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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net income $ 4,971 $ 15,166
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Deferred tax benefit (5,155) (3,370)
Non-cash interest expense   19
Depreciation and amortization 364 422
Stock-based compensation expense 24,500 5,034
Bad debt expense 2,281 2,518
Changes in operating assets and liabilities:    
Accounts receivable (65,845) (43,520)
Prepaid expenses and other current assets (664) 1,046
Accounts payable 23,171 13,797
Accrued expenses and other current liabilities 6,489 9,413
Other noncurrent assets and liabilities (1,374) 7
Net cash (used in) provided by operating activities (11,262) 532
INVESTING ACTIVITIES    
Purchase of property and equipment, net (790) (369)
Purchases of marketable securities (59,867) (62,146)
Sale of marketable securities 21,099 23,995
Net cash used in investing activities (39,558) (38,520)
FINANCING ACTIVITIES    
Proceeds from exercise of stock options 830 539
Payment of employee taxes related to equity awards (2,988) (3,523)
Proceeds from contributions to employee stock purchase plan 386 487
Net cash used in financing activities (1,772) (2,497)
Net decrease in cash and cash equivalents (52,592) (40,485)
Cash and cash equivalents, beginning of period 91,413 70,305
Cash and cash equivalents, end of period 38,821 29,820
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for income taxes, net of refunds received 5  
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Additions of property and equipment, net included in accounts payable and accrued expenses $ 251 $ 20