v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 2,361 $ 7,156
Adjustments to reconcile net income to net cash provided by operating activities    
Bad debt expense 983 907
Depreciation and amortization expense 12,387 10,928
Amortization of debt issuance costs 109 74
Non-cash lease expense 1,874 1,569
Deferred taxes (3,367) (3,963)
Stock-based compensation expense 24,342 20,241
Interest expense, net 299 64
Loss on disposal of fixed assets 89  
Other (704) 677
Changes in operating assets and liabilities, net of effects of business combinations    
Trade receivables 14,766 9,626
Prepaid expenses and other assets (10,530) (5,218)
Trade payables 337 55
Accrued expenses and other liabilities (5,283) (10,342)
Net cash provided by operating activities 37,663 31,774
Investing activities:    
Purchase of property, plant and equipment (6,286) (6,393)
Purchase of short-term investments   (32,211)
Acquisition of businesses, net of cash acquired (82,578)  
Other investing activities (1,000)  
Net cash used in investing activities (89,864) (38,604)
Financing activities:    
Proceeds from common stock issued upon exercise of stock options 222 1,695
Finance lease payments (525) (815)
Shares repurchased under the Repurchase Program and New Repurchase Program (82,240)  
Shares repurchased for settlement of employee tax withholdings (3,210) (1,792)
Net cash used in financing activities (85,753) (912)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 1,526 (377)
Net decrease in cash, cash equivalents, and restricted cash (136,428) (8,119)
Cash, cash equivalents, and restricted cash - Beginning of period 293,741 310,257
Cash, cash equivalents, and restricted cash - End of period 157,313 302,138
Supplemental cash flow information:    
Cash paid for taxes 2,366 1,324
Cash paid for interest 41 74
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 1,815 6,207
Acquisition of equipment under finance lease 13,805  
Capital assets financed by accounts payable and accrued expenses 98 45
Stock-based compensation included in capitalized software development costs 744 $ 471
Accrued excise tax on net share repurchases $ 732  

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