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
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES:    
Net loss $ (10,338) $ (20,619)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 85,077 73,167
Provision for doubtful accounts 2,323 1,243
Deferred income taxes 79 (37,626)
Non-cash compensation expense 45,721 43,167
Non-cash interest expense 12,255 17,195
Accretion on contingent consideration and purchase liability 1,308 1,240
Payments of contingent consideration 0 (578)
Fair market value adjustment to contingent consideration liability (2,056) 0
Gain on acquisition of equity method investment (4,230) 0
Loss allocation from equity method investments 4,280 1,507
Impairment of right of use assets 1,426 0
Other 556 0
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable, net (10,825) 6,164
Prepaid expenses and other current assets (11,139) (4,784)
Other non-current assets (1,807) (6,113)
Accrued expenses and other liabilities 3,393 (9,732)
Accounts payable 12,084 (6,859)
Deferred revenue 1,488 1,231
Other non-current liabilities 2,084 3,242
Net cash provided by operating activities 131,679 61,845
INVESTING ACTIVITIES:    
Purchases of property and equipment (8,824) (16,098)
Capitalization of internally developed software (40,257) (23,649)
Investments in private companies (13,875) (3,200)
Acquisitions of businesses, net of cash acquired (20,257) (321,571)
Net cash used in investing activities (83,213) (364,518)
FINANCING ACTIVITIES:    
Proceeds from issuance of Convertible Notes due 2025 517,500 0
Proceeds from borrowings on revolving credit facility 45,000 175,000
Payments on revolving credit facility (305,000) (75,000)
Payments of deferred consideration on prior acquisitions (1,879) 0
Payments of contingent consideration 0 (171)
Proceeds from exercise of stock options 8,053 7,029
Taxes paid in lieu of shares issued for stock-based compensation (16,283) (19,697)
Issuance of restricted stock units 3 4
Net cash provided by financing activities 232,854 85,062
EFFECT OF EXCHANGE RATE CHANGES ON CASH (1,009) (178)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 280,311 (217,789)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance 82,755 289,671
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance 363,066 71,882
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 5,349 7,826
Supplemental disclosure of cash flow information - cash paid during the period for interest 9,652 7,813
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
Accrued payment to fund deferred compensation liability included in accounts payable 0 0
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 1,104 2,262
Membership interest liabilities included in other non-current liabilities 3,221 3,700
Common stock issued to settle purchase liability 0 772
Leasehold improvements funded by lease incentive 1,766 0
Transfer of non-controlling units 771 0
Line of Credit | Revolving Credit Facility    
FINANCING ACTIVITIES:    
Payments of debt issuance costs 0 (2,103)
Convertible Notes due 2025 | Convertible Debt    
FINANCING ACTIVITIES:    
Payments of debt issuance costs $ (14,540) $ 0