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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES:    
Net income $ 90,415 $ 57,373
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 20,777 15,246
Stock-based compensation 73,751 56,368
Allowance for credit losses on accounts receivable 2,722 1,647
Noncash lease expense 24,052 15,394
Deferred income taxes (20,978)  
Other 1,242 (2,945)
Changes in operating assets and liabilities:    
Accounts receivable 21,063 (2,739)
Prepaid expenses and other assets (23,919) (19,024)
Accounts payable 47,728 (21,401)
Accrued expenses and other liabilities 11,006 (3,178)
Operating lease liabilities (10,388) (8,468)
Net cash provided by operating activities 237,471 88,273
INVESTING ACTIVITIES:    
Purchases of investments (127,117) (178,179)
Maturities of investments 128,315 55,819
Purchases of property and equipment (57,721) (21,659)
Capitalized software development costs (4,246) (3,849)
Net cash used in investing activities (60,769) (147,868)
FINANCING ACTIVITIES:    
Proceeds from line of credit 143,000  
Repayment on line of credit (71,000)  
Payment of debt financing costs   (6)
Proceeds from exercise of stock options 53,942 21,911
Proceeds from employee stock purchase plan 15,035 8,648
Taxes paid related to net settlement of restricted stock awards (14,184) (4,744)
Net cash provided by financing activities 126,793 25,809
Increase (decrease) in cash and cash equivalents 303,495 (33,786)
Cash and cash equivalents—Beginning of period 130,876 207,232
Cash and cash equivalents—End of period 434,371 173,446
SUPPLEMENTAL CASH FLOW INFORMATION:    
Capitalized assets financed by accounts payable 12,842 1,968
Asset retirement obligation 1,601 3,543
Stock-based compensation included in capitalized software development costs 1,394 1,269
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows 17,702 12,268
Right-of-use assets obtained in exchange for operating lease liabilities $ 52,238 $ 147,682