Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING ACTIVITIES:    
Net loss $ (7,190) $ (18,268)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 27,683 19,517
Provision for doubtful accounts 1,026 451
Deferred income taxes (1,587) 169
Non-cash compensation expense 15,985 12,864
Non-cash interest expense 4,463 6,880
Accretion on contingent consideration and purchase liability 599 240
Gain on acquisition of equity method investment (4,230) 0
Loss allocation from equity method investments 2,030 203
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable, net (14,333) 1,198
Prepaid expenses and other current assets (6,793) (13,346)
Other non-current assets 641 (1,060)
Accrued expenses and other liabilities (11,554) (34,495)
Accounts payable (3,205) 5,179
Deferred revenue 5,598 7,039
Other non-current liabilities (145) 854
Net cash provided by (used in) operating activities 8,988 (12,575)
INVESTING ACTIVITIES:    
Purchases of property and equipment (2,160) (5,247)
Capitalization of internally developed software (11,572) (7,185)
Investments in private companies (11,700) (1,000)
Acquisitions of businesses, net of cash acquired (20,257) (11,061)
Net cash used in investing activities (45,689) (24,493)
FINANCING ACTIVITIES:    
Proceeds from borrowings on revolving credit facility 45,000 0
Payments on revolving credit facility (15,000) 0
Proceeds from exercise of stock options 3,408 3,163
Purchase of treasury stock for stock-based tax withholdings (9,199) (9,819)
Issuance of restricted stock units 2 2
Net cash provided by (used in) financing activities 24,211 (6,654)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (1,496) 112
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (13,986) (43,610)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 82,755 289,671
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (See Note 2) 68,769 246,061
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 814 4,998
Supplemental disclosure of cash flow information - cash paid during the period for interest 2,740 216
Supplemental disclosure of non-cash operating, investing and financing activities:    
Contingent consideration issued in acquisition of businesses 5,239 7,580
Purchase liabilities included in accrued expenses and other liabilities 375 0
Purchase liabilities included in other non-current liabilities 257 5,468
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 1,752 359
Membership interest liabilities included in other non-current liabilities 2,220 0
Common stock issued to settle purchase liability 0 772
Leasehold improvements funded by lease incentive $ 894 $ 489