v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities:    
Net income $ 29,747 $ 92,568
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 14,069 10,614
Stock-based compensation expense 18,665 17,439
Deferred income tax expense 0 2,038
Accretion of debt issuance costs 186 186
Changes in operating assets and liabilities, net of assets and liabilities acquired:    
Accounts receivable 12,733 13,360
Prepaid expenses (4,773) (1,456)
Other current assets (5,439) (583)
Current income taxes 8,338 (860)
Lease right-of-use assets 1,519 0
Other assets (2,312) (1,522)
Deferred revenue 1,192 51
Lease right-of-use liabilities (1,553) 0
Other liabilities 1,490 1,278
Accounts payable and accrued expenses (19,538) 3,240
Net cash provided by operating activities 54,324 136,353
Investing activities:    
Acquisition of property and equipment (610) (1,223)
Net cash used in investing activities (610) (1,223)
Financing activities:    
Proceeds from short term financing obligations, net of repayments (5,190) (664)
Principal payments on term loan (5,156) (4,124)
Proceeds from exercise of stock options 2,653 40,962
Issuance of common stock under Employee Stock Purchase Plan 2,100 1,981
Repurchase of common stock (52,185) (40,176)
Payments related to tax withholding for share-based compensation (93) (4,144)
Net cash used in financing activities (57,871) (6,165)
Effect of exchange rate changes 113 0
Net (decrease) increase in cash and cash equivalents (4,044) 128,965
Cash and cash equivalents at beginning of period 113,757 153,903
Cash and cash equivalents at end of period 109,713 282,868
Supplemental information:    
Capital expenditures accrued but not paid at period end 42 65
Tenant improvement allowance 0 600
Cash paid for amounts included in the measurement of lease liabilities included in cash provided by operating activities 2,239 0
Lease liabilities arising from obtaining right-of-use assets $ 6,785 $ 0

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