Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES:    
Net loss $ (12,661) $ (17,655)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 56,126 46,432
Provision for doubtful accounts 1,515 713
Deferred income taxes (1,598) (28,991)
Non-cash compensation expense 29,869 27,852
Non-cash interest expense 5,907 9,896
Accretion on contingent consideration and purchase liability 910 742
Payments of contingent consideration 0 (578)
Fair market value adjustment to contingent consideration liability (1,982) 0
Gain on acquisition of equity method investment (4,230) 0
Loss allocation from equity method investments 3,286 550
Impairment of right of use assets 1,426 0
Other 556 0
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable, net (8,560) (536)
Prepaid expenses and other current assets (7,756) (15,507)
Other non-current assets (353) (3,241)
Accrued expenses and other liabilities (4,484) (19,060)
Accounts payable (2,130) (4,768)
Deferred revenue 7,236 3,940
Other non-current liabilities 1,946 2,602
Net cash provided by operating activities 65,023 2,391
INVESTING ACTIVITIES:    
Purchases of property and equipment (4,329) (8,815)
Capitalization of internally developed software (25,703) (15,583)
Investments in private companies (12,625) (2,000)
Acquisitions of businesses, net of cash acquired (20,257) (321,571)
Net cash used in investing activities (62,914) (347,969)
FINANCING ACTIVITIES:    
Proceeds from borrowings on revolving credit facility 45,000 175,000
Payments on revolving credit facility (30,000) (30,000)
Payments of contingent consideration 0 (171)
Proceeds from exercise of stock options 6,683 4,914
Purchase of treasury stock for stock-based tax withholdings (12,816) (15,962)
Issuance of restricted stock units 3 3
Net cash provided by financing activities 8,870 133,784
EFFECT OF EXCHANGE RATE CHANGES ON CASH (1,342) 166
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 9,637 (211,628)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 82,755 289,671
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (See Note 2) 92,392 78,043
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 2,136 6,121
Supplemental disclosure of cash flow information - cash paid during the period for interest 7,861 5,952
Supplemental disclosure of non-cash operating, investing and financing activities:    
Common stock issued in acquisition of business 0 222,484
Contingent consideration issued in acquisition of businesses 5,239 15,880
Purchase liabilities included in other non-current liabilities 0 5,468
Purchase liabilities included in accrued expenses and other liabilities 632 0
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 1,139 1,567
Membership interest liabilities included in other non-current liabilities 3,098 1,480
Common stock issued to settle purchase liability 0 772
Leasehold improvements funded by lease incentive 1,710 648
Transfer of non-controlling units $ 771 $ 0