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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flow from operating activities:    
Net income $ 49,139 $ 67,756
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 26,752 23,975
Bad debt expense 247 392
Loss on disposal of property and equipment 12 9
Stock-based compensation 56,218 29,930
Amortization of premiums on marketable securities 2,985 163
Deferred income taxes (15,962) 5,061
Changes in operating assets and liabilities:    
Accounts receivable 15,665 13,351
Prepaid expenses and other assets (5,460) (6,071)
Accounts payable 200 326
Accrued liabilities 9,912 72
Deferred revenues 21,033 6,333
Net cash provided by operating activities 160,741 141,297
Cash flow from investing activities:    
Purchases of marketable securities (255,051) (290,534)
Sales and maturities of marketable securities 295,336 263,296
Purchases of property and equipment (20,089) (22,742)
Proceeds from disposal of property and equipment 6 0
Purchases of intangible assets (1,080) (1,500)
Net cash provided by (used in) investing activities 19,122 (51,480)
Cash flow from financing activities:    
Repurchases of common stock (94,919) (91,881)
Proceeds from exercise of stock options 10,948 23,962
Payments for taxes related to net share settlement of equity awards (24,194) (16,338)
Principal payments under finance lease obligations (90) (92)
Net cash used in financing activities (108,255) (84,349)
Net increase in cash, cash equivalents and restricted cash 71,608 5,468
Cash, cash equivalents and restricted cash at beginning of period 75,332 88,759
Cash, cash equivalents and restricted cash at end of period $ 146,940 $ 94,227