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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net income $ 47,147 $ 98,204
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property, equipment and internal-use software 43,014 35,929
Amortization of intangible assets 21,175 24,523
Provision for uncollectible overdrawn accounts from purchase transactions 6,743 5,309
Stock-based compensation 36,793 30,136
Losses in equity method investments 4,313 0
Realized gain on sale of available-for-sale investment securities (5,062) 0
Amortization of premium (discount) on available-for-sale investment securities 618 (209)
Change in fair value of contingent consideration 0 (1,866)
Amortization of deferred financing costs 127 1,253
Impairment of internal-use software 1,099 121
Changes in operating assets and liabilities:    
Accounts receivable, net 8,625 694
Prepaid expenses and other assets 12,724 9,679
Deferred expenses 10,031 14,438
Accounts payable and other accrued liabilities 19,471 (20,132)
Deferred revenue (15,068) (19,385)
Income tax receivable/payable 8,842 25,961
Other, net (1,741) 6
Net cash provided by operating activities 198,851 204,661
Investing activities    
Purchases of available-for-sale investment securities (295,287) (117,959)
Proceeds from maturities of available-for-sale securities 80,840 72,569
Proceeds from sales of available-for-sale securities 187,830 4,905
Payments for acquisition of property and equipment (43,898) (58,185)
Net changes in loans 493 (1,457)
Investment in TailFin Labs, LLC (35,000) 0
Other (916) 0
Net cash used in investing activities (105,938) (100,127)
Financing activities    
Repayments of borrowings from notes payable 0 (60,000)
Borrowings on revolving line of credit 100,000 0
Repayments on revolving line of credit (135,000) 0
Proceeds from exercise of options and ESPP purchases 5,104 4,862
Taxes paid related to net share settlement of equity awards (8,153) (18,159)
Net changes in deposits 1,108,354 (133,132)
Net decrease in obligations to customers (84,304) (25,311)
Contingent consideration payments (3,000) (3,634)
Repurchase of Class A common stock 0 (100,000)
Net cash provided by (used in) financing activities 983,001 (335,374)
Net increase (decrease) in unrestricted cash, cash equivalents and restricted cash 1,075,914 (230,840)
Unrestricted cash, cash equivalents and restricted cash, beginning of period 1,066,154 1,095,218
Unrestricted cash, cash equivalents and restricted cash, end of period 2,142,068 864,378
Cash paid for interest 839 2,049
Cash paid for/(refund from) income taxes 5,497 (3,612)
Total unrestricted cash, cash equivalents and restricted cash, end of period $ 2,142,068 $ 864,378