Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES:      
Net income (loss) $ (2,644) $ (17,202) $ 4,010
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 113,661 101,271 77,626
Deferred rent and lease incentive amortization 0 0 671
Provision for doubtful accounts 2,817 2,855 1,618
Deferred income taxes (1,884) (39,630) (23,629)
Release of uncertain tax positions (7,101) 0 0
Non-cash compensation expense 59,637 60,444 40,245
Non-cash interest expense 18,515 19,246 14,534
Accretion on contingent consideration and purchase liability 1,688 1,772 222
Payments of contingent consideration 0 (578) 0
Fair market value adjustment to contingent consideration liability (3,105) (8,126) 0
Gain on acquisition of equity method investment (4,230) 0 0
Loss allocation from equity method investments 5,399 2,361 1,146
Gain on life insurance proceeds 0 (5,000) 0
Impairment of right of use assets 2,661 0 0
Other (729) 0 0
Changes in operating assets and liabilities, net of acquisitions:      
Fees receivable, net (15,055) 1,139 (12,890)
Prepaid expenses and other current assets (9,666) (6,440) (887)
Other non-current assets (1,963) (5,234) (3,336)
Accrued expenses and other liabilities 22,109 (811) 12,939
Accounts payable (187) (2,863) 1,743
Deferred revenue (4,125) 727 345
Other non-current liabilities (5,962) 4,795 3,028
Net cash provided by operating activities 169,836 108,726 117,385
INVESTING ACTIVITIES:      
Purchases of property and equipment (12,088) (19,847) (20,524)
Capitalization of internally developed software (54,908) (34,096) (24,068)
Investments in private companies (15,640) (5,250) (1,200)
Acquisitions of businesses, net of cash acquired (20,257) (320,915) (194,617)
Proceeds from life insurance policy 0 5,000 0
Other 2,897 (600) (1,270)
Net cash used in investing activities (99,996) (375,708) (241,679)
FINANCING ACTIVITIES:      
Payment of Convertible Notes due 2019 0 (184,751) 0
Proceeds from borrowings on revolving credit facility 45,000 345,000 195,000
Payments on revolving credit facility (305,000) (85,000) (276,168)
Capital contribution - non-controlling interest 606 0 0
Payments of deferred consideration on prior acquisitions (1,879) 0 0
Payments of contingent consideration 0 (171) (2,193)
Issuance of common stock and warrants - private placement, net of offering costs 0 0 122,704
Purchase of ERS units 0 0 (6,560)
Proceeds from exercise of stock options 10,760 10,592 5,305
Taxes paid in lieu of shares issued for stock-based compensation (19,501) (23,107) (20,816)
Issuance of restricted stock units 4 5 4
Net cash provided by financing activities 232,950 60,465 352,294
EFFECT OF EXCHANGE RATE CHANGES ON CASH (831) (399) (592)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 301,959 (206,916) 227,408
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD (See Note 2) 82,755 289,671 62,263
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (See Note 2) 384,714 82,755 289,671
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 8,304 8,119 5,531
Supplemental disclosure of cash flow information - cash paid during the period for interest 12,990 13,530 10,409
Supplemental disclosure of non-cash operating, investing and financing activities:      
Common stock issued in acquisition of business 0 222,484 0
Contingent consideration issued in acquisition of businesses 5,239 15,780 0
Transaction costs of issuance of common stock and warrants included in accrued expenses and other liabilities 0 0 4,543
Purchase liabilities included in accrued expenses and other liabilities 632 0 0
Purchase liabilities included in other non-current liabilities 0 5,468 0
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 1,841 1,832 1,997
Membership interest liabilities included in other non-current liabilities 3,345 5,920 0
Common stock issued to settle purchase liability 126 772 0
Leasehold improvements funded by lease incentive 1,806 1,816 1,780
Transfer of non-controlling units 771 0 0
Convertible Notes due 2025      
FINANCING ACTIVITIES:      
Proceeds from issuance of Convertible Notes 517,500 0 0
Debt issuance costs (14,540) 0 0
Convertible Notes due 2023      
FINANCING ACTIVITIES:      
Proceeds from issuance of Convertible Notes 0 0 345,000
Debt issuance costs 0 0 (9,982)
Revolving credit facility      
FINANCING ACTIVITIES:      
Debt issuance costs $ 0 $ (2,103) $ 0