| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | |
|---|---|---|---|---|---|---|
OPERATING ACTIVITIES: | ||||||
Net income | ||||||
108,318 | 88,140 | 50,798 | 20,482 | 15,929 | 5 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
21,662 | 11,822 | 7,209 | 3,798 | 1,828 | 680 | |
Stock-based compensation | ||||||
80,758 | 42,210 | 21,317 | 5,056 | 374 | 107 | |
Change in fair value of preferred stock warrant liabilities | ||||||
- | - | - | 9,458 | 5,961 | 558 | |
Deferred income taxes | ||||||
-10,490 | -5,101 | -1,581 | -607 | 338 | -1,509 | |
Allowance for credit losses on accounts receivable | ||||||
2,702 | 2,115 | 4,289 | 1,890 | 542 | - | |
Noncash lease expense | ||||||
21,894 | - | - | - | - | - | |
Other | ||||||
1,939 | -2,905 | 1,303 | -1,160 | -176 | -289 | |
Changes in operating assets and liabilities: | ||||||
Accounts receivable | ||||||
331,369 | 239,901 | 224,636 | 187,736 | 114,170 | 53,315 | |
Prepaid expenses and other assets | ||||||
19,597 | 10,551 | 5,033 | 2,675 | 3,040 | 527 | |
Accounts payable | ||||||
191,763 | 177,675 | 171,793 | 209,483 | 50,021 | 35,706 | |
Accrued expenses and other liabilities | ||||||
6,845 | 17,289 | 8,371 | 14,722 | 5,481 | 3,161 | |
Operating lease liabilities | ||||||
-10,342 | - | - | - | - | - | |
Net cash provided by operating activities | ||||||
60,205 | 86,603 | 31,224 | 75,031 | -36,560 | -14,845 | |
INVESTING ACTIVITIES: | ||||||
Business acquisition | ||||||
- | - | 3,000 | - | - | - | |
Purchases of investments | ||||||
212,776 | - | - | - | - | - | |
Maturities of investments | ||||||
89,539 | - | - | - | - | - | |
Purchases of property and equipment | ||||||
35,693 | 19,795 | 10,110 | 6,884 | 5,128 | 832 | |
Capitalized software development costs | ||||||
4,911 | 5,396 | 2,954 | 2,337 | 1,799 | 825 | |
Net cash used in investing activities | ||||||
-163,841 | -25,191 | -16,064 | -9,221 | -6,376 | -2,208 | |
FINANCING ACTIVITIES: | ||||||
Proceeds from line of credit | ||||||
- | - | - | 75,847 | 30,000 | 1,000 | |
Repayment on line of credit | ||||||
- | 27,000 | - | 65,000 | 15,000 | 4,000 | |
Proceeds from term debt | ||||||
- | - | - | - | 15,000 | 15,000 | |
Repayment of term debt | ||||||
- | - | - | 30,000 | - | 3,500 | |
Purchase of short-term investment | ||||||
- | - | - | - | - | 551 | |
Redemption of short-term investment | ||||||
- | - | - | - | 551 | - | |
Payment of debt financing costs | ||||||
6 | 279 | 154 | 976 | 190 | 178 | |
Payment of financing obligations | ||||||
- | - | 1,001 | 550 | 109 | 109 | |
Proceeds from exercise of stock options | ||||||
29,874 | 10,021 | 2,565 | 488 | 166 | 1 | |
Proceeds from employee stock purchase plan | ||||||
16,746 | 13,805 | 6,997 | 4,224 | - | - | |
Taxes paid related to net settlement of restricted stock awards | ||||||
19,334 | 6,677 | 1,017 | - | - | - | |
Proceeds from issuance of Series C convertible preferred stock | ||||||
- | - | - | 60,000 | - | - | |
Repurchase of preferred stock and common stock | ||||||
- | - | - | 54,000 | - | 561 | |
Payment of stock repurchase costs | ||||||
- | - | - | 155 | 39 | - | |
Payment of Series C convertible preferred stock offering cost | ||||||
- | - | - | 129 | - | - | |
Proceeds from the issuance of Class A common stock in initial public offering, net of underwriting commissions | ||||||
- | - | - | 78,120 | - | - | |
Payment of offering costs—initial public offering | ||||||
- | - | - | 4,326 | 160 | - | |
Net cash provided by financing activities | ||||||
27,280 | -10,130 | 7,390 | 63,543 | 29,668 | 28,003 | |
Increase (decrease) in cash and cash equivalents | ||||||
-76,356 | 51,282 | 22,550 | 129,353 | -13,268 | 10,950 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||
Cash paid for income taxes | ||||||
19,727 | 17,287 | 19,163 | 16,740 | 12,931 | 150 | |
Cash paid for interest | ||||||
412 | 817 | 1,320 | 1,696 | 895 | 487 | |
Capitalized assets financed by accounts payable | ||||||
9,252 | 1,944 | 701 | 3,490 | 88 | 27 | |
Asset retirement obligation | ||||||
3,543 | 907 | - | 354 | - | - | |
Tenant improvements paid by lessor | ||||||
- | 1,811 | 640 | - | - | - | |
Stock-based compensation included in capitalized software development costs | ||||||
1,588 | 1,485 | 543 | 88 | 11 | 4 | |
Debt financing costs included in debt, net | ||||||
- | - | 1,153 | - | - | - | |
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows | ||||||
16,923 | - | - | - | - | - | |
Right-of-use assets obtained in exchange for operating lease liabilities | ||||||
150,467 | - | - | - | - | - | |
Conversion of convertible preferred stock to Class B common stock | ||||||
- | - | - | 83,241 | - | - | |
Conversion of warrant for convertible preferred stock to a warrant for Class B common stock and net exercise of warrant to purchase Class B common stock | ||||||
- | - | - | 12,596 | - | - | |
Deferred initial public offering costs and stock repurchase costs included in accounts payable | ||||||
- | - | - | - | 58 | - | |
Net exercise of warrants to purchase Series Seed convertible preferred stock | ||||||
- | - | - | 3,789 | - | - | |