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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net income $ 72,793 $ 85,169
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 24,256 19,659
Amortization of deferred commissions costs 14,747 12,407
Amortization of debt issuance costs 292 219
Realized loss on investments 541  
Non-cash lease expense 6,261  
Stock-based compensation expense 15,180 12,029
Deferred income taxes, net 2,825 3,702
Credit loss expense 6,183 2,185
Changes in operating assets and liabilities:    
Accounts receivable (26,613) (5,835)
Income taxes payable 1,624 8,311
Prepaid expenses and other current assets 1,838 206
Deferred commissions (16,523) (13,729)
Other assets 1,215 (59)
Accounts payable and other liabilities 15,564 15,068
Lease liabilities (6,967)  
Deferred revenue 18,248 8,708
Net cash provided by operating activities 131,464 148,494
Investing activities:    
Proceeds from sale and settlement of investments 10,259 0
Purchases of property and equipment and other assets (7,133) (9,429)
Cash paid for acquisitions, net of cash acquired 432 0
Net cash provided by (used in) investing activities 2,694 (9,429)
Financing activities:    
Proceeds from long-term debt 745,000 0
Repurchase of restricted stock to satisfy tax withholding obligations (30,144) (18,679)
Proceeds from exercise of stock options and employee stock purchase plan 10,295 12,061
Net cash provided by (used in) financing activities 725,151 (6,618)
Effect of foreign currency exchange rates on cash and cash equivalents (2,117) (46)
Net increase in cash, cash equivalents and restricted cash 857,192 132,401
Cash, cash equivalents and restricted cash at the beginning of period 1,070,731 1,100,416
Cash, cash equivalents and restricted cash at the end of period 1,927,923 1,232,817
Supplemental cash flow disclosures:    
Interest paid 499 519
Income taxes paid $ 1,111 $ 521