Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
OPERATING ACTIVITIES:    
Net income (loss) $ (20,619) $ 4,522
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 73,167 58,294
Deferred rent and lease incentive amortization 0 408
Provision for doubtful accounts 1,243 1,228
Deferred income taxes (37,626) (21,854)
Non-cash compensation expense 43,167 29,574
Non-cash interest expense 17,195 12,337
Accretion on contingent consideration and purchase liability 1,240 209
Payments of contingent consideration (578) 0
Loss allocation from equity method investment 1,507 1,069
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable, net 6,164 (9,131)
Prepaid expenses and other current assets (4,784) (4,739)
Other non-current assets (6,113) (2,888)
Accrued expenses and other liabilities (9,732) 6,710
Accounts payable (6,859) 4,100
Deferred revenue 1,231 1,147
Other non-current liabilities 3,242 2,328
Net cash provided by operating activities 61,845 83,314
INVESTING ACTIVITIES:    
Purchases of property and equipment (16,098) (17,088)
Capitalization of internally developed software (23,649) (17,611)
Acquisitions of businesses, net of cash acquired (321,571) (194,959)
Other (3,200) 0
Net cash used in investing activities (364,518) (229,658)
FINANCING ACTIVITIES:    
Proceeds from issuance of Convertible Notes due 2023 0 345,000
Convertible Notes due 2023 issuance costs 0 (9,982)
Proceeds from borrowings on revolving credit facility 175,000 195,000
Payments on revolving credit facility (75,000) (276,168)
Revolving credit facility issuance costs (2,103) 0
Payments of contingent consideration (171) (2,193)
Proceeds from exercise of stock options 7,029 5,199
Purchase of treasury stock for stock-based tax withholdings (19,697) (17,884)
Issuance of restricted stock units 4 4
Net cash provided by financing activities 85,062 238,976
EFFECT OF EXCHANGE RATE CHANGES ON CASH (178) (1,047)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (217,789) 91,585
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD (See Note 2) 289,671 62,115
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (See Note 2) 71,882 153,700
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 7,826 3,874
Supplemental disclosure of cash flow information - cash paid during the period for interest 7,813 5,780
Supplemental disclosure of non-cash operating, investing and financing activities:    
Common stock issued in acquisition of business 222,484 0
Contingent consideration issued in acquisition of businesses 15,880 0
Purchase liabilities included in other non-current liabilities 5,468 0
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 2,262 1,441
Membership interest liabilities included in other non-current liabilities 3,700 0
Common stock issued to settle purchase liability 772 0
Leasehold improvements funded by lease incentive 0 1,780
Purchase liabilities included in accrued expenses and other liabilities $ 0 $ 719