v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income $ 7,156 $ 12,175
Adjustments to reconcile net income to net cash provided by operating activities    
Bad debt expense 907 1,285
Depreciation and amortization expense 10,928 8,983
Amortization of debt issuance costs 74 74
Non-cash lease expense 1,569 1,658
Deferred taxes (3,963) (5,382)
Stock-based compensation expense 20,241 11,813
Interest expense, net 64  
Other 677 (2)
Changes in operating assets and liabilities    
Trade receivables 9,626 (8,052)
Prepaid expenses and other assets (5,218) (6,874)
Trade payables 55 3,700
Accrued expenses and other liabilities (10,342) 2,048
Net cash provided by operating activities 31,774 21,426
Investing activities:    
Purchase of property, plant and equipment (6,393) (4,099)
Purchase of short-term investments (32,211)  
Net cash used in investing activities (38,604) (4,099)
Financing activities:    
Proceeds from revolving credit facility   50,000
Payments to revolving credit facility   (50,000)
Proceeds from common stock issued upon exercise of stock options 1,695 1,766
Finance lease payments (815) (513)
Shares repurchased for settlement of employee tax withholdings (1,792) (787)
Net cash (used in) provided by financing activities (912) 466
Effect of exchange rate changes on cash and cash equivalents and restricted cash (377) 131
Net (decrease) increase in cash, cash equivalents, and restricted cash (8,119) 17,924
Cash, cash equivalents, and restricted cash - Beginning of period 310,257 267,938
Cash, cash equivalents, and restricted cash - End of period 302,138 285,862
Supplemental cash flow information:    
Cash paid for taxes 1,324 1,708
Cash paid for interest 74 266
Non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances 6,207 1,415
Capital assets financed by accounts payable and accrued expenses 45 378
Stock-based compensation included in capitalized software development costs $ 471 $ 179

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