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
Cash flows from operating activities    
Net loss $ (32,264) $ (17,824)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Print textbook depreciation expense 10,699 0
Other depreciation and amortization expense 33,088 21,369
Share-based compensation expense 59,409 47,355
Amortization of debt discount and issuance costs 42,910 30,114
Repayment of convertible senior notes attributable to debt discount (14,912) 0
Loss on early extinguishment of debt 3,315 0
Loss from write-off of property and equipment 1,057 832
Loss from impairment of strategic equity investment 10,000 0
Gain on textbook library, net (2,028) 0
Deferred income taxes (17) 59
Operating lease expense, net of accretion 3,400 3,284
Other non-cash items (85) (370)
Change in assets and liabilities, net of effect of acquisition of business:    
Accounts receivable 106 (850)
Prepaid expenses and other current assets (6,178) (20,741)
Other assets (2,638) 1,989
Accounts payable (1,634) (3,983)
Deferred revenue 32,239 10,039
Accrued liabilities 34,276 18,095
Other liabilities (2,088) (2,793)
Net cash provided by operating activities 168,655 86,575
Cash flows from investing activities    
Purchases of property and equipment (57,457) (31,520)
Purchases of textbooks (49,641) 0
Proceeds from disposition of textbooks 7,012 0
Purchases of investments (968,106) (822,869)
Proceeds from sale of investments 0 53,261
Maturities of investments 412,046 190,744
Purchase of strategic equity investment (2,000) 0
Acquisition of business, net of cash acquired (92,796) 0
Net cash used in investing activities (750,942) (610,384)
Cash flows from financing activities    
Proceeds from common stock issued under stock plans, net 9,236 27,723
Payment of taxes related to the net share settlement of equity awards (65,224) (91,076)
Proceeds from issuance of convertible senior notes, net of issuance costs 984,096 780,180
Purchase of convertible senior notes capped call (103,400) (97,200)
Repayment of convertible senior notes (159,677) 0
Proceeds from exercise of convertible senior notes capped call 57,414 0
Repurchase of common stock 0 (20,000)
Net cash provided by financing activities 722,445 599,627
Net increase in cash, cash equivalents and restricted cash 140,158 75,818
Cash, cash equivalents and restricted cash, beginning of period 389,432 375,945
Cash, cash equivalents and restricted cash, end of period 529,590 451,763
Supplemental cash flow data:    
Interest 1,546 901
Income taxes 2,450 1,492
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases 5,174 3,847
Right of use assets obtained in exchange for operating lease obligations 1,713 2,638
Non-cash investing and financing activities:    
Accrued purchases of long-lived assets 6,102 4,452
Accrued escrow related to acquisition 7,451 0
Issuance of common stock related to prior acquisition 0 3,003
Issuance of common stock related to repayment of convertible senior notes 327,141 0
Reconciliation of cash, cash equivalents and restricted cash:    
Total cash, cash equivalents and restricted cash $ 529,590 $ 451,763