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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES:      
Net income $ 137,762 $ 242,317 $ 108,318
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 42,219 28,632 21,662
Stock-based compensation 337,413 111,775 80,758
Deferred income taxes (16,777) (31,218) (10,490)
Allowance for credit losses on accounts receivable 1,456 3,149 2,702
Noncash lease expense 40,315 33,269 21,894
Other 5,803 2,190 (1,939)
Changes in operating assets and liabilities:      
Accounts receivable (444,342) (418,054) (331,369)
Prepaid expenses and other assets 1,648 (66,655) (19,597)
Accounts payable 309,410 481,313 191,763
Accrued expenses and other liabilities 7,596 35,446 6,845
Operating lease liabilities (43,990) (17,095) (10,342)
Net cash provided by operating activities 378,513 405,069 60,205
INVESTING ACTIVITIES:      
Purchases of investments (278,387) (230,759) (212,776)
Sales of investments 4,539    
Maturities of investments 253,444 167,602 89,539
Purchases of property and equipment (54,804) (74,061) (35,693)
Capitalized software development costs (5,169) (6,053) (4,911)
Business acquisition (13,261)    
Net cash used in investing activities (93,638) (143,271) (163,841)
FINANCING ACTIVITIES:      
Proceeds from line of credit   143,000  
Repayment on line of credit   (143,000)  
Payment of debt financing costs (1,924)   (6)
Proceeds from exercise of stock options 61,476 76,146 29,874
Proceeds from employee stock purchase plan 29,229 21,671 16,746
Taxes paid related to net settlement of restricted stock awards (56,855) (53,138) (19,334)
Net cash provided by financing activities 31,926 44,679 27,280
Increase (decrease) in cash and cash equivalents 316,801 306,477 (76,356)
Cash and cash equivalents—Beginning of year 437,353 130,876 207,232
Cash and cash equivalents—End of year 754,154 437,353 130,876
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid for income taxes 3,608 4,983 19,727
Cash paid for interest 518 1,554 412
Cash paid for operating lease liabilities 52,974 27,448 16,923
Asset retirement obligation 1,705 2,049 3,543
Operating lease assets obtained in exchange for operating lease liabilities 25,356 106,833 150,467
Capitalized assets financed by accounts payable 5,907 6,766 9,252
Stock-based compensation included in capitalized software development costs $ 3,320 $ 2,245 $ 1,588