v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Jun. 30, 2020
Dec. 31, 2019
Cash flows from operating activities:              
Net income $ 11,301 $ 15,063 $ 16,906 $ 26,335      
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization     67,906 56,840      
Amortization of debt discount and issuance costs     8,410 6,513      
Amortization of right-of-use assets     6,983 5,925      
Deferred taxes     (1,233) 4,236      
Stock-based expense     28,532 30,778      
Loss on disposal and impairment of other long-lived assets     12 269      
Change in fair value of equity investment     0 (2,600)      
Acquisition-related consideration     (107) 699      
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations:              
Accounts receivable     14,622 (3,337)      
Prepaid expenses and other current assets     (4,535) (283)      
Other assets     1,743 (184)      
Accounts payable     1,143 6,039      
Accrued compensation, taxes, and benefits     4,085 (8,833)      
Deferred revenue     (3,430) 3,044      
Customer deposits     16,368 (46,546)      
Other current and long-term liabilities     224 (5,518)      
Net cash provided by operating activities     157,629 73,377      
Cash flows from investing activities:              
Purchases of property, equipment, and software     (29,746) (23,466)      
Acquisition of businesses, net of cash and restricted cash acquired     (59,500) (17,528)      
Purchase of other investment     0 (1,750)      
Net cash used in investing activities     (89,246) (42,744)      
Cash flows from financing activities:              
Payments on term loans     (7,500) (8,067)      
Payments on revolving credit facility     (230,000) 0      
Proceeds from borrowings on convertible notes     345,000 0      
Purchase of capped call hedge     (39,365) 0      
Payments of deferred financing costs     (7,199) 0      
Payments on finance lease obligations     (1,633) (2,127)      
Payments of acquisition-related consideration     (2,392) (20,247)      
Proceeds from public offering, net of underwriters’ discount and offering costs     334,402 0      
Proceeds from exercise of stock options     7,722 3,069      
Purchase of treasury stock related to stock-based compensation     (6,243) (11,108)      
Other financing activities, net     (374) 0      
Net cash provided by (used in) financing activities     392,418 (38,480)      
Net increase (decrease) in cash, cash equivalents and restricted cash     460,801 (7,847)      
Effect of exchange rate on cash     (325) 19      
Cash, cash equivalents and restricted cash:              
Cash, cash equivalents and restricted cash at beginning of period     440,477 382,758 $ 382,758    
Cash, cash equivalents and restricted cash at end of period 900,953 374,930 900,953 374,930 440,477    
Supplemental cash flow information:              
Cash paid for interest     14,586 10,856      
Cash paid for income taxes, net     1,175 1,470      
Right-of-use assets obtained in exchange for operating lease obligations     1,392 12,029      
Non-cash investing and financing activities:              
Accrued property, equipment, and software     1,541 2,439      
Acquisition-related liabilities settled with equity     0 9,846 14,846    
Reconciliation of cash, cash equivalents and restricted cash:              
Cash and cash equivalents           $ 638,556 $ 197,154
Restricted cash           262,397 243,323
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash flows $ 900,953 $ 374,930 $ 440,477 $ 374,930 $ 440,477 $ 900,953 $ 440,477

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