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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 30,932 $ 12,460
Adjustments to reconcile net income to net cash used in operating activities:    
Stock-based compensation expense 19,559 14,277
Depreciation and amortization expense 11,322 10,235
Deferred income tax benefit (20,827) (9,268)
Provision for credit losses 38 56
Net accretion of discounts and amortization of premiums on available-for-sale securities 90 133
Amortization of debt issuance costs 44 37
Other 27 31
Changes in operating assets and liabilities:    
Accounts receivable (173) 195
Deferred contract costs (11,114) (10,409)
Prepaid expenses and other (9,807) (2,144)
Accounts payable 1,567 1,611
Accrued expenses and other (25,790) (18,781)
Net cash used in operating activities (4,132) (1,567)
Cash flows from investing activities:    
Purchases of available-for-sale securities (135,849)  
Proceeds from sales and maturities of available-for-sale securities 9,648 37,493
Capitalized internal-use software costs (9,159) (7,884)
Purchases of property and equipment (3,220) (2,045)
Acquisition of business, net of cash acquired (59,581)  
Net cash provided by (used in) investing activities (198,161) 27,564
Cash flows from financing activities:    
Net change in client fund obligations 1,425,782 51,671
Taxes paid related to net share settlement of equity awards (60,809) (33,402)
Payment of debt issuance costs (9) (9)
Net cash provided by financing activities 1,364,964 18,260
Net change in cash, cash equivalents and funds held for clients' cash and cash equivalents 1,162,671 44,257
Cash, cash equivalents and funds held for clients' cash and cash equivalents-beginning of period 1,945,881 1,492,133
Cash, cash equivalents and funds held for clients' cash and cash equivalents-end of period 3,108,552 1,536,390
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Purchases of property and equipment and internal-use software, accrued but not paid 3,079 1,479
Liabilities assumed for acquisition 2,165  
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 63 311
Cash paid (refunds received) for income taxes 13 (119)
Reconciliation of cash, cash equivalents and funds held for clients' cash and cash equivalents to the Consolidated Balance Sheets    
Cash and cash equivalents 66,431 221,514
Funds held for clients' cash and cash equivalents 3,042,121 1,314,876
Total cash, cash equivalents and funds held for clients' cash and cash equivalents $ 3,108,552 $ 1,536,390