Blackbaud Q4 Investor Presentation. Ticker: BLKB February 2018

Transcription

1 Blackbaud Q4 Investor Presentation Ticker: BLKB February

2 Forward-Looking Statements Forward-Looking Statements:This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this presentation consist of, among other things, statements regarding future operating results, all of which are based on current expectations, estimates, and forecasts, and the beliefs and assumptions of the Company s management. Words such as expects, anticipates, aims, projects, intends, plans, likely, will, should, believes, estimates, seeks, variations of such words, and similar expressions are intended to identify such forward-looking statements. These forwardlooking statements are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from the Company s expectations expressed in this presentation include: expectations for achievement of 2018 financial guidance; risks associated with fluctuations in foreign exchange rates and the related impact on 2018 financial guidance; expectations for continuing to successfully execute the Company s growth and operational improvement strategies; expectations of future growth in the global giving software solutions market, segments within that market and the Company s total addressable market; expectations that achieving the Company s goals will extend its competitive advantage and provide improved product quality and innovative solutions for its customers; expectations that the consolidation of legacy systems into best-of-breed platforms will drive increasing operating efficiency and contribute to margin improvement; expectations that the Company s financial position provides flexibility to fuel future growth through acquisitions or other opportunities; expectations that past acquisitions have expanded the Company s customer and market opportunities; risks associated with acquisitions; uncertainty regarding increased business and renewals from existing customers; risks associated with implementation of software products; the ability to attract and retain key personnel; risks related to the Company s leverage, credit facility, dividend policy and share repurchase program, lengthy sales and implementation cycles; technological changes that make the Company s products and services less competitive; and the other risk factors set forth from time to time in the Company s SEC filings. Factors that could cause or contribute to such differences include, but are not limited to, those summarized under Risk Factors in the Company s most recent annual report on Form 10-K, and any quarterly reports on Forms 10-Q thereafter, copies of which are available free of charge at the SEC s website at or upon request from the Company s investor relations department. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent the Company s beliefs and assumptions only as of the date of this presentation. Except as required by law, the Company does not intend, and undertakes no obligation, to revise or update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Trademark Usage: All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc. This presentation contains trade names, trademarks and service marks of other companies. The Company does not intend its use or display of other parties trade names, trademarks and service marks to imply a relationship with, or endorsement or sponsorship of, these other parties. 22

3 Historical Financials and Non-GAAP Financial Measures Use of Non-GAAP Financial Measures: The Company has provided in this presentation financial information that has not been prepared in accordance with GAAP. The Company uses these non-gaap financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating the Company s ongoing operational performance. The Company believes that the use of these non-gaap financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results from period to period with other companies in the Company s industry, many of which present similar non-gaap financial measures to investors. These non-gaap financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies. The Company believes that these non-gaap financial measures reflect the Company s ongoing business in a manner that allows for meaningful period-to-period comparison and analysis of trends in the Company s business. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-gaap measures to their most directly comparable GAAP financial measures. Blackbaud discusses non-gaap organic revenue growth measures, including non-gaap organic revenue growth, non-gaap organic revenue growth on a constant currency basis, non-gaap organic subscriptions revenue growth and non-gaap organic recurring revenue growth, which Blackbaud believes provide useful information for evaluating the periodic growth of its business as well as growth on a consistent basis. Each measure of non-gaap organic revenue growth excludes incremental acquisition-related revenue attributable to companies acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, if any, each measure of non-gaap organic revenue growth reflects presentation of full year incremental non-gaap revenue derived from such companies as if they were combined throughout the prior period, and it includes the current period non-gaap revenue attributable to those companies, as if there were no acquisition-related write-downs of acquired deferred revenue to fair value as required by GAAP. In addition, each measure of non-gaap organic revenue growth excludes prior period revenue associated with divested businesses. The exclusion of the prior period revenue is intended to present the results of the divested businesses within the results of the combined company for the same period of time in both the prior and current periods. Blackbaud believes this presentation provides a more comparable representation of our current business organic revenue growth and revenue run-rate. In these materials, Blackbaud is presenting the following unaudited information: historical subscriptions, recurring and total revenue for the fiscal years ended December 31, 2017 and 2016 and the interim periods therein; and for the fiscal year ended December 31, 2016 and the interim periods therein; calculations for subscriptions revenue growth, recurring revenue growth and total revenue growth for the twelve month period ended December 31, 2017 and the interim periods therein; and calculations of non-gaap organic subscriptions revenue growth, non-gaap organic recurring revenue growth, non-gaap organic revenue growth and non-gaap organic revenue growth on a constant currency basis for the same periods. Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment. Historical Financial Statements Being Presented: In these materials, Blackbaud is presenting the following unaudited historical financial information: historical consolidated balance sheets as of the fiscal years ended December 31, 2017, 2016 and 2015 and interim consolidated balance sheets for each of the quarters within fiscal 2017, 2016 and 2015; historical consolidated statements of comprehensive income for the fiscal years ended December 31, 2017, 2016 and 2015 and interim consolidated statements of comprehensive income for each of the quarters within fiscal 2017, 2016 and 2015; historical consolidated statements of cash flows for the fiscal years ended December 31, 2017, 2016 and 2015 and interim consolidated statements of cash flows for each of the interim year-to-date periods within fiscal 2017, 2016 and 2015; and historical non-gaap financial information for the fiscal years ended December 31, 2017, 2016 and 2015 and for each of the quarters within fiscal 2017, 2016 and 2015 as well as reconciliations of the non-gaap measures to their most directly comparable GAAP measures and related non-gaap adjustments. Blackbaud is providing this unaudited financial information to allow investors and analysts to more easily access and review the Company s historical consolidated financial data by including such information in one document. In order to provide comparability between periods presented, certain previously reported historical financial information has been reclassified to conform to the presentation of the most recent reporting period, which is discussed in more detail with that information. In addition, certain of the unaudited historical financial statements have been adjusted for the effects of recently adopted accounting pronouncements, which are discussed in more detail with that information. Reconciliation of GAAP to Non-GAAP Financial Measures: Reconciliations of the most directly comparable GAAP measures to non-gaap financial measures and related adjustments, as well as details of Blackbaud's methodology for calculating non-gaap organic revenue growth, non-gaap organic revenue growth on a constant currency basis, non-gaap organic subscriptions revenue growth, non-gaap organic recurring revenue growth can be found in the Appendix to these materials and on the "Investor Relations" page of the company's website at Blackbaud has not reconciled forward-looking non-gaap financial measures contained in this investor material to their most directly comparable GAAP measures. Such reconciliations would require unreasonable efforts at this time to estimate and quantify with a reasonable degree of certainty various necessary GAAP components, including for example those related to compensation, acquisition transactions and integration, tax items or others that may arise. These components and other factors could materially impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-gaap counterparts. 33

4 Key Messages The leader in a large and growing market Highly differentiated from the competition Executing a clear four-point growth strategy 4

5 What Others Are Saying 24 th Largest Cloud Software Provider Worldwide 2017 Sally Award for Customer Service Excellence

6 Our Markets Key Differentiators Strategy for Growth Financial Performance 6

7 Philanthropy is Large, Stable, and Shifting Online Sizeable (1) More than 1.6M Nonprofits $ Billions (3) US Charitable Giving Stable (2) Giving tracks GDP and S&P 500 Significant Industry (1) $2T+ Annual Revenue & Expense Digital Shift (3) Online giving growing 3x faster than total giving Inflation-adjusted dollars Inflation-adjusted dollars in recession Current dollars US Statistics. Source: (1) The Urban Institute National Center for Charitable Statistics, (2) Giving USA 2017, (3) Blackbaud Institute 2017; online giving grew 12.1% and overall giving grew 4.1% in

8 Charitable Giving is Significant and Diverse Sources 80% Individuals 15% Foundations 5% Corporations $390 Billion Recipients Recipients 32% Religion $123B 15% Education $60B 12% Human Services $47B 10% Foundations $41B 8% Health $33B 8% Public Society Benefit $30B 5% Arts, Culture, Humanities $18B 6% International Affairs $22B 3% Environment/Animals $11B 2% To Individuals $7B Only manages charitable giving end to end Source: GivingUSA 2017, The Annual Report on Philanthropy 8

9 Substantial TAM with Significant Penetration Opportunity 2018 TAM $8B+ Corporate Social Responsibility < 15% Penetration Foundation Solutions < 15% Penetration CRM < 25% Penetration Penetration TAM CAGR < 15% > 7% Arts & Cultural Solutions < 10% Penetration Education Solutions < 15% Penetration $0.9B $0.2B $0.4B $0.4B 2017 TAM $1.1B $1.1B Digital Marketing < 25% Penetration Financial < 10% Penetration $1.0B Total market opportunity $15B Analytics & Data < 15% Penetration $0.6B $2.0B Payments < 10% Penetration TAM represents total estimated annual spend. FY 2017 TAM $7.6B. FY 2018 TAM $8.2B Sources: Based on 2013 data derived from primary research Boston Analytics, Blackbaud Data IRS, Canadian Customs & Revenue Agency, Caritas, Private School Universe, Carnegie Higher Education, Guidestar; estimated FY 2017 Blackbaud Revenue, OECD, CIA World Factbook, Johns Hopkins University, NTEN 2014 Nonprofit Technology Staffing and Investments Report, Blackbaud internal data 9

10 Clear Market Leader Wide Economic Moat Fundraising Engagement Financials Program Management Payment Processing Analytics Blackbaud is the largest cloud software vendor focused on the social good community (1) Only Blackbaud offers the full portfolio of purpose-built, integrated solutions (and partners) Highly fragmented competition offering single-point solutions Large customer base with high retention (1) IDC #24th largest cloud software provider worldwide 10

11 Our Markets Key Differentiators Strategy for Growth Financial Performance 11

12 The Market s Only Complete Solution Offering Differentiator 1 Enterprise Constituent Relationship Management Digital Marketing Peer-to-Peer Fundraising Financials Program Management Mid Market Mass Market Enterprise CRM Raisers Edge NXT etapestry Luminate CRM Salesforce Platform Luminate Online Online Express TeamRaiser everydayhero JustGiving Financial Edge NXT Education ON Suite SmartTuition AcademicWorks Arts and Cultural Altru Foundations GIFTS FIMS Outcomes AcademicWorks Corporations Angelpoints Payments Analytics 12

13 Industry Leading Cloud Technology Differentiator 2 consistent user experience Application Services micro-services architecture Cloud Infrastructure strategic partners Cloud Operations industry-leading standards open source technology 13

14 Unmatched Domain Expertise and Capability Differentiator 3 Market Leadership Big Data and Analytics Thought Leadership Sales Services Solutions Customer Success Philanthropic focus Industry s largest dataset Prospect research Database maintenance Campaign optimization Performance benchmarking Blackbaud Institute Employ industry experts Educate our customers Generate industry reports Host industry conferences 14

15 Our Markets Key Differentiators Strategy for Growth Financial Performance 15

16 Executing a Clear Four-Point Growth Strategy 1. Deliver integrated and open solutions in the cloud 2. Drive sales effectiveness 3. Expand total addressable market 4. Improve operating efficiency 16

17 Deliver Integrated and Open Solutions in the Cloud STRATEGY 1 $525M Integration delivers total solutions Open architecture extends functionality +43% Subscription CAGR $267M Modern micro-services architecture Rapid feature & functionality delivery Common user experience Accessible anytime, anywhere $7M % 47% 66% Subscriptions Revenue as a % of Total Revenue Non-GAAP revenue 17

18 Drive Sales Effectiveness STRATEGY 2 Strategy Result Organizational framework common playbook Increase efficiency systems, tools, automation Market coverage deploy headcount Add: Direct sales new logo focus Add: Indirect sales sell subset of solutions Add: Customer success existing base focus Best practices consistently applied Equip for success Increase number of deal opportunities Topline growth expands the base VARs widen distribution expands the base Customer satisfaction retains the base 18

19 Expand TAM with Acquisitions STRATEGY 3 Acquisitions Vertical Expand TAM Accelerate shift to cloud Accelerate rev growth Accretive to margins Peer-to-Peer +$0.2B Education & Foundations +$0.1B Education +$0.7B Foundations & Corporations Education +$0.6B +$0.3B JustGiving 10/2017 $127.4M purchase price Academicworks 4/2017 $50.0M purchase price Smart Tuition 10/2015 $187.8M purchase price MicroEdge 10/2014 $159.8M purchase price WhippleHill 6/2014 $35.0M purchase price TAM source: Blackbaud internal data 19

20 Improve Operating Efficiency STRATEGY 4 Strategy Results Infrastructure investments Best-of-breed platforms >75% systems reduction Operational excellence Simplify, standardize, optimize, automate Productivity improvement R&D, G&A, Support, Professional Services Enhanced speed Better accuracy Enriched quality Highly scalable Improved efficiency Margin expansion Delivered ~100 bps / year Operating Margin * *Assuming 2014 constant currency presentation delivered 320 bps improvement in non-gaap operating margin ( ). Without normalizing for constant currency delivered 280 bps improvement in non-gaap operating margin ( ). 20

21 Our Markets Key Differentiators Strategy for Growth Financial Performance 21

22 Business Model Drives Recurring Revenue 14% Revenue CAGR $791M $880M Subscriptions Revenue 16x 66% CAGR 43% Recurring Revenue $166M Guidance* 1.8x 83% CAGR 19% Subscriptions Maintenance Services & Other Non-GAAP Revenue *Guidance issued 2/6/18. $880M is the mid-point of Non-GAAP revenue guidance. 22

23 Balancing Investments with Operating Margin Expansion Executing Strategy Infrastructure Investments Operational Excellence Productivity Gains 17.8% 19.1% 20.1% 21.0% Operating Margin 320 bps (1) Future expansion depends on level of investments in: Sales and marketing Customer success Engineering Workplace strategy (1) Non-GAAP operating margins at 2014 constant currency. Without normalizing for constant currency delivered 280 bps improvement ( ) 23

24 Maintaining a Disciplined Capital Strategy 2018 Free Cash Flow $170M* ~45% ~45% Growth and operating initiatives Capital investments consistent with solution roadmap and strategy Invest in operational efficiencies Strategic acquisitions Maintain strong balance sheet Cash balances Debt maintenance Debt to EBITDA < 3.5X ~10% Return of capital to shareholders* Dividend of $0.48 per share Share repurchase $50M authorized and available *2018 guidance at mid-point, issued on 2/6/2018. Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment. Dividend payments are not guaranteed and our Board of Directors may decide, in its absolute discretion, at any time and for any reason, not to declare or pay further dividends and/or repurchase our common stock. 24

25 Proven History of Deleveraging 3.5x Targeted Max Leverage 3.5x 3.0x Leverage Ratio 2.5x 2.0x 1.5x 1.0x Optimal Leverage 1.8x 0.5x 0.0x Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Note: Current covenant for leverage ratio is less than or equal to 3.5x. Calculation of debt over TTM EBITDA is based on credit agreement in place at the end of the respective reporting quarter. 25

26 Generating Healthy Free Cash Flow Inclusive of Investments Free Cash Flow Highlights Invest in innovation (capitalized software development) Cloud infrastructure investments and workplace strategy (capitalized expenditures) Free Cash Flow ($ millions) $200 $150 $100 $50 $95M $170M 21% FCF CAGR Estimating minimal cash tax payment in 2018 $ EST* Delivering substantial Free Cash Flow growth and margin accretion FCF Margin 14.9% 15.0% 17.5% 19.3% Investments $34M $44M $39M $50M *Calculations based on 2018 guidance issued 2/6/2018; non-gaap free cash flow of $170M at the mid-point inclusive of total capital expenditures and capitalized software development of -$50M. Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment 26

27 Strong Returns on Increasing Investment Base Strong Returns 2017 WACC: 9.0% 1.9x 2017 ROIC*: 17.4% 26% CAGR $1,382M $343M Invested Capital *See appendix for detailed ROIC calculation 27

28 Estimating Strong Financial Performance in 2018 Guidance Issued February 2018 Mid-Point YoY Growth Total Revenue $870 million $890 million $880M 11% Operating Margin 20.6% 21.0% 20.8% 20 bps Diluted EPS $2.75 $2.88 $ % Free Cash Flow $165 million $175 million $170M 23% Operating margin guidance implies 20 bps improvement at the mid-point inclusive of substantial workplace strategy investments. EPS guidance assumes a non-gaap tax rate of 20%. 28

29 Improving Shareholder Value SUMMARY Performance Strategy execution is accelerating financial performance Technology Early days of integrated cloud solution strategy Capital Strategy Significant cash flow and strong balance sheet 29

30 Appendix 30

31 Return on Invested Capital (ROIC) Calculation 2017 Total Assets 1,759,426 Less restricted cash (611,880) Less non-interest bearing current liabilities (355,548) Add: Accumulated depreciation 103,600 Add: Accumulated amortization of software development 30,306 Add: Accumulated amortization of intangibles 210,957 Add: Research & development (excluding stock-based compensation) 3Y Expense 1 245,320 Invested Capital 1,382,181 Income from Operations 64,031 Add: Depreciation 17,802 Add: Amortization of software development 12,764 Add: Amortization of intangibles 43,370 EBITDA 137,967 Add: Stock-based compensation 40,631 Add: R&D Exp (excl SBC) 82,146 Adjusted EBITDA 260,744 Less: Implied taxes (assumes 32% tax rate) (20,490) Adjusted NOPAT 240,254 Return on invested capital (ROIC) 17.4% 1. Sum of previous three years R&D expense excluding any stock-based compensation Note: Non-GAAP EBITDA, Adjusted EBITDA, Adjusted NOPAT 31

32 Historical Reconciliations of GAAP and Non-GAAP Organic Revenue Growth (Unaudited) (dollars in thousands) Years ended Three months ended Year ended Three months ended 12/31/ /31/ /31/ /30/ /30/ /31/ /31/ /31/ /30/ /30/ /31/2016 GAAP revenue $ 788,306 $ 730,815 $ 216,977 $ 195,513 $ 192,195 $ 183,621 $ 730,815 $ 198,305 $ 183,063 $ 180,191 $ 169,256 GAAP revenue growth 7.9% 9.4% 6.8% 6.7% 8.5% (Less) Add: Non-GAAP acquisition-related revenue (1) (13,927) 3,639 (9,879) (2,134) (1,914) 3,639 1,853 1,786 Total Non-GAAP adjustments (13,927) 3,639 (9,879) (2,134) (1,914) 3,639 1,853 1,786 Non-GAAP revenue (2) $ 774,379 $ 734,454 $ 207,098 $ 193,379 $ 190,281 $ 183,621 $ 734,454 $ 198,305 $ 183,063 $ 182,044 $ 171,042 Non-GAAP organic revenue growth 5.4% 4.4% 5.6% 4.5% 7.4% Non-GAAP revenue (2) $ 774,379 $ 734,454 $ 207,098 $ 193,379 $ 190,281 $ 183, ,454 $ 198,305 $ 183,063 $ 182,044 $ 171,042 Foreign currency impact on Non-GAAP revenue (3) (29) (814) (480) 1, Non-GAAP revenue on constant currency basis (3) $ 774,350 $ 734,454 $ 206,284 $ 192,899 $ 191,406 $ 183,761 $ 734,454 $ 198,305 $ 183,063 $ 182,044 $ 171,042 Non-GAAP organic revenue growth on constant currency basis 5.4% 4.0% 5.4% 5.1% 7.4% (1) Non-GAAP acquisition-related revenue excludes incremental acquisition-related revenue calculated in accordance with GAAP that is attributable to companies acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, non-gaap acquisition-related revenue reflects presentation of full-year incremental non-gaap revenue derived from such companies, as if they were combined throughout the prior period, and it includes the non-gaap revenue from the acquisition-related deferred revenue write-down attributable to those companies. (2) Non-GAAP revenue for the prior year periods presented herein may not agree to non-gaap revenue presented in the respective prior period quarterly financial information solely due to the manner in which non-gaap organic revenue growth is calculated. (3) To determine non-gaap organic revenue growth on a constant currency basis, revenues from entities reporting in foreign currencies were translated to U.S. Dollars using the comparable period's quarterly weighted average foreign currency exchange rates. The primary foreign currencies creating the impact are the Canadian Dollar, EURO, British Pound and Australian Dollar. 3232

33 Historical Reconciliations of GAAP and Non-GAAP Organic Revenue Growth (Unaudited) (dollars in thousands) Years ended Three months ended Year ended Three months ended 12/31/ /31/ /31/ /30/ /30/ /31/ /31/ /31/ /30/ /30/ /31/2016 GAAP subscriptions revenue $ 522,865 $ 428,987 $ 151,942 $ 127,492 $ 125,252 $ 118,179 $ 428,987 $ 122,657 $ 105,440 $ 104,039 $ 96,851 GAAP subscriptions revenue growth 21.9% 23.9% 20.9% 20.4% 22.0% (Less) Add: Non-GAAP acquisition-related subscriptions revenue (1) (13,117) 3,534 (9,368) (1,986) (1,763) 3,534 1,780 1,754 Total Non-GAAP adjustments (13,117) 3,534 (9,368) (1,986) (1,763) 3,534 1,780 1,754 Non-GAAP subscriptions revenue $ 509,748 $ 432,521 $ 142,574 $ 125,506 $ 123,489 $ 118,179 $ 432,521 $ 122,657 $ 105,440 $ 105,819 $ 98,605 Non-GAAP organic subscriptions revenue growth 17.9% 16.2% 19.0% 16.7% 19.9% GAAP subscriptions revenue $ 522,865 $ 428,987 $ 151,942 $ 127,492 $ 125,252 $ 118, ,987 $ 122,657 $ 105,440 $ 104,039 $ 96,851 GAAP maintenance revenue 128, ,946 29,982 31,486 32,917 33, ,946 35,927 36,410 37,449 37,160 GAAP recurring revenue 651, , , , , , , , , , ,011 GAAP recurring revenue growth 13.0% 14.7% 12.1% 11.8% 13.4% (Less) Add: Non-GAAP acquisition-related recurring revenue (1) (13,117) 3,625 (9,368) (1,986) (1,763) 3,625 1,844 1,781 Total Non-GAAP adjustments (13,117) 3,625 (9,368) (1,986) (1,763) 3,625 1,844 1,781 Non-GAAP recurring revenue $ 637,914 $ 579,558 $ 172,556 $ 156,992 $ 156,406 $ 151,960 $ 579,558 $ 158,584 $ 141,850 $ 143,332 $ 135,792 Non-GAAP organic recurring revenue growth 10.1% 8.8% 10.7% 9.1% 11.9% (1) Non-GAAP acquisition-related revenue excludes incremental acquisition-related revenue calculated in accordance with GAAP that is attributable to companies acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, non-gaap acquisition-related revenue reflects presentation of full-year incremental non-gaap revenue derived from such companies, as if they were combined throughout the prior period, and it includes the non-gaap revenue from the acquisition-related deferred revenue write-down attributable to those companies. 3333

34 Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited) (dollars in thousands, except per share amounts) GAAP Acquisition-related Deferred Revenue Write-down Three Months Ended December 31, 2017 Stock-based Compensation Expense Amortization of Intangibles from Business Combinations Employee Severance Acquisition-related Integration Costs Acquisition-related Expenses Revenue Subscriptions $ 151,942 $ 1,754 $ $ $ $ $ $ $ 1,754 $ 153,696 Maintenance 29,982 29,982 Services and other 35, ,098 Total revenue 216,977 1,799 1, ,776 Cost of revenue Cost of subscriptions 72,404 (291) (8,300) (21) (8,612) 63,792 Cost of maintenance 5,422 (79) (1,287) (1,366) 4,056 Cost of services and other 24,596 (425) (609) (1,034) 23,562 Total cost of revenue 102,422 (795) (10,196) (21) (11,012) 91,410 Gross profit 114,555 1, , , ,366 Subscriptions gross margin 52.3% 6.2% 58.5% Maintenance gross margin 81.9% 4.6% 86.5% Services and other gross margin 29.8% 3.1% 32.9% Total Gross Margin 52.8% 5.4% 58.2% Operating expenses Sales, marketing and customer success 44,131 (1,475) (82) (5) (1,562) 42,569 Research and development 22,264 (1,888) (1,888) 20,376 General and administrative 27,520 (5,418) (1,248) (348) (2,063) (9,077) 18,443 Amortization 1,107 (1,107) (1,107) Restructuring 794 (794) (794) Total operating expenses 95,816 (8,781) (1,107) (1,330) (353) (2,063) (794) (14,428) 81,388 Income from operations 18,739 1,799 9,576 11,303 1, , ,239 45,978 Total Operating Margin 8.6% 12.4% 21.0% Net Income $ 30,709 $ 29,414 Shares used in computing diluted earnings per share 48,014 48,014 Diluted earnings per share $ 0.64 $ 0.61 Restructuring Non-GAAP Adjustments Subtotal Non-GAAP 3434

35 Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited) (dollars in thousands, except per share amounts) GAAP Acquisition-related Deferred Revenue Write-down Year Ended December 31, 2017 Stock-based Compensation Expense Amortization of Intangibles from Business Combinations Employee Severance Acquisition-related Integration Costs Acquisition-related Expenses Revenue Subscriptions $ 522,865 $ 2,360 $ $ $ $ $ $ $ 2,360 $ 525,225 Maintenance 128, ,166 Services and other 137, ,411 Total revenue 788,306 2,496 2, ,802 Cost of revenue Cost of subscriptions 242,740 (1,254) (32,399) (352) (32) (34,037) 208,703 Cost of maintenance 22,973 (373) (5,158) (102) (12) (5,645) 17,328 Cost of services and other 96,191 (1,843) (2,542) (540) (42) (4,967) 91,224 Total cost of revenue 361,904 (3,470) (40,099) (994) (86) (44,649) 317,255 Gross profit 426,402 2,496 3,470 40, , ,547 Subscriptions gross margin 53.6% 6.7% 60.3% Maintenance gross margin 82.1% 4.4% 86.5% Services and other gross margin 29.9% 3.7% 33.6% Total Gross Margin 54.1% 5.8% 59.9% Operating expenses Sales, marketing and customer success 173,525 (6,381) (656) (23) (7,060) 166,465 Research and development 89,911 (7,765) (629) (32) (8,426) 81,485 General and administrative 94,870 (23,015) (2,066) (825) (5,914) (31,820) 63,050 Amortization 3,271 (3,271) (3,271) Restructuring 794 (794) (794) Total operating expenses 362,371 (37,161) (3,271) (3,351) (880) (5,914) (794) (51,371) 311,000 Income from operations 64,031 2,496 40,631 43,370 4, , , ,547 Total Operating Margin 8.1% 12.5% 20.6% Net Income $ 65,933 $ 103,732 Shares used in computing diluted earnings per share 47,776 47,776 Diluted earnings per share $ 1.38 $ 2.17 Restructuring Non-GAAP Adjustments Subtotal Non-GAAP 3535

36 Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited) (dollars in thousands, except per share amounts) GAAP Acquisition-related Deferred Revenue Write-down Three Months Ended December 31, 2016 Stock-based Compensation Expense Amortization of Intangibles from Business Combinations Employee Severance Acquisition-related Integration Costs Acquisition-related Expenses Non-GAAP Adjustments Subtotal Revenue Subscriptions $ 122,657 $ $ $ $ $ $ $ $ 122,657 Maintenance 35,927 35,927 Services and other 39,721 39,721 Total revenue 198, ,305 Cost of revenue Cost of subscriptions 60,111 (264) (7,816) (138) (8,218) 51,893 Cost of maintenance 5,547 (117) (1,331) (1,448) 4,099 Cost of services and other 26,744 (313) (741) (84) (1,138) 25,606 Total cost of revenue 92,402 (694) (9,888) (222) (10,804) 81,598 Gross profit 105, , , ,707 Subscriptions gross margin 51.0% 6.7% 57.7% Maintenance gross margin 84.6% 4.0% 88.6% Services and other gross margin 32.7% 2.8% 35.5% Total Gross Margin 53.4% 5.5% 58.9% Operating expenses Sales, marketing and customer success 40,047 (872) (371) (1,243) 38,804 Research and development 21,897 (1,593) (481) (2,074) 19,823 General and administrative 19,242 (4,474) (448) (36) (4,958) 14,284 Amortization 693 (693) (693) Restructuring Total operating expenses 81,879 (6,939) (693) (1,300) (36) (8,968) 72,911 Income from operations 24,024 7,633 10,581 1, ,772 43,796 Total Operating Margin 12.1% 10.0% 22.1% Net Income $ 17,284 $ 27,978 Shares used in computing diluted earnings per share 47,436 47,436 Diluted earnings per share $ 0.36 $ 0.59 Non-GAAP 3636

37 Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited) (dollars in thousands, except per share amounts) GAAP Acquisition-related Deferred Revenue Write-down Year Ended December 31, 2016 Stock-based Compensation Expense Amortization of Intangibles from Business Combinations Employee Severance Acquisition-related Integration Costs Acquisition-related Expenses Non-GAAP Adjustments Subtotal Revenue Subscriptions $ 428,987 $ 3,534 $ $ $ $ $ $ 3,534 $ 432,521 Maintenance 146, ,037 Services and other 154, ,896 Total revenue 730,815 3,639 3, ,454 Cost of revenue Cost of subscriptions 213,883 (1,168) (31,270) (231) (32,669) 181,214 Cost of maintenance 22,094 (508) (5,327) (16) (5,851) 16,243 Cost of services and other 103,243 (1,621) (2,961) (135) (4,717) 98,526 Total cost of revenue 339,220 (3,297) (39,558) (382) (43,237) 295,983 Gross profit 391,595 3,639 3,297 39, , ,471 Subscriptions gross margin 50.1% 8.0% 58.1% Maintenance gross margin 85.0% 4.0% 89.0% Services and other gross margin 33.3% 3.1% 36.4% Total Gross Margin 53.6% 6.1% 59.7% Operating expenses Sales, marketing and customer success 155,754 (3,844) (542) (4,386) 151,368 Research and development 89,870 (6,467) (516) (6,983) 82,887 General and administrative 81,331 (19,030) (555) (1,419) (301) (21,305) 60,026 Amortization 2,840 (2,840) (2,840) Restructuring Total operating expenses 329,795 (29,341) (2,840) (1,613) (1,419) (301) (35,514) 294,281 Income from operations 61,800 3,639 32,638 42,398 1,995 1, , ,190 Total Operating Margin 8.5% 11.1% 19.6% Net Income $ 41,515 $ 90,655 Shares used in computing diluted earnings per share 47,317 47,317 Diluted earnings per share $ 0.88 $ 1.92 Non-GAAP 3737

38 Historical Financial Statements and Non-GAAP Financial Information Being Presented Reclassifications to the historical unaudited financial information In order to provide comparability between periods presented, certain previously reported historical financial information has been reclassified to conform to the presentation of the most recent reporting period. A summary of those prior period reclassifications is as follows: "Donor restricted cash" and "donations payable" have been renamed as "restricted cash due to customers" and "due to customers", respectively, in the consolidated balance sheets. "Software development costs, net" have been separated from "other assets" and "property and equipment, net" in the consolidated balance sheets. "Interest income", "loss on sale of business", "loss on debt extinguishment and termination of derivative instruments" and "other income (expense), net" have been combined within "other income (expense), net" in the consolidated statements of comprehensive income. Payments related to employee income tax withholding upon the net share settlement of equity awards have been reclassified from the "accrued expenses and other liabilities" line item within operating cash flow to a separate financing cash flow line item in the consolidated statement of cash flows. Excess tax benefits generated upon the settlement or exercise of equity awards are no longer displayed gross as an operating cash outflow and a financing cash inflow but are instead combined with other income tax cash flows within operating cash flow in the consolidated statement of cash flows. "Services" and "license fees and other" have been combined within "services and other" in the consolidated statements of comprehensive income. Similarly, "cost of services" and "cost of license fees and other" have been combined within "cost of services and other" in the consolidated statements of comprehensive income. 3838

39 Historical Financial Statements and Non-GAAP Financial Information Being Presented Recently adopted accounting pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") , Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs ("ASU "). ASU sets forth a requirement that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by the amendments in this update. The Company adopted ASU on January 1, 2016 on a retrospective basis. In November 2015, the FASB issued ASU , Income Taxes (Topic 740)-Balance Sheet Classification of Deferred Taxes ("ASU "), which simplifies the presentation of deferred income taxes. ASU requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as non-current on the balance sheet. As a result, each jurisdiction will now only have one net non-current deferred tax asset or liability. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction. The Company adopted ASU in the fourth quarter of 2015, utilizing the prospective application as permitted, and therefore have not retrospectively adjusted prior period information. In November 2016, the FASB issued ASU , Statement of Cash Flows (Topic 230) - Restricted Cash ("ASU "), which requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The Company adopted ASU during the three months ended December 31, 2017 on a retrospective basis. As a result, the Company applied the changes in presentation to the statements of cash flows and no longer classifies changes in restricted cash due to customers and due to customers as operating activities. Instead, changes in due to customers are now classified as financing activities. The prior period financial statements included herein have also been adjusted to reflect the corrections of immaterial errors to amounts recorded as restricted cash due to customers and due to customers as of September 30, 2016, March 31, 2017 and June 30, We will provide more detailed information regarding the impact of the early adoption of ASU in our annual report on Form 10-K for the year ended December 31,

40 Historical Consolidated Balance Sheets (Unaudited) (in thousands) Q Q Q Q (1) Q Q Q Q Q Q Q Q Assets Current assets: Cash and cash equivalents $ 13,286 $ 13,227 $ 17,555 $ 15,362 $ 12,084 $ 15,263 $ 16,462 $ 16,902 $ 13,872 $ 17,268 $ 17,050 $ 29,830 Restricted cash due to customers 58,355 61,055 63, , , , , , , , , ,344 Accounts receivable, net of allowance 74,901 87,462 78,152 80,046 78, ,749 86,111 88,932 90, , ,868 96,293 Customer funds receivable 1,536 Prepaid expenses and other current assets 39,074 41,628 39,557 48,666 48,435 53,797 52,145 48,314 49,172 51,285 50,082 56,099 Deferred tax asset, current portion 14,119 11,967 10,608 Total current assets 199, , , , , , , , , , , ,102 Property and equipment, net 46,878 48,476 48,670 52,651 54,543 54,144 52,466 50,269 47,200 45,679 43,903 42,243 Software development costs, net 11,834 14,619 16,834 19,551 23,021 27,793 32,539 37,582 41,139 44,962 48,618 54,098 Goodwill 348, , , , , , , , , , , ,249 Intangible assets, net 220, , , , , , , , , , , ,651 Other assets 15,400 18,457 18,820 20,901 20,207 21,847 18,102 22,524 22,914 24,080 21,889 24,083 Total assets $ 843,362 $ 855,360 $ 844,164 $ 1,223,336 $ 1,071,928 $ 1,185,084 $ 1,090,273 $ 1,310,210 $ 1,103,951 $ 1,317,094 $ 1,146,994 $ 1,759,426 Liabilities and stockholders equity Current liabilities: Trade accounts payable $ 11,203 $ 18,100 $ 13,137 $ 19,208 $ 18,286 $ 27,817 $ 19,601 $ 23,274 $ 20,666 $ 17,660 $ 17,830 $ 24,693 Accrued expenses and other current liabilities 35,270 45,357 45,576 57,461 37,577 44,739 44,441 54,196 39,072 46,508 45,650 54,399 Due to customers 58,355 61,055 63, , , , , , , , , ,880 Debt, current portion 4,375 4,375 4,375 4,375 4,375 4,375 4,375 4,375 4,375 7,500 8,576 8,576 Deferred revenue, current portion 205, , , , , , , , , , , ,456 Total current liabilities 315, , , , , , , , , , , ,004 Debt, net of current portion 281, , , , , , , , , , , ,648 Deferred tax liability 42,443 37,469 34,800 27,996 28,008 27,059 26,688 29,558 29,636 40,780 39,352 37,597 Deferred revenue, net of current portion 9,102 8,796 7,369 7,119 6,583 6,212 6,594 6,440 7,681 6,067 5,412 3,643 Other liabilities 7,445 6,747 7,025 7,623 8,000 8,102 7,467 8,533 7,801 7,572 7,799 5,632 Total liabilities 655, , ,196 1,012, , , ,553 1,062, ,901 1,055, ,102 1,452,524 Commitments and contingencies Stockholders equity: Preferred stock Common stock, $0.001 par value Additional paid-in capital 251, , , , , , , , , , , ,042 Treasury stock, at cost (192,038) (192,665) (193,168) (199,861) (205,377) (207,898) (210,357) (215,237) (230,065) (231,881) (234,329) (239,199) Accumulated other comprehensive loss (1,827) (1,926) (2,020) (825) (1,091) (1,640) (942) (457) (175) (558) (1,013) (649) Retained earnings 130, , , , , , , , , , , ,649 Total stockholders equity 187, , , , , , , , , , , ,902 Total liabilities and stockholders equity $ 843,362 $ 855,360 $ 844,164 $ 1,223,336 $ 1,071,928 $ 1,185,084 $ 1,090,273 $ 1,310,210 $ 1,103,951 $ 1,317,094 $ 1,146,994 $ 1,759,426 Note 1: As discussed on the previous slide, ASU was adopted by the Company on a retrospective basis. Only the Q balance sheet herein was adjusted for application of ASU , which resulted in $517 reduction to other assets and total assets and an offsetting reduction to debt, net of current portion, total liabilities and total liabilities and stockholder's equity. 4040

41 Historical Consolidated Statements of Comprehensive Income (Unaudited) (in thousands, except share and per share amounts) Q Q Q Q FY 2015 Q Q Q Q FY 2016 Q Q Q Q FY 2017 Revenue Subscriptions $ 72,513 $ 80,009 $ 80,901 $ 98,336 $ 331,759 $ 96,851 $ 104,039 $ 105,440 $ 122,657 $ 428,987 $ 118,179 $ 125,252 $ 127,492 $ 151,942 $ 522,865 Maintenance 38,896 38,627 38,209 38, ,801 37,160 37,449 36,410 35, ,946 33,781 32,917 31,486 29, ,166 Services and other 35,584 37,623 39,701 39, ,380 35,245 38,703 41,213 39, ,882 31,661 34,026 36,535 35, ,275 Total revenue 146, , , , , , , , , , , , , , ,306 Cost of revenue Cost of subscriptions 36,178 39,400 39,485 52, ,341 49,666 52,163 51,943 60, ,883 54,926 57,365 58,045 72, ,740 Cost of maintenance 7,502 6,969 6,708 5,887 27,066 5,318 5,698 5,531 5,547 22,094 5,982 5,871 5,698 5,422 22,973 Cost of services and other 28,132 27,061 27,980 27, ,224 24,905 25,751 25,843 26, ,243 24,574 23,759 23,262 24,596 96,191 Total cost of revenue 71,812 73,430 74,173 85, ,631 79,889 83,612 83,317 92, ,220 85,482 86,995 87, , ,904 Gross profit 75,181 82,829 84,638 90, ,309 89,367 96,579 99, , ,595 98, , , , ,402 Operating expenses Sales, marketing and customer success 28,562 29,723 31,139 34, ,646 35,609 39,408 40,690 40, ,754 42,240 42,961 44,193 44, ,525 Research and development 21,276 20,166 20,561 22,633 84,636 22,715 22,748 22,510 21,897 89,870 22,706 22,870 22,071 22,264 89,911 General and administrative 16,843 17,955 18,446 22,840 76,084 19,679 20,091 22,319 19,242 81,331 21,923 21,882 23,545 27,520 94,870 Amortization , , ,107 3,271 Restructuring Total operating expenses 67,169 68,368 70,670 80, ,597 78,755 82,955 86,206 81, ,795 87,560 88,452 90,543 95, ,371 Income from operations 8,012 14,461 13,968 10,271 46,712 10,612 13,624 13,540 24,024 61,800 10,579 16,748 17,965 18,739 64,031 Interest expense (1,686) (1,873) (1,816) (2,698) (8,073) (2,675) (2,721) (2,641) (2,546) (10,583) (2,377) (3,216) (3,092) (3,412) (12,097) Other income (expense), net (287) (1,274) 192 (318) (1,687) (105) (65) (15) (106) (291) ,260 Income before provision (benefit) for income taxes 6,039 11,314 12,344 7,255 36,952 7,832 10,838 10,884 21,372 50,926 8,488 14,359 15,341 16,006 54,194 Income tax provision (benefit) 1,754 4,272 4, ,303 1,595 1,778 1,950 4,088 9,411 (3,023) 3,194 2,793 (14,703) (11,739) Net income $ 4,285 $ 7,042 $ 7,911 $ 6,411 $ 25,649 $ 6,237 $ 9,060 $ 8,934 $ 17,284 $ 41,515 $ 11,511 $ 11,165 $ 12,548 $ 30,709 $ 65,933 Earnings per share Basic $ 0.09 $ 0.15 $ 0.17 $ 0.14 $ 0.56 $ 0.14 $ 0.20 $ 0.19 $ 0.37 $ 0.90 $ 0.25 $ 0.24 $ 0.27 $ 0.66 $ 1.41 Diluted $ 0.09 $ 0.15 $ 0.17 $ 0.14 $ 0.55 $ 0.13 $ 0.19 $ 0.19 $ 0.36 $ 0.88 $ 0.24 $ 0.23 $ 0.26 $ 0.64 $ 1.38 Common shares and equivalents outstanding Basic weighted average shares 45,529,668 45,579,345 45,616,832 45,766,891 45,623,854 45,967,863 46,083,055 46,159,956 46,272,031 46,132,389 46,501,761 46,662,481 46,711,709 46,794,744 46,669,440 Diluted weighted average shares 46,168,096 46,402,707 46,596,714 46,714,204 46,498,704 47,064,164 47,263,844 47,394,106 47,436,116 47,316,538 47,482,840 47,691,340 47,846,997 48,014,250 47,775,702 Dividends per share $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.48 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.48 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.48 Other comprehensive income (loss) Foreign currency translation adjustment (326) (196) (431) (379) (188) (476) (943) Unrealized gain (loss) on derivative instruments, net of tax (469) 97 (262) (669) (118) (4) (267) Total other comprehensive income (loss) (795) (99) (94) 1, (266) (549) (383) (455) 364 (192) Comprehensive income $ 3,490 $ 6,943 $ 7,817 $ 7,606 $ 25,856 $ 5,971 $ 8,511 $ 9,632 $ 17,769 $ 41,883 $ 11,793 $ 10,782 $ 12,093 $ 31,073 $ 65,741 Note 1: The individual amounts for each quarter may not sum to full year totals due to rounding. 4141

42 Historical Consolidated Statements of Cash Flows (Unaudited) (in thousands) Cash flows from operating activities 3 months ending 3/31/ months ending 6/30/ months ending 9/30/ months ending 12/31/ months ending 3/31/ months ending 6/30/ months ending 9/30/ months ending 12/31/ months ending 3/31/ months ending 6/30/ months ending 9/30/ months ending 12/31/2017 Net income $ 4,285 $ 11,327 $ 19,238 $ 25,649 $ 6,237 $ 15,297 $ 24,231 $ 41,515 $ 11,511 $ 22,676 $ 35,224 $ 65,933 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 13,678 27,272 41,340 55,997 17,609 35,549 53,109 70,491 18,091 36,481 54,765 73,948 Provision for doubtful accounts and sales returns 1,358 2,934 4,573 6,825 1,017 2,264 3,139 3,730 2,738 5,469 7,246 11,686 Stock-based compensation expense 5,102 11,413 17,899 25,246 7,743 16,187 25,005 32,638 9,294 20,129 31,055 40,631 Deferred taxes (886) (801) (2,274) 3, (287) (225) 3,033 (50) (1,239) (2,511) (14,328) Loss on sale of business 1,976 1,976 1,976 Impairment of capitalized software development costs 239 Amortization of deferred financing costs and discount Other non-cash adjustments (159) (197) (217) (429) (634) (864) (243) (540) Changes in operating assets and liabilities, net of acquisition of businesses: Accounts receivable 555 (13,355) (6,378) (7,593) 817 (30,097) (9,288) (13,196) (4,041) (44,887) (17,169) (15,750) Prepaid expenses and other assets 3,633 (2,102) (324) (10,979) 1,846 (6,011) (934) (2,478) (1,214) (2,501) 596 (6,149) Trade accounts payable (111) 5,235 3,284 6, , ,689 (1,267) (3,951) (2,891) 1,024 Accrued expenses and other liabilities (17,170) (7,657) (6,299) 9,255 (20,416) (12,713) (12,837) (751) (15,536) (8,467) (9,522) (4,973) Deferred revenue (4,765) 13,792 15,973 12,612 (8,883) 19,658 17,593 14,863 (6,758) 30,913 25,370 22,926 Net cash provided by operating activities 6,413 50,743 89, ,227 6,757 48, , ,628 12,764 54, , ,290 Cash flows from investing activities Purchase of property and equipment (2,521) (7,014) (14,560) (18,633) (7,837) (12,569) (15,459) (17,694) (2,719) (5,666) (8,417) (10,208) Capitalized software development costs (3,129) (6,982) (10,868) (15,481) (5,798) (12,168) (19,078) (26,359) (6,583) (13,614) (20,605) (28,345) Purchase of net assets of acquired companies, net of cash and restricted cash acquired (520) (106,720) 530 (3,377) (3,377) 59 (49,729) (49,729) (146,789) Net cash used to sell business (521) (521) (521) Purchase of derivative instruments (516) (516) (568) Proceeds from settlement of derivative instruments 1,030 1,030 Net cash used in investing activities (5,650) (14,517) (26,469) (141,355) (13,635) (24,207) (37,914) (47,430) (9,243) (69,525) (78,237) (184,880) Cash flows from financing activities Proceeds from issuance of debt 41,800 70,100 83, ,300 74, , , ,200 67, , , ,500 Payments on debt (36,694) (93,388) (122,581) (184,475) (60,494) (126,088) (212,581) (293,575) (53,794) (529,169) (594,144) (679,119) Debt issuance costs (429) (429) (3,085) (3,085) (3,085) Employee taxes paid for withheld shares upon equity award settlement (1,598) (2,225) (2,728) (9,421) (5,516) (8,037) (10,497) (15,376) (14,828) (16,644) (19,092) (23,962) Proceeds from exercise of stock options Change in due to customers (82,472) (79,019) (76,452) 34,279 (141,055) (62,037) (127,804) 96,000 (195,999) (85,581) (214,244) 226,717 Customer funds receivable 6,644 Dividend payments to stockholders (5,626) (11,255) (16,883) (22,508) (5,700) (11,398) (17,108) (22,811) (5,765) (11,530) (17,299) (23,069) Net cash (used in) provided by financing activities (84,579) (115,769) (135,450) 129,778 (138,162) (86,655) (188,980) (8,546) (202,775) (70,295) (259,550) 278,641 Effect of exchange rate on cash, cash equivalents, and restricted cash 12 (1,620) (2,019) (2,695) 1,725 2,007 2,405 2, (196) (126) (550) Net increase (decrease) in cash, cash equivalents, and restricted cash (83,804) (81,163) (74,429) 114,955 (143,315) (60,102) (124,345) 100,274 (199,228) (85,465) (214,528) 269,501 Cash, cash equivalents, and restricted cash, beginning of period 155, , , , , , , , , , , ,673 Cash, cash equivalents, and restricted cash, end of period $ 71,640 $ 74,281 $ 81,015 $ 270,399 $ 127,084 $ 210,297 $ 146,054 $ 370,673 $ 171,445 $ 285,208 $ 156,145 $ 640,