INFORMATICA INC., 10-Q filed on 5/8/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
Apr. 28, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-40936  
Entity Registrant Name Informatica Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 61-1999534  
Entity Address, Address Line One 2100 Seaport Boulevard  
Entity Address, City or Town Redwood City  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94063  
City Area Code (650)  
Local Phone Number 385-5000  
Title of 12(b) Security Class A Common Stock, $0.01 par value per share  
Trading Symbol INFA  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001868778  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   257,674,576
Class B-1 Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   44,049,523
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 956,265 $ 912,460
Short-term investments 295,740 319,951
Accounts receivable, net of allowances of $3,495 and $6,618, respectively 284,751 509,826
Contract assets, net 59,882 60,343
Prepaid expenses and other current assets 197,823 184,939
Total current assets 1,794,461 1,987,519
Property and equipment, net 138,973 138,999
Operating lease right-of-use-assets 48,251 48,438
Goodwill 2,346,581 2,326,831
Deferred tax assets 19,993 18,267
Other assets 209,952 203,393
Total assets 5,092,100 5,279,532
Current liabilities:    
Accounts payable 29,555 27,155
Accrued liabilities 44,180 57,696
Accrued compensation and related expenses 74,559 148,248
Current operating lease liabilities 13,207 13,686
Current portion of long-term debt 18,750 18,750
Income taxes payable 4,360 5,815
Deferred revenue 750,014 819,367
Total current liabilities 934,625 1,090,717
Long-term operating lease liabilities 38,622 37,771
Long-term deferred revenue 12,008 13,910
Long-term debt, net 1,786,543 1,790,401
Deferred tax liabilities 5,281 7,828
Long-term income taxes payable 26,056 24,276
Other liabilities 10,877 7,315
Total liabilities 2,814,012 2,972,218
Commitments and contingencies (Note 14)
Stockholders’ equity:    
Additional paid-in-capital 3,617,109 3,670,371
Accumulated other comprehensive loss (44,659) (67,383)
Accumulated deficit (1,297,380) (1,298,710)
Total stockholders’ equity 2,278,088 2,307,314
Total liabilities and stockholders’ equity 5,092,100 5,279,532
Customer relationships    
Current assets:    
Intangible assets, net 528,657 550,404
Other intangible assets, net    
Current assets:    
Intangible assets, net 5,232 5,681
Class A Common Stock    
Stockholders’ equity:    
Common stock, value, issued 2,578 2,596
Class B-1 Common Stock    
Stockholders’ equity:    
Common stock, value, issued 440 440
Class B-2 Common Stock    
Stockholders’ equity:    
Common stock, value, issued $ 0 $ 0
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Accounts receivable, allowance $ 3,495 $ 6,618
Class A Common Stock    
Stockholders’ equity:    
Common stock, par value per share (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, shares, issued (in shares) 257,675,000 259,485,000
Common stock, shares, outstanding (in shares) 257,675,000 259,485,000
Class B-1 Common Stock    
Stockholders’ equity:    
Common stock, par value per share (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares, issued (in shares) 44,050,000 44,050,000
Common stock, shares, outstanding (in shares) 44,050,000 44,050,000
Class B-2 Common Stock    
Stockholders’ equity:    
Common stock, par value per share (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares, issued (in shares) 44,050,000 44,050,000
Common stock, shares, outstanding (in shares) 44,050,000 44,050,000
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Total revenues $ 403,897 $ 388,607
Amortization of acquired technology 531 1,034
Total cost of revenues 81,012 81,755
Gross profit 322,885 306,852
Operating expenses:    
Research and development 81,973 79,654
Sales and marketing 142,112 137,433
General and administrative 40,182 50,446
Amortization of intangible assets 24,791 31,739
Restructuring 0 4,355
Total operating expenses 289,058 303,627
Income from operations 33,827 3,225
Interest income 13,256 13,407
Interest expense (29,457) (39,097)
Other (expense) income, net (15,666) 6,335
Income (loss) before income taxes 1,960 (16,130)
Income tax expense (benefit) 620 (25,464)
Net income $ 1,340 $ 9,334
Net income per share attributable to Class A and Class B-1 common stockholders:    
Basic (in dollars per share) $ 0.00 $ 0.03
Diluted (in dollars per share) $ 0.00 $ 0.03
Weighted-average shares used in computing net income per share:    
Basic (in shares) 302,673 296,897
Diluted (in shares) 308,558 312,499
Subscription revenue    
Revenues:    
Total revenues $ 284,010 $ 251,998
Cost of revenues: 53,745 46,843
Maintenance and professional services    
Revenues:    
Total revenues 119,887 136,609
Cost of revenues: $ 26,736 $ 33,878
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 1,340 $ 9,334
Other comprehensive income (loss), net of taxes:    
Change in foreign currency translation adjustment, net of tax (expense) benefit of $(205) and $206 35,362 (19,980)
Available-for-sale debt securities:    
Change in unrealized (loss), net of tax benefit of $13 and $26 (40) (81)
Available-for-sale debt securities, net change (40) (81)
Cash flow hedges:    
Change in unrealized gain, net of tax expense of $271 and $88 830 269
Less: reclassification adjustment for amounts included in net income, net of tax benefit (expense) of $149 and $(75) 456 (229)
Cash flow hedge, net change 1,286 40
Change in fair value of cross currency swap contracts, net of tax benefit of $— and $— (13,884) 0
Total other comprehensive (loss) income, net of tax effect 22,724 (20,021)
Total comprehensive income (loss), net of tax effect $ 24,064 $ (10,687)
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Change in foreign currency translation adjustment, tax $ (205) $ 206
Change in unrealized (loss) gain, net of tax benefit (expense) 13 26
Change in unrealized gain, net of tax expense (271) (88)
Reclassification adjustment for amounts included in net income (loss), net of tax (expense) benefit 149 (75)
Change in fair value of cross currency swap contracts, net of tax expense $ 0 $ 0
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Class A Common Stock
Class B-1 Common Stock
Class B-2 Common Stock
Common Stock
Class A Common Stock
Common Stock
Class B-1 Common Stock
Common Stock
Class B-2 Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023         250,874,000 44,050,000 44,050,000      
Beginning balance at Dec. 31, 2023 $ 2,212,598       $ 2,510 $ 440 $ 0 $ 3,540,502 $ (22,370) $ (1,308,484)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock-based compensation 64,101             64,101    
Issuance of shares under employee stock purchase plan (in shares)         936,000          
Issuance of shares under employee stock purchase plan 13,797       $ 9     13,788    
Shares withheld related to net share settlement of equity awards (in shares)         (1,350,000)          
Shares withheld related to net share settlement of equity awards $ (45,843)       $ (14)     (45,829)    
Repurchases of common stock (in shares) 0                  
Payments for dividends related to Class B-2 shares $ (12)                 (12)
Issuance of shares under equity plans (in shares)         5,042,000          
Issuance of shares under equity plans 28,861       $ 51     28,810    
Net income 9,334                 9,334
Other comprehensive income (loss) (20,021)               (20,021)  
Ending balance (in shares) at Mar. 31, 2024         255,502,000 44,050,000 44,050,000      
Ending balance at Mar. 31, 2024 2,262,815       $ 2,556 $ 440 $ 0 3,601,372 (42,391) (1,299,162)
Beginning balance (in shares) at Dec. 31, 2024   259,485,000 44,050,000 44,050,000 259,485,000 44,050,000 44,050,000      
Beginning balance at Dec. 31, 2024 2,307,314       $ 2,596 $ 440 $ 0 3,670,371 (67,383) (1,298,710)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock-based compensation 60,178             60,178    
Issuance of shares under employee stock purchase plan (in shares)         922,000          
Issuance of shares under employee stock purchase plan 14,579       $ 9     14,570    
Shares withheld related to net share settlement of equity awards (in shares)         (1,424,000)          
Shares withheld related to net share settlement of equity awards $ (29,015)       $ (14)     (29,001)    
Repurchases of common stock (in shares) (4,900,000)       (4,879,000)          
Repurchases of common stock $ (100,000)       $ (49)     (99,951)    
Payments for dividends related to Class B-2 shares (10)                 (10)
Issuance of shares under equity plans (in shares)         3,571,000          
Issuance of shares under equity plans 978       $ 36     942    
Net income 1,340                 1,340
Other comprehensive income (loss) 22,724               22,724  
Ending balance (in shares) at Mar. 31, 2025   257,675,000 44,050,000 44,050,000 257,675,000 44,050,000 44,050,000      
Ending balance at Mar. 31, 2025 $ 2,278,088       $ 2,578 $ 440 $ 0 $ 3,617,109 $ (44,659) $ (1,297,380)
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 1,340 $ 9,334
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,296 2,193
Non-cash operating lease costs 3,980 3,902
Stock-based compensation 60,178 64,101
Deferred income taxes (3,041) (831)
Amortization of intangible assets and acquired technology 25,322 32,773
Amortization of debt issuance costs 956 887
Amortization of investment discount, net of premium (753) (1,440)
Changes in operating assets and liabilities:    
Accounts receivable 232,538 220,708
Prepaid expenses and other assets 6,298 (233)
Accounts payable and accrued liabilities (88,361) (97,023)
Income taxes payable (6,085) (43,507)
Deferred revenue (81,494) (59,222)
Net cash provided by operating activities 154,174 131,642
Investing activities:    
Purchases of property and equipment (3,147) (390)
Purchases of investments (175,692) (146,997)
Maturities of investments 172,500 149,939
Other 0 1,878
Net cash (used in) / provided by investing activities (6,339) 4,430
Financing activities:    
Payment of debt (4,688) (4,688)
Proceeds from issuance of common stock under employee stock purchase plan 14,579 13,797
Payments for dividends related to Class B-2 shares (10) (12)
Payments for repurchases of common stock (101,346) 0
Payments for taxes related to net share settlement of equity awards (29,015) (45,843)
Proceeds from issuance of shares under equity plans 978 28,861
Net cash used in financing activities (119,502) (7,885)
Effect of foreign exchange rate changes on cash and cash equivalents 15,472 (5,562)
Net increase in cash and cash equivalents 43,805 122,625
Cash and cash equivalents at beginning of period 912,460 732,443
Cash and cash equivalents at end of period 956,265 855,068
Supplemental disclosures:    
Cash paid for interest 30,002 37,782
Cash paid for income taxes, net of refunds 9,740 18,873
Non-cash investing and financing activities:    
Purchases of property and equipment recorded in accounts payable and accrued liabilities $ 721 $ 875
v3.25.1
Organization and Description of Business
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business
Note 1. Organization and Description of Business
Informatica Inc. (the “Company” or “Informatica”) delivers an industry leading artificial intelligence (“AI”) enabled data management products on a cloud native platform that connects, manages, and unifies data across multi-vendor, multi-cloud and hybrid systems at enterprise scale. The platform enables the Company’s customers to accurately track and understand their data, allowing them to create 360-degree customer experiences, automate data operations across enterprise-wide business processes, and pursue holistic data-driven digital strategies by harnessing the power of the cloud. The Company’s platform includes a suite of interoperable data management products that leverage the shared services and metadata of the underlying platform, including products for Data Catalog, Data Integration & Engineering, API & Application Integration, Data Quality and Observability, Master Data Management, Customer and Business 360 Applications, Governance, Access and Privacy, and Data Marketplace. The Company was incorporated as a Delaware corporation on June 4, 2021. Unless the context otherwise requires, references to “Informatica” and the “Company” mean Informatica Inc. and its consolidated subsidiaries for all periods presented.
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies
Note 2. Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements include those of the Company and its subsidiaries, after elimination of all intercompany accounts and transactions. The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”).
The Company previously presented Subscriptions and Perpetual license revenues and cost of revenues separately on its condensed consolidated statement of operations. Because revenue and costs for perpetual licenses are no longer material for current or past periods due to transition to a cloud-only, consumption-driven strategy, the Company has combined these amounts and has retrospectively adjusted past periods for comparative purposes. The Company continues to renew its maintenance contracts related to the perpetual licenses sold in prior periods and recognize maintenance revenue which is presented as a part of Maintenance and professional services on its condensed consolidated statement of operations.
In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include recurring adjustments necessary for the fair statement of the Company’s financial position as of March 31, 2025 and the results of operations for the three months ended March 31, 2025. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
Segment Reporting
The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer who makes operating decisions, assesses financial performance and allocates resources based on consolidated financial information. As such, the Company has determined that it has one operating segment which is also their reportable segment. The CODM uses consolidated net income to measure segment profit or loss, allocate resources and assess performance. The CODM reviews and utilizes function expenses (cost of revenues, research and development, sales and marketing, and general and administrative) at the consolidated level to manage the Company's operations. Other segment items included in consolidated net income are interest income, interest expense, other (expense) income, net, and income tax expense (benefit), which are reflected in the condensed consolidated statements of operations.
Use of Estimates
The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP, which require management to make certain estimates, judgments, and assumptions in the evaluation of terms and conditions in customer revenue contracts, including the assessment of performance obligations, and the realizability of deferred tax assets. Management believes the estimates, judgments, and assumptions upon
which it relies are reasonable based on information available at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented. Any material differences between these estimates and actual results will impact the Company’s unaudited condensed consolidated financial statements. The Company assesses these estimates on a regular basis, however actual results could differ from estimates due to risks and uncertainties.
Summary of Significant Accounting Policies
The Company’s significant accounting policies are discussed in “Note 2. Basis of Presentation and Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 25, 2025. There have been no material changes to these policies during the three months ended March 31, 2025.
Recent Accounting Pronouncements Not Yet Adopted
In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements - Codification Amendments in Responses to the SEC's Disclosure Update and Simplification Initiative. The amendments clarify or improve disclosure and presentation requirements on various disclosure areas, including the statement of cash flows, earnings per share, debt, and equity. The amendments will align the requirements in the FASB ASC with the SEC's regulations. The amendments in this ASU will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will not be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. The Company is currently evaluating the impact of this standard.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company for the fiscal year ending December 31, 2025. The Company is currently evaluating the impact of this standard.
In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses,” which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the footnotes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard.
v3.25.1
Cash, Cash Equivalents, and Investments
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Investments
Note 3. Cash, Cash Equivalents, and Investments
The following table summarizes the Company’s cash, cash equivalents and investments as of March 31, 2025 and December 31, 2024 (in thousands).
March 31,December 31,
20252024
Cash
$381,817 $286,543 
Cash equivalents:
Time deposits
70,551 146,779 
Money market funds
503,897 476,147 
Commercial paper— 2,991 
Total cash equivalents
574,448 625,917 
Total cash and cash equivalents
$956,265 $912,460 
Short-term investments:
Time deposits
225,103 225,103 
Commercial paper33,371 45,194 
Corporate debt securities24,167 31,593 
U.S. government securities
13,099 18,061 
Total short-term investments
$295,740 $319,951 
Long-term investments(i):
Corporate debt securities23,111 — 
U.S. government agency securities
18,588 13,594 
Total long-term investments
$41,699 $13,594 
Total cash, cash equivalents and investments
$1,293,704 $1,246,005 
_____________
(i)Included in other assets on the condensed consolidated balance sheets.
See Note 5. Fair Value Measurements of the Notes to Condensed Consolidated Financial Statements of this Report for further information regarding the fair value of the Company’s financial instruments.
v3.25.1
Available-For-Sale Debt Securities
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Available-For-Sale Debt Securities
Note 4. Available-For-Sale Debt Securities
The following table summarizes the Company’s available-for-sale debt securities as of March 31, 2025 (in thousands).

March 31, 2025
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government securities
$13,097 $2 $— $13,099 
U.S. government agency securities
18,595 — (7)18,588 
Corporate debt securities
47,238 41 (1)47,278 
Commercial paper
33,365 7 (1)33,371 
Total
$112,295 $50 $(9)$112,336 

The following table summarizes the Company’s available-for-sale debt securities as of December 31, 2024 (in thousands).

December 31, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government securities
$18,047 $14 $— $18,061 
U.S. government agency securities
13,598 — (4)13,594 
Corporate debt securities
31,551 44 (2)31,593 
Commercial paper
48,145 42 (2)48,185 
Total
$111,341 $100 $(8)$111,433 


There were no realized gains or losses related to available-for-sale debt securities for the three months ended March 31, 2025. As of March 31, 2025, the fair value of the Company’s available-for-sale debt securities with contractual maturity of one year or less from the condensed consolidated balance sheet date was $70.6 million.
As of March 31, 2025, the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months were immaterial, which were related to $28.7 million of available-for-sale debt securities. There were no gross unrealized losses that have been in a continuous unrealized loss position for more than 12 months.
The Company did not recognize any credit losses related to the Company’s debt securities during the three months ended March 31, 2025. Unrealized losses related to available-for-sale debt securities are due to interest rate fluctuations as opposed to credit quality. The Company does not intend to sell these investments. In addition, it is more likely than not that the Company will not be required to sell them before recovery of the amortized cost basis, which may be at maturity.
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 5. Fair Value Measurements
The Company uses a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on whether the inputs to those valuation techniques are observable or unobservable. The three levels of fair value hierarchy are set forth below. The Company’s assessment of the hierarchy level of the assets or liabilities measured at fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Level 1 Quoted prices in active markets for identical assets or liabilities.
Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities. The Company does not have any assets or liabilities classified as Level 3.
Fair Value Measurement of Financial Assets and Liabilities on a Recurring Basis
The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of March 31, 2025 and indicates the fair value hierarchy of the valuation (in thousands):
Total
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Time deposits(i)
$295,654 $295,654 $— $— 
Money market funds(ii)
503,897 503,897 — — 
Commercial paper(iii)
33,371 — 33,371 — 
Corporate debt securities(iii)(iv)
47,278 — 47,278 — 
U.S. government and U.S. government agency securities(iii)(iv)
31,687 — 31,687 — 
Total cash equivalents and investments
911,887 799,551 112,336 — 
Foreign currency derivatives (v)
639 — 639 — 
Cross currency swap contracts(v)
5,968 — 5,968 — 
Total assets
$918,494 $799,551 $118,943 $— 
Liabilities:
Foreign currency derivatives(vi)
$1,077 $— $1,077 $— 
Cross currency swap contracts(vi)
3,705 — 3,705 — 
Total liabilities
$4,782 $— $4,782 $— 
__________
(i)Included in cash equivalents and short-term investments on the condensed consolidated balance sheets.
(ii)Included in cash equivalents on the condensed consolidated balance sheets.
(iii)Included in short-term investments on the condensed consolidated balance sheets.
(iv)Included in other assets on the condensed consolidated balance sheets.
(v)Included in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets.
(vi)Included in accrued liabilities and other liabilities on the condensed consolidated balance sheets.

There were no transfers between Level 1, Level 2 and Level 3 categories during the three months ended March 31, 2025.
The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and indicates the fair value hierarchy of the valuation (in thousands):
Total
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Time deposits(i)
$371,882 $371,882 $— $— 
Money market funds(ii)
476,147 476,147 — — 
Commercial paper(i)
48,185 — 48,185 — 
Corporate debt securities(iii)
31,593 — 31,593 — 
U.S. government and U.S. government agency securities(iii)(iv)
31,655 — 31,655 — 
Total cash equivalents and investments
959,462 848,029 111,433 — 
Cross currency swap contracts(iv)
16,147 — 16,147 — 
Total assets
$975,609 $848,029 $127,580 $— 
Liabilities:
 
 
 
Foreign currency derivatives(v)
2,205 — 2,205 — 
Total liabilities
$2,205 $— $2,205 $— 
 
(i)Included in cash equivalents and short-term investments on the condensed consolidated balance sheets.
(ii)Included in cash equivalents on the condensed consolidated balance sheets.
(iii)Included in short-term investments on the condensed consolidated balance sheets.
(iv)Included in prepaid expenses and other current assets on the condensed consolidated balance sheets.
(v)Included in accrued liabilities on the condensed consolidated balance sheets.
v3.25.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Note 6. Goodwill and Intangible Assets
Goodwill
The following table presents the changes in the carrying amount of the goodwill for the three months ended March 31, 2025 (in thousands):
Amount
Ending balance as of December 31, 2024
$2,326,831 
Foreign currency translation adjustment
19,750 
Ending Balance as of March 31, 2025
$2,346,581 
Goodwill represents the excess of consideration paid over the estimated fair value of net tangible and identifiable intangible assets acquired in business combinations.
Intangible Assets
The carrying amounts of the intangible assets other than goodwill as of March 31, 2025 and December 31, 2024 are as follows (in thousands):
March 31, 2025December 31, 2024
Cost
Accumulated
Amortization
NetCost
Accumulated
Amortization
Net
Customer relationships
$2,157,016 $(1,628,359)$528,657 $2,153,972 $(1,603,568)$550,404 
Other intangible assets:
Acquired developed and core technology
880,744 (875,512)5,232 880,662 (874,981)5,681 
Total intangible assets, net
$3,037,760 $(2,503,871)$533,889 $3,034,634 $(2,478,549)$556,085 
The Company amortizes its intangible assets over their remaining estimated useful life using cash flow projections, revenue projections, or the straight-line method. Total amortization expense related to intangible assets was $25.3 million and $32.8 million for the three months ended March 31, 2025 and 2024, respectively.
The allocation of the amortization of intangible assets for the periods indicated below is as follows (in thousands):

Three Months Ended March 31,
20252024
Cost of revenues$531 $1,034 
Operating expenses24,791 31,739 
Total amortization of intangible assets$25,322 $32,773 
Certain intangible assets are recorded in foreign currencies; and therefore, the gross carrying amount and accumulated amortization are subject to foreign currency translation adjustments.
As of March 31, 2025, the amortization expense related to identifiable intangible assets in future periods is expected to be as follows (in thousands):
Customer Relationships Intangible Asset
Other
Intangible
Assets
Total
Intangible
Assets
Remaining 2025
$74,719 $1,603 $76,322 
202686,618 1,438 88,056 
202775,162 696 75,858 
202865,304 540 65,844 
202956,695 336 57,031 
Thereafter
170,159 619 170,778 
Total expected amortization expense
$528,657 $5,232 $533,889 
v3.25.1
Borrowings
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowings Note 7. Borrowings
Long-term debt consists of the following (in thousands):
March 31, 2025December 31, 2024
Dollar term loan
$1,818,750 $1,823,437 
Less: Discount on term loan
(4,960)(5,265)
Less: Debt issuance costs
(8,497)(9,021)
Total debt, net of discount and debt issuance costs
1,805,293 1,809,151 
Less: Current portion of long-term debt
(18,750)(18,750)
Long-term debt, net of current portion
$1,786,543 $1,790,401 
As of March 31, 2025, the Company had an outstanding dollar term loan (the “Term Facility”) for a carrying amount of $1,805.3 million and a fair value, based on Level 2 inputs related to fair market value, of $1,820.5 million. As of December 31, 2024, the Company had an outstanding dollar term loan for a carrying amount of $1,809.2 million and a fair value, based on Level 2 inputs related to fair market value, of $1,834.8 million.
Credit Facilities
The Company has a credit agreement with JPMorgan Chase Bank, N.A., as agent, for a syndicate of lenders (the “Credit Agreement”). Under the Credit Agreement, the Company borrowed $1.9 billion of dollar term loans (the “Term Facility”) and obtained $250.0 million of commitments under a Revolving Credit Facility (the “Revolving Facility” and, together with the Term Facility, the “Credit Facilities”).
The Term Facility matures on October 29, 2028 and is repayable in quarterly installments of 0.25% of the initial principal amount thereof, with the remaining amount due at maturity. The Revolving Credit Facility matures on October 29, 2026.
The Company may prepay all or part of the Credit Facilities at any time. Subject to certain exceptions and limitations, the Company is required to prepay the Term Facility with the net proceeds of certain occurrences, such as the incurrences of indebtedness not permitted to be incurred under the Credit Agreement, credit sale and leaseback transactions and asset sales. The agreement also requires mandatory prepayments of the Term Facility with excess cash flow as specified in the terms of the Credit Agreement.
On June 11, 2024, the Company refinanced the Credit Agreement with Amendment No. 2 (the “Amendment”), with JPMorgan Chase Bank, N.A., as agent, for a syndicate of lenders. The Amendment reduced the applicable margin from 2.75% to 2.25% and eliminated the previous credit spread adjustment effective June 11, 2024. The Amendment is predominantly accounted for as a modification. The loss on any extinguished debt within the syndicate was immaterial. The Company incurred transaction fees of approximately $1.4 million during the second quarter of 2024, which were recorded as a component of Other income, net on the Condensed Consolidated Statements of Operations. Other than the foregoing, the material terms of the Credit Agreement remain unchanged.
Effective June 11, 2024, the borrowings under the Term Facility bear interest, at the Company’s option, either at (i) Term SOFR1 plus the applicable margin of 2.25% or (ii) the base rate plus 1.25%. The base rate is defined as the highest of (a) the Federal Funds Rate plus one half of 1%, (b) the rate of interest in effect for such day as published by the Wall Street Journal as the “prime rate,” and (c) Adjusted Term SOFR Rate for a one-month interest period plus 1.00%; provided that the base rate shall not be less than 1.00% per annum. Term SOFR is subject to a “floor” of 0% per annum. The Term Facility was issued with 0.125% of original issue discount.
Effective June 11, 2024, the Revolving Credit Facility accrues interest at a per annum rate based on either, at the Company’s election, (i) Term SOFR plus the applicable margin for Term SOFR loans ranging between 2.00% and 2.50% based on the Company’s total net first lien leverage ratio or (ii) the base rate plus an applicable margin ranging between 1.00% and 1.50% based on the Company’s total net first lien leverage ratio.
No amounts were outstanding under the Revolving Credit Facility as of March 31, 2025 and December 31, 2024. There were $1.4 million and $1.4 million of utilized letters of credit under the Revolving Credit Facility at March 31, 2025 and December 31, 2024, respectively.
The Company guarantees the obligations under the Credit Agreement. All obligations under the Credit Agreement are secured by a perfected lien or security interest in substantially all of the Company’s and the guarantors’ tangible and intangible assets. The Credit Agreement also provides for a borrowing facility of $15.0 million, which is available on a same day basis and a letter of credit facility of $30.0 million. The Credit Agreement also includes an uncommitted incremental facility subject to compliance with certain leverage tests and borrowing limits.
Accrued interest is payable (i) quarterly in arrears with respect to base rate loans, (ii) at the end of each interest rate period (or at each three-month interval in the case of loans with interest periods greater than 3 months) with respect to Term SOFR loans, (iii) the date of any repayment or prepayment, and (iv) at maturity (whether by acceleration or otherwise). The Company is also obligated to pay other customary closing fees, arrangement fees, administrative fees, commitment fees, and letter of credit fees. Under the Credit Agreement, a commitment fee is payable on the daily unutilized amount under the Revolving Credit Facility at a per annum rate ranging from 0.35% to 0.25% depending on the Company’s total net first lien leverage ratio.
The Credit Agreement requires that, as of the last day of any fiscal quarter if on such date the aggregate principal amount of all (a) revolving loans, (b) swingline loans, and (c) letter of credit obligations (in excess of $15 million) exceed 35% of the revolving loan commitments, the total net first lien leverage ratio cannot exceed 6.25 to 1.00. The occurrence of an event of default could result in the acceleration of the obligations under the Credit Agreement. Under certain circumstances, a default interest rate equal to 2.00% above the then-applicable interest rate will apply during the existence of an event of default under the Credit Agreement. The Company was in compliance with all covenants under the Credit Agreement as of March 31, 2025.
The Credit Agreement, among other things, limits the ability of the Company and its restricted subsidiaries to incur or guarantee additional indebtedness; pay dividends or make distributions or redeem or repurchase capital stock; prepay, redeem or repurchase certain subordinated debt; make certain loans or investments; create liens; merge or consolidate with another company or transfer or sell assets; enter into restrictions affecting the ability of certain restricted subsidiaries to make distributions, loans or advances to the Company or its restricted subsidiaries; and engage in transactions with affiliates. These covenants are subject to a number of important limitations and exceptions, which are described in the Credit Agreement.
Future minimum principal payments
Future minimum principal payments on the Term Facility as of March 31, 2025 are as follows (in thousands):

Remaining 2025
$14,063 
202618,750 
202718,750 
20281,767,187 
Total
$1,818,750 
v3.25.1
Disaggregation of Revenue, Deferred Revenue, Remaining Performance Obligations, Credit Risk and Capitalized Costs to Obtain a Contract
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue, Deferred Revenue, Remaining Performance Obligations, Credit Risk and Capitalized Costs to Obtain a Contract
Note 8. Disaggregation of Revenue, Deferred Revenue, Remaining Performance Obligations and Credit Risk
The following table presents the disaggregation of revenue by revenue type, consistent with how the Company evaluates its financial performance, for the three months ended March 31, 2025 and 2024 (in thousands):
Three Months Ended March 31,
20252024
Revenues:
Cloud subscription(i)
$199,935 $151,438 
Self-managed subscription support and other(i)
41,496 48,591 
Maintenance(ii)
103,209 117,678 
Total revenue recognized over time
344,640 317,707 
Self-managed subscription license recognized at a point in time(i)(iii)
42,579 51,969 
Total subscription and maintenance revenue
387,219 369,676 
Professional services(ii)
16,678 18,931 
Total revenues
$403,897 $388,607 
(i) Included in Subscription revenue on the condensed consolidated statements of operations.
(ii) Included in Maintenance and Professional services revenue on the condensed consolidated statements of operations.
(iii) The Company previously presented Perpetual license revenue separately. Because revenue for perpetual licenses are not material for current or past periods due to the transition to a cloud-only, consumption-driven strategy, the Company has combined these amounts into Self-managed subscription license recognized at a point in time and retrospectively adjusted past periods for comparative purposes.

Revenue recognized over time refers to ratable recognition over the contractual term. Revenue recognized at a point in time refers to recognition upon the later of when the software license is made available or the contractual term commences. Professional services are recognized as services are provided.
Revenue by geographic location for the three months ended March 31, 2025 and 2024 (in thousands):
Three Months Ended March 31,
20252024
North America
$272,448 $258,055 
EMEA
92,744 86,710 
Asia Pacific
31,438 32,980 
Latin America
7,267 10,862 
Total revenues
$403,897 $388,607 
In the three months ended March 31, 2025 and 2024, the Company’s revenue from customers in the United States was $256.4 million and $242.0 million, respectively. No foreign country represented 10% or more of the Company’s total revenue during the three months ended March 31, 2025 and 2024, respectively.
Deferred Revenue
As of March 31, 2025 and December 31, 2024, deferred revenue was $762.0 million and $833.3 million, respectively.
The amount of revenues recognized during the three months ended March 31, 2025 that were included in the opening deferred revenue balance as of January 1, 2025 was approximately $323.2 million. The amount of revenues recognized during the three months ended March 31, 2024 that were included in the opening deferred revenue balance as of January 1, 2024 was approximately $295.3 million.
Remaining Performance Obligations from Customer Contracts
As of March 31, 2025, the Company’s remaining performance obligations were $1.68 billion. The Company expects to recognize approximately 66% of its remaining performance obligations at March 31, 2025 as revenues over the next twelve months and the remainder over the next two to three years.
Concentrations of Credit Risk and Credit Evaluations
No customer accounted for more than 10% of revenue during the three months ended March 31, 2025 and 2024. At March 31, 2025 and December 31, 2024, no customer accounted for more than 10% of the accounts receivable balance.
Note 9. Capitalized Costs to Obtain a Contract
Capitalized costs to obtain contracts consist primarily of sales commissions and related payroll taxes (together “deferred commissions”). The changes in the capitalized costs to obtain a contract for the three months ended March 31, 2025 (in thousands):
Amount
Ending balance as of December 31, 2024
$249,207 
Additions, net8,516 
Commissions amortized (22,183)
Revaluation 1,812 
Ending balance as of March 31, 2025
$237,352 
As of March 31, 2025, $85.7 million of deferred commissions balance was included in prepaid expenses and other current assets and $151.7 million of deferred commissions balance was included in other assets in the condensed consolidated balance sheet.
v3.25.1
Capitalized Costs to Obtain a Contract
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Capitalized Costs to Obtain a Contract
Note 8. Disaggregation of Revenue, Deferred Revenue, Remaining Performance Obligations and Credit Risk
The following table presents the disaggregation of revenue by revenue type, consistent with how the Company evaluates its financial performance, for the three months ended March 31, 2025 and 2024 (in thousands):
Three Months Ended March 31,
20252024
Revenues:
Cloud subscription(i)
$199,935 $151,438 
Self-managed subscription support and other(i)
41,496 48,591 
Maintenance(ii)
103,209 117,678 
Total revenue recognized over time
344,640 317,707 
Self-managed subscription license recognized at a point in time(i)(iii)
42,579 51,969 
Total subscription and maintenance revenue
387,219 369,676 
Professional services(ii)
16,678 18,931 
Total revenues
$403,897 $388,607 
(i) Included in Subscription revenue on the condensed consolidated statements of operations.
(ii) Included in Maintenance and Professional services revenue on the condensed consolidated statements of operations.
(iii) The Company previously presented Perpetual license revenue separately. Because revenue for perpetual licenses are not material for current or past periods due to the transition to a cloud-only, consumption-driven strategy, the Company has combined these amounts into Self-managed subscription license recognized at a point in time and retrospectively adjusted past periods for comparative purposes.

Revenue recognized over time refers to ratable recognition over the contractual term. Revenue recognized at a point in time refers to recognition upon the later of when the software license is made available or the contractual term commences. Professional services are recognized as services are provided.
Revenue by geographic location for the three months ended March 31, 2025 and 2024 (in thousands):
Three Months Ended March 31,
20252024
North America
$272,448 $258,055 
EMEA
92,744 86,710 
Asia Pacific
31,438 32,980 
Latin America
7,267 10,862 
Total revenues
$403,897 $388,607 
In the three months ended March 31, 2025 and 2024, the Company’s revenue from customers in the United States was $256.4 million and $242.0 million, respectively. No foreign country represented 10% or more of the Company’s total revenue during the three months ended March 31, 2025 and 2024, respectively.
Deferred Revenue
As of March 31, 2025 and December 31, 2024, deferred revenue was $762.0 million and $833.3 million, respectively.
The amount of revenues recognized during the three months ended March 31, 2025 that were included in the opening deferred revenue balance as of January 1, 2025 was approximately $323.2 million. The amount of revenues recognized during the three months ended March 31, 2024 that were included in the opening deferred revenue balance as of January 1, 2024 was approximately $295.3 million.
Remaining Performance Obligations from Customer Contracts
As of March 31, 2025, the Company’s remaining performance obligations were $1.68 billion. The Company expects to recognize approximately 66% of its remaining performance obligations at March 31, 2025 as revenues over the next twelve months and the remainder over the next two to three years.
Concentrations of Credit Risk and Credit Evaluations
No customer accounted for more than 10% of revenue during the three months ended March 31, 2025 and 2024. At March 31, 2025 and December 31, 2024, no customer accounted for more than 10% of the accounts receivable balance.
Note 9. Capitalized Costs to Obtain a Contract
Capitalized costs to obtain contracts consist primarily of sales commissions and related payroll taxes (together “deferred commissions”). The changes in the capitalized costs to obtain a contract for the three months ended March 31, 2025 (in thousands):
Amount
Ending balance as of December 31, 2024
$249,207 
Additions, net8,516 
Commissions amortized (22,183)
Revaluation 1,812 
Ending balance as of March 31, 2025
$237,352 
As of March 31, 2025, $85.7 million of deferred commissions balance was included in prepaid expenses and other current assets and $151.7 million of deferred commissions balance was included in other assets in the condensed consolidated balance sheet.
v3.25.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
Note 10. Derivative Financial Instruments
The Company’s earnings and cash flows are subject to market risks as a result of foreign currency exchange rate and interest rate fluctuations. The Company uses derivative financial instruments to manage its exposure to foreign currency exchange rate and interest rate fluctuations which is inherent to its ongoing business operations. The Company and its subsidiaries do not enter into derivative contracts for speculative purposes.
Foreign Exchange Forward Contracts
The Company enters into foreign exchange forward contracts in an attempt to reduce the impact of foreign currency exchange rate fluctuations and designates these contracts as cash flow hedges at inception. The objective is to reduce the volatility of forecasted cash flows and expenses caused by movements in foreign currency exchange rates, in particular the Indian rupee. The Company is currently using foreign exchange forward contracts to hedge the anticipated foreign currency expenses of its subsidiary in India.
The Company recognizes in earnings amounts related to its designated cash flow hedges accumulated in other comprehensive income during the same period in which the corresponding underlying hedged transaction affects earnings. As of March 31, 2025, a net unrealized loss of approximately $0.3 million accumulated in other comprehensive income (loss) is expected to be reclassified into earnings within the next twelve months.
The Company has forecasted the amount of its anticipated foreign currency expenses based on its historical performance and projected financial plan. As of March 31, 2025, the remaining open foreign exchange contracts, carried at fair value, are hedging Indian rupee expenses and have a maturity of approximately twelve months or less. These foreign exchange contracts mature monthly as the foreign currency denominated expenses are paid and any gain or loss is offset against operating expense. Once the hedged item is recognized, the cash flow hedge is de-designated and subsequent changes in value are recognized in other (expense) income, net, to offset changes in the value of the resulting non-functional currency monetary assets or liabilities.
The notional amounts of these foreign exchange forward contracts in U.S. dollar equivalents were to buy $104.3 million and $94.0 million of Indian rupees as of March 31, 2025 and December 31, 2024, respectively.

Cross-Currency Swap Contracts
Cross-currency swap contracts designated as net investment hedges are used to hedge a portion of the Company's net investment in its European operations. Gains and losses on net investment hedges are recorded in other comprehensive income (loss) and will remain there until either the sale or substantially complete liquidation of the hedged operations. The components excluded from the assessment of effectiveness are recognized in interest expense, net on the condensed consolidated statement of operations. The Company performed quantitative testing at inception and results proved that the hedge relationship was highly effective. The Company, on quarterly basis, performs qualitative testing validating that hedge relationship remains highly effective, unless quantitative testing is required.
The notional amounts of these cross-currency swap contracts in U.S. dollar equivalents were to sell €300 million of Euro for $328 million of USD as of March 31, 2025 and December 31, 2024.
Balance Sheet Hedges
Balance Sheet hedges consist of cash flow hedge contracts that have been de-designated and non-designated balance sheet hedges. These foreign exchange contracts are carried at fair value and either did not or no longer qualify for hedge accounting treatment and are not designated as hedging instruments. Changes in the value of the foreign exchange contracts are recognized in other (expense) income, net and offset the foreign currency gain or loss on the underlying net monetary assets or liabilities. The notional amounts of foreign currency purchase contracts open in U.S. dollar equivalents were to buy $11.0 million and $11.8 million of Indian rupees at March 31, 2025 and December 31, 2024, respectively. There were no open foreign currency contracts to sell at March 31, 2025 and December 31, 2024, respectively.
The following table reflects the fair value amounts for designated and non-designated hedging instruments at March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025December 31, 2024
Fair Value
Derivative
Assets(i)
Fair Value
Derivative
Liabilities(ii)
Fair Value
Derivative
Assets(i)
Fair Value
Derivative
Liabilities(ii)
Designated hedging instruments
Foreign currency forward contracts
$596 $951 $— $2,059 
Cross currency swap contracts
5,968 3,705 16,147 — 
Non-designated hedging instruments
Foreign currency forward contracts
43 126 — 146 
Total fair value of hedging instruments
$6,607 $4,782 $16,147 $2,205 
_____________
(i)Included in prepaid expenses and other current assets, and other assets on the condensed consolidated balance sheets.
(ii)Included in accrued liabilities and other liabilities on the condensed consolidated balance sheets.
The Company presents its derivative assets and derivative liabilities at gross fair values in the condensed consolidated balance sheets. However, under the master netting agreements with the respective counterparties of the foreign exchange contracts, subject to applicable requirements, the Company is allowed to net settle transactions of the same currency with a single net amount payable by one party to the other. The derivatives held by the Company are not subject to any credit contingent features negotiated with its counterparties. The Company is not required to pledge nor is entitled to receive cash collateral related to the above contracts. As of March 31, 2025 and December 31, 2024, there were no derivative assets or liabilities that were net settled under the master netting agreements.
The Company evaluates prospectively as well as retrospectively the effectiveness of its hedge programs using statistical analysis.
The before-tax effects of derivative instruments designated as cash flow hedges on the accumulated other comprehensive loss and condensed consolidated statements of operations for the periods indicated below are as follows (in thousands):
Three Months Ended March 31,
20252024
Gain related to foreign exchange forward contracts
$1,101 $357 
Amount of gain recognized in other comprehensive income (loss)
$1,101 $357 
(Loss) gain included in cost of service revenue
$(134)$73 
(Loss) gain included in operating expenses (primarily research and development)
(471)231
Amount of (loss) gain related to foreign exchange forward contracts reclassified from accumulated other comprehensive income (loss) into income
$(605)$304 
Gains recognized in interest expense, net, in the condensed consolidated statements of operations for the portion of the net investment hedges excluded from the assessment of hedge effectiveness were $1.5 million for the three months ended March 31, 2025 and none for the three months ended March 31, 2024, respectively.
The before-tax gain (loss) recognized in other (expense) income, net for non-designated foreign currency forward contracts for the periods indicated below are as follows (in thousands):
Three Months Ended March 31,
20252024
Gain (loss) recognized in other (expense) income, net
$87 $(25)
See Note 5. Fair Value Measurements, and Note 14. Commitments and Contingencies in the Notes to Condensed Consolidated Financial Statements of this Report for a further discussion.
v3.25.1
Stockholders Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders Equity
Note 11. Stockholders Equity
Common and Preferred Stock
The rights of the holders of Class A common stock and Class B-1 common stock are identical in all respects, except that Class B-1 common stock will not vote on the election or removal of directors. The holders of Class B-2 common stock have no participating rights (voting or otherwise), except for the right to vote on the election or removal of directors and will be entitled to a nominal annual dividend of CAD$15,000 in the aggregate.
Equity Incentive Plans
The Company’s equity incentive plans are administered by the Compensation Committee. The Company adopted the 2015 Equity Incentive Plan (the “2015 Plan”) and most recently amended and restated the 2015 Plan in October 2021.
Under the 2015 Plan, the Company issued equity awards in the form of options to acquire shares of the Company. The options are not intended to qualify as incentive stock options within the meaning of Section 422 of the Internal Revenue Code. The term of the options granted under this plan is ten years with a vesting requirement of continued employment through the applicable vesting date, and in certain cases attainment of performance criteria (“performance-based options”). In connection with the adoption of the 2021 Plan (as defined below), the 2015 Plan was terminated with respect to future awards. The 2015 Plan continues to govern awards that were granted prior to the effectiveness of the 2021 Plan.
In October 2021, the Company’s Compensation Committee adopted, and its stockholders approved, the 2021 Equity Incentive Plan (the "2021 Plan"), which became effective in connection with the initial public offering in 2021 (the “IPO”). As of March 31, 2025, a total of approximately 90.9 million shares of the Company’s Class A common stock has been reserved for issuance under the 2021 Plan. In addition, the shares reserved for issuance under the 2021 Plan includes any shares subject to awards granted under the 2015 Plan that, after the date the 2015 Plan was terminated, are cancelled, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations, or are forfeited to or repurchased by the Company due to failure to vest (provided that the maximum number of shares that may be added to the 2021 Plan pursuant to this provision is 26,288,211 shares).
Option Awards
The following table summarizes the option award activity for the three months ended March 31, 2025 (in thousands, except share price, fair value and term):
Number of OptionsWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (in
years)		Aggregate
Intrinsic
Value (in
thousands)
TotalService
based		Performance-
based
Outstanding at December 31, 202412,201 7,759 4,442 $17.66 4.78$100,945 
Exercised(93)(58)(35)$10.56 
Forfeited or expired(22)(3)(19)$11.35 
Outstanding at March 31, 202512,086 7,698 4,388 $17.72 4.42$25,499 
As of March 31, 2025, total unrecognized stock-based compensation expense related to unvested options was $0.8 million and is expected to be recognized over the remaining weighted-average vesting period of 0.50 years.
Restricted Stock Units ("RSUs") and Performance Stock Units (“PSUs”)
The Company issues RSUs to employees and directors under the 2021 Plan. RSUs vest upon the satisfaction of a service-based vesting condition only. The service-based condition for the majority of the employee awards is generally satisfied pro-rata over two to four years.
The Company also issues PSUs to employees under the 2021 Plan. PSUs that are granted are subject to vesting based on certain performance metrics or on attainment of specified stock prices, measured over the performance period. The PSU awards granted to employees under the 2021 Plan typically vest over 3 years
and are subject to forfeiture in whole if employment terminates, or in whole or in part, if specified vesting conditions are not satisfied in each case prior to vesting. PSUs are not considered issued or outstanding common stock until they vest.
The following table summarizes RSU and PSU activity and related information during the three months ended March 31, 2025 under the 2021 Plan (in thousands, except share price):
Number of Shares
Weighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2024
14,057 $23.73 
Granted
11,226 17.47 
Vested
(3,478)22.29 
Forfeited
(732)26.92 
Unvested and outstanding as of March 31, 2025
21,073 $20.52 
As of March 31, 2025, the total unrecognized stock-based compensation expense related to the RSUs and PSUs outstanding was $384.0 million and is expected to be recognized over the remaining weighted-average vesting period of 2.02 years.
Employee Stock Purchase Plan (“ESPP”)
In October 2021, the Company’s Compensation Committee approved the ESPP, which became effective in connection with IPO. The ESPP authorizes the issuance of shares of Class A common stock pursuant to purchase rights granted to employees. As of March 31, 2025, a total of 17.1 million shares of the Company’s Class A common stock has been reserved for issuance under the ESPP.
Under the ESPP, eligible employees are able to acquire shares of Class A common stock by accumulating funds through payroll deductions. Offering periods are generally twelve months long and begin on March 1 and September 1 of each year. The purchase price for shares of the Company’s Class A common stock purchased under the ESPP is 85% of the lesser of the fair market value of the Company’s Class A common stock on (i) the first trading day of the applicable offering period and (ii) the last trading day of each purchase period in the applicable offering period. The ESPP also includes a reset provision for the purchase price if the stock price on the purchase date is less than the stock price on the first date of the offering period.
As of March 31, 2025, the total unrecognized stock-based compensation expense related to the ESPP was $10.1 million and is expected to be recognized over the remaining offering period.
Summary of Assumptions for ESPP
The following table summarizes the weighted-average assumptions used in estimating the fair value of the ESPP for the offering periods during the three months ended March 31, 2025 and 2024 using the Black-Scholes pricing model:

Three Months Ended March 31,
20252024
ESPP:
Expected term (in years)
      0.5 - 1.0
0.5 - 1.0
Expected volatility
38.8% - 44.3%
40.3% - 43.5%
Risk-free interest rate
4.1% - 4.3%
4.9% - 5.3%
Expected dividend rate
0.0%
0.0%
Fair value of common stock
$18.60
$32.46
Share Repurchase
On February 10, 2025, the Company’s Board of Directors (the “Board”) approved a new share repurchase authorization which enables the Company to repurchase up to an additional $400 million of its Class A common
stock through privately-negotiated purchases with individual holders or in the open market, bringing the aggregate authorized repurchase amount to $800 million.
During the three months ended March 31, 2025, we repurchased 4.9 million shares at a weighted average price of $20.48 per share for a total amount of $100.0 million. There were no stock repurchases pending settlement and no stock repurchases pending retirement as of March 31, 2025. There were no repurchases for the three months ended March 31, 2024.

Stock Compensation
The stock-based compensation for all equity awards for the periods indicated below are as follows (in thousands):
Three Months Ended March 31,
20252024
Cost of revenues
$7,726 $8,153 
Research and development
17,423 18,236 
Sales and marketing
19,286 18,942 
General and administrative
15,743 18,770 
Total stock-based compensation
$60,178 $64,101 
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
Note 12. Income Taxes
The Company computes its income tax provision for interim periods by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss from recurring operations and adjusting for discrete tax items arising in that quarter. The Company's income tax expense was $0.6 million on pretax income of $2.0 million for the three months ended March 31, 2025, which resulted in a positive effective tax rate of 32%. The Company’s effective tax rate differs from the U.S. statutory rate of 21% primarily due to an increase in its valuation allowance and to a lesser extent from foreign income taxed at different rates and non-deductible stock-based compensation.
The Company's income tax benefit was $25.5 million on pretax losses of $16.1 million for the three months ended March 31, 2024, which resulted in a positive effective tax rate of 158%. The Company’s effective tax rate differs from the U.S. statutory rate of 21% primarily due to an increase in its valuation allowance and to a lesser extent from foreign income taxed at different rates and non-deductible stock-based compensation.
ASC 740, Accounting for Income Taxes, provides for the recognition of deferred tax assets if realization of such assets is more likely than not. In assessing the need for a valuation allowance as of March 31, 2025, the Company considered all available evidence both positive and negative, including potential for prudent and feasible tax planning strategies. As a result of this analysis for the three months ended March 31, 2025, management believes it is more likely than not that the Company’s deferred tax assets, after recorded valuation allowances for its U.S. Federal and State deferred tax assets, and operating loss carryforwards in certain non-U.S. jurisdictions, will be realized.
v3.25.1
Net Income Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Income Per Share
Note 13. Net Income Per Share
The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data):
Three Months Ended March 31,
20252024
Net income$1,340 $9,334 
Weighted-average shares in computing net income per share:
Basic302,673 296,897 
Effect of dilutive securities
5,886 15,602 
Diluted308,558 312,499 
Net income per share attributable to Class A and Class B-1 common stockholders:
Basic$0.00 $0.03 
Diluted$0.00 $0.03 
The following potentially dilutive securities were excluded from the computation of diluted net income per share calculations for the periods presented because the impact of including them would have been anti-dilutive (in thousands):
Three Months Ended March 31,
20252024
Stock options outstanding
260 — 
RSUs656 9 
PSUs— — 
ESPP16 52 
v3.25.1
Commitment and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 14. Commitments and Contingencies
Long-Term Purchase Obligations
As of March 31, 2025, the Company had long-term purchase obligations of approximately $204.4 million, primarily related to multi-year contracts with third party vendors for cloud services related to its subscription services and software as a service commitments. The expected payments under these commitments total approximately $100.3 million and $104.1 million over the next 1 year and 1-3 years, respectively.
Warranties
The Company generally provides product warranties. These are not separate performance obligations and are outside the scope of ASC 606. To date, the Company’s product warranty expense and obligations have not been material.
The Company’s customer agreements generally include certain provisions for indemnifying the customer against losses, expenses, liabilities, and damages that may be awarded against the customer in the event the Company’s product is found to infringe upon a patent, copyright, trademark, or other proprietary right of a third party. The agreements generally limit the scope of and remedies for such indemnification obligations in a variety of industry-standard respects, including but not limited to certain time and scope limitations and a right to replace an infringing product with a non-infringing product.
The Company believes its internal development processes and other policies and practices limit its exposure related to these indemnification provisions. In addition, the Company requires its employees to sign a proprietary information and inventions agreement, which assigns the rights to its employees’ development work to the Company. To date, the Company has not had to reimburse any of its customers for any losses related to
these indemnification provisions, and no material claims against the Company are outstanding as of March 31, 2025 and December 31, 2024. The Company cannot determine the maximum amount of potential future payments, if any, related to such indemnification provisions due to the limited and infrequent history of prior indemnification claims.
As permitted under Delaware law, the Company has agreements whereby the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was serving, at the Company’s request, in such capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has director and officer insurance coverage that reduces the Company’s exposure and enables the Company to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal.
The Company accrues for loss contingencies when available information indicates that it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated.
Litigation
The Company is a party to various legal proceedings and claims arising from the normal course of its business activities, including proceedings and claims related to employment and intellectual property related matters.
The Company reviews the status of each matter and records a provision for a liability when it is considered both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed quarterly and adjusted as additional information becomes available. If both of the criteria are not met, the Company assesses whether there is at least a reasonable possibility that a loss, or additional losses, may be incurred. If there is a reasonable possibility that a material loss may be incurred, the Company discloses the estimate of the possible loss, range of loss, or a statement that such an estimate cannot be made.
Litigation is subject to inherent uncertainties. Were an unfavorable outcome to occur, there exists the possibility of a material adverse impact on the Company’s financial position and results of operation for the period in which the unfavorable outcome occurred, and potentially in future periods.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income $ 1,340 $ 9,334
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include those of the Company and its subsidiaries, after elimination of all intercompany accounts and transactions. The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”).
Reclassifications The Company previously presented Subscriptions and Perpetual license revenues and cost of revenues separately on its condensed consolidated statement of operations. Because revenue and costs for perpetual licenses are no longer material for current or past periods due to transition to a cloud-only, consumption-driven strategy, the Company has combined these amounts and has retrospectively adjusted past periods for comparative purposes.
Consolidation
In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include recurring adjustments necessary for the fair statement of the Company’s financial position as of March 31, 2025 and the results of operations for the three months ended March 31, 2025. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
Segment Reporting
The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer who makes operating decisions, assesses financial performance and allocates resources based on consolidated financial information. As such, the Company has determined that it has one operating segment which is also their reportable segment. The CODM uses consolidated net income to measure segment profit or loss, allocate resources and assess performance. The CODM reviews and utilizes function expenses (cost of revenues, research and development, sales and marketing, and general and administrative) at the consolidated level to manage the Company's operations. Other segment items included in consolidated net income are interest income, interest expense, other (expense) income, net, and income tax expense (benefit), which are reflected in the condensed consolidated statements of operations.
Use of Estimates
The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP, which require management to make certain estimates, judgments, and assumptions in the evaluation of terms and conditions in customer revenue contracts, including the assessment of performance obligations, and the realizability of deferred tax assets. Management believes the estimates, judgments, and assumptions upon
which it relies are reasonable based on information available at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented. Any material differences between these estimates and actual results will impact the Company’s unaudited condensed consolidated financial statements. The Company assesses these estimates on a regular basis, however actual results could differ from estimates due to risks and uncertainties.
Summary of Significant Accounting Policies & Recent Accounting Pronouncements Not Yet Adopted The Company’s significant accounting policies are discussed in “Note 2. Basis of Presentation and Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 25, 2025. There have been no material changes to these policies during the three months ended March 31, 2025
In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements - Codification Amendments in Responses to the SEC's Disclosure Update and Simplification Initiative. The amendments clarify or improve disclosure and presentation requirements on various disclosure areas, including the statement of cash flows, earnings per share, debt, and equity. The amendments will align the requirements in the FASB ASC with the SEC's regulations. The amendments in this ASU will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will not be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. The Company is currently evaluating the impact of this standard.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company for the fiscal year ending December 31, 2025. The Company is currently evaluating the impact of this standard.
In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses,” which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the footnotes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard.
Derivatives
The Company presents its derivative assets and derivative liabilities at gross fair values in the condensed consolidated balance sheets. However, under the master netting agreements with the respective counterparties of the foreign exchange contracts, subject to applicable requirements, the Company is allowed to net settle transactions of the same currency with a single net amount payable by one party to the other. The derivatives held by the Company are not subject to any credit contingent features negotiated with its counterparties. The Company is not required to pledge nor is entitled to receive cash collateral related to the above contracts. As of March 31, 2025 and December 31, 2024, there were no derivative assets or liabilities that were net settled under the master netting agreements.
The Company evaluates prospectively as well as retrospectively the effectiveness of its hedge programs using statistical analysis.
Warranties
Warranties
The Company generally provides product warranties. These are not separate performance obligations and are outside the scope of ASC 606. To date, the Company’s product warranty expense and obligations have not been material.
The Company’s customer agreements generally include certain provisions for indemnifying the customer against losses, expenses, liabilities, and damages that may be awarded against the customer in the event the Company’s product is found to infringe upon a patent, copyright, trademark, or other proprietary right of a third party. The agreements generally limit the scope of and remedies for such indemnification obligations in a variety of industry-standard respects, including but not limited to certain time and scope limitations and a right to replace an infringing product with a non-infringing product.
The Company believes its internal development processes and other policies and practices limit its exposure related to these indemnification provisions. In addition, the Company requires its employees to sign a proprietary information and inventions agreement, which assigns the rights to its employees’ development work to the Company. To date, the Company has not had to reimburse any of its customers for any losses related to
these indemnification provisions, and no material claims against the Company are outstanding as of March 31, 2025 and December 31, 2024. The Company cannot determine the maximum amount of potential future payments, if any, related to such indemnification provisions due to the limited and infrequent history of prior indemnification claims.
As permitted under Delaware law, the Company has agreements whereby the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was serving, at the Company’s request, in such capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has director and officer insurance coverage that reduces the Company’s exposure and enables the Company to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal.
The Company accrues for loss contingencies when available information indicates that it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated.
Litigation
The Company is a party to various legal proceedings and claims arising from the normal course of its business activities, including proceedings and claims related to employment and intellectual property related matters.
The Company reviews the status of each matter and records a provision for a liability when it is considered both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed quarterly and adjusted as additional information becomes available. If both of the criteria are not met, the Company assesses whether there is at least a reasonable possibility that a loss, or additional losses, may be incurred. If there is a reasonable possibility that a material loss may be incurred, the Company discloses the estimate of the possible loss, range of loss, or a statement that such an estimate cannot be made.
Litigation is subject to inherent uncertainties. Were an unfavorable outcome to occur, there exists the possibility of a material adverse impact on the Company’s financial position and results of operation for the period in which the unfavorable outcome occurred, and potentially in future periods.
v3.25.1
Cash, Cash Equivalents, and Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Cash, Cash Equivalents and Investments
The following table summarizes the Company’s cash, cash equivalents and investments as of March 31, 2025 and December 31, 2024 (in thousands).
March 31,December 31,
20252024
Cash
$381,817 $286,543 
Cash equivalents:
Time deposits
70,551 146,779 
Money market funds
503,897 476,147 
Commercial paper— 2,991 
Total cash equivalents
574,448 625,917 
Total cash and cash equivalents
$956,265 $912,460 
Short-term investments:
Time deposits
225,103 225,103 
Commercial paper33,371 45,194 
Corporate debt securities24,167 31,593 
U.S. government securities
13,099 18,061 
Total short-term investments
$295,740 $319,951 
Long-term investments(i):
Corporate debt securities23,111 — 
U.S. government agency securities
18,588 13,594 
Total long-term investments
$41,699 $13,594 
Total cash, cash equivalents and investments
$1,293,704 $1,246,005 
_____________
(i)Included in other assets on the condensed consolidated balance sheets.
v3.25.1
Available-For-Sale Debt Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-Sale
The following table summarizes the Company’s available-for-sale debt securities as of March 31, 2025 (in thousands).

March 31, 2025
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government securities
$13,097 $2 $— $13,099 
U.S. government agency securities
18,595 — (7)18,588 
Corporate debt securities
47,238 41 (1)47,278 
Commercial paper
33,365 7 (1)33,371 
Total
$112,295 $50 $(9)$112,336 

The following table summarizes the Company’s available-for-sale debt securities as of December 31, 2024 (in thousands).

December 31, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government securities
$18,047 $14 $— $18,061 
U.S. government agency securities
13,598 — (4)13,594 
Corporate debt securities
31,551 44 (2)31,593 
Commercial paper
48,145 42 (2)48,185 
Total
$111,341 $100 $(8)$111,433 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of March 31, 2025 and indicates the fair value hierarchy of the valuation (in thousands):
Total
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Time deposits(i)
$295,654 $295,654 $— $— 
Money market funds(ii)
503,897 503,897 — — 
Commercial paper(iii)
33,371 — 33,371 — 
Corporate debt securities(iii)(iv)
47,278 — 47,278 — 
U.S. government and U.S. government agency securities(iii)(iv)
31,687 — 31,687 — 
Total cash equivalents and investments
911,887 799,551 112,336 — 
Foreign currency derivatives (v)
639 — 639 — 
Cross currency swap contracts(v)
5,968 — 5,968 — 
Total assets
$918,494 $799,551 $118,943 $— 
Liabilities:
Foreign currency derivatives(vi)
$1,077 $— $1,077 $— 
Cross currency swap contracts(vi)
3,705 — 3,705 — 
Total liabilities
$4,782 $— $4,782 $— 
__________
(i)Included in cash equivalents and short-term investments on the condensed consolidated balance sheets.
(ii)Included in cash equivalents on the condensed consolidated balance sheets.
(iii)Included in short-term investments on the condensed consolidated balance sheets.
(iv)Included in other assets on the condensed consolidated balance sheets.
(v)Included in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets.
(vi)Included in accrued liabilities and other liabilities on the condensed consolidated balance sheets.
The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and indicates the fair value hierarchy of the valuation (in thousands):
Total
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Time deposits(i)
$371,882 $371,882 $— $— 
Money market funds(ii)
476,147 476,147 — — 
Commercial paper(i)
48,185 — 48,185 — 
Corporate debt securities(iii)
31,593 — 31,593 — 
U.S. government and U.S. government agency securities(iii)(iv)
31,655 — 31,655 — 
Total cash equivalents and investments
959,462 848,029 111,433 — 
Cross currency swap contracts(iv)
16,147 — 16,147 — 
Total assets
$975,609 $848,029 $127,580 $— 
Liabilities:
 
 
 
Foreign currency derivatives(v)
2,205 — 2,205 — 
Total liabilities
$2,205 $— $2,205 $— 
 
(i)Included in cash equivalents and short-term investments on the condensed consolidated balance sheets.
(ii)Included in cash equivalents on the condensed consolidated balance sheets.
(iii)Included in short-term investments on the condensed consolidated balance sheets.
(iv)Included in prepaid expenses and other current assets on the condensed consolidated balance sheets.
(v)Included in accrued liabilities on the condensed consolidated balance sheets.
v3.25.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table presents the changes in the carrying amount of the goodwill for the three months ended March 31, 2025 (in thousands):
Amount
Ending balance as of December 31, 2024
$2,326,831 
Foreign currency translation adjustment
19,750 
Ending Balance as of March 31, 2025
$2,346,581 
Schedule of Finite-Lived Intangible Assets
The carrying amounts of the intangible assets other than goodwill as of March 31, 2025 and December 31, 2024 are as follows (in thousands):
March 31, 2025December 31, 2024
Cost
Accumulated
Amortization
NetCost
Accumulated
Amortization
Net
Customer relationships
$2,157,016 $(1,628,359)$528,657 $2,153,972 $(1,603,568)$550,404 
Other intangible assets:
Acquired developed and core technology
880,744 (875,512)5,232 880,662 (874,981)5,681 
Total intangible assets, net
$3,037,760 $(2,503,871)$533,889 $3,034,634 $(2,478,549)$556,085 
Schedule of Indefinite-Lived Intangible Assets
The carrying amounts of the intangible assets other than goodwill as of March 31, 2025 and December 31, 2024 are as follows (in thousands):
March 31, 2025December 31, 2024
Cost
Accumulated
Amortization
NetCost
Accumulated
Amortization
Net
Customer relationships
$2,157,016 $(1,628,359)$528,657 $2,153,972 $(1,603,568)$550,404 
Other intangible assets:
Acquired developed and core technology
880,744 (875,512)5,232 880,662 (874,981)5,681 
Total intangible assets, net
$3,037,760 $(2,503,871)$533,889 $3,034,634 $(2,478,549)$556,085 
Schedule of Finite-Lived Intangible Assets, Allocation of Amortization Expense
The allocation of the amortization of intangible assets for the periods indicated below is as follows (in thousands):

Three Months Ended March 31,
20252024
Cost of revenues$531 $1,034 
Operating expenses24,791 31,739 
Total amortization of intangible assets$25,322 $32,773 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of March 31, 2025, the amortization expense related to identifiable intangible assets in future periods is expected to be as follows (in thousands):
Customer Relationships Intangible Asset
Other
Intangible
Assets
Total
Intangible
Assets
Remaining 2025
$74,719 $1,603 $76,322 
202686,618 1,438 88,056 
202775,162 696 75,858 
202865,304 540 65,844 
202956,695 336 57,031 
Thereafter
170,159 619 170,778 
Total expected amortization expense
$528,657 $5,232 $533,889 
v3.25.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Long-term debt consists of the following (in thousands):
March 31, 2025December 31, 2024
Dollar term loan
$1,818,750 $1,823,437 
Less: Discount on term loan
(4,960)(5,265)
Less: Debt issuance costs
(8,497)(9,021)
Total debt, net of discount and debt issuance costs
1,805,293 1,809,151 
Less: Current portion of long-term debt
(18,750)(18,750)
Long-term debt, net of current portion
$1,786,543 $1,790,401 
Schedule of Maturities of Long-term Debt
Future minimum principal payments on the Term Facility as of March 31, 2025 are as follows (in thousands):

Remaining 2025
$14,063 
202618,750 
202718,750 
20281,767,187 
Total
$1,818,750 
v3.25.1
Disaggregation of Revenue, Deferred Revenue, Remaining Performance Obligations, Credit Risk and Capitalized Costs to Obtain a Contract (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents the disaggregation of revenue by revenue type, consistent with how the Company evaluates its financial performance, for the three months ended March 31, 2025 and 2024 (in thousands):
Three Months Ended March 31,
20252024
Revenues:
Cloud subscription(i)
$199,935 $151,438 
Self-managed subscription support and other(i)
41,496 48,591 
Maintenance(ii)
103,209 117,678 
Total revenue recognized over time
344,640 317,707 
Self-managed subscription license recognized at a point in time(i)(iii)
42,579 51,969 
Total subscription and maintenance revenue
387,219 369,676 
Professional services(ii)
16,678 18,931 
Total revenues
$403,897 $388,607 
(i) Included in Subscription revenue on the condensed consolidated statements of operations.
(ii) Included in Maintenance and Professional services revenue on the condensed consolidated statements of operations.
(iii) The Company previously presented Perpetual license revenue separately. Because revenue for perpetual licenses are not material for current or past periods due to the transition to a cloud-only, consumption-driven strategy, the Company has combined these amounts into Self-managed subscription license recognized at a point in time and retrospectively adjusted past periods for comparative purposes.
Revenue by geographic location for the three months ended March 31, 2025 and 2024 (in thousands):
Three Months Ended March 31,
20252024
North America
$272,448 $258,055 
EMEA
92,744 86,710 
Asia Pacific
31,438 32,980 
Latin America
7,267 10,862 
Total revenues
$403,897 $388,607 
v3.25.1
Capitalized Costs to Obtain a Contract (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Capitalized Contract Cost The changes in the capitalized costs to obtain a contract for the three months ended March 31, 2025 (in thousands):
Amount
Ending balance as of December 31, 2024
$249,207 
Additions, net8,516 
Commissions amortized (22,183)
Revaluation 1,812 
Ending balance as of March 31, 2025
$237,352 
v3.25.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table reflects the fair value amounts for designated and non-designated hedging instruments at March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025December 31, 2024
Fair Value
Derivative
Assets(i)
Fair Value
Derivative
Liabilities(ii)
Fair Value
Derivative
Assets(i)
Fair Value
Derivative
Liabilities(ii)
Designated hedging instruments
Foreign currency forward contracts
$596 $951 $— $2,059 
Cross currency swap contracts
5,968 3,705 16,147 — 
Non-designated hedging instruments
Foreign currency forward contracts
43 126 — 146 
Total fair value of hedging instruments
$6,607 $4,782 $16,147 $2,205 
_____________
(i)Included in prepaid expenses and other current assets, and other assets on the condensed consolidated balance sheets.
(ii)Included in accrued liabilities and other liabilities on the condensed consolidated balance sheets.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The before-tax effects of derivative instruments designated as cash flow hedges on the accumulated other comprehensive loss and condensed consolidated statements of operations for the periods indicated below are as follows (in thousands):
Three Months Ended March 31,
20252024
Gain related to foreign exchange forward contracts
$1,101 $357 
Amount of gain recognized in other comprehensive income (loss)
$1,101 $357 
(Loss) gain included in cost of service revenue
$(134)$73 
(Loss) gain included in operating expenses (primarily research and development)
(471)231
Amount of (loss) gain related to foreign exchange forward contracts reclassified from accumulated other comprehensive income (loss) into income
$(605)$304 
Schedule of Derivative Instruments, Gain (Loss)
The before-tax gain (loss) recognized in other (expense) income, net for non-designated foreign currency forward contracts for the periods indicated below are as follows (in thousands):
Three Months Ended March 31,
20252024
Gain (loss) recognized in other (expense) income, net
$87 $(25)
v3.25.1
Stockholders Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Share-based Payment Arrangement, Option, Activity
The following table summarizes the option award activity for the three months ended March 31, 2025 (in thousands, except share price, fair value and term):
Number of OptionsWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (in
years)		Aggregate
Intrinsic
Value (in
thousands)
TotalService
based		Performance-
based
Outstanding at December 31, 202412,201 7,759 4,442 $17.66 4.78$100,945 
Exercised(93)(58)(35)$10.56 
Forfeited or expired(22)(3)(19)$11.35 
Outstanding at March 31, 202512,086 7,698 4,388 $17.72 4.42$25,499 
Schedule of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The following table summarizes RSU and PSU activity and related information during the three months ended March 31, 2025 under the 2021 Plan (in thousands, except share price):
Number of Shares
Weighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2024
14,057 $23.73 
Granted
11,226 17.47 
Vested
(3,478)22.29 
Forfeited
(732)26.92 
Unvested and outstanding as of March 31, 2025
21,073 $20.52 
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The following table summarizes the weighted-average assumptions used in estimating the fair value of the ESPP for the offering periods during the three months ended March 31, 2025 and 2024 using the Black-Scholes pricing model:

Three Months Ended March 31,
20252024
ESPP:
Expected term (in years)
      0.5 - 1.0
0.5 - 1.0
Expected volatility
38.8% - 44.3%
40.3% - 43.5%
Risk-free interest rate
4.1% - 4.3%
4.9% - 5.3%
Expected dividend rate
0.0%
0.0%
Fair value of common stock
$18.60
$32.46
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount
The stock-based compensation for all equity awards for the periods indicated below are as follows (in thousands):
Three Months Ended March 31,
20252024
Cost of revenues
$7,726 $8,153 
Research and development
17,423 18,236 
Sales and marketing
19,286 18,942 
General and administrative
15,743 18,770 
Total stock-based compensation
$60,178 $64,101 
v3.25.1
Net Income Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Note 13. Net Income Per Share
The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share data):
Three Months Ended March 31,
20252024
Net income$1,340 $9,334 
Weighted-average shares in computing net income per share:
Basic302,673 296,897 
Effect of dilutive securities
5,886 15,602 
Diluted308,558 312,499 
Net income per share attributable to Class A and Class B-1 common stockholders:
Basic$0.00 $0.03 
Diluted$0.00 $0.03 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following potentially dilutive securities were excluded from the computation of diluted net income per share calculations for the periods presented because the impact of including them would have been anti-dilutive (in thousands):
Three Months Ended March 31,
20252024
Stock options outstanding
260 — 
RSUs656 9 
PSUs— — 
ESPP16 52 
v3.25.1
Summary of Significant Accounting Policies - Segments (Details)
 3 Months Ended
Mar. 31, 2025
segment
Accounting Policies [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.1
Cash, Cash Equivalents, and Investments - Schedule of Cash, Cash Equivalents and Investments (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]    
Cash $ 381,817 $ 286,543
Cash equivalents:    
Time deposits 70,551 146,779
Money market funds 503,897 476,147
Commercial paper 0 2,991
Total cash equivalents 574,448 625,917
Total cash and cash equivalents 956,265 912,460
Short-term investments:    
Total short-term investments 295,740 319,951
Long-term investments    
Total long-term investments 41,699 13,594
Total cash, cash equivalents and investments 1,293,704 1,246,005
Time deposits    
Short-term investments:    
Total short-term investments 225,103 225,103
Commercial paper    
Short-term investments:    
Total short-term investments 33,371 45,194
Corporate debt securities    
Short-term investments:    
Total short-term investments 24,167 31,593
Long-term investments    
Total long-term investments 23,111 0
U.S. government securities    
Short-term investments:    
Total short-term investments 13,099 18,061
U.S. government agency securities    
Long-term investments    
Total long-term investments $ 18,588 $ 13,594
v3.25.1
Available-For-Sale Debt Securities - Schedule of Debt Securities, Available-for-Sale (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 112,295 $ 111,341
Unrealized Gains 50 100
Unrealized Losses (9) (8)
Fair Value 112,336 111,433
U.S. government securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 13,097 18,047
Unrealized Gains 2 14
Unrealized Losses 0 0
Fair Value 13,099 18,061
U.S. government agency securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 18,595 13,598
Unrealized Gains 0 0
Unrealized Losses (7) (4)
Fair Value 18,588 13,594
Corporate debt securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 47,238 31,551
Unrealized Gains 41 44
Unrealized Losses (1) (2)
Fair Value 47,278 31,593
Commercial paper    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 33,365 48,145
Unrealized Gains 7 42
Unrealized Losses (1) (2)
Fair Value $ 33,371 $ 48,185
v3.25.1
Available-For-Sale Debt Securities - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
USD ($)
Investments, Debt and Equity Securities [Abstract]  
Realized gains or losses related to available-for-sale debt securities $ 0
Fair value maturity of one year or less 70,600,000
Available-for-sale debt securities in a continuous unrealized loss position for less than 12 months 28,700,000
Available-for-sale debt securities in a continuous unrealized loss position for more than 12 months 0
Credit losses $ 0
v3.25.1
Fair Value Measurements - Schedule of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Liabilities:    
Derivative liabilities $ 4,782 $ 2,205
Fair Value, Recurring    
Assets:    
Total cash equivalents and investments 911,887 959,462
Total assets 918,494 975,609
Liabilities:    
Total liabilities 4,782 2,205
Fair Value, Recurring | Foreign currency derivatives    
Assets:    
Derivative assets 639  
Liabilities:    
Derivative liabilities 1,077 2,205
Fair Value, Recurring | Cross currency swap contracts    
Assets:    
Derivative assets 5,968 16,147
Liabilities:    
Derivative liabilities 3,705  
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Total cash equivalents and investments 799,551 848,029
Total assets 799,551 848,029
Liabilities:    
Total liabilities 0 0
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign currency derivatives    
Assets:    
Derivative assets 0  
Liabilities:    
Derivative liabilities 0 0
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Cross currency swap contracts    
Assets:    
Derivative assets 0 0
Liabilities:    
Derivative liabilities 0  
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Assets:    
Total cash equivalents and investments 112,336 111,433
Total assets 118,943 127,580
Liabilities:    
Total liabilities 4,782 2,205
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Foreign currency derivatives    
Assets:    
Derivative assets 639  
Liabilities:    
Derivative liabilities 1,077 2,205
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Cross currency swap contracts    
Assets:    
Derivative assets 5,968 16,147
Liabilities:    
Derivative liabilities 3,705  
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Assets:    
Total cash equivalents and investments 0 0
Total assets 0 0
Liabilities:    
Total liabilities 0 0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Foreign currency derivatives    
Assets:    
Derivative assets 0  
Liabilities:    
Derivative liabilities 0 0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Cross currency swap contracts    
Assets:    
Derivative assets 0 0
Liabilities:    
Derivative liabilities 0  
Time deposits | Fair Value, Recurring    
Assets:    
Total cash equivalents and investments 295,654 371,882
Time deposits | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Total cash equivalents and investments 295,654 371,882
Time deposits | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Assets:    
Total cash equivalents and investments 0 0
Time deposits | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Assets:    
Total cash equivalents and investments 0 0
Money market funds | Fair Value, Recurring    
Assets:    
Total cash equivalents and investments 503,897 476,147
Money market funds | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Total cash equivalents and investments 503,897 476,147
Money market funds | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Assets:    
Total cash equivalents and investments 0 0
Money market funds | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Assets:    
Total cash equivalents and investments 0 0
Commercial paper | Fair Value, Recurring    
Assets:    
Total cash equivalents and investments 33,371 48,185
Commercial paper | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Total cash equivalents and investments 0 0
Commercial paper | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Assets:    
Total cash equivalents and investments 33,371 48,185
Commercial paper | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Assets:    
Total cash equivalents and investments 0 0
Corporate debt securities | Fair Value, Recurring    
Assets:    
Total cash equivalents and investments 47,278 31,593
Corporate debt securities | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Total cash equivalents and investments 0 0
Corporate debt securities | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Assets:    
Total cash equivalents and investments 47,278 31,593
Corporate debt securities | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Assets:    
Total cash equivalents and investments 0 0
U.S. government and U.S. government agency securities | Fair Value, Recurring    
Assets:    
Total cash equivalents and investments 31,687 31,655
U.S. government and U.S. government agency securities | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets:    
Total cash equivalents and investments 0 0
U.S. government and U.S. government agency securities | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Assets:    
Total cash equivalents and investments 31,687 31,655
U.S. government and U.S. government agency securities | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Assets:    
Total cash equivalents and investments $ 0 $ 0
v3.25.1
Goodwill and Intangible Assets - Schedule of Goodwill (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 2,326,831
Foreign currency translation adjustment 19,750
Goodwill, ending balance $ 2,346,581
v3.25.1
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]    
Cost $ 3,037,760 $ 3,034,634
Accumulated Amortization (2,503,871) (2,478,549)
Net 533,889 556,085
Customer relationships    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost 2,157,016 2,153,972
Accumulated Amortization (1,628,359) (1,603,568)
Net 528,657 550,404
Acquired developed and core technology    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost 880,744 880,662
Accumulated Amortization (875,512) (874,981)
Net $ 5,232 $ 5,681
v3.25.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization of intangible assets and acquired technology $ 25,322 $ 32,773
v3.25.1
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Allocation of Amortization Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Total amortization of intangible assets $ 25,322 $ 32,773
Cost of revenues    
Finite-Lived Intangible Assets [Line Items]    
Total amortization of intangible assets 531 1,034
Operating expenses    
Finite-Lived Intangible Assets [Line Items]    
Total amortization of intangible assets $ 24,791 $ 31,739
v3.25.1
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Remaining 2025 $ 76,322  
2026 88,056  
2027 75,858  
2028 65,844  
2029 57,031  
Thereafter 170,778  
Net 533,889 $ 556,085
Customer Relationships Intangible Asset    
Finite-Lived Intangible Assets [Line Items]    
Remaining 2025 74,719  
2026 86,618  
2027 75,162  
2028 65,304  
2029 56,695  
Thereafter 170,159  
Net 528,657  
Other Intangible Assets    
Finite-Lived Intangible Assets [Line Items]    
Remaining 2025 1,603  
2026 1,438  
2027 696  
2028 540  
2029 336  
Thereafter 619  
Net $ 5,232  
v3.25.1
Borrowings - Schedule of Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Dollar term loan $ 1,818,750  
Less: Discount on term loan (4,960) $ (5,265)
Less: Debt issuance costs (8,497) (9,021)
Total debt, net of discount and debt issuance costs 1,805,293 1,809,151
Less: Current portion of long-term debt (18,750) (18,750)
Long-term debt, net of current portion 1,786,543 1,790,401
Medium-Term Note    
Debt Instrument [Line Items]    
Total debt, net of discount and debt issuance costs 1,805,300 1,809,200
Dollar term loan | Medium-Term Note    
Debt Instrument [Line Items]    
Dollar term loan $ 1,818,750 $ 1,823,437
v3.25.1
Borrowings - Narrative (Details) - USD ($)
 3 Months Ended
Jun. 11, 2024
Jun. 10, 2024
Mar. 31, 2025
Jun. 30, 2024
Dec. 31, 2024
Debt Instrument [Line Items]          
Long-term debt     $ 1,805,293,000   $ 1,809,151,000
Debt refinancing costs       $ 1,400,000  
Fed Funds Effective Rate Overnight Index Swap Rate          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate 0.50%        
Medium-Term Note          
Debt Instrument [Line Items]          
Long-term debt     1,805,300,000   1,809,200,000
Long-term debt, fair value     $ 1,820,500,000   1,834,800,000
Debt instrument, quarterly installment, percentage of original principal amount     0.25%    
Debt instrument, original issue discount percentage 0.125%        
Medium-Term Note | SOFR          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate 1.00%        
Medium-Term Note | SOFR | Minimum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate 0.00%        
Medium-Term Note | Base Rate          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate 1.25%        
Medium-Term Note | Base Rate | Minimum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate 1.00%        
Medium-Term Note | Dollar term loan          
Debt Instrument [Line Items]          
Debt instrument, face amount     $ 1,900,000,000    
Medium-Term Note | Dollar term loan | SOFR          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate 2.25% 2.75%      
Line of Credit | Revolving Credit Facility          
Debt Instrument [Line Items]          
Long-term debt     0   0
Debt instrument, face amount     250,000,000.0    
Debt instrument, covenant, maximum net leverage ratio, aggregate principal amount of letter of credit obligations (more than)     $ 15,000,000    
Debt instrument, covenant, maximum net leverage ratio, percent of principal in excess of revolving loan commitments     35.00%    
Debt instrument, covenant, maximum net leverage     0.0625    
Debt instrument, debt default, principal, additional interest rate     2.00%    
Line of Credit | Revolving Credit Facility | Minimum          
Debt Instrument [Line Items]          
Line of credit facility, unused capacity, commitment fee percentage     0.25%    
Line of Credit | Revolving Credit Facility | Maximum          
Debt Instrument [Line Items]          
Line of credit facility, unused capacity, commitment fee percentage     0.35%    
Line of Credit | Revolving Credit Facility | SOFR | Minimum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate 2.00%        
Line of Credit | Revolving Credit Facility | SOFR | Maximum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate 2.50%        
Line of Credit | Revolving Credit Facility | Base Rate | Minimum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate 1.00%        
Line of Credit | Revolving Credit Facility | Base Rate | Maximum          
Debt Instrument [Line Items]          
Debt instrument, basis spread on variable rate 1.50%        
Line of Credit | Letter of Credit          
Debt Instrument [Line Items]          
Long-term debt     $ 1,400,000   $ 1,400,000
Line of credit facility, maximum borrowing capacity     30,000,000.0    
Line of Credit | Bridge Loan          
Debt Instrument [Line Items]          
Line of credit facility, maximum borrowing capacity     $ 15,000,000.0    
v3.25.1
Borrowings - Contractual Obligation, Fiscal Year Maturity (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
Remaining 2025 $ 14,063
2026 18,750
2027 18,750
2028 1,767,187
Total $ 1,818,750
v3.25.1
Disaggregation of Revenue, Deferred Revenue, Remaining Performance Obligations, Credit Risk and Capitalized Costs to Obtain a Contract - Disaggregation of Revenue by Type (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Total revenues $ 403,897 $ 388,607
Total subscription and maintenance revenue    
Disaggregation of Revenue [Line Items]    
Total revenues 387,219 369,676
Total revenue recognized over time | Transferred over Time    
Disaggregation of Revenue [Line Items]    
Total revenues 344,640 317,707
Cloud subscription    
Disaggregation of Revenue [Line Items]    
Total revenues 199,935 151,438
Self-managed subscription support and other    
Disaggregation of Revenue [Line Items]    
Total revenues 41,496 48,591
Maintenance    
Disaggregation of Revenue [Line Items]    
Total revenues 103,209 117,678
Self-managed subscription license recognized at a point in time | Transferred at Point in Time    
Disaggregation of Revenue [Line Items]    
Total revenues 42,579 51,969
Professional services    
Disaggregation of Revenue [Line Items]    
Total revenues $ 16,678 $ 18,931
v3.25.1
Disaggregation of Revenue, Deferred Revenue, Remaining Performance Obligations, Credit Risk and Capitalized Costs to Obtain a Contract - Revenue by Geographic Location (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Total revenues $ 403,897 $ 388,607
North America    
Disaggregation of Revenue [Line Items]    
Total revenues 272,448 258,055
EMEA    
Disaggregation of Revenue [Line Items]    
Total revenues 92,744 86,710
Asia Pacific    
Disaggregation of Revenue [Line Items]    
Total revenues 31,438 32,980
Latin America    
Disaggregation of Revenue [Line Items]    
Total revenues $ 7,267 $ 10,862
v3.25.1
Disaggregation of Revenue, Deferred Revenue, Remaining Performance Obligations, Credit Risk and Capitalized Costs to Obtain a Contract - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Total revenues $ 403,897 $ 388,607  
Deferred revenue 762,000   $ 833,300
Contract liabilities, revenue recognized 323,200 295,300  
Revenue, remaining performance obligation, amount $ 1,680,000    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, remaining performance obligation, percentage 66.00%    
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Minimum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, remaining performance obligation, expected timing of satisfaction, period 2 years    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Maximum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, remaining performance obligation, expected timing of satisfaction, period 3 years    
UNITED STATES      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Total revenues $ 256,400 $ 242,000  
v3.25.1
Capitalized Costs to Obtain a Contract - Schedule of Capitalized Contract Cost (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Capitalized Contract Costs [Roll Forward]  
Beginning balance $ 249,207
Additions, net 8,516
Commissions amortized (22,183)
Revaluation 1,812
Ending balance $ 237,352
v3.25.1
Capitalized Costs to Obtain a Contract - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Capitalized contract cost, net, current $ 237,352 $ 249,207
Prepaid Expenses and Other Current Assets    
Disaggregation of Revenue [Line Items]    
Capitalized contract cost, net, current 85,700  
Other Assets    
Disaggregation of Revenue [Line Items]    
Capitalized contract cost, net, current $ 151,700  
v3.25.1
Derivative Financial Instruments - Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Derivative [Line Items]        
Foreign currency cash flow hedge loss to be reclassified during next 12 months $ (0.3)      
Derivative instruments, gain recognized in income, ineffective portion and amount excluded from effectiveness testing 1.5 $ 0.0    
Foreign currency forward contracts        
Derivative [Line Items]        
Derivative, notional amount 104.3     $ 94.0
Cross currency swap contracts | Net Investment Hedging | Designated hedging instruments        
Derivative [Line Items]        
Derivative, notional amount 328.0   € 300  
Foreign currency derivatives | Long        
Derivative [Line Items]        
Derivative, notional amount $ 11.0     $ 11.8
v3.25.1
Derivative Financial Instruments - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Fair Value Derivative Assets $ 6,607 $ 16,147
Fair Value Derivative Liabilities 4,782 2,205
Designated hedging instruments | Foreign currency forward contracts    
Derivative [Line Items]    
Fair Value Derivative Assets 596 0
Fair Value Derivative Liabilities 951 2,059
Designated hedging instruments | Cross currency swap contracts    
Derivative [Line Items]    
Fair Value Derivative Assets 5,968 16,147
Fair Value Derivative Liabilities 3,705 0
Foreign currency forward contracts | Foreign currency forward contracts    
Derivative [Line Items]    
Fair Value Derivative Assets 43 0
Fair Value Derivative Liabilities $ 126 $ 146
v3.25.1
Derivative Financial Instruments - Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cost of revenues    
Derivative Instruments, Gain (Loss) [Line Items]    
(Loss) gain recognized $ (134) $ 73
Operating expenses    
Derivative Instruments, Gain (Loss) [Line Items]    
(Loss) gain recognized (471) 231
Foreign currency forward contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of gain recognized in other comprehensive income (loss) 1,101 357
Designated hedging instruments    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of gain recognized in other comprehensive income (loss) 1,101 357
Designated hedging instruments | Foreign currency forward contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of (loss) gain related to foreign exchange forward contracts reclassified from accumulated other comprehensive income (loss) into income $ (605) $ 304
v3.25.1
Derivative Financial Instruments - Derivative Instruments, (Loss) Gain (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Foreign currency forward contracts | Other Income (Expense), Net    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) recognized in other (expense) income, net $ 87 $ (25)
v3.25.1
Stockholders Equity - Narrative (Details)
$ / shares in Units, $ in Thousands, $ in Thousands
 1 Months Ended 3 Months Ended
Oct. 31, 2021
shares
Mar. 31, 2025
USD ($)
$ / shares
shares
Mar. 31, 2024
shares
Mar. 31, 2025
CAD ($)
shares
Feb. 10, 2025
USD ($)
Class of Stock [Line Items]          
Share repurchase program, authorized amount         $ 800,000
Stock repurchased during period, shares (in shares) | shares   4,900,000 0    
Shares repurchased, weighted average price (in dollars per share) | $ / shares   $ 20.48      
Stock repurchased during period, value   $ 100,000      
Stock repurchased that were pending settlement   $ 0      
Stock repurchased, shares pending retirement (in shares) | shares   0      
2015 Stock Plan          
Class of Stock [Line Items]          
Share-based compensation arrangement by share-based payment award, expiration period   10 years      
2021 Stock Plan          
Class of Stock [Line Items]          
Common stock, capital shares reserved for future issuance (in shares) | shares   90,900,000   90,900,000  
Common stock, capital shares reserved for future issuance, maximum shares that may be added due to provision from previous plans (in shares) | shares 26,288,211        
Service Based          
Class of Stock [Line Items]          
Share-based payment arrangement, nonvested award, cost not yet recognized, amount   $ 800      
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition   6 months      
RSUs | Minimum          
Class of Stock [Line Items]          
Award vesting period   2 years      
RSUs | Maximum          
Class of Stock [Line Items]          
Award vesting period   4 years      
PSUs          
Class of Stock [Line Items]          
Award vesting period   3 years      
Restricted Stock Units And Performance Stock Units          
Class of Stock [Line Items]          
Share-based payment arrangement, nonvested award, cost not yet recognized, amount   $ 384,000      
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition   2 years 7 days      
ESPP          
Class of Stock [Line Items]          
Common stock, capital shares reserved for future issuance (in shares) | shares   17,100,000   17,100,000  
Share-based payment arrangement, nonvested award, cost not yet recognized, amount   $ 10,100      
Share-based compensation arrangement by share-based payment award, consecutive offering period 12 months        
Share-based compensation arrangement by share-based payment award, percentage of market price, purchase date 85.00%        
Class B-2 Common Stock          
Class of Stock [Line Items]          
Common stock, nominal annual dividend       $ 15  
Class A Common Stock          
Class of Stock [Line Items]          
Share repurchase program, authorized, additional amount         $ 400,000
v3.25.1
Stockholders Equity - Share-based Payment Arrangement, Option, Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Number of Options    
Beginning balance (in shares) 12,201  
Exercised (in shares) (93)  
Forfeited or expired (in shares) (22)  
Ending balance (in shares) 12,086 12,201
Weighted- Average Exercise Price    
Weighted average exercise price, beginning balance (in shares) $ 17.66  
Weighted average exercise price, exercised (in shares) 10.56  
Weighted average exercise price, Forfeited or expired (in shares) 11.35  
Weighted average exercise price, ending balance (in shares) $ 17.72 $ 17.66
Weighted- Average Remaining Contractual Term (in years) 4 years 5 months 1 day 4 years 9 months 10 days
Aggregate Intrinsic Value (in thousands)    
Aggregate Intrinsic Value $ 25,499 $ 100,945
Service Based    
Number of Options    
Beginning balance (in shares) 7,759  
Exercised (in shares) (58)  
Forfeited or expired (in shares) (3)  
Ending balance (in shares) 7,698 7,759
Performance Based    
Number of Options    
Beginning balance (in shares) 4,442  
Exercised (in shares) (35)  
Forfeited or expired (in shares) (19)  
Ending balance (in shares) 4,388 4,442
v3.25.1
Stockholders Equity - Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details)
shares in Thousands
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Number of Shares  
Unvested and outstanding, beginning balance (in shares) | shares 14,057
Granted (in shares) | shares 11,226
Vested (in shares) | shares (3,478)
Forfeited (in shares) | shares (732)
Unvested and outstanding, ending balance (in shares) | shares 21,073
Weighted-Average Grant Date Fair Value  
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares $ 23.73
Granted (in dollars per share) | $ / shares 17.47
Vested (in dollars per share) | $ / shares 22.29
Forfeited (in dollars per share) | $ / shares 26.92
Unvested and outstanding, ending balance (in dollars per share) | $ / shares $ 20.52
v3.25.1
Stockholders Equity - Schedule of Valuation Assumptions (Details) - ESPP - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility, minimum 38.80% 40.30%
Expected volatility, maximum 44.30% 43.50%
Risk-free interest rate, minimum 4.10% 4.90%
Risk-free interest rate, maximum 4.30% 5.30%
Expected dividend rate 0.00% 0.00%
Fair value of common stock (in dollars per share) $ 18.60 $ 32.46
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years) 6 months 6 months
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years) 1 year 1 year
v3.25.1
Stockholders Equity - Share-based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Class of Stock [Line Items]    
Total stock-based compensation $ 60,178 $ 64,101
Cost of revenues    
Class of Stock [Line Items]    
Total stock-based compensation 7,726 8,153
Research and development    
Class of Stock [Line Items]    
Total stock-based compensation 17,423 18,236
Sales and marketing    
Class of Stock [Line Items]    
Total stock-based compensation 19,286 18,942
General and administrative    
Class of Stock [Line Items]    
Total stock-based compensation $ 15,743 $ 18,770
v3.25.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ 620 $ (25,464)
Income (loss) before income taxes $ 1,960 $ (16,130)
Effective tax rate (as a percent) 32.00% 158.00%
v3.25.1
Net Income Per Share - Schedule of Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net income $ 1,340 $ 9,334
Weighted-average shares in computing net income per share:    
Basic (in shares) 302,673 296,897
Effect of dilutive securities (in shares) 5,886 15,602
Diluted (in shares) 308,558 312,499
Net income per share attributable to Class A and Class B-1 common stockholders:    
Basic (in dollars per share) $ 0.00 $ 0.03
Diluted (in dollars per share) $ 0.00 $ 0.03
v3.25.1
Net Income Per Share - Schedule of Dilutive Securities (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stock options outstanding    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Stock options outstanding (in shares) 260 0
RSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Stock options outstanding (in shares) 656 9
PSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Stock options outstanding (in shares) 0 0
ESPP    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Stock options outstanding (in shares) 16 52
v3.25.1
Commitment and Contingencies (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Long-Term Purchase Commitment [Line Items]  
Purchase obligation $ 204.4
Purchase obligation, to be paid, year one 100.3
Purchase obligation, to be paid, year two and three $ 104.1
Period 1  
Long-Term Purchase Commitment [Line Items]  
Long-term purchase commitment, period 1 year
Minimum | Period 2  
Long-Term Purchase Commitment [Line Items]  
Long-term purchase commitment, period 1 year
Maximum | Period 3  
Long-Term Purchase Commitment [Line Items]  
Long-term purchase commitment, period 3 years