Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES:    
Net income (loss) $ (38,976) $ 6,566
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 63,800 58,402
Provision for doubtful accounts (1,230) 455
Deferred income taxes (8,222) 8,137
Release of uncertain tax positions (3,095) 0
Non-cash compensation expense 45,318 31,422
Non-cash interest expense 3,474 2,906
Accretion on contingent consideration and purchase liability 0 575
Payments of contingent consideration 0 (2,360)
Fair market value adjustment to contingent consideration liability 0 (140)
Fair market value adjustment to investment in private company 0 (758)
Loss allocations from equity method investments 2,945 4,045
Dilution gain on equity method investee share issuance (6,934) 0
Impairment of right of use assets 12,961 1,110
Loss on property and equipment disposals - office closures 3,710 0
Other 167 282
Changes in operating assets and liabilities:    
Fees receivable, net 13,694 (1,334)
Prepaid expenses and other current assets (2,721) (155)
Other non-current assets (3,638) 3,665
Accrued expenses and other liabilities (31,962) 527
Accounts payable 1,368 2,333
Deferred revenue 4,277 2,789
Other non-current liabilities (2,294) 692
Net cash provided by operating activities 52,642 119,159
INVESTING ACTIVITIES:    
Purchases of property and equipment (9,141) (11,357)
Capitalization of internally developed software (43,045) (31,802)
Acquisition of proprietary technology (15,000) (25,517)
Acquisitions of businesses, net of cash acquired (14,472) (33,143)
Investments in private companies (8,000) (4,549)
Advance for technology solutions (4,000) (3,000)
Issuance of notes receivable to equity method investees (4,350) 0
Net cash used in investing activities (98,008) (109,368)
FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 742 573
Capital contributions - non-controlling shareholders 0 23
Taxes paid in lieu of shares issued for stock-based compensation (18,113) (13,020)
Finance lease payments (14,517) 0
Share repurchases (9,235) (2,097)
Revolving credit facility issuance costs (1,872) 0
Payments of contingent consideration (750) (9,200)
Other 4 (587)
Net cash used in financing activities (43,741) (24,308)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (2,057) (524)
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (91,164) (15,041)
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) 338,264 369,673
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 5,460 3,077
Supplemental disclosure of cash flow information - cash paid during the period for interest 5,591 5,533
Supplemental disclosure of non-cash operating, investing and financing activities:    
Purchase liabilities included in other non-current liabilities 0 3,300
Fixed assets acquired through finance lease 14,517 0
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 2,308 832
Internally developed software costs included in accrued expenses and other liabilities 628 0
Membership interest liabilities included in other non-current liabilities 752 248
Leasehold improvements funded by lease incentive 0 164
Assets obtained in exchange for lease liabilities, net 9,604 999
Conversion of equity method investee loan to shares $ 2,623 $ 0