Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 5,605 $ 11,272
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 33,562 27,824
Amortization of debt discount and issuance costs 3,474 3,234
Amortization of right-of-use assets 3,603 3,005
Deferred taxes (2,992) 2,550
Stock-based expense 16,201 14,913
Loss on disposal and impairment of other long-lived assets 12 286
Change in fair value of equity investment 0 (2,600)
Acquisition-related consideration 489 405
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations:    
Accounts receivable 12,674 (983)
Prepaid expenses and other current assets (2,199) 3,197
Other assets 1,553 185
Accounts payable (887) 4,001
Accrued compensation, taxes, and benefits (4,290) (10,603)
Deferred revenue 2,077 90
Customer deposits (5,007) (50,252)
Other current and long-term liabilities (2,293) (2,532)
Net cash provided by operating activities 61,582 3,992
Cash flows from investing activities:    
Purchases of property, equipment, and software (13,254) (10,873)
Acquisition of businesses, net of cash and restricted cash acquired (59,462) 0
Net cash used in investing activities (72,716) (10,873)
Cash flows from financing activities:    
Payments on term loans (3,750) (4,033)
Payments on finance lease obligations (811) (769)
Payments of acquisition-related consideration (45) (11,412)
Proceeds from exercise of stock options 4,906 1,877
Purchase of treasury stock related to stock-based compensation (3,493) (5,016)
Other financing activities, net (26) 0
Net cash used in financing activities (3,219) (19,353)
Net decrease in cash, cash equivalents and restricted cash (14,353) (26,234)
Effect of exchange rate on cash (505) (99)
Cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash at beginning of period 440,477 382,758
Cash, cash equivalents and restricted cash at end of period 425,619 356,425
Supplemental cash flow information:    
Cash paid for interest 7,152 1,378
Cash paid for income taxes, net 652 138
Right-of-use assets obtained in exchange for operating lease obligations 1,392 0
Non-cash investing and financing activities:    
Accrued property, equipment, and software 3,146 1,805
Reconciliation of cash, cash equivalents and restricted cash:    
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash flows $ 425,619 $ 356,425