v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 58,208 $ 34,725 $ 377
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 114,952 100,186 67,146
Amortization of debt discount and issuance costs 13,700 12,464 7,296
Amortization of right-of-use assets 11,433    
Deferred taxes 2,276 (2,179) 13,791
Stock-based expense 62,563 50,641 45,835
Loss on disposal and impairment of long-lived assets 2,536 6,733 524
Change in fair value of equity investment (2,600) 0 0
Acquisition-related consideration 1,006 284 684
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations:      
Accounts receivable (14,704) (717) (18,821)
Prepaid expenses and other current assets (13,786) (11,894) 945
Other assets (5,107) (4,543) (717)
Accounts payable 9,318 1,266 268
Accrued compensation, taxes, and benefits (1,150) 3,288 3,438
Deferred revenue 7,696 3,478 17,114
Customer deposits 82,631 57,230 3,055
Other current and long-term liabilities (11,999) (6,155) (672)
Net cash provided by operating activities 316,973 244,807 140,263
Cash flows from investing activities:      
Purchases of property, equipment, and software (51,500) (50,933) (49,752)
Acquisition of businesses, net of cash and restricted cash acquired (665,844) (278,563) (649,910)
Purchase of other investments (1,750) (1,800) (200)
Net cash used in investing activities (719,094) (331,296) (699,862)
Cash flows from financing activities:      
Proceeds from term loans 600,000 0 199,400
Payments on term loans (308,744) (14,116) (3,551)
Proceeds from revolving credit facility 230,000 140,000 50,000
Payments on revolving credit facility 0 (190,000) 0
Proceeds from borrowings on convertible notes 0 0 345,000
Purchase of convertible senior note hedges 0 0 (62,549)
Proceeds from issuance of warrants 0 0 31,499
Payments of deferred financing costs (3,628) (1,136) (10,734)
Payments on finance lease obligations (3,651)    
Payments on finance lease obligations   (227) (335)
Payments of acquisition-related consideration (30,441) (28,388) (8,491)
Proceeds from public offering, net of underwriters’ discount and offering costs 0 441,901 0
Proceeds from exercise of stock options 5,833 13,163 27,014
Purchase of treasury stock related to stock-based compensation (20,867) (29,030) (30,904)
Purchase of treasury stock under share repurchase program (8,491) (28,082) 0
Net cash provided by financing activities 460,011 304,085 536,349
Net increase (decrease) in cash and cash equivalents 57,890 217,596 (23,250)
Effect of exchange rate on cash (171) (183) 55
Cash, cash equivalents and restricted cash:      
Beginning of period 382,758 165,345 188,540
End of period 440,477 382,758 165,345
Supplemental cash flow information:      
Cash paid for interest 16,073 18,204 6,754
Cash paid for income taxes, net of refunds 2,074 3,121 1,855
Right-of-use assets obtained in exchange for operating lease obligations 23,613    
Non-cash investing and financing activities:      
Accrued property, equipment, and software 2,608 1,447 5,777
Acquisition-related liabilities settled with equity 14,846 0 0
Fair value of stock consideration in connection with acquisition of ClickPay 0 53,334 0
Redemption of noncontrolling interest in connection with acquisition of ClickPay 0 21,816 0
Reconciliation of Cash, Cash Equivalents, and Restricted Cash      
Cash and cash equivalents 197,154 228,159 69,343
Restricted cash 243,323 154,599 96,002
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 382,758 $ 382,758 $ 165,345

Source