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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 28,406 $ 22,383
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,604 2,370
Deferred income taxes 0 105
Stock-based compensation, net of amounts capitalized 14,001 9,506
Non-cash lease expense 537 401
Amortization of premium (accretion of discount) on marketable securities, net (299) 1,455
Loss on sale of marketable securities 273 37
Amortization of deferred contract costs 2,667 2,767
Other (152) (30)
Changes in operating assets and liabilities, net of effect of acquisition:    
Accounts receivable 14,032 5,533
Prepaid expenses and other assets 2,589 1,246
Deferred contract costs (1,210) (866)
Accounts payable, accrued expenses and other liabilities 677 (6,109)
Deferred revenue (6,922) 6,152
Operating lease liabilities (3) (198)
Net cash provided by operating activities 57,200 44,752
Cash flows from investing activities    
Cash paid for acquisition 0 (53,500)
Purchases of property and equipment (70) (710)
Internal-use software development costs (1,494) (1,415)
Purchases of marketable securities (35,284) (8,870)
Maturities of marketable securities 116,649 8,271
Sales of marketable securities 37,525 14,724
Net cash provided by (used in) investing activities 117,326 (41,500)
Cash flows from financing activities    
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants 3,285 3,014
Taxes paid related to net share settlement of equity awards (1,964) (109)
Repurchase of common stock (21,755) (8,874)
Payment of contingent consideration related to a business combination (5,390) 0
Net cash used in financing activities (25,824) (5,969)
Net increase (decrease) in cash and cash equivalents 148,702 (2,717)
Cash and cash equivalents, beginning of period 158,027 112,809
Cash and cash equivalents, end of period 306,729 110,092
Supplemental disclosures of cash flow information    
Cash paid for taxes 0 0
Non-cash financing and investing activities    
Fair value of contingent earn-out consideration included in purchase consideration 0 21,134
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 0 $ 10,877