Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES:    
Net income (loss) $ 14,935 $ (7,190)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 28,392 27,683
Provision for doubtful accounts 298 1,026
Deferred income taxes (3,581) (1,587)
Non-cash compensation expense 14,137 15,985
Non-cash interest expense 2,015 4,463
Accretion on contingent consideration and purchase liability 388 599
Fair market value adjustment to contingent consideration liability (140) 0
Gain on acquisition of equity method investment 0 (4,230)
Loss allocation from equity method investments 3,288 2,030
Other 165 0
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable, net 473 (14,333)
Prepaid expenses and other current assets 1,756 (6,793)
Other non-current assets 3,093 641
Accrued expenses and other liabilities (28,668) (11,554)
Accounts payable 6,444 (3,205)
Deferred revenue 7,882 5,598
Other non-current liabilities (1,068) (145)
Net cash provided by operating activities 49,809 8,988
INVESTING ACTIVITIES:    
Purchases of property and equipment (7,062) (2,160)
Capitalization of internally developed software (15,058) (11,572)
Investments in private companies (2,538) (11,700)
Acquisition of proprietary technology (25,517) 0
Acquisitions of businesses, net of cash acquired 0 (20,257)
Net cash used in investing activities (50,175) (45,689)
FINANCING ACTIVITIES:    
Proceeds from borrowings on revolving credit facility 0 45,000
Payments on revolving credit facility 0 (15,000)
Payments of contingent consideration (1,000) 0
Proceeds from exercise of stock options 522 3,408
Taxes paid in lieu of shares issued for stock-based compensation (9,541) (9,199)
Share repurchase (1,672) 0
Other (479) 2
Net cash (used in) provided by financing activities (12,170) 24,211
EFFECT OF EXCHANGE RATE CHANGES ON CASH (52) (1,496)
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (12,588) (13,986)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 384,714 82,755
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (See Note 2) 372,126 68,769
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 1,879 814
Supplemental disclosure of cash flow information - cash paid during the period for interest 2,200 2,740
Supplemental disclosure of non-cash operating, investing and financing activities:    
Contingent consideration issued in acquisition of businesses 0 5,239
Purchase liabilities included in accrued expenses and other liabilities 0 375
Purchase liabilities included in other non-current liabilities 0 257
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 1,129 1,752
Membership interest liabilities included in other non-current liabilities 124 2,220
Leasehold improvements funded by lease incentive $ 127 $ 894