Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
OPERATING ACTIVITIES:    
Net income (loss) $ (17,655) $ 2,011
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 46,432 38,731
Deferred rent and lease incentive amortization 0 1,069
Provision for doubtful accounts 713 924
Deferred income taxes (28,991) (17,093)
Non-cash based compensation expense 27,852 18,971
Non-cash interest expense 9,896 5,630
Accretion on contingent consideration and purchase liability 742 196
Payments of contingent consideration (578) 0
Loss allocation from equity method investment 550 811
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable, net (536) (8,204)
Prepaid expenses and other current assets (15,507) (3,426)
Other non-current assets (3,241) (2,450)
Accrued expenses and other liabilities (19,060) (5,438)
Accounts payable (4,768) 4,166
Deferred revenue 3,940 3,478
Other non-current liabilities 2,602 1,578
Net cash provided by operating activities 2,391 40,954
INVESTING ACTIVITIES:    
Purchases of property and equipment (8,815) (9,569)
Capitalization of internally developed software (15,583) (10,622)
Acquisitions of businesses, net of cash acquired (321,571) (188,345)
Other (2,000) 0
Net cash used in investing activities (347,969) (208,536)
FINANCING ACTIVITIES:    
Proceeds from issuance of Convertible Notes due 2023 0 345,000
Convertible Notes due 2023 issuance costs 0 (9,488)
Proceeds from borrowings on revolving credit facility 175,000 195,000
Payments on revolving credit facility (30,000) (276,168)
Payments of contingent consideration (171) (2,193)
Proceeds from exercise of stock options 4,914 2,540
Purchase of treasury stock for stock-based tax withholdings (15,962) (14,395)
Issuance of restricted stock units 3 3
Net cash provided by financing activities 133,784 240,299
EFFECT OF EXCHANGE RATE CHANGES ON CASH 166 (572)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (211,628) 72,145
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 289,671 62,115
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (See Note 2) 78,043 134,260
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 6,121 2,225
Supplemental disclosure of cash flow information - cash paid during the period for interest 5,952 4,271
Supplemental disclosure of non-cash operating, investing and financing activities:    
Common stock issued in acquisition of business 222,484 0
Contingent consideration issued in acquisition of businesses 15,880 0
Purchase liabilities included in other non-current liabilities 5,468 0
Purchase liabilities included in accrued expenses and other liabilities 0 1,422
Purchase of fixed assets included in accounts payable and accrued expenses and other liabilities 1,567 1,188
Membership interest liabilities included in other non-current liabilities 1,480 0
Common stock issued to settle purchase liability 772 0
Leasehold improvements funded by lease incentive $ 648 $ 1,080