v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 51,865 $ 34,778
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 37,461 35,536
Operating lease right-of-use assets expense 5,550 5,664
Deferred income tax benefit (8,038) (2,340)
Provision for bad debts 1,024 412
Stock-based compensation expense 70,243 58,664
Other 314 402
Changes in operating assets and liabilities:    
Accounts receivable 366,832 264,474
Other receivables and current assets 48,091 60,593
Other long-term assets 564 (671)
Accounts payable, accrued expenses and current liabilities (169,748) (147,636)
Accrued income taxes 18,661 (6,280)
Deferred revenue (20,780) (17,714)
Other long-term liabilities (3,104) (3,065)
Net cash provided by operating activities 398,935 282,817
Cash flows from investing activities:    
Capital expenditures (11,491) (10,543)
Purchases of short-term investments (21,233) (19,940)
Other investing activities 2,037 (3,953)
Net cash used in investing activities (30,687) (34,436)
Cash flows from financing activities:    
Restricted stock withholding taxes paid in lieu of issued shares (68,063) (65,089)
Proceeds from shares issued for stock-based compensation 14 10,446
Net cash used in financing activities (68,049) (54,643)
Effect of exchange rate fluctuations on cash and cash equivalents 11,213 (3,430)
Net increase in cash and cash equivalents 311,412 190,308
Cash and cash equivalents, beginning of period 1,446,743 860,201
Cash and cash equivalents, end of period 1,758,155 1,050,509
Supplemental disclosure of cash flow information:    
Income taxes paid 10,057 16,721
Interest paid 9,931 11,939
Non-cash consideration in connection with acquisitions $ 0 $ 1,640