596	14,611
Reconciliation of cash and cash equivalents, and restricted cash:
Cash and cash equivalents	467,717	298,800
Restricted cash	3,054	2,841
Cash, cash equivalents and restricted cash	$ 470,771	$ 301,641

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Proceeds from income tax refunds	$ 525	$ 225

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Treasury Stock	Retained Earnings
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 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 available-for-sale 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
Beginning balance (in shares) at Dec. 31, 2023	151,232,908	151,232,908
Beginning balance at Dec. 31, 2023	$ 4,597,155	$ 1,512	2,222,993	(95,330)	0	2,467,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon the vesting of restricted and deferred stock units, net of shares withheld for employee taxes (in shares)		2,321,067
Issuance of common stock upon the vesting of restricted and deferred stock units, net of shares withheld for employee taxes	(126,996)	$ 24	(127,020)
Stock-based compensation	134,902		134,902
Repurchases of common stock (in shares)		(1,142,612)
Repurchases of common stock	(125,449)				(125,449)
Net income	175,418					175,418
Foreign currency translation adjustments	(16,447)			(16,447)
Change in unrealized gain (loss) on available-for-sale investments, net of tax	$ (4,816)			(4,816)
Ending balance (in shares) at Mar. 31, 2024	152,411,363	152,411,363
Ending balance at Mar. 31, 2024	$ 4,633,767	$ 1,536	$ 2,230,875	$ (116,593)	$ (125,449)	$ 2,643,398

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
Nature of Business and Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation Akamai Technologies, Inc. (the “Company”) provides solutions to power and protect life online. Its massively distributed edge and cloud platform, or Akamai Connected Cloud, comprises more than 4,100 edge points-of-presence in approximately 130 countries and nearly 750 cities. The Company was incorporated in Delaware in 1998 and is headquartered in Cambridge, Massachusetts. The Company is currently organized and operates as one operating and reportable 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 upon consolidation 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, 2023, filed with the Securities and Exchange Commission on February 28, 2024. The December 31, 2023 condensed 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. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued guidance to improve income tax disclosures, primarily through enhanced disclosures for the rate reconciliation and income taxes paid, in addition to the modification or elimination of other disclosures. This guidance will be effective for the Company's annual period ending December 31, 2025 and is to be applied prospectively with the option to adopt retrospectively. The Company is evaluating the impact the update will have on its disclosures. In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense and application of all segment disclosure requirements to entities with a single reportable segment. This guidance will be effective for the Company's annual period ending December 31, 2024 and interim periods beginning on January 1, 2025 and is to be applied retrospectively. The Company is evaluating the impact the update will have on its disclosures.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Available-for-sale marketable securities held as of March 31, 2024 and December 31, 2023 were as follows (in thousands): Gross Unrealized Classification on Balance Sheet Amortized Cost Gains Losses Aggregate Short-Term Long-Term As of March 31, 2024 Commercial paper $ 5,318 $ — $ (14) $ 5,304 $ 5,304 $ — Corporate bonds 1,361,982 1,247 (3,467) 1,359,762 856,550 503,212 U.S. government agency obligations 396,152 354 (789) 395,717 339,325 56,392 $ 1,763,452 $ 1,601 $ (4,270) $ 1,760,783 $ 1,201,179 $ 559,604 As of December 31, 2023 Time deposits $ 14,426 $ — $ — $ 14,426 $ 14,426 $ — Commercial paper 6,249 — (5) 6,244 6,244 — Corporate bonds 1,328,980 6,429 (4,201) 1,331,208 276,975 1,054,233 U.S. government agency obligations 428,157 2,462 (979) 429,640 74,369 355,271 $ 1,777,812 $ 8,891 $ (5,185) $ 1,781,518 $ 372,014 $ 1,409,504 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 equity securities. Additionally, the Company holds certain money market funds that are classified as equity 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, 2024, the Company held for investment corporate bonds and U.S. government agency obligations with a fair value of $179.9 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 $2.6 million and are included in accumulated other comprehensive loss as of March 31, 2024. 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, 2024 and December 31, 2023 were as follows (in thousands): Total Fair Value Fair Value Measurements at Level 1 Level 2 As of March 31, 2024 Cash Equivalents and Marketable Securities: Money market funds $ 147,089 $ 147,089 $ — Time deposits 38,623 — 38,623 Commercial paper 8,282 — 8,282 Corporate bonds 1,359,762 — 1,359,762 U.S. government agency obligations 395,717 — 395,717 Mutual funds 24,101 24,101 — $ 1,973,574 $ 171,190 $ 1,802,384 As of December 31, 2023 Cash Equivalents and Marketable Securities: Money market funds $ 177,240 $ 177,240 $ — Time deposits 39,670 — 39,670 Commercial paper 6,244 — 6,244 Corporate bonds 1,331,208 — 1,331,208 U.S. government agency obligations 429,640 — 429,640 Mutual funds 22,942 22,942 — $ 2,006,944 $ 200,182 $ 1,806,762 As of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, the Company grouped time deposits, commercial paper, corporate bonds and U.S. government agency obligations 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, 2024. 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, 2024 and December 31, 2023 were as follows (in thousands): March 31, December 31, Due in 1 year or less $ 1,201,179 $ 372,014 Due after 1 year through 5 years 559,604 1,409,504 $ 1,760,783 $ 1,781,518

Accounts Receivable

Accounts Receivable	3 Months Ended
Accounts Receivable	Mar. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Accounts Receivable	Accounts Receivable Net accounts receivable consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands): March 31, December 31, Trade accounts receivable $ 503,466 $ 516,175 Unbilled accounts receivable 215,947 211,596 Gross accounts receivable 719,413 727,771 Allowances for current expected credit losses and other reserves (2,775) (3,469) Accounts receivable, net $ 716,638 $ 724,302 A summary of activity in the accounts receivable allowance for current expected credit losses and other reserves for the three months ended March 31, 2024 and 2023 was as follows (in thousands): March 31, March 31, Beginning balance $ 3,469 $ 5,917 Charges to income from operations 1,700 1,397 Collections from customers previously reserved and other (2,394) (1,757) Ending balance $ 2,775 $ 5,557 Charges to income from operations primarily represents charges to provision for doubtful accounts for increases in the allowance for current expected credit losses.

Incremental Costs to Obtain a C

Incremental Costs to Obtain a Contract with a Customer	3 Months Ended
Incremental Costs to Obtain a Contract with a Customer	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Incremental Costs to Obtain a Contract with a Customer	Incremental Costs to Obtain a Contract with a Customer Deferred costs associated with obtaining customer contracts, specifically commission and incentive payments, as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, December 31, Deferred costs included in prepaid expenses and other current assets $ 47,764 $ 44,383 Deferred costs included in other assets 43,240 42,738 Total deferred costs $ 91,004 $ 87,121 Information related to incremental costs to obtain a contract with a customer for the three months ended March 31, 2024 and 2023 were as follows (in thousands): For the Three Months 2024 2023 Amortization expense related to deferred costs $ 14,363 $ 12,175 Incremental costs capitalized 19,342 12,417 Amortization expense related to deferred costs is primarily included in sales and marketing expense in the interim condensed consolidated statements of income. The Company sells its services through a sales force located both domestically and internationally. 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, 2024 and 2023 was as follows (in thousands): For the Three Months 2024 2023 U.S. $ 512,347 $ 473,833 International 474,623 441,865 Total revenue $ 986,970 $ 915,698 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, 2024 and 2023 was as follows (in thousands): For the Three Months 2024 2023 Security $ 490,681 $ 405,552 Delivery 351,758 394,384 Compute 144,531 115,762 Total revenue $ 986,970 $ 915,698 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, 2024 and 2023, the Company recognized $60.5 million and $57.5 million of revenue that was included in deferred revenue as of December 31, 2023 and 2022, respectively. As of March 31, 2024, the aggregate amount of remaining performance obligations from contracts with customers was $3.4 billion. The Company expects to recognize approximately 65% of its remaining performance obligations as revenue over the next 12 months. The majority of the remaining balance is expected to be recognized over the next two

Acquired Intangible Assets and

Acquired Intangible Assets and Goodwill	3 Months Ended
Acquired Intangible Assets and Goodwill	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets and Goodwill	Acquired Intangible Assets and Goodwill Acquired intangible assets that are subject to amortization consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Gross Accumulated Amortization Net Gross Accumulated Net Completed technologies $ 354,223 $ (203,676) $ 150,547 $ 354,539 $ (196,572) $ 157,967 Customer-related intangible assets 613,369 (286,130) 327,239 616,267 (273,758) 342,509 Trademarks and trade names 14,652 (9,437) 5,215 14,659 (9,117) 5,542 Acquired license rights 34,810 (5,257) 29,553 34,810 (4,685) 30,125 Total $ 1,017,054 $ (504,500) $ 512,554 $ 1,020,275 $ (484,132) $ 536,143 Aggregate expense related to amortization of acquired intangible assets for the three months ended March 31, 2024 and 2023 was $21.0 million and $15.9 million, respectively. Based on the Company’s acquired intangible assets as of March 31, 2024, aggregate expense related to amortization of acquired intangible assets is expected to be $63.3 million for the remainder of 2024, and $80.3 million, $76.0 million, $61.9 million and $49.5 million for 2025, 2026, 2027 and 2028, respectively. The changes in the carrying amount of goodwill for the three months ended March 31, 2024 were as follows (in thousands): Balance as of January 1, 2024 $ 2,850,470 Measurement period adjustments related to acquisitions completed in prior years 18 Foreign currency translation (3,953) Balance as of March 31, 2024 $ 2,846,535 The Company tests goodwill for impairment at least annually. Through the date the interim condensed consolidated financial statements were issued, no triggering events have occurred that would indicate that a potential impairment exists.

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisition Noname Security In May 2024, the Company announced its intention to acquire Noname Gate Ltd. ("Noname Security"), for approximately $450.0 million, subject to cash acquired and post-closing adjustments. Noname Security is intended to enhance Akamai’s existing API Security solution and accelerate its ability to meet growing customer demand and market requirements as the use of APIs continues to expand. The acquisition is expected to close in the second quarter of 2024.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Convertible Senior Notes The Company has three convertible senior notes ("2029 Notes", "2027 Notes" and "2025 Notes") outstanding with a par value totaling $3,565.0 million (collectively, the "Notes") that are senior unsecured obligations of the Company and bear interest payable semi-annually in arrears. The following table summarizes further details of the Notes: Notes Issuance Date Maturity Date Principal Amount (in thousands) Coupon Interest Rate Effective Interest Rate 2029 Notes August 18, 2023 February 15, 2029 $ 1,265,000 1.125 % 1.388 % 2027 Notes August 16, 2019 September 1, 2027 $ 1,150,000 0.375 % 0.539 % 2025 Notes May 21, 2018 May 1, 2025 $ 1,150,000 0.125 % 0.350 % Conversion Rights of the Notes At their option, holders may exercise the conversion right of the respective Notes at the following specified times and rates to receive the principal amount in cash and receive any amount in excess of the principal amount in cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. Prior to the close of business on the business day immediately preceding the conversion date, as noted in the table below, under the following circumstances a holder may exercise their conversion right: • during any calendar quarter commencing after the calendar quarter ended December 31, 2023 for the 2029 Notes, December 31, 2019 for the 2027 Notes and June 30, 2018 for the 2025 Notes (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 the respective 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 the respective conversion date, as noted in the table below, holders may convert all or any portion of their respective Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. If the Company undergoes a fundamental change at any time prior to the maturity date, holders of the Notes will have the right, at their option, to require the Company to repurchase for cash all or any portion of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the fundamental change repurchase date. The conversion rights of the Notes are as follows: Notes Conversion Date Conversion Rate (1) Conversion Price per Share (1) 2029 Notes October 15, 2028 7.9170 $ 126.31 2027 Notes May 1, 2027 8.6073 $ 116.18 2025 Notes January 1, 2025 10.5150 $ 95.10 (1) The conversion rate for the Notes is established as a number of shares of the Company's commons stock per $1,000 principal amount of the Notes, that is equivalent to the conversion price per share, subject to adjustments in certain events. Upon the occurrence of certain corporate events the Company will increase the conversion rate for a holder that elects to convert its Notes. Components and Fair Value of the Notes The Notes consisted of the following components as of March 31, 2024 and December 31, 2023 (in thousands): 2029 Notes 2027 Notes 2025 Notes Total As of March 31, 2024 Principal $ 1,265,000 $ 1,150,000 $ 1,150,000 $ 3,565,000 Less: issuance costs, net of amortization (15,701) (6,361) (2,818) (24,880) Net carrying amount $ 1,249,299 $ 1,143,639 $ 1,147,182 $ 3,540,120 Estimated fair value (1) $ 1,300,837 $ 1,215,665 $ 1,359,473 $ 3,875,975 As of December 31, 2023 Principal $ 1,265,000 $ 1,150,000 $ 1,150,000 $ 3,565,000 Less: issuance costs, net of amortization (16,478) (6,831) (3,462) (26,771) Net carrying amount $ 1,248,522 $ 1,143,169 $ 1,146,538 $ 3,538,229 Estimated fair value (1) $ 1,376,915 $ 1,289,219 $ 1,467,274 $ 4,133,408 (1) The fair values were determined based on the quoted prices of the Notes in an inactive market on the last trading day of the reporting period and have been classified as Level 2 within the fair value hierarchy. Note Hedges and Warrants To minimize the impact of potential dilution upon conversion of the Notes, the Company entered into convertible note hedge transactions with respect to its common stock concurrently with each respective note issuance month. The note hedge transactions cover an approximate number of shares of the Company’s common stock at a strike price that corresponds to the conversion prices for the Notes, also subject to adjustment, and are exercisable upon conversion of the Notes. The note hedge transactions expire upon the respective maturity dates of the Notes. The Company determined that the note hedges meet the definition of a derivative and are classified in stockholders’ equity, as the note hedges are 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 hedges as a decrease to additional paid-in capital. The Company does not recognize subsequent changes in fair value of the note hedges in its interim condensed consolidated financial statements. Separately, the Company also entered into warrant transactions concurrently with each of the note issuances, whereby the Company sold warrants to acquire, subject to anti-dilution adjustments, shares of the Company’s common stock at a predetermined strike price per share. The convertible note hedge and warrant transactions will generally have the effect of increasing the conversion price of each of the Notes to the respective strike price related to the warrant transactions. 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 the 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. The following table summarizes the main terms impacting the note hedges and warrants (in thousands, except per share data): 2029 Notes 2027 Notes 2025 Notes Note hedge transaction cost $ 236,555 $ 312,225 $ 261,740 Shares covered by note hedge transactions 10,015 9,898 12,093 Shares related to warrant transactions 10,015 9,898 12,093 Strike price per share related to warrant transactions $ 180.44 $ 178.74 $ 149.18 Aggregate proceeds from sale of warrants $ 90,195 $ 185,150 $ 119,945 Revolving Credit Facility In November 2022, the Company entered into a $500.0 million five-year, revolving credit agreement (the “2022 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 on November, 22, 2027, and any amounts outstanding thereunder will become due and payable, 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. As of March 31, 2024, the Company was in compliance with all covenants. 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, 2024. Interest Expense The Notes bear interest at fixed rates that are payable semi-annually in arrears on their respective interest payment dates each year. Interest expense, together with ongoing commitment fees under the terms of the Company's credit agreements, included in the interim condensed consolidated statements of income for the three months ended March 31, 2024 and 2023 was as follows (in thousands): For the Three Months 2024 2023 Amortization of debt issuance costs $ 1,946 $ 1,166 Coupon interest payable on 2029 Notes 3,558 — Coupon interest payable on 2027 Notes 1,078 1,078 Coupon interest payable on 2025 Notes 359 359 Interest payable and commitment fees under the 2022 credit agreement 141 146 Capitalization of interest expense (264) (68) Total interest expense $ 6,818 $ 2,681

Restructuring

Restructuring	3 Months Ended
Restructuring	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During 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 has incurred $20.7 million related to this action through March 31, 2024. During the three months ended March 31, 2023, $23.6 million was incurred related to this action. There were no material charges incurred during the three months ended March 31, 2024, and the Company 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, which is a significant change to the way employees worked prior to the program. 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 $35.9 million of restructuring charges related to this action, of which $0.9 million and $18.5 million were incurred during the three months ended March 31, 2024 and 2023, respectively. As the Company continues to execute its FlexBase program, additional charges related to this action are expected to occur through the first half of 2024, however, the Company does not expect to incur any material additional restructuring charges related to this action. The Company also recognizes restructuring charges for redundant employees, facilities and contracts associated with completed acquisitions.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2024
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, of which $412.5 million remains available for repurchase as of March 31, 2024. In May 2024, the board of directors authorized a new $2.0 billion share repurchase program, effective May 2024 through June 2027. The Company's goals for the share repurchase programs are to offset the dilution created by its employee equity compensation programs over time and provide the flexibility to return capital to shareholders as business and market conditions warrant, while still preserving its ability to pursue other strategic opportunities. During the three months ended March 31, 2024, the Company repurchased 1.1 million shares of its common stock for $125.4 million. 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, 2024 and 2023 were as follows (in thousands): For the Three Months 2024 2023 Cost of revenue $ 12,618 $ 9,329 Research and development 38,045 21,844 Sales and marketing 18,811 13,545 General and administrative 23,786 17,165 Total stock-based compensation 93,260 61,883 Provision for income taxes (40,340) (11,413) Total stock-based compensation, net of income taxes $ 52,920 $ 50,470 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, 2024 and 2023 also include stock-based compensation reflected as a component of amortization primarily consisting of capitalized internal-use software; the additional stock-based compensation was $9.7 million and $7.5 million, respectively, before taxes.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
Accumulated Other Comprehensive Loss	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss, net of tax, which is reported as a component of stockholders' equity, for the three months ended March 31, 2024 were as follows (in thousands): Foreign Currency Translation Net Unrealized Gains (Losses) on Investments Total Balance as of January 1, 2024 $ (98,035) $ 2,705 $ (95,330) Other comprehensive loss (16,447) (4,816) (21,263) Balance as of March 31, 2024 $ (114,482) $ (2,111) $ (116,593) There were no amounts reclassified from accumulated other comprehensive loss to net income for the three months ended March 31, 2024.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
Revenue from Contracts with Customers	Mar. 31, 2024
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, 2024 and December 31, 2023 were as follows (in thousands): March 31, December 31, Deferred costs included in prepaid expenses and other current assets $ 47,764 $ 44,383 Deferred costs included in other assets 43,240 42,738 Total deferred costs $ 91,004 $ 87,121 Information related to incremental costs to obtain a contract with a customer for the three months ended March 31, 2024 and 2023 were as follows (in thousands): For the Three Months 2024 2023 Amortization expense related to deferred costs $ 14,363 $ 12,175 Incremental costs capitalized 19,342 12,417 Amortization expense related to deferred costs is primarily included in sales and marketing expense in the interim condensed consolidated statements of income. The Company sells its services through a sales force located both domestically and internationally. 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, 2024 and 2023 was as follows (in thousands): For the Three Months 2024 2023 U.S. $ 512,347 $ 473,833 International 474,623 441,865 Total revenue $ 986,970 $ 915,698 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, 2024 and 2023 was as follows (in thousands): For the Three Months 2024 2023 Security $ 490,681 $ 405,552 Delivery 351,758 394,384 Compute 144,531 115,762 Total revenue $ 986,970 $ 915,698 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, 2024 and 2023, the Company recognized $60.5 million and $57.5 million of revenue that was included in deferred revenue as of December 31, 2023 and 2022, respectively. As of March 31, 2024, the aggregate amount of remaining performance obligations from contracts with customers was $3.4 billion. The Company expects to recognize approximately 65% of its remaining performance obligations as revenue over the next 12 months. The majority of the remaining balance is expected to be recognized over the next two

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
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 6.8% and 23.5% for the three months ended March 31, 2024 and 2023, respectively. The lower effective tax rate for the three months ended March 31, 2024 was primarily due to an increase in the excess tax benefit related to stock-based compensation, a decrease in tax on global intangible low-taxed income and a decrease in the valuation allowance recorded against state and foreign credits. These amounts were partially offset by a decrease in foreign income taxed at lower rates and the impact of the enactment of a 15% global minimum corporate income tax that the Organisation for Economic Co-operation and Development ("OECD") and OECD member countries have begun implementing and which impacted the Company beginning January 1, 2024. For the three months ended March 31, 2024, the effective income tax rate was lower than the federal statutory tax rate due to the excess tax benefit related to stock-based compensation, foreign income taxed at lower rates and the benefit of U.S. federal, state and foreign research and development credits. These amounts were partially offset by non-deductible stock-based compensation and the 15% global minimum corporate income tax. 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 net operating losses. These amounts were partially offset by foreign income taxed at lower rates and the benefit of U.S. federal, state and foreign research and development credits.

Net Income per Share

Net Income per Share	3 Months Ended
Net Income per Share	Mar. 31, 2024
Earnings Per Share Reconciliation [Abstract]
Net Income per Share	Net Income per Share Basic 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 awards, 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, 2024 and 2023 were as follows (in thousands, except per share data): For the Three Months 2024 2023 Numerator: Net income $ 175,418 $ 97,106 Denominator: Shares used for basic net income per share 151,628 155,637 Effect of dilutive securities: Stock awards 3,724 498 Convertible senior notes 2,114 — Warrants related to issuance of convertible senior notes — — Shares used for diluted net income per share 157,466 156,135 Basic net income per share $ 1.16 $ 0.62 Diluted net income per share $ 1.11 $ 0.62 For the three months ended March 31, 2024 and 2023, certain potential outstanding shares from service-based stock awards 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 stock awards were excluded from the computation of diluted net income per share because the underlying market and performance conditions for such stock awards 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, 2024 and 2023 were as follows (in thousands): For the Three Months 2024 2023 Service-based stock awards 4,161 7,867 Market- and performance-based stock awards 1,328 1,580 Warrants related to issuance of convertible senior notes 32,006 21,991 Total shares excluded from computation 37,495 31,438

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 175,418	$ 97,106

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	The following table describes, for the quarterly period covered by this report, each trading arrangement for the sale or purchase of Company securities adopted, terminated or for which the amount, pricing or timing provisions were modified by our directors and officers that is either (1) a contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement”) or (2) a “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K): Name (Title) Action Taken (Date of Action) Type of Trading Arrangement Nature of Trading Arrangement Duration of Trading Arrangement Aggregate Number of Securities to be Purchased or Sold Robert Blumofe (Executive Vice President and Chief Technology Officer) Adoption (03/10/2024) Rule 10b5-1 trading arrangement Sales Until March 11, 2025, or such earlier date upon which all transactions are completed or expire without execution Up to 23,219 shares of common stock Kimberly Salem-Jackson (Chief Marketing Officer) Adoption (02/20/2024) Rule 10b5-1 trading arrangement Sales Until November 29, 2024, or such earlier date upon which all transactions are completed or expire without execution Up to 12,275 shares of common stock William R. Wagner (Director) Adoption (02/26/2024) Rule 10b5-1 trading arrangement Sales Until November 27, 2024, or such earlier date upon which all transactions are completed or expire without execution Up to 3,000 shares of common stock
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Robert Blumofe [Member]
Trading Arrangements, by Individual
Name	Robert Blumofe
Title	Executive Vice President and Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	03/10/2024
Arrangement Duration	368 days
Aggregate Available	23,219
Kimberly Salem-Jackson [Member]
Trading Arrangements, by Individual
Name	Kimberly Salem-Jackson
Title	Chief Marketing Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	02/20/2024
Arrangement Duration	288 days
Aggregate Available	12,275
William R. Wagner [Member]
Trading Arrangements, by Individual
Name	William R. Wagner
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	02/26/2024
Arrangement Duration	275 days
Aggregate Available	3,000

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Policies)	3 Months Ended
Nature of Business and Basis of Presentation (Policies)	Mar. 31, 2024
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 upon consolidation 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, 2023, filed with the Securities and Exchange Commission on February 28, 2024. The December 31, 2023 condensed consolidated balance sheet included herein is derived from the Company's audited consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued guidance to improve income tax disclosures, primarily through enhanced disclosures for the rate reconciliation and income taxes paid, in addition to the modification or elimination of other disclosures. This guidance will be effective for the Company's annual period ending December 31, 2025 and is to be applied prospectively with the option to adopt retrospectively. The Company is evaluating the impact the update will have on its disclosures. In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense and application of all segment disclosure requirements to entities with a single reportable segment. This guidance will be effective for the Company's annual period ending December 31, 2024 and interim periods beginning on January 1, 2025 and is to be applied retrospectively. The Company is evaluating the impact the update will have on its disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Available-for-Sale Marketable Securities Held	Available-for-sale marketable securities held as of March 31, 2024 and December 31, 2023 were as follows (in thousands): Gross Unrealized Classification on Balance Sheet Amortized Cost Gains Losses Aggregate Short-Term Long-Term As of March 31, 2024 Commercial paper $ 5,318 $ — $ (14) $ 5,304 $ 5,304 $ — Corporate bonds 1,361,982 1,247 (3,467) 1,359,762 856,550 503,212 U.S. government agency obligations 396,152 354 (789) 395,717 339,325 56,392 $ 1,763,452 $ 1,601 $ (4,270) $ 1,760,783 $ 1,201,179 $ 559,604 As of December 31, 2023 Time deposits $ 14,426 $ — $ — $ 14,426 $ 14,426 $ — Commercial paper 6,249 — (5) 6,244 6,244 — Corporate bonds 1,328,980 6,429 (4,201) 1,331,208 276,975 1,054,233 U.S. government agency obligations 428,157 2,462 (979) 429,640 74,369 355,271 $ 1,777,812 $ 8,891 $ (5,185) $ 1,781,518 $ 372,014 $ 1,409,504
Schedule of Fair Value Measurements within Fair Value Hierarchy	The fair value measurements within the fair value hierarchy of the Company’s financial assets as of March 31, 2024 and December 31, 2023 were as follows (in thousands): Total Fair Value Fair Value Measurements at Level 1 Level 2 As of March 31, 2024 Cash Equivalents and Marketable Securities: Money market funds $ 147,089 $ 147,089 $ — Time deposits 38,623 — 38,623 Commercial paper 8,282 — 8,282 Corporate bonds 1,359,762 — 1,359,762 U.S. government agency obligations 395,717 — 395,717 Mutual funds 24,101 24,101 — $ 1,973,574 $ 171,190 $ 1,802,384 As of December 31, 2023 Cash Equivalents and Marketable Securities: Money market funds $ 177,240 $ 177,240 $ — Time deposits 39,670 — 39,670 Commercial paper 6,244 — 6,244 Corporate bonds 1,331,208 — 1,331,208 U.S. government agency obligations 429,640 — 429,640 Mutual funds 22,942 22,942 — $ 2,006,944 $ 200,182 $ 1,806,762
Schedule of Contractual Maturities of Available-for-Sale Marketable Securities Held	Contractual maturities of the Company’s available-for-sale marketable securities held as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, December 31, Due in 1 year or less $ 1,201,179 $ 372,014 Due after 1 year through 5 years 559,604 1,409,504 $ 1,760,783 $ 1,781,518

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
Accounts Receivable (Tables)	Mar. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Schedule of Net Accounts Receivable	Net accounts receivable consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands): March 31, December 31, Trade accounts receivable $ 503,466 $ 516,175 Unbilled accounts receivable 215,947 211,596 Gross accounts receivable 719,413 727,771 Allowances for current expected credit losses and other reserves (2,775) (3,469) Accounts receivable, net $ 716,638 $ 724,302
Schedule of Activity in the Accounts Receivable Allowance for Current Expected Credit Losses and Other 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, 2024 and 2023 was as follows (in thousands): March 31, March 31, Beginning balance $ 3,469 $ 5,917 Charges to income from operations 1,700 1,397 Collections from customers previously reserved and other (2,394) (1,757) Ending balance $ 2,775 $ 5,557

Incremental Costs to Obtain a_2

Incremental Costs to Obtain a Contract with a Customer (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Deferred Costs and Incremental Costs Related to Contract with Customer	Deferred costs associated with obtaining customer contracts, specifically commission and incentive payments, as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, December 31, Deferred costs included in prepaid expenses and other current assets $ 47,764 $ 44,383 Deferred costs included in other assets 43,240 42,738 Total deferred costs $ 91,004 $ 87,121 Information related to incremental costs to obtain a contract with a customer for the three months ended March 31, 2024 and 2023 were as follows (in thousands): For the Three Months 2024 2023 Amortization expense related to deferred costs $ 14,363 $ 12,175 Incremental costs capitalized 19,342 12,417

Acquired Intangible Assets an_2

Acquired Intangible Assets and Goodwill (Tables)	3 Months Ended
Acquired Intangible Assets and Goodwill (Tables)	Mar. 31, 2024
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, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Gross Accumulated Amortization Net Gross Accumulated Net Completed technologies $ 354,223 $ (203,676) $ 150,547 $ 354,539 $ (196,572) $ 157,967 Customer-related intangible assets 613,369 (286,130) 327,239 616,267 (273,758) 342,509 Trademarks and trade names 14,652 (9,437) 5,215 14,659 (9,117) 5,542 Acquired license rights 34,810 (5,257) 29,553 34,810 (4,685) 30,125 Total $ 1,017,054 $ (504,500) $ 512,554 $ 1,020,275 $ (484,132) $ 536,143
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, 2024 were as follows (in thousands): Balance as of January 1, 2024 $ 2,850,470 Measurement period adjustments related to acquisitions completed in prior years 18 Foreign currency translation (3,953) Balance as of March 31, 2024 $ 2,846,535

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Convertible Senior Notes	The following table summarizes further details of the Notes: Notes Issuance Date Maturity Date Principal Amount (in thousands) Coupon Interest Rate Effective Interest Rate 2029 Notes August 18, 2023 February 15, 2029 $ 1,265,000 1.125 % 1.388 % 2027 Notes August 16, 2019 September 1, 2027 $ 1,150,000 0.375 % 0.539 % 2025 Notes May 21, 2018 May 1, 2025 $ 1,150,000 0.125 % 0.350 % The conversion rights of the Notes are as follows: Notes Conversion Date Conversion Rate (1) Conversion Price per Share (1) 2029 Notes October 15, 2028 7.9170 $ 126.31 2027 Notes May 1, 2027 8.6073 $ 116.18 2025 Notes January 1, 2025 10.5150 $ 95.10 (1) The conversion rate for the Notes is established as a number of shares of the Company's commons stock per $1,000 principal amount of the Notes, that is equivalent to the conversion price per share, subject to adjustments in certain events. Upon the occurrence of certain corporate events the Company will increase the conversion rate for a holder that elects to convert its Notes. The Notes consisted of the following components as of March 31, 2024 and December 31, 2023 (in thousands): 2029 Notes 2027 Notes 2025 Notes Total As of March 31, 2024 Principal $ 1,265,000 $ 1,150,000 $ 1,150,000 $ 3,565,000 Less: issuance costs, net of amortization (15,701) (6,361) (2,818) (24,880) Net carrying amount $ 1,249,299 $ 1,143,639 $ 1,147,182 $ 3,540,120 Estimated fair value (1) $ 1,300,837 $ 1,215,665 $ 1,359,473 $ 3,875,975 As of December 31, 2023 Principal $ 1,265,000 $ 1,150,000 $ 1,150,000 $ 3,565,000 Less: issuance costs, net of amortization (16,478) (6,831) (3,462) (26,771) Net carrying amount $ 1,248,522 $ 1,143,169 $ 1,146,538 $ 3,538,229 Estimated fair value (1) $ 1,376,915 $ 1,289,219 $ 1,467,274 $ 4,133,408 (1) The fair values were determined based on the quoted prices of the Notes in an inactive market on the last trading day of the reporting period and have been classified as Level 2 within the fair value hierarchy. 2029 Notes 2027 Notes 2025 Notes Note hedge transaction cost $ 236,555 $ 312,225 $ 261,740 Shares covered by note hedge transactions 10,015 9,898 12,093 Shares related to warrant transactions 10,015 9,898 12,093 Strike price per share related to warrant transactions $ 180.44 $ 178.74 $ 149.18 Aggregate proceeds from sale of warrants $ 90,195 $ 185,150 $ 119,945
Schedule of Interest Expense	Interest expense, together with ongoing commitment fees under the terms of the Company's credit agreements, included in the interim condensed consolidated statements of income for the three months ended March 31, 2024 and 2023 was as follows (in thousands): For the Three Months 2024 2023 Amortization of debt issuance costs $ 1,946 $ 1,166 Coupon interest payable on 2029 Notes 3,558 — Coupon interest payable on 2027 Notes 1,078 1,078 Coupon interest payable on 2025 Notes 359 359 Interest payable and commitment fees under the 2022 credit agreement 141 146 Capitalization of interest expense (264) (68) Total interest expense $ 6,818 $ 2,681

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Components of Total 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, 2024 and 2023 were as follows (in thousands): For the Three Months 2024 2023 Cost of revenue $ 12,618 $ 9,329 Research and development 38,045 21,844 Sales and marketing 18,811 13,545 General and administrative 23,786 17,165 Total stock-based compensation 93,260 61,883 Provision for income taxes (40,340) (11,413) Total stock-based compensation, net of income taxes $ 52,920 $ 50,470

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in 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, 2024 were as follows (in thousands): Foreign Currency Translation Net Unrealized Gains (Losses) on Investments Total Balance as of January 1, 2024 $ (98,035) $ 2,705 $ (95,330) Other comprehensive loss (16,447) (4,816) (21,263) Balance as of March 31, 2024 $ (114,482) $ (2,111) $ (116,593)

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
Revenue from Contracts with Customers (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Geographical and Solution Category	Revenue by geography included in the Company’s interim condensed consolidated statements of income for the three months ended March 31, 2024 and 2023 was as follows (in thousands): For the Three Months 2024 2023 U.S. $ 512,347 $ 473,833 International 474,623 441,865 Total revenue $ 986,970 $ 915,698 For the Three Months 2024 2023 Security $ 490,681 $ 405,552 Delivery 351,758 394,384 Compute 144,531 115,762 Total revenue $ 986,970 $ 915,698

Net Income per Share (Tables)

Net Income per Share (Tables)	3 Months Ended
Net Income per Share (Tables)	Mar. 31, 2024
Earnings Per Share Reconciliation [Abstract]
Schedule of Components Used in Computation of Basic and Diluted Net Income Per Share	The components used in the computation of basic and diluted net income per share for the three months ended March 31, 2024 and 2023 were as follows (in thousands, except per share data): For the Three Months 2024 2023 Numerator: Net income $ 175,418 $ 97,106 Denominator: Shares used for basic net income per share 151,628 155,637 Effect of dilutive securities: Stock awards 3,724 498 Convertible senior notes 2,114 — Warrants related to issuance of convertible senior notes — — Shares used for diluted net income per share 157,466 156,135 Basic net income per share $ 1.16 $ 0.62 Diluted net income per share $ 1.11 $ 0.62
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, 2024 and 2023 were as follows (in thousands): For the Three Months 2024 2023 Service-based stock awards 4,161 7,867 Market- and performance-based stock awards 1,328 1,580 Warrants related to issuance of convertible senior notes 32,006 21,991 Total shares excluded from computation 37,495 31,438

Nature of Business and Basis _3

Nature of Business and Basis of Presentation - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment location city country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of locations (more than) \| location	4,100
Number of countries with networks \| country	130
Number of cities \| city	750
Number of reportable segments	1
Number of operating segments	1

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Available-for-Sale Marketable Securities Held (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 1,763,452	$ 1,777,812
Gross unrealized gains	1,601	8,891
Losses	(4,270)	(5,185)
Aggregate Fair Value	1,760,783	1,781,518
Short-Term Marketable Securities	1,201,179	372,014
Long-Term Marketable Securities	559,604	1,409,504
Time deposits
Marketable Securities [Line Items]
Amortized Cost		14,426
Gross unrealized gains		0
Losses		0
Aggregate Fair Value		14,426
Short-Term Marketable Securities		14,426
Long-Term Marketable Securities		0
Commercial paper
Marketable Securities [Line Items]
Amortized Cost	5,318	6,249
Gross unrealized gains	0	0
Losses	(14)	(5)
Aggregate Fair Value	5,304	6,244
Short-Term Marketable Securities	5,304	6,244
Long-Term Marketable Securities	0	0
Corporate bonds
Marketable Securities [Line Items]
Amortized Cost	1,361,982	1,328,980
Gross unrealized gains	1,247	6,429
Losses	(3,467)	(4,201)
Aggregate Fair Value	1,359,762	1,331,208
Short-Term Marketable Securities	856,550	276,975
Long-Term Marketable Securities	503,212	1,054,233
U.S. government agency obligations
Marketable Securities [Line Items]
Amortized Cost	396,152	428,157
Gross unrealized gains	354	2,462
Losses	(789)	(979)
Aggregate Fair Value	395,717	429,640
Short-Term Marketable Securities	339,325	74,369
Long-Term Marketable Securities	$ 56,392	$ 355,271

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Corporate bonds $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt Securities, Available-for-sale [Line Items]
Available-for-sale marketable securities, continuous unrealized loss position for more than 12 months	$ 179.9
Unrealized loss from available-for-sale marketable securities	$ 2.6

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Fair Value Measurements within Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 1,760,783	$ 1,781,518
Total Fair Value	1,973,574	2,006,944
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	147,089	177,240
Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities and cash equivalents	38,623	39,670
Available-for-sale securities		14,426
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities and cash equivalents	8,282	6,244
Available-for-sale securities	5,304	6,244
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	1,359,762	1,331,208
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	395,717	429,640
Available-for-sale securities	395,717	429,640
Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	24,101	22,942
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	171,190	200,182
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	147,089	177,240
Level 1 \| Time deposits
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	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	24,101	22,942
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	1,802,384	1,806,762
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 deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities and cash equivalents	38,623	39,670
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities and cash equivalents	8,282	6,244
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	1,359,762	1,331,208
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	395,717	429,640
Level 2 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 0	$ 0

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Contractual Maturities of Available-for-Sale Marketable Securities Held (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Due in 1 year or less	$ 1,201,179	$ 372,014
Due after 1 year through 5 years	559,604	1,409,504
Aggregate Fair Value	$ 1,760,783	$ 1,781,518

Accounts Receivable - Schedule

Accounts Receivable - Schedule of Net Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	$ 719,413	$ 727,771
Allowances for current expected credit losses and other reserves	(2,775)	(3,469)	$ (5,557)	$ (5,917)
Accounts receivable, net	716,638	724,302
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	503,466	516,175
Unbilled accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	$ 215,947	$ 211,596

Accounts Receivable - Schedul_2

Accounts Receivable - Schedule of Activity in the Accounts Receivable Allowance for Current Expected Credit Losses and Other Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,469	$ 5,917
Charges to income from operations	1,700	1,397
Collections from customers previously reserved and other	(2,394)	(1,757)
Ending balance	$ 2,775	$ 5,557

Incremental Costs to Obtain a_3

Incremental Costs to Obtain a Contract with a Customer (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Amortization expense related to deferred costs	$ 14,363	$ 12,175
Incremental costs capitalized	19,342	$ 12,417
Commission and incentive payments
Capitalized Contract Cost [Line Items]
Total deferred costs	91,004		$ 87,121
Commission and incentive payments \| Deferred costs included in prepaid expenses and other current assets
Capitalized Contract Cost [Line Items]
Total deferred costs	47,764		44,383
Commission and incentive payments \| Deferred costs included in other assets
Capitalized Contract Cost [Line Items]
Total deferred costs	$ 43,240		$ 42,738

Acquired Intangible Assets an_3

Acquired Intangible Assets and Goodwill - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,017,054	$ 1,020,275
Accumulated Amortization	(504,500)	(484,132)
Net Carrying Amount	512,554	536,143
Completed technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	354,223	354,539
Accumulated Amortization	(203,676)	(196,572)
Net Carrying Amount	150,547	157,967
Customer-related intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	613,369	616,267
Accumulated Amortization	(286,130)	(273,758)
Net Carrying Amount	327,239	342,509
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	14,652	14,659
Accumulated Amortization	(9,437)	(9,117)
Net Carrying Amount	5,215	5,542
Acquired license rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	34,810	34,810
Accumulated Amortization	(5,257)	(4,685)
Net Carrying Amount	$ 29,553	$ 30,125

Acquired Intangible Assets an_4

Acquired Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of acquired intangible assets	$ 21,023	$ 15,912
Remainder of 2024	63,300
2025	80,300
2026	76,000
2027	61,900
2028	$ 49,500

Acquired Intangible Assets an_5

Acquired Intangible Assets and Goodwill - Schedule of the Changes in the Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Schedule of Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,850,470
Measurement period adjustments related to acquisitions completed in prior years	18
Foreign currency translation	(3,953)
Goodwill, ending balance	$ 2,846,535

Acquisitions (Details)

Acquisitions (Details) $ in Millions	1 Months Ended
Acquisitions (Details) $ in Millions	May 31, 2024 USD ($)
Noname Security \| Subsequent Event
Business Combination, Separately Recognized Transactions [Line Items]
Expected purchase price	$ 450

Debt - Narrative (Details)

Debt - Narrative (Details) - Convertible Debt	3 Months Ended
Debt - Narrative (Details) - Convertible Debt	Mar. 31, 2024 USD ($) day senior_note	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Number of convertible senior notes \| senior_note	3
Principal \| $	$ 3,565,000,000	$ 3,565,000,000
Convertible Notes
Debt Instrument [Line Items]
Principal \| $	3,565,000,000
2025 Notes
Debt Instrument [Line Items]
Principal \| $	$ 1,150,000,000	1,150,000,000
Repurchase price (as a percent)	100%
2025 Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Threshold trading days exceeding price	20
Threshold consecutive trading days exceeding price	30
Threshold greater than percentage of stock price trigger	130%
2025 Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Threshold trading days exceeding price	5
Threshold consecutive trading days exceeding price	5
Threshold greater than percentage of stock price trigger	98%
2027 Notes
Debt Instrument [Line Items]
Principal \| $	$ 1,150,000,000	1,150,000,000
Repurchase price (as a percent)	100%
2027 Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Threshold trading days exceeding price	20
Threshold consecutive trading days exceeding price	30
Threshold greater than percentage of stock price trigger	130%
2027 Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Threshold trading days exceeding price	5
Threshold consecutive trading days exceeding price	5
Threshold greater than percentage of stock price trigger	98%
2029 Notes
Debt Instrument [Line Items]
Principal \| $	$ 1,265,000,000	$ 1,265,000,000
Repurchase price (as a percent)	100%
2029 Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Threshold trading days exceeding price	20
Threshold consecutive trading days exceeding price	30
Threshold greater than percentage of stock price trigger	130%
2029 Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Threshold trading days exceeding price	5
Threshold consecutive trading days exceeding price	5
Threshold greater than percentage of stock price trigger	98%

Debt - Schedule of Conversions

Debt - Schedule of Conversions of Stock (Details) - Convertible Debt	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal	$ 3,565,000,000	$ 3,565,000,000
2029 Notes
Debt Instrument [Line Items]
Principal	$ 1,265,000,000	1,265,000,000
Coupon Interest Rate	1.125%
Effective Interest Rate	1.388%
Conversion rate	0.0079170
Conversion price per share (in dollars per share) \| $ / shares	$ 126.31
2027 Notes
Debt Instrument [Line Items]
Principal	$ 1,150,000,000	1,150,000,000
Coupon Interest Rate	0.375%
Effective Interest Rate	0.539%
Conversion rate	0.0086073
Conversion price per share (in dollars per share) \| $ / shares	$ 116.18
2025 Notes
Debt Instrument [Line Items]
Principal	$ 1,150,000,000	$ 1,150,000,000
Coupon Interest Rate	0.125%
Effective Interest Rate	0.35%
Conversion rate	0.010515
Conversion price per share (in dollars per share) \| $ / shares	$ 95.10

Debt - Schedule of Convertible

Debt - Schedule of Convertible Senior Notes (Details) - Convertible Debt - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal	$ 3,565,000,000	$ 3,565,000,000
Less: issuance costs, net of amortization	(24,880,000)	(26,771,000)
Net carrying amount	3,540,120,000	3,538,229,000
Estimated fair value	3,875,975,000	4,133,408,000
2029 Notes
Debt Instrument [Line Items]
Principal	1,265,000,000	1,265,000,000
Less: issuance costs, net of amortization	(15,701,000)	(16,478,000)
Net carrying amount	1,249,299,000	1,248,522,000
Estimated fair value	1,300,837,000	1,376,915,000
2027 Notes
Debt Instrument [Line Items]
Principal	1,150,000,000	1,150,000,000
Less: issuance costs, net of amortization	(6,361,000)	(6,831,000)
Net carrying amount	1,143,639,000	1,143,169,000
Estimated fair value	1,215,665,000	1,289,219,000
2025 Notes
Debt Instrument [Line Items]
Principal	1,150,000,000	1,150,000,000
Less: issuance costs, net of amortization	(2,818,000)	(3,462,000)
Net carrying amount	1,147,182,000	1,146,538,000
Estimated fair value	$ 1,359,473,000	$ 1,467,274,000

Debt - Schedule of Note Hedges

Debt - Schedule of Note Hedges and Warrants (Details) - Convertible Debt $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
2029 Notes
Debt Instrument [Line Items]
Note hedge transaction cost \| $	$ 236,555
Shares covered by note hedge transaction (in shares) \| shares	10,015
Shares related to warrant transaction (in shares) \| shares	10,015
Strike price per share related to warrant transaction (in dollars per share) \| $ / shares	$ 180.44
Aggregate proceeds from sale of warrants \| $	$ 90,195
2027 Notes
Debt Instrument [Line Items]
Note hedge transaction cost \| $	$ 312,225
Shares covered by note hedge transaction (in shares) \| shares	9,898
Shares related to warrant transaction (in shares) \| shares	9,898
Strike price per share related to warrant transaction (in dollars per share) \| $ / shares	$ 178.74
Aggregate proceeds from sale of warrants \| $	$ 185,150
2025 Notes
Debt Instrument [Line Items]
Note hedge transaction cost \| $	$ 261,740
Shares covered by note hedge transaction (in shares) \| shares	12,093
Shares related to warrant transaction (in shares) \| shares	12,093
Strike price per share related to warrant transaction (in dollars per share) \| $ / shares	$ 149.18
Aggregate proceeds from sale of warrants \| $	$ 119,945

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Narrative) (Details) - 2022 Credit Agreement	1 Months Ended
	Nov. 30, 2022 USD ($) extension	Mar. 31, 2024 USD ($)
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
Minimum
Debt Instrument [Line Items]
Commitment fee	0.07%
Maximum
Debt Instrument [Line Items]
Commitment fee	0.125%
Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.125%
Benchmark Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Benchmark Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Reference Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Reference Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 1,946	$ 1,166
Capitalization of interest expense	(264)	(68)
Total interest expense	6,818	2,681
Credit Agreement
Debt Instrument [Line Items]
Interest payable	141	146
Convertible Debt \| 2029 Notes
Debt Instrument [Line Items]
Interest payable	3,558	0
Convertible Debt \| 2027 Notes
Debt Instrument [Line Items]
Interest payable	1,078	1,078
Convertible Debt \| 2025 Notes
Debt Instrument [Line Items]
Interest payable	$ 359	$ 359

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charge	$ 544	$ 44,723
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, cost incurred to date	20,700
Restructuring charge		23,600
2021 Restructuring Plan \| Lease Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, cost incurred to date	35,900
Restructuring charge	$ 900	$ 18,500

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	May 31, 2024	Jan. 31, 2022
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 1,800,000
Stock repurchase program, remaining authorized repurchase amount	$ 412,500
Repurchase of common stock	125,449	$ 348,600
Amortization expense from capitalized stock-based compensation	$ 9,700	$ 7,500
Subsequent Event
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 2,000,000
Common Stock
Class of Stock [Line Items]
Shares repurchased during period (in shares)	1.1
Repurchase of common stock	$ 125,400

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Components of Total Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 93,260	$ 61,883
Provision for income taxes	(40,340)	(11,413)
Total stock-based compensation, net of income taxes	52,920	50,470
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	12,618	9,329
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	38,045	21,844
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	18,811	13,545
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 23,786	$ 17,165

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
Accumulated Other Comprehensive Loss (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 4,597,155,000	$ 4,360,187,000
Other comprehensive loss	(21,263,000)	19,171,000
Ending balance	4,633,767,000	4,171,341,000
Reclassification from accumulated other comprehensive income (loss)	0
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(95,330,000)	(140,332,000)
Ending balance	(116,593,000)	$ (121,161,000)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(98,035,000)
Other comprehensive loss	(16,447,000)
Ending balance	(114,482,000)
Net Unrealized Gains (Losses) on Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	2,705,000
Other comprehensive loss	(4,816,000)
Ending balance	$ (2,111,000)

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) solution_category	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Number of solutions \| solution_category	3
Revenue recognized \| $	$ 60.5	$ 57.5

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Revenue by Geographical and Solution Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 986,970	$ 915,698
Security
Disaggregation of Revenue [Line Items]
Revenue	490,681	405,552
Delivery
Disaggregation of Revenue [Line Items]
Revenue	351,758	394,384
Compute
Disaggregation of Revenue [Line Items]
Revenue	144,531	115,762
U.S.
Disaggregation of Revenue [Line Items]
Revenue	512,347	473,833
International
Disaggregation of Revenue [Line Items]
Revenue	$ 474,623	$ 441,865

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Performance Obligations (Narrative) (Details) $ in Billions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 3.4
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 obligations, percentage	65%
Remaining performance obligation, expected timing	12 months
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	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing	3 years

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	6.80%	23.50%

Net Income per Share - Schedule

Net Income per Share - Schedule of Components Used in Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 175,418	$ 97,106
Denominator:
Shares used for basic net income per share (in shares)	151,628	155,637
Effect of dilutive securities:
Stock awards (in shares)	3,724	498
Convertible senior notes (in shares)	2,114	0
Warrants related to issuance of convertible senior notes (in shares)	0	0
Shares used for diluted net income per share (in shares)	157,466	156,135
Basic net income per share (in dollars per share)	$ 1.16	$ 0.62
Diluted net income per share (in dollars per share)	$ 1.11	$ 0.62

Net Income per Share - Schedu_2

Net Income per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from computation	37,495	31,438
Service-based stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from computation	4,161	7,867
Market- and performance-based stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from computation	1,328	1,580
Warrants related to issuance of convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from computation	32,006	21,991