Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES:      
Net income (loss) $ 12,694 $ (2,644) $ (17,202)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 117,767 113,661 101,271
Provision for doubtful accounts 1,598 2,817 2,855
Deferred income taxes (320) (1,884) (39,630)
Release of uncertain tax positions 0 (7,101) 0
Non-cash compensation expense 68,020 59,637 60,444
Non-cash interest expense 5,799 18,515 19,246
Accretion on contingent consideration and purchase liability 730 1,688 1,772
Payments of contingent consideration (2,360) 0 (578)
Fair market value adjustment to contingent consideration liability (1,067) (3,105) (8,126)
Fair market value adjustment to investment in private company (758) 0 0
Gain on settlement of liability (1,206) 0 0
Gain on acquisition of equity method investment 0 (4,230) 0
Loss allocation from equity method investments 7,093 5,399 2,361
Gain on life insurance proceeds 0 0 (5,000)
Impairment of right of use assets 1,537 2,661 0
Other 465 (729) 0
Changes in operating assets and liabilities, net of acquisitions:      
Fees receivable, net (16,731) (15,055) 1,139
Prepaid expenses and other current assets 399 (9,666) (6,440)
Other non-current assets 2,741 (1,963) (5,234)
Accrued expenses and other liabilities 53,265 22,109 (811)
Accounts payable 1,290 (187) (2,863)
Deferred revenue (2,080) (4,125) 727
Other non-current liabilities 1,701 (5,962) 4,795
Net cash provided by operating activities 250,577 169,836 108,726
INVESTING ACTIVITIES:      
Purchases of property and equipment (23,731) (12,088) (19,847)
Capitalization of internally developed software (65,170) (54,908) (34,096)
Investments in private companies (25,926) (15,640) (5,250)
Acquisitions of businesses, net of cash acquired (32,794) (20,257) (320,915)
Acquisition of proprietary technology (25,517) 0 0
Proceeds from life insurance policy 0 0 5,000
Advance for technology solutions (3,000) 0 0
Other 0 2,897 (600)
Net cash used in investing activities (176,138) (99,996) (375,708)
FINANCING ACTIVITIES:      
Proceeds from issuance of Convertible Notes due 2025 0 517,500 0
Payment of Convertible Notes due 2019 0 0 (184,751)
Proceeds from borrowings on revolving credit facility 0 45,000 345,000
Payments on revolving credit facility 0 (305,000) (85,000)
Capital contribution - non-controlling interest 3,201 606 0
Payments of deferred consideration on prior acquisitions 0 (1,879) 0
Payments of contingent consideration (9,276) 0 (171)
Proceeds from exercise of stock options 2,090 10,760 10,592
Taxes paid in lieu of shares issued for stock-based compensation (20,529) (19,501) (23,107)
Share repurchases (4,001) 0 0
Other (655) 4 5
Net cash provided by (used in) financing activities (29,170) 232,950 60,465
EFFECT OF EXCHANGE RATE CHANGES ON CASH (555) (831) (399)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 44,714 301,959 (206,916)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD (See Note 2) 384,714 82,755 289,671
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (See Note 2) 429,428 384,714 82,755
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 7,920 8,304 8,119
Supplemental disclosure of cash flow information - cash paid during the period for interest 11,132 12,990 13,530
Supplemental disclosure of non-cash operating, investing and financing activities:      
Common stock issued in acquisition of business 0 0 222,484
Common stock issued to settle purchase liability 4,068 126 772
Contingent consideration issued in acquisition of businesses 0 5,239 15,780
Internally developed software costs included in accrued expenses and other liabilities 591 0 0
Leasehold improvements funded by lease incentive 164 1,806 1,816
Membership interest liabilities included in other non-current liabilities 496 3,345 5,920
Purchase liabilities included in accrued expenses and other liabilities 2,951 632 0
Purchase liabilities included in other non-current liabilities 0 0 5,468
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 1,328 1,841 1,832
Right of use assets in exchange for lease liabilities 4,596 39,370 30,455
Transfer of non-controlling units 0 771 0
Convertible Notes due 2025      
FINANCING ACTIVITIES:      
Debt issuance costs 0 (14,540) 0
Revolving credit facility      
FINANCING ACTIVITIES:      
Debt issuance costs $ 0 $ 0 $ (2,103)