XML 39 R6.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net (loss) income $ (45,407) $ 5,698 $ 7,717
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 102,369 82,410 92,735
Provision for credit losses and sales returns 6,066 11,450 13,230
Stock-based compensation expense 110,294 120,379 87,257
Deferred taxes (26,644) (2,429) 8,837
Amortization of deferred financing costs and discount 2,364 1,570 781
Other non-cash adjustments 5,676 10,490 2,958
Changes in operating assets and liabilities, net of acquisition and disposal of businesses:      
Accounts receivable (7,340) (6,525) (18,414)
Prepaid expenses and other assets 26,235 (2,048) 22,568
Trade accounts payable 21,607 (9,670) (19,997)
Accrued expenses and other liabilities (2,386) (8,190) (49,232)
Deferred revenue 11,059 10,526 (485)
Net cash provided by operating activities 203,893 213,661 147,955
Cash flows from investing activities      
Purchase of property and equipment (12,289) (11,664) (29,690)
Capitalized software and content development costs (58,774) (40,489) (42,157)
Purchase of net assets of acquired companies, net of cash and restricted cash acquired (20,912) (419,120) 0
Cash received in sale of business 6,426 0 0
Net cash used in investing activities (85,549) (471,273) (71,847)
Cash flows from financing activities      
Proceeds from issuance of debt 211,000 582,200 748,500
Payments on debt (310,740) (152,971) (747,563)
Debt issuance costs 0 (3,106) (4,586)
Stock issuance costs (1,339) 0 0
Employee taxes paid for withheld shares upon equity award settlement (36,376) (39,404) (21,425)
Proceeds from exercise of stock options 0 0 4
Change in due to customers 111,386 (13,464) 61,214
Change in customer funds receivable 380 (731) 138
Purchase of treasury stock 0 (108,416) (41,001)
Dividend payments to stockholders 0 0 (5,960)
Net cash (used in) provided by financing activities (25,689) 264,108 (10,679)
Effect of exchange rate on cash, cash equivalents and restricted cash (10,486) 297 2,245
Net increase in cash, cash equivalents and restricted cash 82,169 6,793 67,674
Cash, cash equivalents and restricted cash, beginning of year 651,762 644,969 577,295
Cash, cash equivalents and restricted cash, end of year 733,931 651,762 644,969
Cash paid during the year for:      
Interest (33,371) (16,386) (15,716)
Taxes, net of refunds (9,670) (10,073) (3,563)
Purchase of EVERFI through the issuance of stock (see Note 3) 0 (303,633) 0
Purchase of equipment and other assets included in accounts payable (158) (1,747) (840)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]      
Cash and cash equivalents 31,691 55,146  
Total restricted cash 702,240 596,616  
Total cash, cash equivalents and restricted cash in the statement of cash flows 733,931 651,762  
Real estate loans [Member]      
Purchases by assuming directly related liabilities 0 0 (61,064)
Other debt [Member]      
Purchases by assuming directly related liabilities $ (1,710) $ 0 $ (5,620)