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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 374.7 $ 369.5 $ 292.6
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 107.5 137.9 139.6
Amortization of deferred commissions costs 95.2 76.1 63.4
Amortization of Senior Notes discount and issuance costs 2.4 2.4 2.3
Non-cash lease expense 30.0 38.5 28.5
Stock-based compensation expense 85.0 75.2 63.7
Deferred income taxes, net (37.2) (31.2) 24.2
Credit loss expense 35.0 18.3 10.9
Other operating activities, net (3.2) (2.4) (0.7)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (66.6) (46.4) (29.6)
Prepaid expenses and other current assets (16.2) (17.9) (14.9)
Deferred commissions (120.2) (116.8) (72.0)
Accounts payable and other liabilities 33.9 23.2 (30.2)
Lease liabilities (39.2) (37.4) (30.9)
Income taxes payable, net 10.7 (19.3) 5.9
Deferred revenue (1.3) 6.8 17.4
Other assets (1.0) 2.2 (0.5)
Net cash provided by operating activities 489.5 478.7 469.7
Investing activities:      
Proceeds from sale and settlement of investments 3.8 0.9 0.0
Proceeds from sale of property and equipment and other assets 0.0 30.1 0.6
Purchase and construction of Richmond assets (117.5) (35.2) (123.7)
Purchases of property and equipment and other assets (25.3) (58.6) (65.2)
Cash paid for acquisitions, net of cash acquired (99.6) (6.3) (193.0)
Net cash used in investing activities (238.6) (69.1) (381.3)
Financing activities:      
Payments of long-term debt assumed in acquisition 0.0 (2.2) 0.0
Repurchase of restricted stock to satisfy tax withholding obligations (26.4) (23.0) (33.3)
Proceeds from equity offering, net of transaction costs 0.0 745.7 0.0
Proceeds from exercise of stock options and employee stock purchase plan 23.4 13.5 18.0
Other financing activities (0.7) 0.0 (0.4)
Net cash (used in) provided by financing activities (3.7) 734.0 (15.7)
Effect of foreign currency exchange rates on cash and cash equivalents 0.7 (2.7) (1.5)
Net increase in cash and cash equivalents 247.9 1,140.9 71.2
Cash and cash equivalents at beginning of year 4,968.0 3,827.1 3,755.9
Cash and cash equivalents at end of year 5,215.9 4,968.0 3,827.1
Supplemental cash flow disclosures:      
Interest paid 30.7 29.9 31.5
Income taxes paid 163.2 169.2 82.1
Supplemental non-cash investing and financing activities:      
Consideration owed for acquisitions 7.6 0.0 0.1
Accrued capital expenditures and non-cash landlord incentives $ 28.9 $ 14.7 $ 2.1