Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES:    
Net income (loss) $ (14,708) $ 14,935
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 31,618 28,392
Provision for doubtful accounts (1,747) 298
Deferred income taxes (18,955) (3,581)
Non-cash compensation expense 21,814 14,137
Non-cash interest expense 2,599 2,015
Accretion on contingent consideration and purchase liability 0 388
Fair market value adjustment to contingent consideration liability 0 (140)
Loss allocations from equity method investments 1,545 3,288
Other (59) 165
Changes in operating assets and liabilities:    
Fees receivable, net 8,661 473
Prepaid expenses and other current assets (8,377) 1,756
Other non-current assets (1,114) 3,093
Accrued expenses and other liabilities (27,320) (28,668)
Accounts payable (432) 6,444
Deferred revenue 11,097 7,882
Other non-current liabilities (1,361) (1,068)
Net cash provided by operating activities 3,261 49,809
INVESTING ACTIVITIES:    
Purchases of property and equipment (3,896) (7,062)
Capitalization of internally developed software (21,671) (15,058)
Acquisition of proprietary technology (15,000) (25,517)
Investments in private companies (3,000) (2,538)
Other (2,500) 0
Net cash used in investing activities (46,067) (50,175)
FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 658 522
Taxes paid in lieu of shares issued for stock-based compensation (12,570) (9,541)
Finance lease payments (12,454) 0
Revolving credit facility issuance costs (1,869) 0
Share repurchases 0 (1,672)
Payments of contingent consideration 0 (1,000)
Other 3 (479)
Net cash used in financing activities (26,232) (12,170)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (627) (52)
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (69,665) (12,588)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 429,428 384,714
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (See Note 2) 359,763 372,126
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 716 1,879
Supplemental disclosure of cash flow information - cash paid during the period for interest 2,254 2,200
Supplemental disclosure of non-cash operating, investing and financing activities:    
Fixed assets acquired through finance lease 12,454 0
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 1,883 1,129
Internally developed software costs included in accrued expenses and other liabilities 178 0
Membership interest liabilities included in other non-current liabilities 124 124
Leasehold improvements funded by lease incentive $ 0 $ 127