v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Sep. 30, 2020
Dec. 31, 2019
Cash flows from operating activities:              
Net income $ 16,341 $ 11,704 $ 33,247 $ 38,039      
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization     102,553 86,106      
Amortization of debt discount and issuance costs     14,320 10,189      
Amortization of right-of-use assets     10,269 8,684      
Deferred taxes     2,915 8,031      
Stock-based expense     44,349 47,276      
Loss on disposal and impairment of other long-lived assets     12 259      
Change in fair value of equity investment     0 (2,600)      
Acquisition-related consideration     (786) 1,093      
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations:              
Accounts receivable     16,950 (5,087)      
Prepaid expenses and other current assets     (13,972) (4,746)      
Other assets     2,515 171      
Accounts payable     (655) 7,836      
Accrued compensation, taxes, and benefits     10,279 (1,620)      
Deferred revenue     (4,115) 1,517      
Customer deposits     (14,211) (1,034)      
Other current and long-term liabilities     4,391 (7,969)      
Net cash provided by operating activities     208,061 186,145      
Cash flows from investing activities:              
Purchases of property, equipment, and software     (48,311) (38,511)      
Acquisition of businesses, net of cash and restricted cash acquired     (129,696) (50,059)      
Purchase of other investment     0 (1,750)      
Net cash used in investing activities     (178,007) (90,320)      
Cash flows from financing activities:              
Proceeds from term loans     0 300,000      
Payments on term loans     (11,250) (304,996)      
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     (7,485) (3,306)      
Payments on finance lease obligations     (2,464) (2,879)      
Payments of acquisition-related consideration     (12,260) (26,343)      
Proceeds from public offering, net of underwriters’ discount and offering costs     334,126 0      
Proceeds from exercise of stock options     8,023 4,454      
Purchase of treasury stock related to stock-based compensation     (10,516) (16,771)      
Other financing activities, net     (815) 0      
Net cash provided by (used in) financing activities     372,994 (49,841)      
Net increase in cash, cash equivalents and restricted cash     403,048 45,984      
Effect of exchange rate on cash     (56) 277      
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 843,469 429,019 843,469 429,019 440,477    
Supplemental cash flow information:              
Cash paid for interest     18,509 15,740      
Cash paid for income taxes, net     1,657 1,872      
Right-of-use assets obtained in exchange for operating lease obligations     5,127 21,192      
Non-cash investing and financing activities:              
Accrued property, equipment, and software     2,447 2,259      
Acquisition-related liabilities settled with equity     0 14,846 14,846    
Reconciliation of cash, cash equivalents and restricted cash:              
Cash and cash equivalents           $ 612,118 $ 197,154
Restricted cash           231,351 243,323
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash flows $ 843,469 $ 429,019 $ 440,477 $ 429,019 $ 440,477 $ 843,469 $ 440,477

Source