Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES:      
Net income (loss) $ (17,202) $ 4,010 $ (3,280)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 101,271 77,626 62,820
Deferred rent and lease incentive amortization 0 671 1,027
Provision for doubtful accounts 2,855 1,618 867
Deferred income taxes (39,630) (23,629) (4,597)
Non-cash compensation expense 60,444 40,245 31,331
Non-cash interest expense 19,246 14,534 8,994
Accretion on contingent consideration and purchase liability 1,772 222 512
Payments of contingent consideration (578) 0 (357)
Loss allocation from equity method investment 2,361 1,146 1,469
Gain on life insurance proceeds (5,000) 0 0
Fair market value adjustment to contingent consideration liability (8,126) 0 0
Changes in operating assets and liabilities, net of acquisitions:      
Fees receivable, net 1,139 (12,890) (8,121)
Prepaid expenses and other current assets (6,440) (887) (787)
Other non-current assets (5,234) (3,336) (1,690)
Accrued expenses and other liabilities (811) 12,939 16,810
Accounts payable (2,863) 1,743 (442)
Deferred revenue 727 345 1,191
Other non-current liabilities 4,795 3,028 2,503
Net cash provided by operating activities 108,726 117,385 108,250
INVESTING ACTIVITIES:      
Purchases of property and equipment (19,847) (20,524) (14,945)
Capitalization of internally developed software (34,096) (24,068) (12,624)
Investment in private companies (5,250) (1,200) (1,450)
Acquisitions of businesses, net of cash acquired (320,915) (194,617) 0
Proceeds from life insurance policy 5,000 0 0
Other (600) (1,270) 0
Net cash used in investing activities (375,708) (241,679) (29,019)
FINANCING ACTIVITIES:      
Proceeds from issuance of Convertible Notes due 2023 0 345,000 0
Payment of Convertible Notes due 2019 (184,751) 0 0
Proceeds from borrowings on revolving credit facility 345,000 195,000 35,000
Payments on revolving credit facility (85,000) (276,168) (62,500)
Payments of contingent consideration (171) (2,193) (1,929)
Payments of definite consideration 0 0 (445)
Payments of purchase consideration liabilities 0 0 (235)
Issuance of common stock and warrants - private placement, net of offering costs 0 122,704 0
Payment of Term Notes 0 0 (35,862)
Proceeds from exercise of stock options 10,592 5,305 7,951
Purchase of treasury stock for stock-based tax withholdings (23,107) (20,816) (13,974)
Purchase of ERS units 0 (6,560) 0
Issuance of restricted stock units 5 4 5
Net cash provided by financing activities 60,465 352,294 (72,083)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (399) (592) 375
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (206,916) 227,408 7,523
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD (See Note 2) 289,671 62,263 54,740
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (See Note 2) 82,755 289,671 62,263
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 8,119 5,531 3,261
Supplemental disclosure of cash flow information - cash paid during the period for interest 13,530 10,409 7,353
Supplemental disclosure of non-cash operating, investing and financing activities:      
Common stock issued in acquisition of business 222,484 0 0
Contingent consideration issued in acquisition of businesses 15,780 0 0
Transaction costs of issuance of common stock and warrants included in accrued expenses and other liabilities 0 4,543 0
Purchase liabilities included in other non-current liabilities 5,468 0 0
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 1,832 1,997 1,286
Membership interest liabilities included in other non-current liabilities 5,920 0 0
Common stock issued to settle purchase liability 772 0 0
Leasehold improvements funded by lease incentive 1,816 1,780 2,098
Non-cash debt issuance costs 0 0 2,230
Purchase liabilities included in accrued expenses and other liabilities 0 0 856
Convertible Notes Due 2023      
FINANCING ACTIVITIES:      
Debt issuance costs 0 (9,982) 0
Revolving credit facility      
FINANCING ACTIVITIES:      
Debt issuance costs $ (2,103) $ 0 $ (94)