v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 38,039 $ 28,453
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 86,106 74,018
Amortization of debt discount and issuance costs 10,189 9,272
Amortization of right-of-use assets 8,684  
Deferred taxes 8,031 (2,720)
Stock-based expense 47,276 37,492
Loss on disposal and impairment of other long-lived assets 259 3,439
Change in fair value of equity investment (2,600) 0
Acquisition-related consideration 1,093 806
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations:    
Accounts receivable (5,087) 6,933
Prepaid expenses and other current assets (4,746) (15,778)
Other assets 171 (2,757)
Accounts payable 7,836 4,044
Accrued compensation, taxes, and benefits (1,620) 2,574
Deferred revenue 1,517 (5,193)
Customer deposits (1,034) (6,361)
Other current and long-term liabilities (7,969) 740
Net cash provided by operating activities 186,145 134,962
Cash flows from investing activities:    
Purchases of property, equipment, and software (38,511) (37,287)
Acquisition of businesses, net of cash and restricted cash acquired (50,059) (230,474)
Purchase of other investment (1,750) (1,800)
Net cash used in investing activities (90,320) (269,561)
Cash flows from financing activities:    
Proceeds from term loans 300,000 0
Payments on term loans (304,996) (10,083)
Proceeds from revolving credit facility 0 140,000
Payments on revolving line of credit 0 (190,000)
Payments of deferred financing costs (3,306) (1,135)
Payments on finance lease obligations (2,879)  
Payments on finance lease obligations   (219)
Payments of acquisition-related consideration (26,343) (28,110)
Proceeds from public offering, net of underwriters’ discount and offering costs 0 441,794
Proceeds from exercise of stock options 4,454 9,953
Purchase of treasury stock related to stock-based compensation (16,771) (22,122)
Net cash (used in) provided by financing activities (49,841) 340,078
Net increase in cash, cash equivalents and restricted cash 45,984 205,479
Effect of exchange rate on cash 277 (33)
Cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash at beginning of period 382,758 165,345
Cash, cash equivalents and restricted cash at end of period 429,019 370,791
Supplemental cash flow information:    
Cash paid for interest 15,740 12,274
Cash paid for income taxes, net 1,872 2,546
Right-of-use assets obtained in exchange for operating lease obligations 21,192  
Non-cash investing and financing activities:    
Accrued property, equipment, and software 2,259 1,837
Acquisition-related liabilities settled with equity 14,846 0
Fair value of stock consideration in connection with acquisition of ClickPay 0 53,334
Redemption of noncontrolling interest in connection with acquisition of ClickPay 0 21,816
Reconciliation of cash, cash equivalents and restricted cash:    
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash flows $ 382,758 $ 165,345

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