Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (42,761) $ (14,708)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 32,941 31,618
Provision for doubtful accounts 571 (1,747)
Deferred income taxes 5,221 (18,955)
Non-cash compensation expense 19,453 21,814
Non-cash interest expense 4,498 2,599
Loss allocations from equity method investments 2,940 1,545
Other (103) (59)
Changes in operating assets and liabilities:    
Fees receivable, net (21,579) 8,661
Prepaid expenses and other assets (9,858) (9,491)
Accounts payable, accrued expenses and other liabilities (32,917) (29,113)
Deferred revenue 8,073 11,097
Net cash (used in) provided by operating activities (33,521) 3,261
Cash flows from investing activities:    
Purchases of property and equipment (4,402) (3,896)
Capitalization of internally developed software (23,664) (21,671)
Acquisition of proprietary technology (10,000) (15,000)
Investments in private companies (950) (3,000)
Issuance of loan receivable to private company (20,000) 0
Other 260 (2,500)
Net cash used in investing activities (58,756) (46,067)
Cash flows from financing activities:    
Proceeds from exercise of stock options 367 658
Payments related to tax withholdings for stock-based compensation (10,732) (12,570)
Payments on finance lease obligations (152) (12,454)
Payments related to revolving credit facility 0 (1,869)
Payments related to share repurchases (9,289) 0
Purchase of non-controlling units from third-party shareholders (1,008) 0
Other 2 3
Net cash used in financing activities (20,812) (26,232)
Effect of exchange rate on changes on cash, cash equivalents and restricted cash 3,580 (627)
Net change in cash, cash equivalents and restricted cash (109,509) (69,665)
Cash, cash equivalents and restricted cash, beginning of period 162,173 429,428
Cash, cash equivalents and restricted cash, end of period 52,664 359,763
Supplemental disclosures of cash flow information    
Net cash paid for income taxes 1,110 716
Cash paid for interest 1,822 2,254
Supplemental disclosure of non-cash activities    
Conversion of equity method investee loan to shares 4,129 0
Right-of-use assets obtained in exchange for lease liabilities, net 206 0
Property and equipment acquired through finance lease 152 12,454
Purchase of property and equipment included in accounts payable, accrued expenses and other liabilities 2,018 1,883
Internally developed software costs included in accrued expenses and other liabilities 0 178
Membership interest liabilities included in other non-current liabilities $ 0 $ 124