Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net Cash Provided by (Used in) Operating Activities [Abstract]      
Net income $ 178,665 $ 59,229 $ 168,642
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 25,964 27,868 24,092
Stock-based compensation expense 43,532 42,891 36,349
Deferred income tax expense (benefit) (3,495) (1,424) 12,580
Accretion of debt issuance costs 532 373 372
Changes in operating assets and liabilities, net of assets and liabilities acquired:      
Accounts receivable, net 12,097 9,052 7,015
Prepaid expenses 3,076 (7,815) (5,660)
Other current assets (63,624) (12,024) (886)
Current income taxes (7,709) 8,176 13,879
Lease right-of-use assets 4,536 3,185 0
Other assets (25,781) (9,091) (5,124)
Deferred revenue (267) 790 2,150
Accounts payable and other current liabilities 78,824 12,517 9,792
Lease right-of-use liabilities (3,880) (3,400) 0
Other liabilities 4,868 6,826 12,880
Net cash provided by operating activities 247,338 137,153 276,081
Investing activities:      
Acquisition of Metapack, net of cash acquired 0 0 (208,500)
Acquisition of property and equipment (3,561) (2,256) (2,898)
Net cash used in investing activities (3,561) (2,256) (211,398)
Financing activities:      
Net proceeds from (repayments of) short term financing obligations 14,088 (22,818) 6,593
Debt issuance costs (762) 0 0
Principal payments on term loan (50,530) (10,828) (8,764)
Payments on revolving credit facility 0 0 (12,716)
Proceeds from exercise of stock options 130,680 3,049 47,338
Issuance of common stock under Employee Stock Purchase Plan 3,847 2,817 3,756
Payments related to tax withholding for share-based compensation 0 (93) (4,144)
Repurchase of common stock (54,621) (64,889) (136,840)
Net cash used in financing activities 42,702 (92,762) (104,777)
Effect of exchange rate changes 766 415 (52)
Net increase (decrease) in cash and cash equivalents 287,245 42,550 (40,146)
Cash and cash equivalents at beginning of period 156,307 113,757 153,903
Cash and cash equivalents at end of period 443,552 156,307 113,757
Supplemental Information:      
Capital expenditures accrued but not paid at period end 352 34 40
Tenant improvement allowance 0 0 600
Income taxes paid (refunded), net 27,672 13,844 (10,100)
Interest paid 579 2,141 2,701
Cash paid for amounts included in the measurement of lease liabilities included in cash provided by operating activities 6,084 4,935 0
Lease liabilities arising from obtaining right-of-use assets $ 45,534 $ 8,771 $ 0