Medidata solutions, inc. (MDSO)
CashFlow / Quarterly
Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income

7,893

11,145

14,319

10,688

16,589

10,325

17,012

13,043

7,541

9,980

9,866

7,358

6,210

4,575

6,816

4,681

1,513

157

5,450

161

2,296

-1,815

582

5,273

5,106

5,700

6,593

4,053

3,604

3,770

18,733

7,482

9,997

3,186

Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets and depreciation

11,646

10,529

9,709

9,118

8,405

7,813

7,135

6,853

5,589

4,476

4,448

3,918

3,766

3,217

2,881

2,751

2,637

2,553

2,651

2,640

2,609

2,535

2,048

1,564

1,473

1,851

1,937

1,969

2,034

1,994

1,915

1,940

1,940

2,022

Stock-based compensation

21,895

19,664

15,668

17,196

15,119

13,155

12,791

12,009

12,692

10,321

10,003

10,458

10,447

10,250

11,079

12,102

14,136

11,670

9,519

10,105

8,630

9,699

16,698

7,116

7,124

5,205

2,751

2,851

3,158

2,154

2,347

2,437

2,296

1,740

Amortization of operating lease assets

3,087

3,025

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of capitalized contract costs

6,736

6,583

-

-

4,572

4,919

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of discounts or premiums on marketable securities

-17

-38

-51

-29

97

-147

-307

-374

-344

-413

-489

-568

-717

-983

-1,087

-1,165

-1,193

-1,309

-1,464

-1,433

-1,283

-1,431

-1,313

-761

-497

-504

-541

-431

-284

-317

-346

-361

-338

-245

Realized loss on available-for-sale securities

0

-27

0

-375

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-5,304

-659

-3,842

-601

-712

818

-5,127

3,629

807

1,599

1,578

4,932

-2,351

1,187

-1,974

4,611

-6,529

683

-2,364

-5,355

-1,503

-1,643

-3,770

-929

3,165

718

-2,370

2,165

3,056

272

-21,580

15

-142

14

Amortization of Debt Issuance Costs

108

109

108

215

429

427

333

319

320

319

319

320

320

319

320

319

320

319

319

319

320

319

319

228

15

15

15

15

15

15

15

15

15

15

Amortization of debt discount

0

0

0

1,646

3,534

3,481

3,429

3,379

3,328

3,279

3,231

3,181

3,135

3,089

3,043

2,997

2,953

2,909

2,866

2,792

2,782

2,741

2,699

1,483

0

0

-

-

-

-

-

-

-

-

Excess tax benefit associated with equity awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,497

215

-

5,094

2,577

71

145

3,389

387

610

2,698

280

-587

1,264

-

-

-

-

Contingent consideration adjustment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

59

60

60

60

42

117

80

80

-

-

-

-

Provision for doubtful accounts

450

431

418

406

390

373

283

280

-154

680

253

355

137

371

58

-11

250

300

207

175

166

100

0

0

0

657

-22

223

-87

51

-

-

-

-

Loss on fixed asset disposal

-65

-101

-26

-272

-31

-96

-80

6

0

2

12

-11

0

-4

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in fair value of contingent consideration

79

161

-68

-270

79

-72

159

102

58

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable

20,763

7,540

7,982

26,417

4,106

23,141

5,007

-4,992

7,987

-12,045

-7,242

24,685

12,364

-4,635

2,229

-1,610

17,251

16,643

14,054

-1,833

-7,222

25,550

391

1,634

-7,523

4,249

10,180

-4,755

4,822

5,809

2,963

-8,521

-1,842

-4,586

Prepaid commission expense

7,285

12,054

11,862

-5,488

6,077

10,619

3,972

2,643

3,768

1,746

5,409

165

193

2,738

-65

-497

77

46

-510

-177

-1,156

499

-188

-107

-87

917

585

596

-76

321

-89

-330

-478

23

Prepaid expenses and other current assets

5,846

2,820

488

-9,121

2,350

658

-723

3,821

5,595

6,771

-4,580

4,787

-1,841

-1,199

3,790

1,965

878

2,425

-538

2,167

467

-1,485

-2,614

1,668

-469

-684

15

-132

2,573

97

-1,407

-61

-95

-162

Other assets

2,021

-159

-2,222

817

-1,466

-125

1,866

575

541

-1,712

3,292

1,860

993

2,590

-901

-317

179

-1,676

-1,689

-1,134

50

-137

1,764

1,855

5

73

-153

119

1,273

133

-4

1

62

446

Accounts payable

-176

1,361

-36

1,757

-847

2,600

782

-8,286

4,360

130

4,708

49

-635

-1,297

733

-533

-3,457

2,755

-127

-1,039

1,393

1,083

-1,377

1,820

658

-1,558

-177

592

200

-1,438

1,136

1,068

-1,387

68

Accrued payroll and other compensation

4,008

-24,174

17,663

10,100

4,802

-13,711

5,244

6,967

5,435

-15,557

6,480

5,165

5,750

-10,052

2,638

3,180

4,239

-4,043

2,102

2,522

2,126

-9,260

3,092

2,860

4,305

-6,643

3,307

1,687

3,340

-4,048

1,242

1,407

2,619

-6,946

Accrued expenses and other

-873

7,668

-340

3,158

4,014

-778

-1,788

-1,774

7,710

-2,397

3,695

2,810

7,477

238

-932

-2,795

4,711

-272

-750

1,416

4,605

832

2,795

3,750

-335

1,518

1,838

-268

-1,451

2,107

4,269

-1,294

802

466

Deferred revenue

8,711

-4,291

-3,059

5,297

-19,012

9,440

-555

-4,087

7,931

3,267

-6,439

1,455

6,072

3,134

5,775

-4,243

10,710

16,375

5,091

10,740

-7,065

10,653

-5,179

3,854

-3,853

-287

-6,819

-9,222

-371

4,941

-1,945

-7,637

-13,026

700

Operating lease liabilities

-4,108

-3,858

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other long-term liabilities

6,005

479

-578

-3,799

219

236

209

117

147

737

-1,337

-3,763

-94

-2,720

3,970

1,013

1,086

-197

4,313

670

1,174

1,537

306

800

269

322

2,232

-26

-182

-43

19

0

-14

-29

Net cash provided by (used in) operating activities

24,324

6,084

31,929

33,471

18,800

4,976

30,172

30,872

38,217

22,485

40,403

5,320

29,242

13,804

30,441

29,408

11,880

16,865

27,169

22,462

24,100

-6,286

20,089

20,440

26,171

2,897

-3,457

8,479

5,675

2,548

2,412

14,705

5,791

5,760

Cash flows from investing activities:
Purchases of furniture, fixtures and equipment

14,178

18,188

11,154

9,409

8,373

11,147

14,119

13,860

9,852

6,790

9,784

2,447

5,836

7,589

8,000

5,092

2,474

3,451

1,915

2,298

4,554

7,048

11,641

12,103

3,814

2,947

1,819

678

1,424

1,821

1,515

1,018

1,383

495

Purchase of domain name

0

600

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of available-for-sale securities

0

0

0

0

11,240

57,974

79,350

67,063

75,243

81,985

51,691

70,534

115,321

28,815

56,987

66,270

91,132

49,724

41,779

86,406

66,770

46,249

207,362

161,128

50,839

27,416

24,562

48,435

15,883

20,440

23,180

23,645

48,364

21,909

Proceeds from sale of available-for-sale securities

30,350

38,512

-1

222,486

73,584

64,202

77,238

65,942

73,691

80,426

48,132

68,880

85,432

69,352

55,767

64,024

54,799

71,833

40,075

50,527

60,484

80,730

28,320

25,878

35,242

30,030

20,363

17,000

13,250

29,757

37,047

18,989

30,156

36,567

Acquisition of business, net of cash acquired

-

-

-

-

-

-

0

0

14,239

8,702

0

44

17,142

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net decrease (increase) in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,207

4,137

0

-388

0

0

0

0

-

-

-

-

Net cash provided by (used in) investing activities

16,172

19,724

-10,989

212,582

-124,597

-4,919

-20,355

-14,981

-25,643

-17,051

-13,343

-8,145

-52,867

32,948

-8,756

-7,338

-39,271

18,658

-9,086

-38,177

-10,614

27,433

-191,890

-151,490

-19,411

55

-6,018

-32,113

-4,057

7,496

12,352

-10,840

-19,447

14,163

Cash flows from financing activities:
Proceeds from exercise of stock options

1,571

2,341

2,294

5,818

3,985

2,366

532

618

6,460

2,597

1,226

2,578

1,497

194

916

571

1,497

3,702

1,343

1,100

806

1,079

2,614

1,688

4,495

1,655

2,353

2,339

2,420

2,216

1,273

626

752

824

Proceeds from employee stock purchase plan

4,487

3,408

2,999

3,162

3,224

3,121

2,579

2,551

2,158

2,090

1,674

1,805

1,566

1,819

1,334

1,715

1,441

1,519

1,395

1,508

1,186

1,327

0

0

0

0

-

-

-

-

-

-

-

-

Repayments of short-term notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

44

41

201

10

0

38

113

0

0

0

-

-

-

-

Acquisition of treasury stock

13,978

26,616

632

1,252

1,643

16,614

2,206

1,508

1,168

13,617

1,133

640

2,966

10,831

36,667

761

7,226

8,928

150

385

8,269

19,789

80

287

10,335

126

-1

312

3,078

50

-

-

-

-

Term loan principal payments

1,250

1,250

1,250

2,500

1,250

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of acquisition-related earn-out

936

297

155

330

4,000

87

0

0

0

0

-

-

-

-

-

-

-

-

0

0

0

704

0

0

0

380

0

0

0

251

-

-

-

-

Excess tax benefit associated with equity awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,497

215

-

5,094

2,577

71

145

3,389

387

610

2,698

280

-587

1,264

-

-

-

-

Repayment of obligations under capital leases

-

-

-

-

-

-

-

-

-

-

-

-

-

-

20

9

8

9

10

5

9

30

34

14

13

14

163

20

29

56

120

134

189

282

Payments of credit facility financing costs

0

0

0

0

0

175

1,997

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-10,106

-22,414

3,256

-282,602

316

-11,389

98,908

1,661

7,450

-8,930

1,767

3,743

-3

-8,818

-34,467

-2,228

-799

-3,501

-5,164

7,312

-3,753

-18,087

2,444

284,122

-5,466

1,707

4,776

2,287

-1,274

3,123

4,408

404

-1,061

542

Effect of exchange rate changes on cash, cash equivalents and restricted cash

-327

225

-579

-244

-806

597

168

177

264

150

-543

-98

224

173

-44

-29

84

-67

-56

-135

53

18

40

13

-25

-51

-22

28

-8

6

-7

-3

-19

29

Net increase (decrease) in cash, cash equivalents and restricted cash

30,063

3,619

23,617

-36,793

-106,287

-10,735

108,893

17,729

20,288

-3,346

28,284

820

-23,404

38,107

-12,826

19,813

-28,106

31,955

12,863

-8,538

9,786

3,078

-169,317

153,085

1,269

4,608

-4,695

-21,347

344

13,167

19,172

4,269

-14,717

20,465

Supplemental disclosures of cash flow information:
Interest paid

1,004

990

1,089

2,689

1,063

2,200

0

1,438

3

1,438

0

1,437

7

1,438

2

1,438

0

1,438

10

1,428

0

1,350

5

7

1

14

11

10

11

12

13

4

16

20

Proceeds from income tax refunds

-671

1,053

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income taxes paid

-

-

447

1,178

1,154

1,099

526

1,014

2,237

640

560

669

51

794

694

314

0

281

15

174

0

296

26

372

66

918

111

365

1,159

940

168

417

496

611

Noncash activities:
Furniture, fixtures and equipment acquired through capital lease obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

26

-

-

-

-

Furniture, fixtures, and equipment acquired but not yet paid for at period-end

-1,173

6,801

-1,069

1,999

-847

3,901

-2,107

1,792

1,928

2,743

-681

736

146

951

2,034

-1,000

2,729

953

80

-746

-1,447

2,996

7,859

-903

1,002

509

827

832

-27

137

664

81

-737

870

Contingent consideration associated with acquisition of business, at fair value

-

-

-

-

-

-

0

0

0

5,697

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of notes payable in connection with acquisition-related earn-out payments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

97

0

0

0

341

0

0

0

171

-

-

-

-