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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities:      
Net income $ 238,334 $ 122,695 $ 85,071
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 77,743 63,643 70,165
Amortization of deferred commissions costs 48,313 0 0
Amortization of debt issuance costs 876 2,303 3,227
Loss on extinguishment of debt 0 3,788 0
Impairment loss 0 0 23
Loss on disposal of property and equipment 73 129 839
Realized gain on investments 0 0 (808)
Stock-based compensation expense 41,214 39,030 36,349
Deferred income taxes, net 3,666 (2,903) 15,635
Bad debt expense 6,542 5,690 7,358
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (27,819) (17,524) (16,044)
Prepaid expenses and other current assets (1,651) (3,672) (1,157)
Deferred commissions (53,497) 0 0
Income tax receivable (1,927) (12,981) 0
Accounts payable and other liabilities (14,132) 11,525 (1,520)
Income taxes payable 9,632 16,937 2,816
Deferred revenue 7,879 6,004  
Deferred revenue     (2,070)
Deposits and other assets 212 39 758
Net cash provided by operating activities 335,458 234,703 200,642
Investing activities:      
Proceeds from sale and settlement of investments 0 0 5,950
Purchases of property and equipment and other assets (29,632) (24,499) (18,766)
Cash paid for acquisitions, net of cash acquired (418,369) (47,768) (10,443)
Net cash used in investing activities (448,001) (72,267) (23,259)
Financing activities:      
Payments of long-term debt 0 (345,000) (20,000)
Payments of debt issuance costs 0 (3,467) 0
Repurchase of restricted stock to satisfy tax withholding obligations (24,327) (14,902) (16,424)
Proceeds from equity offering, net of transaction costs 0 833,911 0
Proceeds from exercise of stock options and employee stock purchase plan 27,071 9,888 5,861
Net cash provided by (used in) financing activities 2,744 480,430 (30,563)
Effect of foreign currency exchange rates on cash and cash equivalents (1,248) 1,374 (1,415)
Net (decrease) increase in cash and cash equivalents (111,047) 644,240 145,405
Cash and cash equivalents at beginning of year 1,211,463 567,223 421,818
Cash and cash equivalents at end of year 1,100,416 1,211,463 567,223
Supplemental cash flow disclosures:      
Interest paid 1,421 6,445 6,712
Income taxes paid 35,980 41,283 34,132
Supplemental non-cash investing and financing activities:      
Stock issued in connection with acquisition - ForRent 36,366 0 0
Consideration owed for acquisitions $ 1,534 $ 0 $ 0