v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 19,391 $ 21,527
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 39,210 38,154
Depreciation and amortization 5,840 5,122
Provision for bad debts 1,288 1,230
Deferred income taxes (8,300) (5,356)
Non-cash lease expense 2,102 2,453
Amortization and accretion of marketable securities (5,800) 0
Other 826 2,568
Change in operating assets and liabilities:    
Accounts receivable 10,234 (11,569)
Prepaid expenses and other current assets 2,204 (3,504)
Deferred commissions, net 230 (136)
Other assets 113 2,126
Accounts payable (8,470) 417
Accrued expenses and other liabilities (14,233) (9,578)
Accrued interest (155) 13,040
Deferred revenue (1,913) 1,907
Operating lease liabilities (3,114) (3,304)
Net cash provided by operating activities 39,453 55,097
Cash flows from investing activities    
Purchases of property and equipment (452) (1,664)
Capitalized internal-use software costs (5,218) (2,649)
Purchases of marketable securities (201,768) 0
Paydowns, maturities, and redemptions of marketable securities 292,017 0
Net cash provided by (used in) investing activities 84,579 (4,313)
Cash flows from financing activities    
Proceeds from issuance of senior unsecured notes 0 550,000
Payment of senior unsecured notes’ issuance fees 0 (9,378)
Payments of tax withholdings on net settlement of equity awards (9,096) (9,567)
Repurchase of common stock (110,884) (145,227)
Proceeds from exercise of stock options 3,010 3,397
Proceeds from issuance of stock under employee stock purchase plan 4,221 5,293
Net cash provided by (used in) financing activities (112,749) 394,518
Net increase in cash and cash equivalents 11,283 445,302
Beginning of period 227,380 254,621
End of period $ 238,663 $ 699,923