v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net income $ 16,494 $ 15,755
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,588 7,036
Stock-based compensation expense 10,725 8,857
Accretion of debt issuance costs 93 93
Changes in operating assets and liabilities, net of assets and liabilities acquired:    
Accounts receivable 18,645 7,639
Prepaid expenses 3,102 (2,750)
Other current assets (6,110) (2,765)
Current income taxes 69 6,742
Lease right-of-use assets 1,024 715
Other assets (7,304) (1,353)
Deferred revenue (18) 115
Lease right-of-use liabilities (827) (781)
Other liabilities 929 899
Accounts payable and other current liabilities 3,248 (6,758)
Net cash provided by operating activities 46,658 33,444
Investing activities:    
Acquisition of property and equipment (1,921) (262)
Net cash used in investing activities (1,921) (262)
Financing activities:    
Net proceeds from (repayments of) short-term financing obligations 15,665 (5,850)
Principal payments on term loan (3,093) (2,578)
Proceeds from exercise of stock options 8,818 2,381
Issuance of common stock under Employee Stock Purchase Plan 1,950 2,100
Repurchase of common stock (8,577) (31,998)
Payments related to tax withholding for share-based compensation 0 (93)
Net cash provided by (used in) financing activities 14,763 (36,038)
Effect of exchange rate changes (183) 24
Net increase (decrease) in cash and cash equivalents 59,317 (2,832)
Cash and cash equivalents at beginning of period 156,307 113,757
Cash and cash equivalents at end of period 215,624 110,925
Supplemental information:    
Cash paid for amounts included in the measurement of lease liabilities included in cash provided by operating activities 1,275 1,132
Lease liabilities arising from obtaining right-of-use assets $ 852 $ 5,482

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