Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net income $ 19,380 $ 14,408
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 48,389 29,533
Amortization of debt discount and issuance costs 6,121 1,424
Deferred taxes (2,973) (3,088)
Stock-based expense 24,013 23,968
Loss on disposal and impairment of other long-lived assets 1,098 87
Acquisition-related consideration 1,124 1,024
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations:    
Accounts receivable 6,815 6,430
Prepaid expenses and other current assets (9,395) (1,369)
Other assets (2,248) (464)
Accounts payable 5,899 4,066
Accrued compensation, taxes, and benefits (1,379) (759)
Deferred revenue (2,034) 3,607
Customer deposits 5,142 15,389
Other current and long-term liabilities 2,268 1,396
Net cash provided by operating activities 102,220 95,652
Cash flows from investing activities:    
Purchases of property, equipment, and software (22,493) (27,129)
Acquisition of businesses, net of cash and restricted cash acquired (137,475) (123,241)
Purchase of other investment (1,800) 0
Net cash used in investing activities (161,768) (150,370)
Cash flows from financing activities:    
Payments on term loans (6,049) (767)
Proceeds from revolving credit facility 140,000 0
Payments on revolving line of credit (190,000) 0
Proceeds from borrowings on convertible notes 0 345,000
Purchase of convertible note hedges 0 (62,549)
Proceeds from issuance of warrants 0 31,499
Deferred financing costs (1,139) (10,755)
Payments on capital lease obligations (211) (136)
Payments of acquisition-related consideration (7,371) (7,185)
Proceeds from public offering, net of underwriters’ discount and offering costs 441,799 0
Proceeds from exercise of stock options 7,739 13,151
Purchase of treasury stock related to stock-based compensation (14,760) (11,008)
Net cash provided by financing activities 370,008 297,250
Net increase in cash, cash equivalents and restricted cash 310,460 242,532
Effect of exchange rate on cash (113) (2)
Cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash at beginning of period 165,345 188,540
Cash, cash equivalents and restricted cash at end of period 475,692 431,070
Supplemental cash flow information:    
Cash paid for interest 9,200 1,976
Cash paid for income taxes, net of refunds 722 1,157
Non-cash investing and financing activities:    
Fair value of stock consideration in connection with acquisition of ClickPay 35,855 0
Redemption of noncontrolling interest in connection with acquisition of ClickPay 20,756 0
Accrued property, equipment, and software 1,101 951
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 373,174  
Restricted cash 102,518  
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash flows $ 165,345 $ 188,540