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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities:    
Net income $ 245,081 $ 199,664
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 109,983 102,390
Amortization of deferred commissions costs 55,373 46,728
Amortization of Senior Notes discount and issuance costs 1,771 1,742
Non-cash lease expense 23,108 21,118
Stock-based compensation expense 54,097 46,988
Deferred income taxes, net (21,676) 16,255
Credit loss expense 13,468 7,797
Other operating activities, net (1,774) 10
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (36,177) (17,715)
Prepaid expenses and other current assets (17,235) (18,820)
Deferred commissions (83,875) (49,798)
Accounts payable and other liabilities 2,131 (27,912)
Lease liabilities (27,615) (23,596)
Income taxes payable (29,051) (3,583)
Deferred revenue 4,488 15,800
Other assets 1,492 2,150
Net cash provided by operating activities 293,589 319,218
Investing activities:    
Proceeds from sale of property and equipment and other assets 5,034 245
Purchase of Richmond assets and other intangibles (31,530) (123,623)
Purchases of property and equipment and other assets (43,659) (21,533)
Cash paid for acquisitions, net of cash acquired (6,331) (152,594)
Net cash used in investing activities (76,486) (297,505)
Financing activities:    
Repayments of long-term debt assumed in acquisition (2,155) 0
Repurchase of restricted stock to satisfy tax withholding obligations (20,259) (29,306)
Proceeds from equity offering, net of transaction costs 746,170 0
Proceeds from exercise of stock options and employee stock purchase plan 10,777 15,025
Other financing activities 0 (57)
Net cash provided by (used in) financing activities 734,533 (14,338)
Effect of foreign currency exchange rates on cash and cash equivalents (4,297) (1,700)
Net increase in cash, cash equivalents and restricted cash 947,339 5,675
Cash, cash equivalents and restricted cash at the beginning of period 3,827,126 3,755,912
Cash, cash equivalents and restricted cash at the end of period 4,774,465 3,761,587
Supplemental cash flow disclosures:    
Interest paid 29,473 31,030
Income taxes paid 141,869 58,234
Supplemental non-cash investing and financing activities:    
Consideration owed for acquisitions 52 376
Accrued capital expenditures and non-cash landlord incentives 5,808 660
Accrued transaction costs from equity offering $ 470 $ 0