XML 17 R7.htm IDEA: XBRL DOCUMENT v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flow from operating activities    
Net income $ 349.5 $ 226.3
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 99.1 127.0
Stock-based compensation 260.8 255.1
Net loss on real estate assets [1] 0.0 2.2
Amortization of debt issuance costs 3.2 3.2
Amortization of deferred commissions 22.6 30.2
Non-cash operating lease expense 27.1 34.0
Deferred taxes 3.2 11.7
Other (5.2) 2.3
Changes in operating assets and liabilities:    
Trade and other receivables, net (0.4) (10.6)
Prepaid expenses and other current assets (11.2) (24.0)
Other assets 3.3 6.5
Accounts payable (3.8) 7.4
Accrued and other current liabilities (12.3) (9.3)
Accrued compensation and benefits (19.2) (45.2)
Deferred revenue 13.8 31.5
Other non-current liabilities 3.5 (10.6)
Operating lease liabilities (38.8) (54.4)
Tenant improvement allowance reimbursement 0.0 0.1
Cash paid for lease termination (14.9) 0.0
Net cash provided by operating activities 680.3 583.4
Cash flow from investing activities    
Capital expenditures (19.2) (14.3)
Business combinations, net of cash acquired (57.8) 0.0
Purchases of short-term investments (62.3) (112.6)
Proceeds from sales of short-term investments 164.3 335.8
Proceeds from maturities of short-term investments 283.2 197.1
Other 21.8 11.2
Net cash provided by investing activities 330.0 417.2
Cash flow from financing activities    
Payments of debt issuance costs 0.0 (0.1)
Payments for taxes related to net share settlement of restricted stock units and awards (109.2) (100.6)
Proceeds from issuance of common stock, net of taxes withheld 0.3 2.4
Principal payments on finance lease obligations (96.2) (95.2)
Common stock repurchases (888.3) (433.7)
Payment of acquisition-related holdback (17.1) 0.0
Net cash used in financing activities (1,110.5) (627.2)
Effect of exchange rate changes on cash and cash equivalents 2.9 (1.9)
Change in cash and cash equivalents (97.3) 371.5
Cash and cash equivalents - beginning of period 614.9 232.8
Cash and cash equivalents - end of period 517.6 604.3
Supplemental cash flow data:    
Property and equipment acquired under finance leases $ 120.4 $ 94.1
[1] Includes impairment charges related to real estate assets as a result of the Company's Virtual First work model.