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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
OPERATING ACTIVITIES:    
Net income $ 57,373 $ 48,705
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15,246 8,107
Stock-based compensation 56,368 27,958
Bad debt expense 1,647 1,727
Noncash lease expense 15,394  
Other (2,945) 2,396
Changes in operating assets and liabilities:    
Accounts receivable (2,739) (44,736)
Prepaid expenses and other assets (19,024) (10,597)
Accounts payable (21,401) (2,804)
Accrued expenses and other liabilities (3,178) 7,789
Operating lease liabilities (8,468)  
Net cash provided by operating activities 88,273 38,545
INVESTING ACTIVITIES:    
Purchases of property and equipment (21,659) (10,383)
Capitalized software development costs (3,849) (4,340)
Purchases of investments (178,179)  
Maturities of investments 55,819  
Net cash used in investing activities (147,868) (14,723)
FINANCING ACTIVITIES:    
Repayment on line of credit   (27,000)
Payment of debt financing costs (6)  
Proceeds from exercise of stock options 21,911 7,165
Proceeds from employee stock purchase plan 8,648 7,014
Taxes paid related to net settlement of restricted stock awards (4,744) (602)
Net cash provided by (used in) financing activities 25,809 (13,423)
(Decrease) increase in cash and cash equivalents (33,786) 10,399
Cash and cash equivalents—Beginning of period 207,232 155,950
Cash and cash equivalents—End of period 173,446 166,349
SUPPLEMENTAL CASH FLOW INFORMATION:    
Capitalized assets financed by accounts payable 1,968 6,624
Tenant improvements paid by lessor   1,017
Asset retirement obligation 3,543 386
Stock-based compensation included in capitalized software development costs 1,269 $ 1,192
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows 12,268  
Right-of-use assets obtained in exchange for operating lease liabilities $ 147,682