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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 386,464 $ 394,910
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 423,142 444,184
Stock-based compensation 236,344 158,811
Benefit for deferred income taxes (9,763) (82,603)
Amortization of debt issuance costs 3,600 3,296
(Gain) loss on investments (311) 15,895
Other non-cash reconciling items, net 45,202 25,094
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable (46,262) 26,849
Prepaid expenses and other current assets (16,103) (42,871)
Accounts payable and accrued expenses (60,170) (64,727)
Deferred revenue 24,146 23,503
Other current liabilities 2,290 (3,808)
Other non-current assets and liabilities (29,333) 34,645
Net cash provided by operating activities 959,246 933,178
Cash flows from investing activities:    
Cash paid for business acquisitions, net of cash acquired (106,171) (872,091)
Cash paid for asset acquisition (36,348) 0
Cash received from equity method investment 1,475 0
Purchases of property and equipment (387,505) (176,017)
Capitalization of internal-use software development costs (208,648) (171,497)
Purchases of short- and long-term marketable securities (1,569,837) 0
Proceeds from sales of short- and long-term marketable securities 200,894 575,522
Proceeds from maturities and redemptions of short- and long-term marketable securities 582,641 120,433
Other, net (8,906) (4,003)
Net cash used in investing activities (1,532,405) (527,653)
Cash flows from financing activities:    
Proceeds from borrowings under revolving credit facility 90,000 125,000
Repayment of borrowings under revolving credit facility (90,000) (125,000)
Proceeds from the issuance of convertible senior notes, net of issuance costs 1,247,388 0
Proceeds from the issuance of warrants related to convertible senior notes 90,195 0
Purchase of note hedge related to convertible senior notes (236,555) 0
Proceeds related to the issuance of common stock under stock plans 49,553 45,989
Employee taxes paid related to net share settlement of stock-based awards (50,910) (71,656)
Repurchases of common stock (599,155) (430,269)
Other, net (360) (281)
Net cash provided by (used in) financing activities 500,156 (456,217)
Effects of exchange rate changes on cash, cash equivalents and restricted cash (7,729) (27,237)
Net decrease in cash, cash equivalents and restricted cash (80,732) (77,929)
Cash, cash equivalents and restricted cash at beginning of period 543,022 537,751
Cash, cash equivalents and restricted cash at end of period 462,290 459,822
Supplemental disclosures of cash flow information:    
Cash paid for income taxes, net of refunds received of $7,462 and $8,499 for the nine months ended September 30, 2023 and 2022, respectively 109,820 132,726
Cash paid for interest expense 5,610 5,031
Cash paid for operating lease liabilities 187,888 168,215
Non-cash activities:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 252,961 139,814
Purchases of property and equipment and capitalization of internal-use software development costs included in accounts payable and accrued expenses 56,345 46,016
Capitalization of stock-based compensation 60,325 24,499
Reconciliation of cash and cash equivalents, and restricted cash:    
Cash and cash equivalents 459,907 457,816
Restricted cash 2,383 2,006
Cash, cash equivalents and restricted cash $ 462,290 $ 459,822