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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 340,788 $ 281,389 $ 195,960
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 113,948 92,699 67,222
Accretion of discount on available-for-sale securities (520) (1,020) (452)
Non-cash marketing expense 1,658 1,734 1,051
Loss (Gain) on disposition of property and equipment 23 (150) 146
Amortization of debt issuance costs 1,225 847 36
Stock-based compensation expense 129,806 94,898 97,506
Loss on extinguishment of debt 1,222    
Cash paid for derivative settlement   205 (741)
Gain on derivative   (1,559) (662)
Deferred income taxes, net 2,557 (3,210) 32,906
Other 122 (206)  
Changes in operating assets and liabilities:      
Accounts receivable 6,401 (13,353) (360)
Prepaid expenses (6,617) (6,497) (5,875)
Inventory 224 (224) 481
Other assets (43,431) (13,907) (7,862)
Deferred contract costs (127,657) (122,440) (103,356)
Accounts payable (5,155) 11,676 (660)
Income taxes, net (12,808) 10,830 (5,966)
Accrued commissions and bonuses 2,053 6,082 8,654
Accrued payroll and vacation 11,063 10,764 9,730
Deferred revenue 13,053 15,990 14,600
Accrued expenses and other current liabilities 57,082 555 17,004
Net cash provided by operating activities 485,037 365,103 319,362
Cash flows from investing activities      
Purchases of investments from funds held for clients (25,000) (268,718) (398,819)
Proceeds from investments from funds held for clients 25,000 382,230 267,341
Purchases of intangible assets (4,244) (4,120) (5,500)
Purchases of property and equipment (192,587) (132,678) (120,692)
Proceeds from sale of property and equipment 119    
Net cash used in investing activities (196,712) (23,286) (257,670)
Cash flows from financing activities      
Proceeds from the issuance of debt   29,000  
Repurchases of common stock (286,618) (94,652)  
Withholding taxes paid related to net share settlements (13,927) (5,171) (65,580)
Payments on long-term debt (29,000) (29,287) (1,775)
Dividends paid (64,838)    
Net change in client funds obligation 120,370 361,133 233,079
Payment of debt issuance costs (647) (6,436)  
Net cash (used in) provided by financing activities (274,660) 254,587 165,724
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents 13,665 596,404 227,416
Cash, cash equivalents, restricted cash and restricted cash equivalents      
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 2,409,095 1,812,691 1,585,275
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period 2,422,760 2,409,095 1,812,691
Cash and cash equivalents 294,025 400,730 277,978
Restricted cash included in funds held for clients 2,128,735 2,008,365 1,534,713
Total cash, cash equivalents, restricted cash and restricted cash equivalents, end of period 2,422,760 2,409,095 1,812,691
Supplemental disclosures of cash flow information:      
Cash paid for interest, net of amounts capitalized 985 507 2
Cash paid for income taxes 139,914 100,578 33,068
Non-cash investing and financing activities:      
Purchases of property and equipment, accrued but not paid 9,025 5,899 7,581
Stock-based compensation for capitalized software 14,657 8,965 7,141
Right of use assets obtained in exchange for operating lease liabilities $ 50,315 $ 21,467 $ 14,141