v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 26,335 $ 19,380
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 56,840 48,389
Amortization of debt discount and issuance costs 6,513 6,121
Amortization of right-of-use assets 5,925  
Deferred taxes 4,236 (2,973)
Stock-based expense 30,778 24,013
Loss on disposal and impairment of other long-lived assets 269 1,098
Change in fair value of equity investment (2,600) 0
Acquisition-related consideration 699 1,124
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations:    
Accounts receivable (3,337) 6,815
Prepaid expenses and other current assets (283) (9,395)
Other assets (184) (2,248)
Accounts payable 6,039 5,899
Accrued compensation, taxes, and benefits (8,833) (1,379)
Deferred revenue 3,044 (2,034)
Customer deposits (46,546) 5,142
Other current and long-term liabilities (5,518) 2,268
Net cash provided by operating activities 73,377 102,220
Cash flows from investing activities:    
Purchases of property, equipment, and software (23,466) (22,493)
Acquisition of businesses, net of cash and restricted cash acquired (17,528) (137,475)
Purchase of other investment (1,750) (1,800)
Net cash used in investing activities (42,744) (161,768)
Cash flows from financing activities:    
Payments on term loans (8,067) (6,049)
Proceeds from revolving credit facility 0 140,000
Payments on revolving line of credit 0 (190,000)
Payments of deferred financing costs 0 (1,139)
Payments on finance lease obligations (2,127)  
Payments on finance lease obligations   (211)
Payments of acquisition-related consideration (20,247) (7,371)
Proceeds from public offering, net of underwriters’ discount and offering costs 0 441,799
Proceeds from exercise of stock options 3,069 7,739
Purchase of treasury stock related to stock-based compensation (11,108) (14,760)
Net cash (used in) provided by financing activities (38,480) 370,008
Net (decrease) increase in cash, cash equivalents and restricted cash (7,847) 310,460
Effect of exchange rate on cash 19 (113)
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 374,930 475,692
Supplemental cash flow information:    
Cash paid for interest 10,856 9,200
Cash paid for income taxes, net 1,470 722
Right-of-use assets obtained in exchange for operating lease obligations 12,029  
Non-cash investing and financing activities:    
Accrued property, equipment, and software 2,439 1,101
Acquisition-related liability settled with equity 9,846 0
Fair value of stock consideration in connection with acquisition of ClickPay 0 35,855
Redemption of noncontrolling interest in connection with acquisition of ClickPay 0 20,756
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 261,571  
Restricted cash 113,359  
Cash, cash equivalents and restricted cash at end of period $ 374,930 $ 475,692

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