| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Operating activities: | ||||||||||
Net income | ||||||||||
314,963 | 238,334 | 122,695 | 85,071 | -3,465 | 44,869 | 29,734 | 9,915 | 14,656 | 13,289 | 18,693 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
81,165 | 77,743 | 63,643 | 70,165 | 78,532 | 70,372 | 12,495 | 10,053 | 8,435 | 8,607 | 7,583 |
Amortization of deferred commissions costs | ||||||||||
53,421 | 48,313 | 0 | 0 | - | - | 27,563 | 22,699 | 4,417 | 5,042 | 7,093 |
Amortization of debt issuance costs | ||||||||||
876 | 876 | 2,303 | 3,227 | 3,311 | 3,312 | 3,014 | 1,989 | 0 | 0 | - |
Gain (Loss) on Extinguishment of Debt | ||||||||||
0 | 0 | -3,788 | 0 | 0 | - | - | - | - | - | - |
Impairment loss | ||||||||||
- | - | - | 23 | 2,778 | 1,799 | 0 | 0 | - | - | - |
Loss on disposal of property and equipment | ||||||||||
105 | 73 | 129 | 839 | 681 | 1,004 | 104 | 122 | 628 | 674 | 603 |
Realized loss on investments | ||||||||||
- | - | - | 808 | 0 | 0 | - | - | - | - | - |
Non-cash lease expense | ||||||||||
22,748 | 0 | 0 | - | - | - | - | - | - | - | - |
Excess tax benefit from stock-based compensation | ||||||||||
- | - | - | - | - | 28,406 | 19,585 | 198 | 2,541 | 902 | 403 |
Stock-based compensation expense | ||||||||||
52,255 | 41,214 | 39,030 | 36,349 | 34,537 | 28,267 | 41,549 | 12,282 | 8,103 | 8,306 | 6,460 |
Deferred consideration settlement | ||||||||||
- | - | - | - | - | - | - | - | 1,207 | 0 | 0 |
Deferred income taxes, net | ||||||||||
8,220 | 3,666 | -2,903 | 15,635 | -5,792 | -1,366 | -12,740 | 13,643 | -17,104 | 1,673 | -2,428 |
Credit loss expense | ||||||||||
10,978 | 6,542 | 5,690 | 7,358 | 7,002 | 4,822 | 2,317 | 1,456 | 1,525 | 1,471 | 4,172 |
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | ||||||||||
5,014 | 27,819 | 17,524 | 16,044 | 3,999 | 12,353 | 6,607 | -1,295 | 4,573 | 1,776 | 1,610 |
Income taxes payable | ||||||||||
-577 | 9,632 | 16,937 | 2,816 | 11,380 | 24,542 | 29,295 | 7,598 | 7,992 | -4,994 | - |
Prepaid expenses and other current assets | ||||||||||
14,244 | 1,651 | 3,672 | 1,157 | -367 | 2,846 | -2,934 | 3,316 | -1,046 | 714 | 1,521 |
Deferred commissions | ||||||||||
-66,688 | -53,497 | 0 | 0 | - | - | - | - | - | - | - |
Other assets | ||||||||||
-648 | 212 | 39 | 758 | 686 | -157 | 399 | 1,172 | -154 | -385 | -1,013 |
Income tax receivable | ||||||||||
0 | 1,927 | 12,981 | 0 | 0 | - | - | - | - | - | 0 |
Accounts payable and other liabilities | ||||||||||
17,751 | -14,132 | 11,525 | -1,520 | 9,938 | 6,078 | -3,882 | 1,629 | 2,228 | 6,746 | 1,531 |
Lease liabilities | ||||||||||
-25,442 | 0 | 0 | - | - | - | - | - | - | - | - |
Interest receivable | ||||||||||
- | - | - | - | - | - | - | - | - | -70 | -97 |
Deferred revenue | ||||||||||
7,911 | 7,879 | 6,004 | 2,070 | 3,817 | 3,972 | 1,708 | 5,787 | 4,334 | 2,162 | -812 |
Net cash provided by operating activities | ||||||||||
457,780 | 335,458 | 234,703 | 200,642 | 139,773 | 143,909 | 108,298 | 86,126 | 27,785 | 39,269 | 38,445 |
Investing activities: | ||||||||||
Proceeds from sale and settlement of investments | ||||||||||
- | - | - | 5,950 | 1,900 | 5,675 | 76 | 15,365 | 4,911 | 16,854 | 17,159 |
Proceeds from sale of building, net | ||||||||||
- | - | - | - | - | - | - | - | 83,553 | 0 | 0 |
Purchases of property and equipment and other assets | ||||||||||
46,197 | 29,632 | 24,499 | 18,766 | 35,061 | 27,444 | 19,042 | 14,834 | 15,013 | 57,358 | 9,420 |
Cash paid for acquisitions, net of cash acquired | ||||||||||
437,556 | 418,369 | 47,768 | 10,443 | 182,341 | 584,218 | 0 | 640,929 | 15,085 | 0 | 3,207 |
Net cash provided by (used in) investing activities | ||||||||||
-483,753 | -448,001 | -72,267 | -23,259 | -215,502 | -605,987 | -18,966 | -640,398 | 58,366 | -40,504 | 4,532 |
Financing activities: | ||||||||||
Proceeds from long-term debt | ||||||||||
- | - | - | - | - | 550,000 | 0 | 175,000 | 0 | 0 | - |
Payments of long-term debt | ||||||||||
0 | 0 | 345,000 | 20,000 | 20,000 | 318,125 | 17,500 | 4,375 | 0 | 0 | - |
Payments of debt issuance costs | ||||||||||
0 | 0 | 3,467 | 0 | 0 | 9,969 | 0 | 11,546 | 0 | 0 | - |
Excess tax benefit from stock-based compensation | ||||||||||
- | - | - | - | - | 28,406 | 19,585 | 198 | 2,541 | 902 | 403 |
Repurchase of restricted stock to satisfy tax withholding obligations | ||||||||||
27,577 | 24,327 | 14,902 | 16,424 | 16,436 | 50,555 | 8,469 | 4,204 | 2,307 | 2,904 | 672 |
Proceeds from equity offering, net of transaction costs | ||||||||||
0 | 0 | 833,911 | 0 | 0 | 529,360 | 0 | 0 | 247,924 | 0 | 0 |
Proceeds from exercise of stock options and employee stock purchase plan | ||||||||||
25,080 | 27,071 | 9,888 | 5,861 | 7,404 | 5,740 | 18,133 | 9,868 | 6,622 | 4,044 | 2,441 |
Payments of deferred consideration | ||||||||||
-1,657 | 0 | 0 | - | - | 1,344 | -1,344 | 0 | -2,100 | - | - |
Net cash provided by (used in) financing activities | ||||||||||
-4,154 | 2,744 | 480,430 | -30,563 | -29,032 | 733,513 | 10,405 | 164,941 | 252,680 | 2,042 | 2,172 |
Effect of foreign currency exchange rates on cash and cash equivalents | ||||||||||
442 | -1,248 | 1,374 | -1,415 | -433 | -376 | 189 | 78 | 44 | -188 | 655 |
Net increase in cash, cash equivalents and restricted cash | ||||||||||
-29,685 | -111,047 | 644,240 | 145,405 | -105,194 | 271,059 | 99,926 | -389,253 | 338,875 | 619 | 45,804 |
Supplemental cash flow disclosures: | ||||||||||
Interest paid | ||||||||||
1,998 | 1,421 | 6,445 | 6,712 | - | - | - | - | - | - | - |
Income taxes paid | ||||||||||
68,935 | 35,980 | 41,283 | 34,132 | - | - | - | - | - | - | - |
Supplemental non-cash investing and financing activities: | ||||||||||
Stock issued in connection with acquisition - ForRent | ||||||||||
0 | 36,366 | 0 | 0 | - | - | - | - | - | - | - |
Consideration owed for acquisitions | ||||||||||
1,650 | 1,534 | 0 | 0 | - | - | - | - | - | - | - |