v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities:    
Net income $ 132,191 $ 38,895
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,602 21,149
Stock-based compensation expense 34,106 30,418
Accretion of debt issuance costs 437 280
Changes in operating assets and liabilities, net of assets and liabilities acquired:    
Accounts receivable 14,513 17,045
Prepaid expenses 2,838 (5,668)
Other current assets (30,008) (6,365)
Current income taxes (17,404) 8,465
Lease right-of-use assets 2,678 2,282
Other assets (24,494) (7,571)
Deferred revenue 1,917 590
Lease right-of-use liabilities (3,153) (2,416)
Other liabilities 3,008 1,320
Accounts payable and other current liabilities 43,235 2,200
Net cash provided by operating activities 179,466 100,624
Investing activities:    
Acquisition of property and equipment (3,164) (1,749)
Net cash used in investing activities (3,164) (1,749)
Financing activities:    
Net proceeds from (repayments of) short-term financing obligations 25,229 (8,463)
Debt issuance costs (762) 0
Principal payments on term loan (50,530) (7,734)
Proceeds from exercise of stock options 113,043 2,925
Issuance of common stock under Employee Stock Purchase Plan 3,846 2,817
Repurchase of common stock (33,849) (58,571)
Payments related to tax withholding for stock-based compensation 0 (93)
Net cash provided by (used in) financing activities 56,977 (69,119)
Effect of exchange rate changes 32 (26)
Net increase (decrease) in cash and cash equivalents 233,311 29,730
Cash and cash equivalents at beginning of period 156,307 113,757
Cash and cash equivalents at end of period 389,618 143,487
Supplemental information:    
Capital expenditures accrued but not paid at period end 0 123
Cash paid for amounts included in the measurement of lease liabilities included in cash provided by operating activities 4,537 3,530
Lease liabilities arising from obtaining right-of-use assets $ 45,534 $ 8,649

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