XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities    
Net income $ 63,868 $ 15,817
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 53,140 43,903
Loss on disposal of property and equipment 297 0
Share-based compensation expense 38,477 33,034
Deferred income taxes 2,042 (3,643)
Amortization of operating lease right-of-use assets 8,764 7,692
Amortization of debt issuance costs 2,570 754
Amortization of discount on convertible senior notes 13,874 249
Changes in operating assets and liabilities:    
Accounts receivable and unbilled receivables (39,561) 29,653
Inventories (10,138) 4,570
Prepaid expenses (8,229) (6,272)
Other current assets (1,059) (6,617)
Investment in sales-type leases 2,686 (3,273)
Prepaid commissions (1,030) 2,213
Other long-term assets 2,567 (4,023)
Accounts payable 33,111 (8,659)
Accrued compensation (12,018) (8,377)
Accrued liabilities 20,149 3,281
Deferred revenues 21,225 8,827
Operating lease liabilities (9,392) (7,764)
Other long-term liabilities (9,166) 8,057
Net cash provided by operating activities 172,177 109,422
Investing Activities    
Software development for external use (24,141) (25,909)
Purchases of property and equipment (17,892) (17,265)
Business acquisition, net of cash acquired (178,080) 0
Net cash used in investing activities (220,113) (43,174)
Financing Activities    
Proceeds from revolving credit facility 0 150,000
Repayment of revolving credit facility 0 (200,000)
Payments for debt issuance costs for revolving credit facility 0 (550)
Proceeds from issuance of convertible senior notes, net of issuance costs 0 559,665
Purchase of convertible note hedge 0 (100,625)
Proceeds from sale of warrants 0 51,290
Proceeds from issuances under stock-based compensation plans 53,917 33,226
Employees’ taxes paid related to restricted stock units (10,161) (4,101)
Change in customer funds, net (3,059) 0
Stock repurchases 0 (53,035)
Net cash provided by financing activities 40,697 435,870
Effect of exchange rate changes on cash and cash equivalents (492) (157)
Net increase (decrease) in cash, cash equivalents, and restricted cash (7,731) 501,961
Cash, cash equivalents, and restricted cash at beginning of period 489,920 127,210
Cash, cash equivalents, and restricted cash at end of period 482,189 629,171
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 481,549 629,171
Restricted cash included in Other current assets 640 0
Cash, cash equivalents, and restricted cash at end of period 482,189 629,171
Supplemental disclosure of non-cash activities    
Unpaid purchases of property and equipment 691 319
Transfers between inventory and property and equipment, net $ 1,876 $ 0