XML 42 R5.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Cash Flows
$ in Thousands
6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Cash flows from operating activities    
Net income $ 30,847 $ 27,050
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 43,346 60,553
Provision for doubtful accounts and sales returns 3,780 519
Stock-based compensation expense 49,422 57,856
Deferred taxes (653) (18,810)
Amortization of deferred financing costs and discount 1,346 984
Loss on disposition of businesses 0 1,561
Other non-cash adjustments (5,407) 2,462
Changes in operating assets and liabilities, net of acquisition and disposal of businesses:    
Accounts receivable (64,984) (53,062)
Prepaid expenses and other assets (8,910) (2,473)
Trade accounts payable (8,408) 19,146
Accrued expenses and other liabilities (10,208) (13,579)
Deferred revenue 38,158 36,228
Net cash provided by operating activities 68,329 118,435
Cash flows from investing activities    
Purchase of property and equipment (1,311) (6,118)
Capitalized software development costs (27,787) (28,392)
Cash used in disposition of business (12,235) (1,179)
Other investing activities 0 (5,029)
Net cash used in investing activities (41,333) (40,718)
Cash flows from financing activities    
Proceeds from issuance of debt 272,300 1,211,600
Payments on debt (187,666) (966,680)
Debt issuance costs 0 (6,458)
Employee taxes paid for withheld shares upon equity award settlement (38,655) (54,483)
Change in due to customers 128,582 106,851
Change in customer funds receivable (3,262) (2,577)
Purchase of treasury stock, including excise tax payments (103,205) (262,596)
Net cash provided by financing activities 68,094 25,657
Effect of exchange rate on cash, cash equivalents and restricted cash 7,212 (523)
Net increase in cash, cash equivalents and restricted cash 102,302 102,851
Cash, cash equivalents and restricted cash, beginning of period 809,512 728,257
Cash, cash equivalents and restricted cash, end of period 911,814 $ 831,108
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]    
Cash and cash equivalents 41,566  
Total restricted cash 870,248  
Total cash, cash equivalents and restricted cash in the statement of cash flows $ 911,814