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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net income $ 41,160 $ 33,694
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,069 4,286
Amortization of debt issuance costs 6 23
Stock-based compensation expense 23,222 3,343
Cash paid for derivative settlement (79)  
Gain on derivative (738)  
Deferred income taxes, net 4,272 1,285
Changes in operating assets and liabilities:    
Accounts receivable (774) (508)
Prepaid expenses (2,019) (938)
Inventory (193) 176
Deposits and other assets (565) (154)
Deferred contract costs (17,712) (13,563)
Accounts payable (710) (1,349)
Income taxes, net 4,013 17,269
Accrued commissions and bonuses (6,980) (5,277)
Accrued payroll and vacation 4,307 2,919
Deferred revenue 2,153 2,455
Accrued expenses and other current liabilities 2,232 (3,436)
Net cash provided by operating activities 57,664 40,225
Cash flows from investing activities    
Net change in funds held for clients (5,959) (92,736)
Purchases of property and equipment (18,708) (9,136)
Net cash provided by investing activities (24,667) (101,872)
Cash flows from financing activities    
Proceeds from issuance of long-term debt   2,093
Repurchases of common stock (4,999)  
Withholding taxes paid related to net share settlement (11,871)  
Principal payments on long-term debt   (282)
Net change in client funds obligation 5,959 92,736
Payment of debt issuance costs (42) (143)
Net cash (used in) provided by financing activities (10,953) 94,404
Increase in cash and cash equivalents 22,044 32,757
Cash and cash equivalents    
Beginning of period 46,077 60,158
End of period $ 68,121 $ 92,915