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
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
OPERATING ACTIVITIES:    
Net income (loss) $ 18,004 $ (10,338)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 88,252 85,077
Provision for doubtful accounts 2,051 2,323
Deferred income taxes 7,078 79
Non-cash compensation expense 50,307 45,721
Non-cash interest expense 4,889 12,255
Accretion on contingent consideration and purchase liability 656 1,308
Payments of contingent consideration (2,360) 0
Fair market value adjustment to contingent consideration liability (1,067) (2,056)
Fair market value adjustment to investment in private company (758) 0
Gain on settlement of liability (1,206) 0
Gain on acquisition of equity method investment 0 (4,230)
Loss allocation from equity method investments 5,553 4,280
Impairment of right of use assets 1,537 1,426
Other 249 556
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable, net (38,030) (10,825)
Prepaid expenses and other current assets 569 (11,139)
Other non-current assets 4,854 (1,807)
Accrued expenses and other liabilities 26,637 3,393
Accounts payable 4,122 12,084
Deferred revenue (1,065) 1,488
Other non-current liabilities (298) 2,084
Net cash provided by operating activities 169,974 131,679
INVESTING ACTIVITIES:    
Purchases of property and equipment (15,779) (8,824)
Capitalization of internally developed software (49,024) (40,257)
Investments in private companies (8,926) (13,875)
Acquisition of proprietary technology (25,517) 0
Acquisitions of businesses, net of cash acquired (32,794) (20,257)
Advance for technology solutions (3,000) 0
Net cash used in investing activities (135,040) (83,213)
FINANCING ACTIVITIES:    
Proceeds from issuance of Convertible Notes due 2025 0 517,500
Convertible Notes due 2025 issuance costs 0 (14,540)
Proceeds from borrowings on revolving credit facility 0 45,000
Payments on revolving credit facility 0 (305,000)
Capital contributions - non-controlling shareholders 3,201 0
Payments of deferred consideration on prior acquisitions 0 (1,879)
Payments of contingent consideration (9,200) 0
Proceeds from exercise of stock options 920 8,053
Taxes paid in lieu of shares issued for stock-based compensation (17,314) (16,283)
Share repurchases (2,097) 0
Other (666) 3
Net cash provided by (used in) financing activities (25,156) 232,854
EFFECT OF EXCHANGE RATE CHANGES ON CASH (544) (1,009)
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 9,234 280,311
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) 393,948 363,066
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 5,895 5,349
Supplemental disclosure of cash flow information - cash paid during the period for interest 7,794 9,652
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 2,951 0
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 449 1,104
Internally developed software costs included in accrued expenses and other liabilities 1,060 0
Membership interest liabilities included in other non-current liabilities 373 3,221
Leasehold improvements funded by lease incentive 164 1,766
Assets obtained in exchange for lease liabilities 4,387 0
Transfer of non-controlling units $ 0 $ 771