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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities    
Consolidated net income $ 76,214 $ 52,390
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Depreciation and amortization 29,487 8,779
Currency gain on foreign denominated transactions (72) (32)
Deferred taxes 5,774 14,769
Provision for doubtful accounts 727 1,742
Stock-based compensation expense 42,551 34,403
Amortization of deferred contract costs 9,643 8,595
Impairment of website development costs 2,351  
Changes in operating assets and liabilities:    
Accounts receivable, net (51,595) 5,954
Inventory (4,057)  
Prepaid expenses, prepaid income taxes, and other assets (2,970) 7,104
Deferred contract costs (6,522) (6,922)
Accounts payable 24,548 (19,745)
Accrued expenses, accrued income taxes, and other liabilities 4,808 1,726
Deferred revenue 3,390 (313)
Lease obligations 786 356
Net cash provided by operating activities 135,063 108,806
Investing Activities    
Purchases of property and equipment (4,935) (2,732)
Capitalization of website development costs (4,145) (3,045)
Cash paid for acquisitions, net of cash acquired (64,273) (21,056)
Investments in certificates of deposit (90,000)  
Maturities of certificates of deposit 100,000 111,692
Net cash (used in) provided by investing activities (63,353) 84,859
Financing Activities    
Proceeds from exercise of stock options 537 995
Payment of finance lease obligations (29) (28)
Payment of withholding taxes and option costs on net share settlement of restricted stock units and stock options (11,314) (8,708)
Repayment of line of credit (14,250)  
Net cash used in financing activities (25,056) (7,741)
Impact of foreign currency on cash, cash equivalents, and restricted cash (359) 171
Net increase in cash, cash equivalents, and restricted cash 46,295 186,095
Cash, cash equivalents, and restricted cash at beginning of period 200,926 70,723
Cash, cash equivalents, and restricted cash at end of period 247,221 256,818
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 21,798 875
Unpaid purchases of property and equipment and and internal-use software 504 165
Capitalized stock-based compensation expense in website development and internal-use software costs 2,212 1,323
Cash paid for operating lease liabilities 12,320 $ 10,329
Obtaining a right-of-use asset in exchange for a finance lease liability 664  
Obtaining a right-of-use asset in exchange for an operating lease liability 12,336  
Issuance of stock for acquisition $ 103,645