Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES:    
Net income (loss) $ (47,639) $ 18,004
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 97,208 88,252
Provision for doubtful accounts (468) 2,051
Deferred income taxes (4,380) 7,078
Release of uncertain tax positions (3,095) 0
Non-cash compensation expense 62,583 50,307
Non-cash interest expense 5,436 4,889
Accretion on contingent consideration and purchase liability 0 656
Payments of contingent consideration 0 (2,360)
Fair market value adjustment to contingent consideration liability 0 (1,067)
Fair market value adjustment to investment in private company 0 (758)
Gain on settlement of liability 0 (1,206)
Loss allocations from equity method investments 5,332 5,553
Dilution gain on equity method investee share issuance (6,934) 0
Lease related impairments, including right of use assets 14,050 1,537
Loss on property and equipment disposals - office closures 3,710 0
Other 319 249
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable, net 1,546 (38,030)
Prepaid expenses and other current assets (8,610) 569
Other non-current assets (3,914) 4,854
Accrued expenses and other liabilities (23,168) 26,637
Accounts payable (867) 4,122
Deferred revenue (2,329) (1,065)
Other non-current liabilities (2,545) (298)
Net cash provided by operating activities 86,235 169,974
INVESTING ACTIVITIES:    
Purchases of property and equipment (13,114) (15,779)
Capitalization of internally developed software (67,755) (49,024)
Acquisition of proprietary technology (15,000) (25,517)
Acquisitions of businesses, net of cash acquired (104,185) (32,794)
Investments in private companies (16,351) (8,926)
Advance for technology solutions (4,000) (3,000)
Issuance of notes receivable to equity method investees (6,350) 0
Net cash used in investing activities (226,755) (135,040)
FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 2,559 920
Capital contributions - non-controlling shareholders 0 3,201
Taxes paid in lieu of shares issued for stock-based compensation (20,613) (17,314)
Finance lease payments (14,544) 0
Share repurchases (9,235) (2,097)
Revolving credit facility issuance costs (1,872) 0
Payments of contingent consideration (750) (9,200)
Other 5 (666)
Net cash used in financing activities (44,450) (25,156)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (3,128) (544)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (188,098) 9,234
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) 241,330 393,948
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 7,916 5,895
Supplemental disclosure of cash flow information - cash paid during the period for interest 7,851 7,794
Supplemental disclosure of non-cash operating, investing and financing activities:    
Purchase liabilities included in other non-current liabilities 0 2,951
Fixed assets acquired through finance lease 15,382 0
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 1,370 449
Internally developed software costs included in accrued expenses and other liabilities 0 1,060
Membership interest liabilities included in other non-current liabilities 752 373
Leasehold improvements funded by lease incentive 0 164
Assets obtained in exchange for lease liabilities, net 11,805 4,387
Conversion of equity method investee loan to shares $ 2,623 $ 0