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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities      
Net income $ 32,194 $ 61,338 $ 37,729
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 61,067 53,559 51,350
Loss on disposal of property and equipment 267 445 133
Share-based compensation expense 44,697 34,049 28,885
Deferred income taxes (6,546) (1,339) (5,705)
Amortization of operating lease right-of-use assets 10,528 10,562 0
Amortization of debt issuance costs 1,597 2,204 2,292
Amortization of discount on convertible senior notes 4,766 0 0
Changes in operating assets and liabilities:      
Accounts receivable and unbilled receivables 36,842 (21,540) (6,192)
Inventories 12,359 (8,123) (6,763)
Prepaid expenses (2,081) 2,909 (308)
Other current assets (6,408) (2,010) 1,170
Investment in sales-type leases (2,882) (3,699) (1,680)
Prepaid commissions (8,057) (2,719) (4,711)
Other long-term assets (7,675) 4,528 (7,077)
Accounts payable (6,300) 7,893 (9,154)
Accrued compensation 11,595 2,495 14,419
Accrued liabilities 4,374 3,045 8,223
Deferred revenues 7,620 5,445 3,020
Operating lease liabilities (9,543) (10,040) 0
Other long-term liabilities 7,456 6,006 (1,665)
Net cash provided by operating activities 185,870 145,008 103,966
Investing Activities      
Software development for external use (32,024) (45,770) (30,677)
Purchases of property and equipment (22,842) (15,894) (23,697)
Business acquisition (225,000) 0 0
Net cash used in investing activities (279,866) (61,664) (54,374)
Financing Activities      
Proceeds from revolving credit facility 150,000 0 0
Repayment of debt and revolving credit facility (200,000) (90,000) (77,000)
Payments for debt issuance costs for revolving credit facility (550) (2,321) 0
Proceeds from issuance of convertible senior notes, net of issuance costs 559,665 0 0
Purchase of convertible note hedge (100,625) 0 0
Proceeds from sale of warrants 51,290 0 0
At the market equity offering, net of offering costs 0 37,806 39,567
Proceeds from issuances under stock-based compensation plans 54,270 40,706 30,611
Employees’ taxes paid related to restricted stock units (8,738) (9,670) (6,775)
Stock repurchases (53,035) 0 0
Change in customer funds, net 3,992 0 0
Net cash provided by (used in) financing activities 456,269 (23,479) (13,597)
Effect of exchange rate changes on cash and cash equivalents 437 153 (1,227)
Net increase in cash, cash equivalents, and restricted cash 362,710 60,018 34,768
Cash, cash equivalents, and restricted cash at beginning of period 127,210 67,192 32,424
Cash, cash equivalents, and restricted cash at end of period 489,920 127,210 67,192
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheets:      
Cash, cash equivalents, and restricted cash at end of period 127,210 127,210 67,192
Supplemental cash flow information      
Cash paid for interest 522 3,582 7,487
Cash paid for taxes, net of refunds 10,343 7,761 3,489
Supplemental disclosure of non-cash activities      
Unpaid purchases of property and equipment 405 913 1,123
Transfers between inventory and property and equipment, net 0 1,552 2,032
Transfers from prepaid expenses to property and equipment 0 3,313 0
Balance transfer from term loan to revolving credit facility $ 0 $ 80,000 $ 0