Business and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

Below is a table presenting the beginning-of-period and end-of-period cash amounts from the Company’s Condensed Consolidated Balance Sheets and the total cash amounts presented in the Condensed Consolidated Statements of Cash Flows (in thousands).

	June 30,		December 31,
	2023		2022
Cash and cash equivalents	$	1,172,828	$	697,999
Restricted cash classified in (1):
Prepaid expenses and other current assets	600		—
Other assets	—		600
Cash and cash equivalents and restricted cash	$	1,173,428	$	698,599

(1)Restricted cash consisted of an escrow account established in connection with one of the Company’s business acquisitions. Generally, such cash is restricted to use due to provisions contained in the underlying stock or asset purchase agreement.

The Company will disburse the restricted cash to the sellers of the business upon satisfaction of any contingencies described in such agreements (e.g., potential indemnification claims, etc.).

Restrictions on Cash and Cash Equivalents

Below is a table presenting the beginning-of-period and end-of-period cash amounts from the Company’s Condensed Consolidated Balance Sheets and the total cash amounts presented in the Condensed Consolidated Statements of Cash Flows (in thousands).

	June 30,		December 31,
	2023		2022
Cash and cash equivalents	$	1,172,828	$	697,999
Restricted cash classified in (1):
Prepaid expenses and other current assets	600		—
Other assets	—		600
Cash and cash equivalents and restricted cash	$	1,173,428	$	698,599

(1)Restricted cash consisted of an escrow account established in connection with one of the Company’s business acquisitions. Generally, such cash is restricted to use due to provisions contained in the underlying stock or asset purchase agreement.

The Company will disburse the restricted cash to the sellers of the business upon satisfaction of any contingencies described in such agreements (e.g., potential indemnification claims, etc.).