Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income $ 14,630 $ 25,014
Adjustments to reconcile net income to net cash provided by operating activities    
Bad debt expense 1,453 3,706
Depreciation and amortization expense 21,932 18,659
Amortization of debt issuance costs 147 147
Non-cash lease expense 3,191 3,293
Deferred taxes (11,530) (16,639)
Stock-based compensation expense 44,956 26,980
Interest (income) expense, net (784) 25
Loss on disposal of fixed assets   5
Other 1,582 209
Changes in operating assets and liabilities    
Trade receivables 16,397 (12,214)
Prepaid expenses and other assets (17,208) (11,168)
Trade payables (2,076) 2,126
Accrued expenses and other liabilities (5,035) (7,979)
Net cash provided by operating activities 67,655 32,164
Investing activities:    
Purchase of property, plant and equipment (13,558) (7,671)
Purchase of short-term investments (81,937)  
Net cash used in investing activities (95,495) (7,671)
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 2,565 5,757
Proceeds from common stock issued under employee purchase plan 1,914 1,138
Finance lease payments (1,562) (1,028)
Shares repurchased under the Repurchase Program (25,027)  
Shares repurchased for settlement of employee tax withholdings (2,452) (2,753)
Net cash (used in) provided by financing activities (24,562) 3,114
Effect of exchange rate changes on cash and cash equivalents and restricted cash (850) 15
Net (decrease) increase in cash, cash equivalents, and restricted cash (53,252) 27,622
Cash, cash equivalents, and restricted cash - Beginning of period 310,257 267,938
Cash, cash equivalents, and restricted cash - End of period 257,005 295,560
Supplemental cash flow information:    
Cash paid for taxes 29,491 41,284
Cash paid for interest 350 389
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 9,211 1,261
Acquisition of equipment under finance lease   5,479
Capital assets financed by accounts payable and accrued expenses 18 480
Stock-based compensation included in capitalized software development costs $ 1,064 $ 411