Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (65,893) $ (38,976)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 66,747 63,800
Deferred income taxes (522) (8,222)
Non-cash compensation expense 40,843 45,318
Non-cash interest expense 2,251 3,474
Loss allocations from equity method investments 5,872 2,945
Dilution gain on equity method investee share issuance (546) (6,934)
Lease related impairments 2,483 12,961
Other 304 (448)
Changes in operating assets and liabilities:    
Fees receivable, net (22,357) 13,694
Prepaid expenses and other assets (6,762) (6,359)
Accounts payable, accrued expenses and other liabilities 17,700 (32,888)
Deferred revenue (852) 4,277
Net cash provided by operating activities 39,268 52,642
Cash flows from investing activities:    
Purchases of property and equipment (16,735) (9,141)
Capitalization of internally developed software (46,801) (43,045)
Acquisition of proprietary technology (12,000) (19,000)
Issuance of loan receivable to private company (20,000) 0
Issuance of note receivable to equity method investees 0 (4,350)
Other 319 0
Net cash used in investing activities (96,667) (98,008)
Cash flows from financing activities:    
Proceeds from borrowings on Revolving Credit Facility 40,000 0
Payments related to Revolving Credit Facility (20,000) (1,872)
Payments related to Convertible Notes (45,000) 0
Payments on finance lease obligations (792) (14,517)
Proceeds from exercise of stock options 472 742
Payments related to tax withholdings for stock-based compensation (13,774) (18,113)
Payments related to share repurchases (9,289) (9,235)
Purchase of non-controlling units from third-party shareholders (1,008) 0
Payments of contingent consideration 0 (750)
Other 3 4
Net cash used in financing activities (49,388) (43,741)
Effect of exchange rate on changes on cash, cash equivalents and restricted cash 3,633 (2,057)
Net change in cash, cash equivalents and restricted cash (103,154) (91,164)
Cash, cash equivalents and restricted cash, beginning of period 162,173 429,428
Cash, cash equivalents and restricted cash, end of period 59,019 338,264
Supplemental disclosures of cash flow information    
Net cash paid for income taxes 3,223 5,460
Cash paid for interest 10,600 5,591
Supplemental disclosure of non-cash activities    
Conversion of equity method investee loan to shares 4,129 2,623
Right-of-use assets obtained in exchange for lease liabilities, net 380 9,604
Property and equipment acquired through finance lease 792 14,517
Purchase of property and equipment included in accounts payable, accrued expenses and other liabilities 2,029 2,308
Internally developed software costs included in accounts payable, accrued expenses and other liabilities 0 628
Membership interest liabilities included in other liabilities 0 752
Acquistions    
Cash flows from investing activities:    
Acquisitions of businesses, net of cash acquired 0 (14,472)
Private Companies    
Cash flows from investing activities:    
Acquisitions of businesses, net of cash acquired $ (1,450) $ (8,000)