Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.10.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
OPERATING ACTIVITIES:    
Net income (loss) $ 4,522 $ (20,925)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 58,294 46,792
Deferred rent and lease incentive amortization 408 709
Provision for doubtful accounts 1,228 828
Deferred income taxes (21,854) 6,646
Stock-based compensation expense 29,574 23,451
Non-cash interest expense 12,337 8,711
Accretion on contingent consideration and purchase liability 209 408
Payments of contingent consideration 0 (357)
Loss allocation from equity method investment 1,069 984
Loss on disposal of fixed assets 57 69
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable, net (9,131) (6,286)
Prepaid expenses and other current assets (4,739) (5,316)
Other non-current assets (2,888) (1,784)
Accrued expenses and other liabilities 6,710 13,289
Accounts payable 4,100 1,435
Deferred revenue 1,147 740
Other non-current liabilities 2,271 1,852
Net cash provided by operating activities 83,314 71,246
INVESTING ACTIVITIES:    
Purchase of property and equipment (17,088) (11,432)
Capitalization of internally developed software (17,611) (9,210)
Acquisition of businesses (194,959) (1,450)
Net cash used in investing activities (229,658) (22,092)
FINANCING ACTIVITIES:    
Proceeds from issuance of Convertible Notes due 2023 345,000 0
Convertible Notes due 2023 issuance costs (9,982) 0
Proceeds from borrowings on revolving credit facility 195,000 35,000
Revolving credit facility issuance costs 0 (94)
Payments on revolving credit facility (276,168) (42,500)
Payments of contingent consideration (2,193) (1,929)
Payments of definite consideration 0 (445)
Payments of purchase consideration liabilities 0 (235)
Payment of Term Notes 0 (35,862)
Proceeds from exercise of stock options 5,199 4,468
Purchase of treasury stock for stock-based tax withholdings (17,884) (11,619)
Issuance of restricted stock units 4 4
Net cash provided by (used in) financing activities 238,976 (53,212)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (1,047) 170
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 91,585 (3,888)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 62,115 54,592
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (See Note 2) 153,700 50,704
Supplemental disclosure of cash flow information - net cash paid (refunded) during the period for income taxes 3,874 (1,449)
Supplemental disclosure of cash flow information - cash paid during the period for interest 5,780 4,887
Supplemental disclosure of non-cash operating, investing and financing activities:    
Leasehold improvements funded by lease incentive 1,780 2,098
Non-cash debt issuance costs 0 2,230
Purchase liabilities included in accrued expenses and other liabilities 719 837
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities $ 1,441 $ 505