v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net loss $ (178,827) $ (190,638)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash interest expense 13,161 883
Depreciation and amortization expense 71,406 46,639
Stock-based compensation expense 63,962 36,086
Non-cash lease expense 11,181 8,407
Provision for credit losses 2,703 1,785
Impairment charge 0 70,379
Loss on debt extinguishment 11,671 0
Changes in operating assets and liabilities, net of assets and liabilities acquired:    
Accounts receivable, net (65,095) (39,743)
Payments to university clients 2,171 (22,257)
Prepaid expenses and other assets (17,153) (6,760)
Accounts payable and accrued expenses 15,281 12,712
Accrued compensation and related benefits 22,737 (109)
Deferred revenue 43,138 20,162
Other liabilities, net (5,680) (24,263)
Other 2,486 1,056
Net cash used in operating activities (6,858) (85,661)
Cash flows from investing activities    
Purchase of a business, net of cash acquired (949) (388,004)
Additions of amortizable intangible assets (46,750) (50,950)
Purchases of property and equipment (5,516) (11,306)
Purchase of investments 0 (10,000)
Proceeds from maturities of investments 0 25,000
Advances made to university clients 0 (100)
Advances repaid by university clients 925 350
Net cash used in investing activities (52,290) (435,010)
Cash flows from financing activities    
Proceeds from issuance of common stock, net of offering costs 299,796 0
Proceeds from debt 371,681 243,726
Payments on debt (250,479) 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 3,123 2,942
Tax withholding payments associated with settlement of restricted stock units (470) (2,573)
Proceeds from employee stock purchase plan share purchases 1,771 1,895
Payments for acquisition of amortizable intangible assets 0 (1,283)
Net cash provided by financing activities 368,935 242,754
Effect of exchange rate changes on cash (92) (1,025)
Net increase (decrease) in cash, cash equivalents and restricted cash 309,695 (278,942)
Cash, cash equivalents and restricted cash, beginning of period 189,869 449,772
Cash, cash equivalents and restricted cash, end of period $ 499,564 $ 170,830