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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES:    
Net income $ 116,689 $ 42,265
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 42,624 39,359
Stock-based compensation 236,960 230,553
Noncash lease expense 26,460 24,325
Provision for expected credit losses on accounts receivable 133 318
Other (4,117) (8,423)
Changes in operating assets and liabilities:    
Accounts receivable (49,321) (35,368)
Prepaid expenses and other current and non-current assets (52,064) (3,659)
Accounts payable (13,247) 50,995
Accrued expenses and other current and non-current liabilities (9,989) 399
Operating lease liabilities (27,397) (25,102)
Net cash provided by operating activities 266,731 315,662
INVESTING ACTIVITIES:    
Purchases of investments (317,969) (316,307)
Maturities of investments 314,598 274,401
Purchases of property and equipment (29,339) (16,556)
Capitalized software development costs (4,424) (3,415)
Net cash used in investing activities (37,134) (61,877)
FINANCING ACTIVITIES:    
Repurchases of Class A common stock (125,280) (336,494)
Proceeds from exercise of stock options 38,164 27,772
Proceeds from employee stock purchase plan 30,122 21,316
Taxes paid related to net settlement of restricted stock awards (58,369) (31,054)
Net cash used in financing activities (115,363) (318,460)
Increase (decrease) in cash and cash equivalents 114,234 (64,675)
Cash and cash equivalents—Beginning of period 895,129 1,030,506
Cash and cash equivalents—End of period 1,009,363 965,831
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for operating lease liabilities 33,272 30,870
Operating lease assets obtained in exchange for operating lease liabilities 58,133 16,967
Capitalized assets financed by accounts payable 37,927 3,033
Stock-based compensation included in capitalized software development costs $ 2,901 $ 2,086