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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 136,452 $ 159,232
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 145,964 113,628
Depreciation and amortization expense 46,118 49,781
Provision for expected credit losses 10,258 5,409
Foreign exchange loss (gain) 2,289 (10,164)
Deferred benefit for income taxes (67,568) (14,941)
Asset impairment charges 68,091 0
Other non-cash (income) expense, net (1,395) 4,658
Changes in operating assets and liabilities:    
Current assets 70 20,148
Non-current assets (4,877) 2,437
Current liabilities (137,437) (147,535)
Non-current liabilities (6,063) 2,645
Net cash provided by operating activities 191,902 185,298
Cash flows from investing activities    
Purchases of property and equipment (3,852) (5,633)
Development of internal-use software (12,603) (11,567)
Purchases of investments (197,565) (133,642)
Sales and maturities of investments 171,307 124,370
Net cash used in investing activities (42,713) (26,472)
Cash flows from financing activities    
Payment of tax obligations on vested equity awards (49,256) (39,787)
Repurchase of stock (187,037) (124,736)
Proceeds from exercise of stock options 5,755 5,458
Payment of debt issuance costs (2,186) (25)
Settlement of convertible senior notes (90) (32)
Payments on finance lease obligations (3,150) (3,188)
Other financing, net (278) (4,335)
Net cash used in financing activities (236,242) (166,645)
Effect of exchange rate changes on cash 7,287 (13,503)
Net decrease in cash, cash equivalents, and restricted cash (79,766) (21,322)
Cash, cash equivalents, and restricted cash at beginning of period 926,619 785,537
Cash, cash equivalents, and restricted cash at end of period 846,853 764,215
Supplemental cash flow disclosures:    
Cash paid for income taxes, net of refunds 29,299 24,856
Supplemental non-cash disclosures:    
Stock-based compensation capitalized in development of capitalized software and asset additions in exchange for liabilities 9,646 8,708
Lease assets obtained in exchange for new lease liabilities 7,751 0
Deferred consideration [1] 2,116 3,822
Reconciliation of cash, cash equivalents, and restricted cash    
Cash and cash equivalents 841,512 758,874
Restricted cash 5,341 5,341
Total cash, cash equivalents, and restricted cash $ 846,853 $ 764,215
[1] See “Note 11—Stock-Based Compensation” for additional information on the settlement of deferred consideration related to the Depop acquisition.