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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 $ 25,900 $ 187,700
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 72,100 51,700
Amortization of deferred commissions costs 56,300 45,300
Amortization of Senior Notes discount and issuance costs 1,700 1,200
Non-cash lease expense 16,500 14,100
Stock-based compensation expense 45,500 41,900
Deferred income taxes, net (6,400) (7,000)
Credit loss expense 17,000 13,900
Other operating activities, net 100 500
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (31,100) (40,600)
Prepaid expenses and other current assets (13,800) (4,200)
Deferred commissions (67,600) (65,000)
Accounts payable and other liabilities 88,000 54,400
Lease liabilities (18,400) (16,600)
Income taxes payable, net (7,000) 12,900
Deferred revenue 19,000 8,900
Other assets (100) (700)
Net cash provided by operating activities 197,700 298,400
Investing activities:    
Purchases of property, equipment, and other assets for new campuses (449,500) (45,600)
Purchases of property, equipment, and other assets (23,000) (8,800)
Cash paid for acquisitions, net of cash acquired (5,100) 0
Net cash used in investing activities (477,600) (54,400)
Financing activities:    
Repurchase of restricted stock to satisfy tax withholding obligations (26,900) (22,500)
Proceeds from exercise of stock options and employee stock purchase plan 17,200 16,200
Payments of debt issuance costs (3,400) 0
Principal repayments of finance lease obligations (2,200) 0
Net cash used in financing activities (15,300) (6,300)
Effect of foreign currency exchange rates on cash and cash equivalents (1,200) (400)
Net (decrease) increase in cash and cash equivalents (296,400) 237,300
Cash and cash equivalents at the beginning of period 5,215,900 4,968,000
Cash and cash equivalents at the end of period 4,919,500 5,205,300
Supplemental cash flow disclosures:    
Interest paid 15,700 15,400
Income taxes paid 54,100 63,700
Supplemental non-cash investing and financing activities:    
Accrued capital expenditures and non-cash landlord incentives $ 11,300 $ 8,200