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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net (loss) $ (25,372) $ (28,717)
Adjustments to reconcile net (loss) to cash (used in) provided by operating activities    
Stock-based compensation 23,175 18,350
Loss on capped call transactions 18,592 0
Deferred income taxes (9,231) 1,455
Amortization of deferred contract costs 8,497 8,301
Lease expense 3,852 3,403
Amortization of debt discount and issuance costs 1,719 0
Amortization of intangible assets and depreciation 4,919 6,755
Amortization of investments 0 315
Foreign currency transaction loss 5,947 3,712
Other non-cash (1,374) 16
Change in operating assets and liabilities, net (49,047) 9,113
Cash (used in) provided by operating activities (18,323) 22,703
Investing activities    
Purchases of investments (1,490) (7,224)
Proceeds from maturities and called investments 0 8,548
Sales of investments 1,424 0
Investment in property and equipment (12,496) (2,790)
Cash (used in) investing activities (12,562) (1,466)
Financing activities    
Proceeds from issuance of convertible senior notes 600,000 0
Payment of debt issuance costs (14,527) 0
Purchase of capped calls related to convertible senior notes (51,900) 0
Dividend payments to shareholders (2,388) (2,363)
Common stock repurchases (29,011) (23,224)
Cash provided by (used in) financing activities 502,174 (25,587)
Effect of exchange rate changes on cash and cash equivalents (1,510) 295
Net increase (decrease) in cash and cash equivalents 469,779 (4,055)
Cash and cash equivalents, beginning of period 68,363 114,422
Cash and cash equivalents, end of period $ 538,142 $ 110,367