Restatement of Statements of Cash Flows

12 Months Ended

Dec. 31, 2019

Accounting Changes and Error Corrections [Abstract]

Restatement of Statements of Cash Flows

Restatement of Statements of Cash Flows

Subsequent to the issuance of the Company’s financial statements for the year ended December 31, 2019, Management determined that there was an error in the reported statements of cash flows for the year ended December 31, 2019. The error did not stem from a misapplication of GAAP, but rather from a classification error in the preparation of the statements of cash flows. As a result, the accompanying statements of cash flows for the year ended December 31, 2019 has been restated from amounts previously reported to reflect the correction of the error.

There was no effect on the Company’s previously reported statements of cash flows for the years ended December 31, 2018 or 2017. Additionally, the restatements do not impact the Company’s balance sheets, statements of operations, comprehensive income, or shareholders’ equity for any periods presented or any interim periods within the year.

The table below illustrates the effects of the restatements on the previously filed financial statements:

	Year Ended December 31, 2019
	(in thousands)
	As Previously Reported		Correction		As Restated
Statements of Cash Flows
Operating activities:
Other liabilities	(140,402	)	142,100		1,698
Net cash provided by operating activities	409,221		142,100		551,321
Investing activities:
Purchase of property and equipment	(192,437	)	(142,100	)	(334,537	)
Net cash used in investing activities	(314,829	)	(142,100	)	(456,929	)