v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities:    
Net income $ 34,244 $ 16,494
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,443 6,588
Stock-based compensation expense 8,690 10,725
Accretion of debt issuance costs 96 93
Changes in operating assets and liabilities, net of assets and liabilities acquired:    
Accounts receivable 15,966 18,645
Prepaid expenses 3,071 3,102
Other current assets 17,675 (6,110)
Current income taxes 7,438 69
Lease right-of-use assets 2,238 1,024
Other assets 26,003 (7,304)
Deferred revenue (460) (18)
Lease right-of-use liabilities (497) (827)
Other liabilities 1,169 929
Accounts payable and other current liabilities 14,938 3,248
Net cash provided by operating activities 137,014 46,658
Investing activities:    
Acquisition of property and equipment (1,233) (1,921)
Net cash used in investing activities (1,233) (1,921)
Financing activities:    
Net proceeds from (repayments of) short-term financing obligations (2,636) 15,665
Principal payments on term loan 0 (3,093)
Proceeds from exercise of stock options 15,237 8,818
Issuance of common stock under Employee Stock Purchase Plan 2,454 1,950
Repurchase of common stock (27,031) (8,577)
Net cash provided by (used in) financing activities (11,976) 14,763
Effect of exchange rate changes 114 (183)
Net increase (decrease) in cash and cash equivalents 123,919 59,317
Cash and cash equivalents at beginning of period 443,552 156,307
Cash and cash equivalents at end of period 567,471 215,624
Supplemental information:    
Capital expenditures accrued but not paid at period end 3,138 0
Cash paid for amounts included in the measurement of lease liabilities included in cash provided by operating activities 857 1,275
Lease liabilities arising from obtaining right-of-use assets $ 0 $ 852

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