v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net income $ 38,895 $ 125,981
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 21,149 16,861
Stock-based compensation expense 30,418 26,350
Deferred income tax expense 0 10,929
Accretion of debt issuance costs 280 279
Changes in operating assets and liabilities, net of assets and liabilities acquired:    
Accounts receivable 17,045 (5,054)
Prepaid expenses (5,668) (4,377)
Other current assets (6,365) (12,339)
Current income taxes 8,465 (1,373)
Lease right-of-use assets 2,282 0
Other assets (7,571) (1,299)
Deferred revenue 590 560
Lease right-of-use liabilities (2,416) 0
Other liabilities 1,320 2,183
Accounts payable and accrued expenses 2,200 1,363
Net cash provided by operating activities 100,624 160,064
Investing activities:    
Acquisition of MetaPack, net of cash acquired 0 (208,500)
Acquisition of property and equipment (1,749) (1,587)
Net cash used in investing activities (1,749) (210,087)
Financing activities:    
Proceeds from short term financing obligations, net of repayments (8,463) 678
Principal payments on term loan (7,734) (6,187)
Payment on revolving credit facility 0 (12,716)
Proceeds from exercise of stock options 2,925 45,625
Issuance of common stock under Employee Stock Purchase Plan 2,817 3,755
Repurchase of common stock (58,571) (52,424)
Payments related to tax withholding for share-based compensation (93) (4,144)
Net cash used in financing activities (69,119) (25,413)
Effect of exchange rate changes (26) (203)
Net increase (decrease) in cash and cash equivalents 29,730 (75,639)
Cash and cash equivalents at beginning of period 113,757 153,903
Cash and cash equivalents at end of period 143,487 78,264
Supplemental information:    
Capital expenditures accrued but not paid at period end 123 13
Tenant improvement allowance 0 600
Cash paid for amounts included in the measurement of lease liabilities included in cash provided by operating activities 3,530 0
Lease liabilities arising from obtaining right-of-use assets $ 8,649 $ 0

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