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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flow from operating activities:    
Net income $ 67,756 $ 48,672
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 23,975 23,486
Bad debt expense 392 156
Loss on disposal of property and equipment 9 196
Stock-based compensation 29,930 25,163
Amortization of premiums (accretion of discounts) on marketable securities 163 (1,402)
Deferred income taxes 5,061 7,296
Changes in operating assets and liabilities:    
Accounts receivable 13,351 14,355
Prepaid expenses and other assets (6,071) (6,568)
Accounts payable 326 (1,336)
Accrued liabilities 72 1,518
Deferred revenues 6,333 15,413
Net cash provided by operating activities 141,297 126,949
Cash flow from investing activities:    
Purchases of marketable securities (290,534) (259,286)
Sales and maturities of marketable securities 263,296 263,874
Purchases of property and equipment (22,742) (19,473)
Acquisition of businesses, net of cash acquired, and purchases of intangible assets (1,500) (1,850)
Purchase of privately-held investment 0 (625)
Net cash used in investing activities (51,480) (17,360)
Cash flow from financing activities:    
Repurchases of common stock (91,881) (73,877)
Proceeds from exercise of stock options 23,962 11,014
Payments for taxes related to net share settlement of equity awards (16,338) (10,864)
Principal payments under finance lease obligations (92) (1,273)
Net cash used in financing activities (84,349) (75,000)
Net increase in cash, cash equivalents and restricted cash 5,468 34,589
Cash, cash equivalents and restricted cash at beginning of period 88,759 42,226
Cash, cash equivalents and restricted cash at end of period $ 94,227 $ 76,815