Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 56,231 $ 71,466 $ 43,268
Adjustments to reconcile net income to net cash provided by operating activities      
Bad debt expense 4,993 10,075 5,033
Depreciation and amortization expense 45,215 40,885 34,328
Amortization of debt issuance costs 442 294 294
Non-cash lease expense 7,164 6,727 7,339
Deferred taxes (21,653) (25,046) (19,581)
Stock-based compensation expense 90,658 59,244 42,307
Interest expense, net 60 68 107
Loss on disposal of fixed assets   5 1,353
Impairment of long-lived assets 0 0 1,510
Change in fair value of contingent consideration   (1,193)  
Other 3,338 492 87
Changes in operating assets and liabilities, net of effects of business combinations      
Trade receivables (26,702) (43,691) (49,765)
Prepaid expenses and other assets (11,352) (5,591) 9,094
Trade payables (1,067) 5,476 2,884
Accrued expenses and other liabilities 12,337 530 16,604
Net cash provided by operating activities 159,664 119,741 94,862
Investing activities:      
Purchase of property, plant and equipment (27,149) (17,009) (39,981)
Acquisition of businesses, net of cash acquired   (67,240)  
Purchase of short-term investments (99,629)    
Proceeds from maturity of short-term investments 81,937    
Net cash used in investing activities (44,841) (84,249) (39,981)
Financing activities:      
Proceeds from revolving credit facility   50,000  
Payments to revolving credit facility   (50,000)  
Payment of contingent consideration related to Zentrick acquisition     (3,247)
Proceeds from common stock issued upon exercise of stock options 3,315 10,666 5,803
Proceeds from common stock issued under employee purchase plan 3,531 2,723 1,734
Payments related to offering costs     (6)
Finance lease payments (2,475) (2,314) (1,924)
Shares repurchased under the Repurchase Program (127,999)    
Shares repurchased for settlement of employee tax withholdings (5,822) (4,586) (10,244)
Net cash (used in) provided by financing activities (129,450) 6,489 (7,884)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (1,889) 338 (784)
Net (decrease) increase in cash, cash equivalents, and restricted cash (16,516) 42,319 46,213
Cash, cash equivalents, and restricted cash - Beginning of period 310,257 267,938 221,725
Cash, cash equivalents, and restricted cash - End of period 293,741 310,257 267,938
Supplemental cash flow information:      
Cash paid for taxes 41,929 60,883 12,351
Cash paid for interest 479 714 554
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 14,091 2,547 71,979
Acquisition of equipment under finance lease   5,479  
Capital assets financed by accounts payable and accrued expenses 6 261 12
Stock-based compensation included in capitalized software development costs 2,140 1,103 $ 480
Accrued excise tax on net share repurchases $ 668    
Common stock issued in connection with acquisition   52,937  
Liabilities for contingent consideration   $ 1,193