Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
OPERATING ACTIVITIES:      
Net income (loss) $ (3,280) $ (55,567) $ 4,436
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 62,820 63,999 27,962
Deferred rent and lease incentive amortization 1,027 (438) 1,819
Provision for doubtful accounts 867 1,122 176
Deferred income taxes (4,597) 5,584 (10,508)
Stock-based compensation expense 31,331 33,276 15,161
Non-cash interest expense 8,994 8,244 10,271
Accretion on contingent consideration and purchase liability 512 150 888
Fair market value adjustment to contingent consideration   1,588 (4,153)
Loss allocation from equity method investment 1,469 1,420  
Impairment of equity method investment   734  
Loss on disposal of fixed assets 76 398  
Changes in operating assets and liabilities, net of acquisitions:      
Fees and other receivables (8,121) 1,646 (9,297)
Prepaid expenses and other current assets (787) (3,290) 14,716
Other non-current assets (1,690) (98) (6,025)
Accrued expenses and other liabilities 16,810 17,174 (13,653)
Accounts payable (442) (462) 3,128
Deferred revenue 1,191 2,014 10,906
Other non-current liabilities 2,427 3,776 (3,792)
Net cash provided by operating activities 108,607 81,270 42,035
INVESTING ACTIVITIES:      
Purchase of property and equipment (14,945) (13,967) (9,184)
Capitalization of internally developed software (12,624) (8,609) (5,532)
Investment in private companies (1,450) (2,238) (1,500)
Purchase of ERS units   (1,500) (100)
Acquisition of businesses, net of cash acquired   (31,613) (328,305)
Net cash used in investing activities (29,019) (57,927) (344,621)
FINANCING ACTIVITIES:      
Proceeds from issuance of Term Notes     160,000
Payment of Term Notes (35,862) (8,000) (10,000)
Proceeds from borrowings on revolving credit facility 35,000 40,000 10,000
Payments on revolving credit facility (62,500) (40,000) (10,000)
Debt issuance costs (94)    
Payments of contingent consideration (2,286) (3,729) (7,219)
Payments of definite consideration (445)    
Payments of purchase consideration liabilities (235) (3,256)  
Issuance of redeemable units in ERS     900
Proceeds from exercise of stock options 7,951 4,924 8,279
Purchase of treasury stock for stock-based tax withholdings (13,974) (10,966) (7,412)
Common stock acquired under the share repurchase program   (1,448)  
Issuance of restricted stock units 5 6 2
Net cash used in financing activities (72,440) (22,469) 144,550
EFFECT OF EXCHANGE RATE CHANGES ON CASH 375    
DECREASE IN CASH AND CASH EQUIVALENTS 7,523 874 (158,036)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 52,592 51,718 209,754
CASH AND CASH EQUIVALENTS, END OF PERIOD 60,115 52,592 51,718
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 3,261 1,114 1,700
Supplemental disclosure of cash flow information - cash paid during the period for interest 7,353 8,356 3,877
Supplemental disclosure of non-cash operating, investing and financing activities:      
Non-cash debt issuance costs 2,230    
Leasehold improvements funded by lease incentive 2,098 1,522 330
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 1,286 1,136  
Purchase liabilities included in accrued expenses and other liabilities $ 856 996 13,676
Contingent consideration issued in a business acquisitions   $ 4,868 1,500
Common stock issued in business acquisitions     195,451
Attribution of the fair market value of replacement awards     $ 4,318