v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 10,169 $ 7,848
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 45,694 41,330
Amortization of cloud computing implementation costs 2,024 1,989
Provision for subscription cancellations and non-renewals (136) 451
Amortization of deferred financing costs 1,361 660
Change in fair value of contingent consideration liabilities (12,200) (2,375)
Change in settlement value of deferred purchase commitment liability   423
Write-off of deferred financing costs   276
Stock-based compensation expense 33,034 26,324
Deferred income taxes (1,641) (9,702)
Non-cash operating lease costs 1,595 1,536
Other (71) (165)
Changes in operating assets and liabilities:    
Accounts receivable 22,320 19,730
Prepaid expenses and other current assets (13,406) 969
Deferred commissions (258) (625)
Accounts payable (5,886) 665
Accrued expenses 6,446 (3,021)
Accrued and deferred compensation (29,766) (8,660)
Deferred revenue 2,374 8,051
Operating lease liabilities (2,057) (2,081)
Payments for purchase commitment and contingent consideration liabilities in excess of initial fair value (200) (4,367)
Other 1,412 3,036
Net cash provided by operating activities 60,808 82,292
Cash flows from investing activities:    
Acquisition of businesses and assets, net of cash acquired   (6,075)
Long-term investment (15,000)  
Property and equipment additions (42,906) (29,749)
Capitalized software additions (10,565) (11,097)
Purchase of investment securities, available-for-sale (2,398) (7,776)
Proceeds from sales and maturities of investment securities, available-for-sale 11,607 8,860
Other   (2,000)
Net cash used in investing activities (59,262) (47,837)
Cash flows from financing activities:    
Net increase (decrease) in customer funds obligations (3,493) 14,979
Proceeds from convertible senior notes   345,000
Principal payments on long-term debt   (46,875)
Payment for purchase of capped calls   (42,366)
Payments for deferred financing costs   (11,374)
Proceeds from purchases of stock under ESPP 1,782 1,443
Payments for taxes related to net share settlement of stock-based awards (26,105) (18,324)
Proceeds from exercise of stock options 7,687 3,274
Payments for purchase commitment and contingent consideration liabilities   (7,580)
Payments of finance lease liabilities (28) (51)
Net cash provided by (used in) financing activities (20,157) 238,126
Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,307 (789)
Net increase (decrease) in cash, cash equivalents and restricted cash (15,304) 271,792
Cash, cash equivalents and restricted cash, beginning of period 326,066 89,151
Cash, cash equivalents and restricted cash, end of period $ 310,762 $ 360,943