v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 46,314 $ 58,208 $ 34,725
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 138,779 114,952 100,186
Amortization of debt discount and issuance costs 20,760 13,700 12,464
Amortization of right-of-use assets 13,572 11,433  
Deferred taxes 3,446 2,276 (2,179)
Stock-based expense 59,274 62,563 50,641
Loss on disposal and impairment of long-lived assets 1,040 2,536 6,733
Change in fair value of equity investment 0 (2,600) 0
Acquisition-related consideration (5,889) 1,006 284
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations:      
Accounts receivable 3,359 (14,704) (717)
Prepaid expenses and other current assets (2,590) (13,786) (11,894)
Other assets 1,983 (5,107) (4,543)
Accounts payable (1,327) 9,318 1,266
Accrued compensation, taxes, and benefits 16,460 (1,150) 3,288
Deferred revenue 1,794 7,696 3,478
Customer deposits (19,393) 82,631 57,230
Other current and long-term liabilities (1,079) (11,999) (6,155)
Net cash provided by operating activities 276,503 316,973 244,807
Cash flows from investing activities:      
Purchases of property, equipment, and software (63,585) (51,500) (50,933)
Acquisition of businesses, net of cash and restricted cash acquired (188,591) (665,844) (278,563)
Purchase of other investments 0 (1,750) (1,800)
Net cash used in investing activities (252,176) (719,094) (331,296)
Cash flows from financing activities:      
Proceeds from term loans 0 600,000 0
Payments on term loans (18,750) (308,744) (14,116)
Proceeds from revolving credit facility 0 230,000 140,000
Payments on revolving credit facility (230,000) 0 (190,000)
Proceeds from borrowings on convertible notes 345,000 0 0
Purchase of convertible senior note hedges (39,365) 0 0
Payments of deferred financing costs (7,535) (3,628) (1,136)
Payments on finance lease obligations (3,325) (3,651)  
Payments on finance lease obligations     (227)
Payments of acquisition-related consideration (17,344) (30,441) (28,388)
Proceeds from public offering, net of underwriters’ discount and offering costs 334,126 0 441,901
Proceeds from exercise of stock options 14,575 5,833 13,163
Purchase of treasury stock related to stock-based compensation (18,844) (20,867) (29,030)
Purchase of treasury stock under share repurchase program 0 (8,491) (28,082)
Other financing activities, net (1,261) 0 0
Net cash provided by financing activities 357,277 460,011 304,085
Net increase in cash and cash equivalents 381,604 57,890 217,596
Effect of exchange rate on cash 175 (171) (183)
Cash, cash equivalents and restricted cash:      
Beginning of period 440,477 382,758 165,345
End of period 822,256 440,477 382,758
Supplemental cash flow information:      
Cash paid for interest 26,730 16,073 18,204
Cash (refunded) paid for income taxes, net (1,137) 2,074 3,121
Right-of-use assets obtained in exchange for operating lease obligations 5,127 23,613  
Non-cash investing and financing activities:      
Accrued property, equipment, and software 4,440 2,608 1,447
Acquisition-related liabilities settled with equity 0 14,846 0
Fair value of stock consideration in connection with acquisition of ClickPay 0 0 53,334
Redemption of noncontrolling interest in connection with acquisition of ClickPay 0 0 21,816
Reconciliation of Cash, Cash Equivalents, and Restricted Cash      
Cash and cash equivalents 594,734 197,154 228,159
Restricted cash 227,522 243,323 154,599
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 440,477 $ 440,477 $ 382,758

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