XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net income $ 15,817 $ 39,243
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 43,903 39,525
Loss on disposal of property and equipment 0 436
Share-based compensation expense 33,034 25,175
Deferred income taxes (3,643) 4,023
Amortization of operating lease right-of-use assets 7,692 7,917
Amortization of debt issuance costs 754 1,718
Amortization of discount on convertible senior notes 249 0
Changes in operating assets and liabilities:    
Accounts receivable and unbilled receivables 29,653 (7,716)
Inventories 4,570 (7,015)
Prepaid expenses (6,272) (1,341)
Other current assets (6,617) 974
Investment in sales-type leases (3,273) (5,120)
Prepaid commissions 2,213 909
Other long-term assets (4,023) 3,944
Accounts payable (8,659) 10,316
Accrued compensation (8,377) (8,161)
Accrued liabilities 3,281 5,262
Deferred revenues 8,827 3,900
Operating lease liabilities (7,764) (7,887)
Other long-term liabilities 8,057 4,086
Net cash provided by operating activities 109,422 110,188
Investing Activities    
Software development for external use (25,909) (34,129)
Purchases of property and equipment (17,265) (12,632)
Net cash used in investing activities (43,174) (46,761)
Financing Activities    
Proceeds from revolving credit facility 150,000 0
Repayment of debt and revolving credit facility (200,000) (60,000)
Payments for debt issuance costs for revolving credit facility (550) 0
Proceeds from issuance of convertible senior notes, net of issuance costs 559,665 0
Purchase of convertible note hedge (100,625) 0
Proceeds from sale of warrants 51,290 0
At the market equity offering, net of offering costs 0 37,806
Proceeds from issuances under stock-based compensation plans 33,226 35,029
Employees’ taxes paid related to restricted stock units (4,101) (5,790)
Stock repurchases (53,035) 0
Net cash provided by financing activities 435,870 7,045
Effect of exchange rate changes on cash and cash equivalents (157) (387)
Net increase in cash and cash equivalents 501,961 70,085
Cash and cash equivalents at beginning of period 127,210 67,192
Cash and cash equivalents at end of period 629,171 137,277
Supplemental disclosure of non-cash activities    
Unpaid purchases of property and equipment 319 756
Transfers between inventory and property and equipment, net 0 1,549
Transfers from prepaid expenses to property and equipment 0 3,313
Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,559 $ 957