Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ (245,774,000) $ (85,480,000) $ 12,694,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 130,304,000 125,828,000 117,767,000
Deferred income taxes (1,479,000) (3,490,000) (320,000)
Goodwill impairment 191,818,000 0 0
Non-cash compensation expense 71,031,000 80,333,000 68,020,000
Non-cash interest expense 5,037,000 7,445,000 5,799,000
Fair market value adjustment to investment in private company (804,000) (400,000) (758,000)
Dilution gain on equity method investee share issuance (546,000) (9,517,000) 0
Loss allocations from equity method investments 10,579,000 8,874,000 7,093,000
Lease related impairments 5,120,000 15,750,000 1,537,000
Loss on property and equipment disposals 0 5,097,000 0
Payments of contingent consideration 0 0 (2,360,000)
Fair market value adjustment to contingent consideration liability 0 0 (1,067,000)
Gain on settlement of liability 0 0 (1,206,000)
Other 1,781,000 1,266,000 2,793,000
Changes in operating assets and liabilities:      
Fees receivable, net (20,584,000) (5,031,000) (16,731,000)
Prepaid expenses and other assets (11,573,000) (16,090,000) 3,140,000
Accounts payable, accrued expenses and other liabilities 19,229,000 (24,257,000) 56,256,000
Deferred revenue 729,000 (305,000) (2,080,000)
Net cash provided by operating activities 154,868,000 98,355,000 250,577,000
Cash flows from investing activities:      
Purchases of property and equipment (18,995,000) (16,172,000) (23,731,000)
Capitalization of internally developed software (94,307,000) (89,153,000) (65,170,000)
Acquisitions of businesses, net of cash acquired 0 (104,100,000) (32,794,000)
Investments in private companies (4,175,000) (16,351,000) (25,926,000)
Acquisition of proprietary technology (17,000,000) (19,000,000) (28,517,000)
Issuance of loan receivable to private company (20,000,000) 0 0
Issuance of note receivable to equity method investees 0 (6,350,000) 0
Other 414,000 0 0
Net cash used in investing activities (154,063,000) (251,126,000) (176,138,000)
Cash flows from financing activities:      
Proceeds from borrowings under Revolving Credit Facility 55,000,000 0 0
Payments related to Revolving Credit Facility (55,000,000) 0 0
Settlement of Convertible Notes due 2023 (45,000,000) 0 0
Payments related to Capped Call Transactions 0 (79,585,000) 0
Proceeds from exercise of stock options 1,608,000 2,620,000 2,090,000
Payments related to tax withholdings for stock-based compensation (19,022,000) (23,516,000) (20,529,000)
Payments related to share repurchases (9,289,000) (85,750,000) (4,001,000)
Purchase of non-controlling units from third-party shareholders (1,008,000) 0 0
Proceeds from capital contributions of non-controlling shareholders 0 16,037,000 3,201,000
Payments of contingent consideration 0 (743,000) (9,276,000)
Other 5,000 (1,866,000) (655,000)
Net cash used in financing activities (72,706,000) (108,320,000) (29,170,000)
Effect of exchange rate on changes on cash, cash equivalents and restricted cash 1,106,000 (6,164,000) (555,000)
Net change in cash, cash equivalents and restricted cash (70,795,000) (267,255,000) 44,714,000
Cash, cash equivalents and restricted cash, beginning of period 162,173,000 429,428,000 384,714,000
Cash, cash equivalents and restricted cash, end of period 91,378,000 162,173,000 429,428,000
Net cash paid for income taxes 15,866,000 12,120,000 7,920,000
Cash paid for interest 20,101,000 11,046,000 11,132,000
Supplemental disclosure of non-cash activities      
Purchase of fixed assets included in accounts payable and accrued expenses and other current liabilities 710,000 4,206,000 1,328,000
Right-of-use assets obtained in exchange for lease liabilities, net 1,395,000 13,211,000 4,596,000
Conversion of equity method investee loan to shares 4,129,000 2,623,000 0
Treasury stock purchases included in accrued expenses and other liabilities 0 9,289,000 0
Membership interest liabilities included in other liabilities 0 752,000 496,000
Common stock issued to settle purchase liability 0 0 4,068,000
Internally developed software costs included in accrued expenses and other liabilities 0 0 591,000
Leasehold improvements funded by lease incentive 0 0 164,000
Purchase liabilities included in accrued expenses and other liabilities 0 0 2,951,000
Convertible Notes due 2023      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Gain (loss) on extinguishment of debt 0 13,421,000 0
Cash flows from financing activities:      
Repurchase of convertible debt 0 (312,422,000) 0
Convertible Notes due 2025      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Gain (loss) on extinguishment of debt 0 (15,089,000) 0
Cash flows from financing activities:      
Repurchase of convertible debt 0 (181,772,000) 0
Convertible Notes due 2027      
Cash flows from financing activities:      
Proceeds from convertible debt 0 575,000,000 0
Debt issuance cost $ 0 $ (16,323,000) $ 0