Cash Flow

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (80,323)	$ (60,837)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	115,155	95,985
Non-cash compensation expense	53,204	58,141
Non-cash interest expense	4,237	4,258
Non-cash goodwill impairment	96,269	0
Non-cash gain on deconsolidation	(19,523)	0
Non-cash Convertible Promissory Note impairment	3,700	0
Loss from equity method investments	3,327	7,694
Fair market value adjustments to investments in private companies	1,508	(2,804)
Lease related impairments	689	2,483
Other	(1,173)	(303)
Changes in operating assets and liabilities:
Fees receivable, net	6,578	(9,621)
Prepaid expenses and other assets	(7,944)	(17,534)
Accounts payable, accrued expenses and other liabilities	14,218	278
Deferred revenue	(3,513)	(3,974)
Net cash provided by operating activities	186,409	73,766
Cash flows from investing activities:
Purchases of property and equipment	(5,939)	(18,275)
Capitalization of internally developed software	(57,127)	(71,117)
Deconsolidation of non-controlling interest	(11,073)	0
Investments in private companies	(3,055)	(4,175)
Acquisition of proprietary technology	(4,481)	(12,000)
Issuance of loan receivable to private company	0	(20,000)
Other	0	400
Net cash used in investing activities	(81,675)	(125,167)
Cash flows from financing activities:
Proceeds from borrowings on Revolving Credit Facility	0	55,000
Payments related to Revolving Credit Facility	0	(55,000)
Payments related to Convertible Notes	0	(45,000)
Proceeds from exercise of stock options	1,081	839
Payments related to tax withholdings for stock-based compensation	(15,847)	(17,004)
Payments related to share repurchases	0	(9,289)
Proceeds from capital contributions received by non-controlling interest	12,012	0
Purchase of non-controlling units from third-party shareholders	0	(1,008)
Other	4	4
Net cash used in financing activities	(2,750)	(71,458)
Effect of exchange rate on changes on cash and cash equivalents	(6)	3,897
Net change in cash and cash equivalents	101,978	(118,962)
Cash and cash equivalents, beginning of period	91,378	162,173
Cash and cash equivalents, end of period	193,356	43,211
Supplemental disclosures of cash flow information
Net cash paid for income taxes	13,175	13,552
Cash paid for interest	12,487	12,231
Supplemental disclosure of non-cash activities
Conversion of equity method investee loan to shares	0	4,129
Right-of-use assets obtained in exchange for lease liabilities, net	753	359
Purchases of property and equipment included in accounts payable, accrued expenses and other liabilities	$ 0	$ 6,441

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Published: November 8, 2024