Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (60,837) $ (47,639)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 101,058 97,208
Deferred income taxes (1,458) (4,380)
Release of uncertain tax positions 0 (3,095)
Non-cash compensation expense 58,141 62,583
Non-cash interest expense 6,822 5,436
Loss allocations from equity method investments 8,240 5,332
Fair market value adjustment to investment in private company (2,804) 0
Dilution gain on equity method investee share issuance (546) (6,934)
Lease related impairments 2,483 14,050
Loss on property and equipment disposals - office closures 0 3,710
Other 1,155 (149)
Changes in operating assets and liabilities:    
Fees receivable, net (9,621) 1,546
Prepaid expenses and other assets (17,534) (12,524)
Accounts payable, accrued expenses and other liabilities (1,848) (26,580)
Deferred revenue (3,974) (2,329)
Net cash provided by operating activities 79,277 86,235
Cash flows from investing activities:    
Purchases of property and equipment (18,275) (13,114)
Capitalization of internally developed software (71,117) (67,755)
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 (6,350)
Other 400 0
Net cash used in investing activities (125,167) (226,755)
Cash flows from financing activities:    
Proceeds from borrowings on Revolving Credit Facility 55,000 0
Payments related to Revolving Credit Facility (55,000) (1,872)
Payments related to Convertible Notes (45,000) 0
Payments on finance lease obligations (5,511) (14,544)
Proceeds from exercise of stock options 839 2,559
Payments related to tax withholdings for stock-based compensation (17,004) (20,613)
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 4 5
Net cash used in financing activities (76,969) (44,450)
Effect of exchange rate on changes on cash, cash equivalents and restricted cash 3,897 (3,128)
Net change in cash, cash equivalents and restricted cash (118,962) (188,098)
Cash, cash equivalents and restricted cash, beginning of period 162,173 429,428
Cash, cash equivalents and restricted cash, end of period 43,211 241,330
Supplemental disclosures of cash flow information    
Net cash paid for income taxes 13,552 7,916
Cash paid for interest 12,231 7,851
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 359 11,805
Property and equipment acquired through finance lease 5,511 15,382
Purchase of property and equipment included in accounts payable, accrued expenses and other liabilities 930 1,370
Membership interest liabilities included in other liabilities 0 752
Acquistions    
Cash flows from investing activities:    
Acquisitions of businesses, net of cash acquired 0 (104,185)
Private Companies    
Cash flows from investing activities:    
Acquisitions of businesses, net of cash acquired $ (4,175) $ (16,351)