Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES:      
Net income (loss) $ (85,480) $ 12,694 $ (2,644)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 130,548 117,767 113,661
Provision for doubtful accounts 511 1,598 2,817
Deferred income taxes (3,490) (320) (1,884)
Release of uncertain tax positions 0 0 (7,101)
Non-cash compensation expense 80,333 68,020 59,637
Non-cash interest expense 7,445 5,799 18,515
Accretion on contingent consideration and purchase liability 0 730 1,688
Payments of contingent consideration 0 (2,360) 0
Fair market value adjustment to contingent consideration liability 0 (1,067) (3,105)
Gain on settlement of liability 0 (1,206) 0
Loss allocations from equity method investments 8,874 7,093 5,399
Gain on equity method investments (9,517) 0 (4,230)
Loss on property and equipment disposals 5,097 0 0
Lease related impairments, including right-of-use assets 15,750 1,537 2,661
Other 355 (293) (729)
Changes in operating assets and liabilities, net of acquisitions:      
Fees receivable, net (5,031) (16,731) (15,055)
Prepaid expenses and other current assets 2,864 399 (9,666)
Other non-current assets (4,992) 2,741 (1,963)
Accrued expenses and other liabilities (24,711) 53,265 22,109
Accounts payable (3,724) 1,290 (187)
Deferred revenue (305) (2,080) (4,125)
Other non-current liabilities 4,178 1,701 (5,962)
Net cash provided by operating activities 117,037 250,577 169,836
INVESTING ACTIVITIES:      
Purchases of property and equipment (16,172) (23,731) (12,088)
Capitalization of internally developed software (89,153) (65,170) (54,908)
Investments in private companies (16,351) (25,926) (15,640)
Acquisitions of businesses, net of cash acquired (104,100) (32,794) (20,257)
Acquisition of proprietary technology (15,000) (25,517) 0
Advance for technology solutions (4,000) (3,000) 0
Issuance of notes receivable to equity method investees (6,350) 0 0
Other 0 0 2,897
Net cash used in investing activities (251,126) (176,138) (99,996)
FINANCING ACTIVITIES:      
Proceeds from borrowings on revolving credit facility 0 0 45,000
Payments on revolving credit facility 0 0 (305,000)
Capital contributions - non-controlling shareholders 16,037 3,201 606
Payments of deferred consideration on prior acquisitions 0 0 (1,879)
Payments of contingent consideration (743) (9,276) 0
Payments Of Capped Call (79,585) 0 0
Proceeds from exercise of stock options 2,620 2,090 10,760
Taxes paid in lieu of shares issued for stock-based compensation (23,516) (20,529) (19,501)
Share repurchases (85,750) (4,001) 0
Finance lease payments (18,682) 0 0
Other (1,866) (655) 4
Net cash provided by (used in) financing activities (127,002) (29,170) 232,950
EFFECT OF EXCHANGE RATE CHANGES ON CASH (6,164) (555) (831)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (267,255) 44,714 301,959
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD (See Note 2) 429,428 384,714 82,755
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (See Note 2) 162,173 429,428 384,714
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 12,120 7,920 8,304
Supplemental disclosure of cash flow information - cash paid during the period for interest 11,046 11,132 12,990
Supplemental disclosure of non-cash operating, investing and financing activities:      
Common stock issued to settle purchase liability 0 4,068 126
Contingent consideration issued in acquisition of businesses 0 0 5,239
Internally developed software costs included in accrued expenses and other liabilities 0 591 0
Leasehold improvements funded by lease incentive 0 164 1,806
Membership interest liabilities included in other non-current liabilities 752 496 3,345
Purchase liabilities included in accrued expenses and other liabilities 0 2,951 632
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 4,206 1,328 1,841
Property and equipment acquired through financing leases 18,682 0 0
Transfer of non-controlling units 0 0 771
Treasury stock purchases included in accrued expenses and other liabilities 9,289 0 0
Right-of-use assets obtained in exchange for lease liabilities, net 13,211 4,596 39,370
Conversion of equity method investee loan to shares 2,623 0 0
Convertible Notes due 2023      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Gain (loss) on extinguishment of debt 13,421 0 0
FINANCING ACTIVITIES:      
Repurchase of convertible debt (312,422) 0 0
Convertible Notes due 2025      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Gain (loss) on extinguishment of debt (15,089) 0 0
FINANCING ACTIVITIES:      
Proceeds from convertible debt 0 0 517,500
Debt issuance cost 0 0 (14,540)
Repurchase of convertible debt (181,772) 0 0
Convertible Notes due 2027      
FINANCING ACTIVITIES:      
Proceeds from convertible debt 575,000 0 0
Debt issuance cost $ (16,323) $ 0 $ 0