XML 17 R6.htm IDEA: XBRL DOCUMENT v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income $ 11,119 $ 14,630
Adjustments to reconcile net income to net cash provided by operating activities    
Bad debt expense 1,499 1,453
Depreciation and amortization expense 27,084 21,932
Amortization of debt issuance costs 217 147
Non-cash lease expense 3,905 3,191
Deferred taxes 298 (11,530)
Stock-based compensation expense 51,349 44,956
Interest expense (income), net 255 (784)
Loss on disposal of fixed assets 89  
Other (419) 1,582
Changes in operating assets and liabilities, net of effects of business combinations    
Trade receivables 40,951 16,397
Prepaid expenses and other assets (32,762) (17,208)
Trade payables 638 (2,076)
Accrued expenses and other liabilities (16,947) (5,035)
Net cash provided by operating activities 87,276 67,655
Investing activities:    
Purchase of property, plant and equipment (15,813) (13,558)
Acquisition of businesses, net of cash acquired (82,578)  
Purchase of short-term investments   (81,937)
Proceeds from maturity of short-term investments 12,684  
Other investing activities (1,000)  
Net cash used in investing activities (86,707) (95,495)
Financing activities:    
Proceeds from common stock issued upon exercise of stock options 370 2,565
Proceeds from common stock issued under employee purchase plan 1,577 1,914
Finance lease payments (1,379) (1,562)
Shares repurchased under the Repurchase Program and New Repurchase Program (82,240) (25,027)
Payment of excise tax on shares repurchased (668)  
Shares repurchased for settlement of employee tax withholdings (3,704) (2,452)
Net cash used in financing activities (86,044) (24,562)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 4,547 (850)
Net decrease in cash, cash equivalents, and restricted cash (80,928) (53,252)
Cash, cash equivalents, and restricted cash - Beginning of period 293,741 310,257
Cash, cash equivalents, and restricted cash - End of period 212,813 257,005
Supplemental cash flow information:    
Cash paid for taxes 55,762 29,491
Cash paid for interest 500 350
Non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances 2,168 9,211
Acquisition of equipment under finance lease 13,805  
Capital assets financed by accounts payable and accrued expenses 249 18
Stock-based compensation included in capitalized software development costs 1,783 $ 1,064
Accrued excise tax on net share repurchases $ 575