XML 22 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities      
Net income $ 77,849 $ 32,194 $ 61,338
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 72,990 61,067 53,559
Loss on disposal of property and equipment 433 267 445
Share-based compensation expense 53,160 44,697 34,049
Deferred income taxes (3,272) (6,546) (1,339)
Amortization of operating lease right-of-use assets 11,941 10,528 10,562
Amortization of debt issuance costs 3,440 1,597 2,204
Amortization of discount on convertible senior notes 18,608 4,766 0
Changes in operating assets and liabilities:      
Accounts receivable and unbilled receivables (40,973) 36,842 (21,540)
Inventories (25,695) 12,359 (8,123)
Prepaid expenses (5,678) (2,081) 2,909
Other current assets 2,801 (6,408) (2,010)
Investment in sales-type leases 3,346 (2,882) (3,699)
Prepaid commissions (6,876) (8,057) (2,719)
Other long-term assets (3,258) (7,675) 4,528
Accounts payable 29,084 (6,300) 7,893
Accrued compensation 12,312 11,595 2,495
Accrued liabilities 34,859 4,374 3,045
Deferred revenues 24,179 7,620 5,445
Operating lease liabilities (12,503) (9,543) (10,040)
Other long-term liabilities (14,938) 7,456 6,006
Net cash provided by operating activities 231,809 185,870 145,008
Investing Activities      
Software development for external use (29,368) (32,024) (45,770)
Purchases of property and equipment (28,967) (22,842) (15,894)
Business acquisitions, net of cash acquired (354,163) (225,000) 0
Net cash used in investing activities (412,498) (279,866) (61,664)
Financing Activities      
Proceeds from revolving credit facility 0 150,000 0
Repayment of debt and revolving credit facility 0 (200,000) (90,000)
Payments for debt issuance costs for revolving credit facility 0 (550) (2,321)
Proceeds from issuance of convertible senior notes, net of issuance costs 0 559,665 0
Purchase of convertible note hedge 0 (100,625) 0
Proceeds from sale of warrants 0 51,290 0
At the market equity offering, net of offering costs 0 0 37,806
Proceeds from issuances under stock-based compensation plans 67,348 54,270 40,706
Employees’ taxes paid related to restricted stock units (16,286) (8,738) (9,670)
Stock repurchases 0 (53,035) 0
Change in customer funds, net (3,699) 3,992 0
Net cash provided by (used in) financing activities 47,363 456,269 (23,479)
Effect of exchange rate changes on cash and cash equivalents (974) 437 153
Net increase (decrease) in cash, cash equivalents, and restricted cash (134,300) 362,710 60,018
Cash, cash equivalents, and restricted cash at beginning of period 489,920 127,210 67,192
Cash, cash equivalents, and restricted cash at end of period 355,620 489,920 127,210
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheets:      
Cash and cash equivalents 349,051 485,928 127,210
Restricted cash 6,569 3,992 0
Cash, cash equivalents, and restricted cash at end of period 355,620 489,920 127,210
Supplemental cash flow information      
Cash paid for interest 1,917 522 3,582
Income taxes paid (refunds received), net (1,733) 10,343 7,761
Supplemental disclosure of non-cash activities      
Unpaid purchases of property and equipment 883 405 913
Transfers between inventory and property and equipment, net 1,876 0 1,552
Transfers from prepaid expenses to property and equipment 0 0 3,313
Balance transfer from term loan to revolving credit facility $ 0 $ 0 $ 80,000