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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net income $ 187,651 $ 172,791
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 51,690 64,127
Amortization of deferred commissions costs 45,267 35,996
Amortization of Senior Notes discount and issuance costs 1,197 1,178
Non-cash lease expense 14,147 15,080
Stock-based compensation expense 41,871 35,959
Deferred income taxes, net (6,989) (14,946)
Credit loss expense 13,938 6,890
Other operating activities, net 540 (1,149)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (40,601) (33,318)
Prepaid expenses and other current assets (4,220) 3,152
Deferred commissions (65,028) (54,155)
Accounts payable and other liabilities 54,422 14,098
Lease liabilities (16,559) (15,932)
Income taxes payable, net 12,916 (27,770)
Deferred revenue 8,873 8,520
Other assets (735) 1,578
Net cash provided by operating activities 298,380 212,099
Investing activities:    
Proceeds from sale of property and equipment and other assets 0 5,034
Purchase of Richmond assets (45,621) (25,664)
Purchases of property and equipment and other assets (8,801) (30,746)
Cash paid for acquisitions, net of cash acquired 0 (6,331)
Net cash used in investing activities (54,422) (57,707)
Financing activities:    
Repayments of long-term debt assumed in acquisition 0 (2,155)
Repurchase of restricted stock to satisfy tax withholding obligations (22,445) (19,755)
Proceeds from exercise of stock options and employee stock purchase plan 16,175 7,340
Net cash used in financing activities (6,270) (14,570)
Effect of foreign currency exchange rates on cash and cash equivalents (363) (2,832)
Net increase in cash and cash equivalents 237,325 136,990
Cash and cash equivalents at the beginning of period 4,967,970 3,827,126
Cash and cash equivalents at the end of period 5,205,295 3,964,116
Supplemental cash flow disclosures:    
Interest paid 15,432 14,953
Income taxes paid 63,725 99,507
Supplemental non-cash investing and financing activities:    
Consideration owed for acquisitions 0 55
Accrued capital expenditures and non-cash landlord incentives $ 8,220 $ 9,538