v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net loss $ (126,273) $ (49,526)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash interest expense 5,675 520
Depreciation and amortization expense 47,470 24,351
Stock-based compensation expense 41,961 19,551
Non-cash lease expense 7,299 5,264
Provision for credit losses 1,267 993
Loss on debt extinguishment 11,671 0
Changes in operating assets and liabilities, net of assets and liabilities acquired:    
Accounts receivable, net (39,521) (25,548)
Payments to university clients 4,354 (20,060)
Prepaid expenses and other assets (8,774) (8,796)
Accounts payable and accrued expenses 19,606 18,081
Accrued compensation and related benefits 7,383 (5,964)
Deferred revenue 28,843 15,849
Other liabilities, net (9,299) (23,056)
Other 1,694 392
Net cash used in operating activities (6,644) (47,949)
Cash flows from investing activities    
Purchase of a business, net of cash acquired (949) (387,815)
Additions of amortizable intangible assets (32,497) (32,430)
Purchases of property and equipment (4,254) (8,135)
Purchase of investments 0 (5,000)
Proceeds from maturities of investments 0 25,000
Advances made to university clients 0 (100)
Advances repaid by university clients 275 200
Net cash used in investing activities (37,425) (408,280)
Cash flows from financing activities    
Proceeds from debt 371,708 243,726
Payments on debt (250,409) 0
Payment of debt issuance costs (3,419) (1,953)
Purchases of capped calls in connection with issuance of convertible senior notes (50,540) 0
Prepayment premium on extinguishment of senior secured term loan facility (2,528) 0
Proceeds from exercise of stock options 1,825 2,380
Tax withholding payments associated with settlement of restricted stock units (464) (2,558)
Proceeds from employee stock purchase plan share purchases 1,771 0
Payments for acquisition of amortizable intangible assets 0 (1,283)
Net cash provided by financing activities 67,944 240,312
Effect of exchange rate changes on cash (713) (371)
Net increase (decrease) in cash, cash equivalents and restricted cash 23,162 (216,288)
Cash, cash equivalents and restricted cash, beginning of period 189,869 449,772
Cash, cash equivalents and restricted cash, end of period $ 213,031 $ 233,484