| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 | Dec'17 |
|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||
Net loss (income) | |||||||||
3,287 | 146 | 563 | 3,398 | 3,336 | -2,278 | -4,961 | 0 | 0 | 0 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||
Depreciation and amortization | |||||||||
18,307 | 17,667 | 16,564 | 14,838 | 13,413 | 12,535 | 11,839 | 0 | 0 | 0 |
Equity-based compensation | |||||||||
8,444 | 7,297 | 6,124 | 4,872 | 3,881 | 2,518 | 1,567 | 0 | 0 | 0 |
Provision for doubtful accounts | |||||||||
36 | 36 | 30 | 24 | 11 | 1 | 14 | 0 | 0 | 0 |
Amortization of deferred financing costs | |||||||||
- | 588 | - | - | - | 1,084 | 1,072 | 0 | 0 | 0 |
Amortization of capitalized client acquisition costs | |||||||||
0 | 0 | - | - | 0 | 0 | - | - | - | - |
Loss on disposal of assets | |||||||||
0 | 0 | -8 | -8 | -8 | -8 | -5 | 0 | 0 | 0 |
(Benefit from) provision for deferred income taxes | |||||||||
- | - | - | - | - | - | -682 | 0 | 0 | 0 |
Non-cash change in fair value of warrant liability | |||||||||
- | - | - | - | - | - | 8,487 | 0 | 0 | 0 |
Increase in non-cash contingent consideration expense from original estimate | |||||||||
1,248 | 3,892 | 3,389 | 2,322 | 3,890 | 3,135 | 3,866 | 0 | 0 | 0 |
Changes in operating assets: | |||||||||
Accounts receivable | |||||||||
-1,709 | -1,537 | -2,430 | 768 | 973 | 2,210 | 2,321 | 0 | 0 | 0 |
Prepaid expenses and other current assets | |||||||||
850 | 1,036 | 817 | 2,195 | 471 | -1,030 | -1,017 | 0 | 0 | 0 |
Other assets | |||||||||
2,818 | 3,023 | 2,769 | 2,557 | 2,874 | 3,227 | 3,182 | 0 | 0 | 0 |
Changes in operating liabilities: | |||||||||
Accounts payable | |||||||||
-1,123 | -82 | -1,768 | 2,937 | 728 | 219 | 1,172 | 0 | 0 | 0 |
Accrued expenses and other current liabilities | |||||||||
-1,744 | -1,577 | 1,572 | -1,512 | 180 | 1,433 | 2,040 | 0 | 0 | 0 |
Deferred revenue | |||||||||
3,628 | 3,643 | 2,588 | 277 | 350 | 81 | -123 | 0 | 0 | 0 |
Other long-term liabilities | |||||||||
-66 | -43 | -44 | 154 | 170 | 325 | 362 | 0 | 0 | 0 |
Contingent consideration paid in excess of original estimates | |||||||||
4,355 | 690 | 1,560 | 2,838 | 2,838 | 2,962 | 2,092 | 0 | 0 | 0 |
Net cash provided by operating activities | |||||||||
24,020 | 28,009 | 26,597 | 19,718 | 19,911 | 18,284 | 18,080 | 0 | 0 | 0 |
Cash flows from investing activities: | |||||||||
Expenditures for property and equipment | |||||||||
1,418 | 1,248 | 807 | 1,493 | 1,524 | 2,080 | 2,217 | 0 | 0 | 0 |
Expenditures for capitalized software | |||||||||
2,683 | 2,393 | 2,227 | 1,810 | 1,391 | 1,250 | 1,092 | 0 | 0 | 0 |
Purchases of merchant portfolios and residual buyouts | |||||||||
2,601 | 3,657 | 3,586 | 2,708 | 2,835 | 1,051 | 1,207 | 0 | 0 | 0 |
Acquisitions of businesses, net of cash acquired | |||||||||
95,812 | 116,036 | 137,036 | 132,362 | 46,724 | 32,500 | 32,362 | 0 | 0 | 0 |
Acquisition of other intangibles | |||||||||
150 | 150 | 72 | 431 | 420 | 1,210 | 1,177 | 0 | 0 | 0 |
Net cash used in investing activities | |||||||||
-102,664 | -123,484 | -143,728 | -138,804 | -52,894 | -38,091 | -38,055 | 0 | 0 | 0 |
Cash flows from financing activities: | |||||||||
Proceeds from revolving credit facility | |||||||||
216,982 | 194,774 | 188,491 | 157,919 | 64,250 | 49,750 | 27,250 | 0 | 0 | 0 |
Payments of revolving credit facility | |||||||||
243,002 | 83,507 | 51,867 | 19,612 | 91,250 | 93,750 | 95,600 | 0 | 0 | 0 |
Proceeds from notes payable to banks | |||||||||
- | - | - | - | - | - | 24,671 | 0 | 0 | 0 |
Payments of notes payable to banks | |||||||||
32,500 | 33,750 | 35,000 | 36,250 | 5,000 | 5,000 | 5,000 | 0 | 0 | 0 |
Payment of debt issuance costs | |||||||||
- | - | - | - | - | - | 266 | 0 | 0 | 0 |
Payment of equity issuance costs for Class A unit issuance | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |
Cash paid for contingent consideration | |||||||||
2,122 | 1,904 | 2,634 | 2,634 | 3,361 | 1,707 | 977 | 0 | 0 | 0 |
Proceeds from stock option exercises | |||||||||
1,146 | 1,144 | 672 | 0 | 0 | 0 | - | - | - | - |
Net cash (used in) provided by financing activities | |||||||||
79,757 | 96,189 | 119,094 | 119,073 | 33,623 | 18,911 | 19,244 | 0 | 0 | 0 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | |||||||||
0 | 0 | - | - | 0 | 0 | - | - | - | - |
Net (decrease) increase in cash, cash equivalents and restricted cash | |||||||||
- | - | - | - | - | - | -731 | 0 | 0 | 0 |
Supplemental disclosure of cash flow information: | |||||||||
Cash paid for interest | |||||||||
6,635 | 6,152 | 4,911 | 1,900 | 3,438 | 6,352 | 7,881 | 0 | 0 | 0 |
Cash paid for income taxes | |||||||||
-243 | 1,602 | 1,420 | 24,957 | 2,203 | 574 | 483 | 0 | 0 | 0 |