Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES:    
Net income (loss) $ 6,566 $ (12,661)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 58,402 56,126
Provision for doubtful accounts 455 1,515
Deferred income taxes 8,137 (1,598)
Non-cash compensation expense 31,422 29,869
Non-cash interest expense 2,906 5,907
Accretion on contingent consideration and purchase liability 575 910
Payments of contingent consideration (2,360) 0
Fair market value adjustment to contingent consideration liability (140) (1,982)
Fair market value adjustment to investment in private company (758) 0
Gain on acquisition of equity method investment 0 (4,230)
Loss allocation from equity method investments 4,045 3,286
Impairment of right of use assets 1,110 1,426
Other 282 556
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable, net (1,334) (8,560)
Prepaid expenses and other current assets (155) (7,756)
Other non-current assets 3,665 (353)
Accrued expenses and other liabilities 527 (4,484)
Accounts payable 2,333 (2,130)
Deferred revenue 2,789 7,236
Other non-current liabilities 692 1,946
Net cash provided by operating activities 119,159 65,023
INVESTING ACTIVITIES:    
Purchases of property and equipment (11,357) (4,329)
Capitalization of internally developed software (31,802) (25,703)
Investments in private companies (4,549) (12,625)
Acquisition of proprietary technology (25,517) 0
Acquisitions of businesses, net of cash acquired (33,143) (20,257)
Advance for technology solutions (3,000) 0
Net cash used in investing activities (109,368) (62,914)
FINANCING ACTIVITIES:    
Proceeds from borrowings on revolving credit facility 0 45,000
Payments on revolving credit facility 0 (30,000)
Capital contributions - non-controlling shareholders 23 0
Payments of contingent consideration (9,200) 0
Proceeds from exercise of stock options 573 6,683
Taxes paid in lieu of shares issued for stock-based compensation (13,020) (12,816)
Share repurchases (2,097) 0
Other (587) 3
Net cash (used in) provided by financing activities (24,308) 8,870
EFFECT OF EXCHANGE RATE CHANGES ON CASH (524) (1,342)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (15,041) 9,637
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) 369,673 92,392
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 3,077 2,136
Supplemental disclosure of cash flow information - cash paid during the period for interest 5,533 7,861
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 0 632
Purchase liabilities included in other non-current liabilities 3,300 0
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 832 1,139
Membership interest liabilities included in other non-current liabilities 248 3,098
Leasehold improvements funded by lease incentive 164 1,710
Assets obtained in exchange for lease liabilities 999 0
Transfer of non-controlling units $ 0 $ 771