Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
OPERATING ACTIVITIES:      
Net income (loss) $ 4,010 $ (3,280) $ (55,567)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 77,626 62,820 63,999
Deferred rent and lease incentive amortization 671 1,027 (438)
Provision for doubtful accounts 1,618 867 1,122
Deferred income taxes (benefits) (23,629) (4,597) 5,584
Stock-based compensation expense 40,245 31,331 33,276
Non-cash interest expense 14,534 8,994 8,244
Accretion on contingent consideration and purchase liability 222 512 150
Payments of contingent consideration 0 (357) (124)
Fair market value adjustment to contingent consideration 0 0 1,588
Loss allocation from equity method investment 1,146 1,469 1,420
Impairment of equity method investment 0 0 734
Loss on disposal of fixed assets 189 76 398
Changes in operating assets and liabilities, net of acquisitions:      
Fees and other receivables (12,890) (8,121) 1,646
Prepaid expenses and other current assets (887) (787) (2,861)
Other non-current assets (3,336) (1,690) 1,473
Accrued expenses and other liabilities 12,939 16,810 17,174
Accounts payable 1,743 (442) (462)
Deferred revenue 345 1,191 2,014
Other non-current liabilities 2,839 2,427 3,776
Net cash provided by operating activities 117,385 108,250 83,146
INVESTING ACTIVITIES:      
Purchase of property and equipment (20,524) (14,945) (13,967)
Capitalization of internally developed software (24,068) (12,624) (8,609)
Investment in private companies (1,200) (1,450) (2,238)
Acquisition of businesses (194,617) 0 (31,613)
Other 1,270 0 1,500
Net cash used in investing activities (241,679) (29,019) (57,927)
FINANCING ACTIVITIES:      
Proceeds from issuance of Convertible Notes due 2023 345,000 0 0
Proceeds from borrowings on revolving credit facility 195,000 35,000 40,000
Payments on revolving credit facility (276,168) (62,500) (40,000)
Payments of contingent consideration (2,193) (1,929) (3,605)
Payments of definite consideration 0 (445) 0
Payments of purchase consideration liabilities 0 (235) (3,256)
Issuance of common stock and warrants - private placement, net of offering costs 122,704 0 0
Payment of Term Notes 0 (35,862) (8,000)
Proceeds from exercise of stock options 5,305 7,951 4,924
Purchase of treasury stock for stock-based tax withholdings (20,816) (13,974) (10,966)
Purchase of ERS units (6,560) 0 0
Common stock acquired under the share repurchase program 0 0 (1,448)
Issuance of restricted stock units 4 5 6
Net cash provided by (used in) financing activities 352,294 (72,083) (22,345)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (592) 375 0
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 227,408 7,523 2,874
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 62,263 54,740 51,866
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 289,671 62,263 54,740
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 5,531 3,261 1,114
Supplemental disclosure of cash flow information - cash paid during the period for interest 10,409 7,353 8,356
Supplemental disclosure of non-cash operating, investing and financing activities:      
Transaction costs of issuance of common stock and warrants included in accrued expenses and other liabilities 4,543 0 0
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 1,997 1,286 1,136
Leasehold improvements funded by lease incentive 1,780 2,098 1,522
Non-cash debt issuance costs 0 2,230 0
Purchase liabilities included in accrued expenses and other liabilities 0 856 996
Contingent consideration issued in business acquisitions 0 0 4,868
Convertible Notes Due 2023      
FINANCING ACTIVITIES:      
Debt issuance costs (9,982) 0 0
Revolving credit facility      
FINANCING ACTIVITIES:      
Debt issuance costs $ 0 $ (94) $ 0