Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
OPERATING ACTIVITIES:    
Net income (loss) $ 2,011 $ (19,605)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 38,731 31,300
Deferred rent and lease incentive amortization 1,069 583
Provision for doubtful accounts 924 341
Deferred income taxes (17,093) 6,524
Stock-based compensation expense 18,971 15,403
Non-cash interest expense 5,630 4,853
Accretion on contingent consideration and purchase liability 196 304
Payments of contingent consideration   (357)
Loss allocation from equity method investment 811 702
Loss on disposal of fixed assets 10 69
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable, net (8,204) (5,639)
Prepaid expenses and other current assets (3,426) (2,681)
Other non-current assets (2,450) (514)
Accrued expenses and other liabilities (5,448) (752)
Accounts payable 4,166 (184)
Deferred revenue 3,478 1,818
Other non-current liabilities 1,578 3,022
Net cash provided by operating activities 40,954 35,187
INVESTING ACTIVITIES:    
Purchase of property and equipment (9,569) (9,181)
Capitalization of internally developed software (10,622) (5,651)
Acquisition of businesses (188,345)  
Net cash used in investing activities (208,536) (14,832)
FINANCING ACTIVITIES:    
Proceeds from issuance of Convertible Notes due 2023 345,000  
Convertible Notes due 2023 issuance costs 195,000 25,000
Proceeds from borrowings on revolving credit facility (276,168) (25,000)
Payments on revolving credit facility (9,488)  
Payments of contingent consideration (2,193) (1,929)
Payments of definite consideration   (445)
Payments of purchase consideration liabilities   (235)
Payment of Term Notes   (35,862)
Proceeds from exercise of stock options 2,540 2,617
Purchase of treasury stock for stock-based tax withholdings (14,395) (9,650)
Issuance of restricted stock units 3 4
Net cash provided by (used in) financing activities 240,299 (45,500)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (572) 283
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 72,145 (24,862)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 62,115 54,592
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (See Note 2) 134,260 29,730
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 2,225 275
Supplemental disclosure of cash flow information - cash paid during the period for interest 4,271 3,960
Supplemental disclosure of non-cash operating, investing and financing activities:    
Leasehold improvements funded by lease incentive 1,080 281
Purchase liabilities included in accrued expenses and other liabilities 1,422 818
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities $ 1,188 $ 260