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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ 281,389 $ 195,960 $ 143,453
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 92,699 67,222 53,373
Accretion of discount on available-for-sale securities (1,020) (452) (1,563)
Non-cash marketing expense 1,734 1,051  
(Gain)/loss on disposition of property and equipment (150) 146  
Amortization of debt issuance costs 847 36 36
Stock-based compensation expense 94,898 97,506 90,108
Cash paid for derivative settlement 205 (741) (613)
(Gain)/loss on derivative (1,559) (662) 1,993
Deferred income taxes, net (3,210) 32,906 21,381
Other (206)    
Changes in operating assets and liabilities:      
Accounts receivable (13,353) (360) 168
Prepaid expenses (6,497) (5,875) (4,293)
Inventory (224) 481 (41)
Other assets (13,907) (7,862) (1,720)
Deferred contract costs (122,440) (103,356) (89,776)
Accounts payable 11,676 (660) 1,529
Income taxes, net 10,830 (5,966) (6,427)
Accrued commissions and bonuses 6,082 8,654 1,360
Accrued payroll and vacation 10,764 9,730 9,659
Deferred revenue 15,990 14,600 10,582
Accrued expenses and other current liabilities 555 17,004 (2,002)
Net cash provided by operating activities 365,103 319,362 227,207
Cash flows from investing activities      
Purchases of investments from funds held for clients (268,718) (398,819) (332,756)
Proceeds from investments from funds held for clients 382,230 267,341 308,981
Purchases of intangible assets (4,120) (5,500)  
Purchases of property and equipment (132,678) (120,692) (94,102)
Net cash used in investing activities (23,286) (257,670) (117,877)
Cash flows from financing activities      
Proceeds from the issuance of debt 29,000    
Repurchases of common stock (94,652)   (52,040)
Withholding taxes paid related to net share settlements (5,171) (65,580) (62,811)
Payments on long-term debt (29,287) (1,775) (1,775)
Net change in client funds obligation 361,133 233,079 (49,283)
Payment of debt issuance costs (6,436)    
Net cash provided by (used in) financing activities 254,587 165,724 (165,909)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 596,404 227,416 (56,579)
Cash, cash equivalents, restricted cash and restricted cash equivalents      
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 1,812,691 1,585,275 1,641,854
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period 2,409,095 1,812,691 1,585,275
Cash and cash equivalents 400,730 277,978 151,710
Restricted cash included in funds held for clients 2,008,365 1,534,713 1,433,565
Supplemental disclosures of cash flow information:      
Cash paid for interest, net of amounts capitalized 507 2  
Cash paid for income taxes 100,578 33,068 27,530
Non-cash investing and financing activities:      
Purchases of property and equipment, accrued but not paid 5,899 7,581 837
Stock-based compensation for capitalized software 8,965 7,141 6,655
Right of use assets obtained in exchange for operating lease liabilities $ 21,467 $ 14,141 $ 9,693