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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net income $ 22,102 $ 19,373
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 30,936 24,832
Depreciation and amortization expense 21,071 18,261
Deferred income tax benefit (12,940) (6,500)
Provision for credit losses 98 63
Net accretion of discounts and amortization of premiums on available-for-sale securities 255 (1,052)
Amortization of debt issuance costs 83 73
Other 515 250
Changes in operating assets and liabilities:    
Accounts receivable (1,287) (53)
Deferred contract costs (23,431) (22,434)
Prepaid expenses and other (3,388) 773
Accounts payable 1,070 261
Accrued expenses and other (15,412) 2,231
Net cash provided by operating activities 19,672 36,078
Cash flows from investing activities:    
Purchases of available-for-sale securities and other   (253,950)
Proceeds from sales and maturities of available-for-sale securities 58,996 124,780
Capitalized internal-use software costs (14,832) (12,139)
Purchases of property and equipment (6,045) (12,398)
Acquisition of business, net of cash acquired (14,992)  
Net cash provided by (used in) investing activities 23,127 (153,707)
Cash flows from financing activities:    
Net change in client fund obligations 876,982 450,825
Proceeds from employee stock purchase plan 6,100 3,961
Taxes paid related to net share settlement of equity awards (44,749) (25,954)
Payment of debt issuance costs (17) (675)
Net cash provided by financing activities 838,316 428,157
Net change in cash, cash equivalents and funds held for clients' cash and cash equivalents 881,115 310,528
Cash, cash equivalents and funds held for clients' cash and cash equivalents-beginning of period 1,492,133 1,426,143
Cash, cash equivalents and funds held for clients' cash and cash equivalents-end of period 2,373,248 1,736,671
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Liabilities assumed for acquisition 281  
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 584 53
Cash paid (refunds received) for income taxes (110) 19
Reconciliation of cash, cash equivalents and funds held for clients' cash and cash equivalents to the Unaudited Consolidated Balance Sheets    
Cash and cash equivalents 218,696 75,900
Funds held for clients' cash and cash equivalents 2,154,552 1,660,771
Total cash, cash equivalents and funds held for clients' cash and cash equivalents $ 2,373,248 $ 1,736,671