|
Net Income
|
|
($20.1m)
|
($11.1m)
|
($28.1m)
|
($39.3m)
|
($8.6m)
|
$2.9m
|
$13.5m
|
|
Depreciation and amortization
|
|
$3.7m
|
$6.8m
|
$9.0m
|
$12.3m
|
$15.8m
|
$17.4m
|
$26.1m
|
|
Amortization of deferred contract costs
|
|
—
|
$414k
|
$245k
|
$1.8m
|
$1.8m
|
$972k
|
$1.7m
|
|
Amortization of debt issuance costs
|
|
—
|
—
|
—
|
—
|
$298k
|
$230k
|
$271k
|
|
Net accretion of discounts and amortization of premiums on investments
|
|
—
|
—
|
—
|
—
|
$0
|
($1.8m)
|
($607k)
|
|
Deferred tax (benefit) provision
|
|
($11k)
|
($8.5m)
|
$146k
|
($1.7m)
|
$72k
|
($8.8m)
|
($1.4m)
|
|
Unrealized (gain) loss on remeasurement of foreign currency
|
|
—
|
—
|
—
|
—
|
$2.3m
|
$11.6m
|
($11.9m)
|
|
Stock-based compensation expense
|
|
$2.9m
|
$3.8m
|
$18.9m
|
$30.3m
|
$43.7m
|
$64.9m
|
$71.8m
|
|
Change in fair value of contingent consideration
|
|
$660k
|
$5.4m
|
$2.3m
|
($2.8m)
|
$380k
|
($978k)
|
($1.9m)
|
|
Change in provision for uncollectible accounts
|
|
$253k
|
$237k
|
$165k
|
$152k
|
$326k
|
($83k)
|
$2.4m
|
|
Non-cash interest income
|
|
—
|
—
|
—
|
$0
|
$0
|
($1.4m)
|
$0
|
|
Accounts receivable
|
|
($431k)
|
($1.6m)
|
($587k)
|
($323k)
|
($2.1m)
|
($5.3m)
|
($6.8m)
|
|
Unbilled receivables
|
|
($1.1m)
|
($401k)
|
($1.6m)
|
($1.9m)
|
($5.4m)
|
($4.8m)
|
($4.5m)
|
|
Funds receivable from payment partners
|
|
$1.2m
|
($6.0m)
|
($5.8m)
|
($30.9m)
|
$51.0m
|
$23.8m
|
($63.7m)
|
|
Prepaid expenses, other current assets and other assets
|
|
($410k)
|
($3.8m)
|
($7.9m)
|
($11.3m)
|
($4.3m)
|
($5.3m)
|
($17.7m)
|
|
Funds payable to clients
|
|
$13.3m
|
($5.3m)
|
$11.3m
|
$48.9m
|
$86.6m
|
$6.9m
|
$91.8m
|
|
Accounts payable, accrued expenses and other current liabilities
|
|
$2.2m
|
$5.7m
|
$11.2m
|
$6.8m
|
$5.5m
|
$3.3m
|
$4.7m
|
|
Contingent consideration
|
|
$0
|
($693k)
|
($3.2m)
|
($4.5m)
|
($467k)
|
($93k)
|
($475k)
|
|
Other liabilities
|
|
$444k
|
$83k
|
$174k
|
($1.9m)
|
($1.3m)
|
($1.5m)
|
($676k)
|
|
Deferred revenue
|
|
$838k
|
($73k)
|
($159k)
|
($400k)
|
($871k)
|
($630k)
|
($2.3m)
|
|
Capitalization of internally developed software
|
|
—
|
—
|
($5.6m)
|
($5.7m)
|
($5.0m)
|
($5.3m)
|
($8.5m)
|
|
Purchases of property and equipment
|
|
($3.7m)
|
($2.1m)
|
($6.7m)
|
($7.1m)
|
($1.0m)
|
($924k)
|
($1.4m)
|
|
Proceeds from issuance of revolving credit facility
|
|
$10.0m
|
$4.2m
|
$25.9m
|
$0
|
$0
|
$0
|
$125.0m
|
|
Payment of revolving credit facility
|
|
$0
|
($4.2m)
|
($25.0m)
|
($25.9m)
|
$0
|
$0
|
($125.0m)
|
|
Payments of costs related to public offering
|
|
—
|
—
|
$0
|
$0
|
($1.1m)
|
$0
|
$0
|
|
Contingent consideration paid for acquisitions
|
|
($12.4m)
|
($1.3m)
|
($3.8m)
|
($3.7m)
|
($1.2m)
|
($1.0m)
|
($3.7m)
|
|
Payments of tax withholdings for net settled equity awards
|
|
—
|
$0
|
$0
|
($2.6m)
|
($8.5m)
|
($797k)
|
($4.2m)
|
|
Proceeds from the issuance of stock under Employee Stock Purchase Plan
|
|
—
|
$0
|
$0
|
$1.3m
|
$2.7m
|
$3.1m
|
$3.3m
|
|
Proceeds from exercise of stock options
|
|
$453k
|
$773k
|
$6.9m
|
$7.0m
|
$10.4m
|
$5.6m
|
$2.3m
|
|
Deferred acquisition payment
|
|
—
|
—
|
—
|
—
|
$0
|
$0
|
($1.0m)
|
|
Purchase of property and equipment in accounts payable
|
|
$3.7m
|
$0
|
$0
|
$36k
|
$14k
|
$16k
|
$10k
|
|
Accrued excise tax related to common stock repurchase
|
|
—
|
—
|
—
|
$0
|
$0
|
$451k
|
$349k
|
|
Capitalized stock-based compensation expense
|
|
—
|
—
|
—
|
$0
|
$0
|
$1.5m
|
$2.0m
|
|
Net cash provided by operating activities
|
|
$4.1m
|
($14.2m)
|
$17.1m
|
$5.4m
|
$80.6m
|
$91.5m
|
$100.2m
|
|
Acquisitions of businesses, net of cash acquired
|
|
$0
|
($79.4m)
|
($56.1m)
|
($17.1m)
|
($32.8m)
|
($45.2m)
|
($324.9m)
|
|
Purchase of short-term and long-term investments
|
|
—
|
—
|
—
|
$0
|
$0
|
($193.9m)
|
($16.1m)
|
|
Proceeds from the maturity and sale of short-term and long-term investments
|
|
—
|
—
|
—
|
$0
|
$0
|
$29.6m
|
$156.6m
|
|
Net cash used in investing activities
|
|
($3.7m)
|
($81.5m)
|
($62.9m)
|
($24.7m)
|
($38.8m)
|
($215.8m)
|
($194.2m)
|
|
Payment of debt issuance costs
|
|
$0
|
($172k)
|
($418k)
|
$0
|
$0
|
($783k)
|
($758k)
|
|
Proceeds from issuance of common stock under public offering, net of underwriting discount and commissions
|
|
—
|
—
|
$0
|
$0
|
$261.1m
|
$0
|
$0
|
|
Issuance of common stock for retention bonus, Value
|
|
—
|
—
|
$0
|
$0
|
$1.2m
|
$324k
|
$0
|
|
Common stock repurchased
|
|
—
|
—
|
—
|
$0
|
$0
|
($43.7m)
|
($74.3m)
|
|
Net cash (used in) provided by financing activities
|
|
($3.9m)
|
$119.0m
|
$327.5m
|
($24.0m)
|
$263.4m
|
($37.6m)
|
($78.4m)
|
|
Effect of exchange rates changes on cash and cash equivalents
|
|
$15k
|
($259k)
|
($1.4m)
|
$5.0m
|
($1.8m)
|
$2.6m
|
$7.5m
|
|
Net change in cash and cash equivalents
|
|
($3.6m)
|
$23.0m
|
$280.3m
|
($38.2m)
|
$303.4m
|
($159.4m)
|
($164.9m)
|
|
Cash and cash equivalents, beginning of period
|
|
$86.0m
|
$109.1m
|
$389.4m
|
$351.2m
|
$654.6m
|
$495.2m
|
$330.3m
|
|
Cash paid for interest
|
|
($1.9m)
|
($2.1m)
|
($1.6m)
|
$770k
|
$0
|
$0
|
$2.6m
|