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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Cash flows from operating activities:    
Net income $ 97,106 $ 133,376
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 135,457 142,595
Stock-based compensation 61,883 56,227
Provision (benefit) for deferred income taxes 4,925 (27,792)
Amortization of debt issuance costs 1,098 1,119
(Gain) loss on investments (174) 16,536
Other non-cash reconciling items, net 21,602 12,598
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable (25,251) (39,198)
Prepaid expenses and other current assets (26,009) (64,695)
Accounts payable and accrued expenses (97,263) (66,938)
Deferred revenue 36,449 55,394
Other current liabilities 25,834 (1,441)
Other non-current assets and liabilities (2,158) 4,670
Net cash provided by operating activities 233,499 222,451
Cash flows from investing activities:    
Cash paid for acquisitions, net of cash acquired (20,070) (872,099)
Purchases of property and equipment (141,700) (51,005)
Capitalization of internal-use software development costs (80,545) (80,354)
Purchases of short- and long-term marketable securities (134,191) 0
Proceeds from sales of short- and long-term marketable securities 185,249 571,369
Proceeds from maturities and redemptions of short- and long-term marketable securities 91,637 120,433
Other, net (20,268) (5,242)
Net cash used in investing activities (119,888) (316,898)
Cash flows from financing activities:    
Proceeds from borrowings under revolving credit facility 0 75,000
Proceeds related to the issuance of common stock under stock plans 21,257 21,941
Employee taxes paid related to net share settlement of stock-based awards (29,894) (54,819)
Repurchases of common stock (348,600) (102,853)
Other, net (52) (104)
Net cash used in financing activities (357,289) (60,835)
Effects of exchange rate changes on cash, cash equivalents and restricted cash 2,297 (1,462)
Net decrease in cash, cash equivalents and restricted cash (241,381) (156,744)
Cash, cash equivalents and restricted cash at beginning of period 543,022 537,751
Cash, cash equivalents and restricted cash at end of period 301,641 381,007
Supplemental disclosures of cash flow information:    
Cash paid for income taxes, net of refunds received of $225 and $1,025 for the three months ended March 31, 2023 and 2022, respectively 86,066 50,533
Cash paid for interest expense 2,156 2,156
Cash paid for operating lease liabilities 55,167 54,285
Non-cash activities:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 102,952 38,582
Purchases of property and equipment and capitalization of internal-use software development costs included in accounts payable and accrued expenses 101,196 48,326
Capitalization of stock-based compensation 14,611 7,803
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 298,800 377,811
Restricted cash 2,841 3,196
Cash, cash equivalents and restricted cash $ 301,641 $ 381,007