Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 539 $ (42,761)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 33,892 31,520
Deferred income taxes (855) 5,221
Non-cash compensation expense 18,898 19,453
Non-cash interest expense 4,580 4,498
Loss allocations from equity method investments 2,283 2,940
Other 2,078 468
Changes in operating assets and liabilities:    
Fees receivable, net (18,841) (21,579)
Prepaid expenses and other assets (2,371) (9,858)
Accounts payable, accrued expenses and other liabilities (40,659) (31,648)
Deferred revenue 2,400 8,073
Net cash provided by (used in) operating activities 1,944 (33,673)
Cash flows from investing activities:    
Purchases of property and equipment (1,900) (4,402)
Capitalization of internally developed software (19,953) (23,664)
Investments in private companies (2,805) (950)
Acquisition of proprietary technology 0 (10,000)
Issuance of loan receivable to private company 0 (20,000)
Other 0 260
Net cash used in investing activities (24,658) (58,756)
Cash flows from financing activities:    
Proceeds from exercise of stock options 71 367
Payments related to tax withholdings for stock-based compensation (8,449) (10,732)
Payments related to share repurchases 0 (9,289)
Proceeds from capital contributions received by non-controlling interest 12,012 0
Purchase of non-controlling units from third-party shareholders 0 (1,008)
Other 3 2
Net cash provided by (used in) financing activities 3,637 (20,660)
Effect of exchange rate on changes on cash and cash equivalents (2) 3,580
Net change in cash and cash equivalents due to cash reclassified to assets held for deconsolidation (11,073) 0
Net change in cash and cash equivalents (30,152) (109,509)
Cash and cash equivalents, beginning of period 91,378 162,173
Cash and cash equivalents, end of period 61,226 52,664
Supplemental disclosures of cash flow information    
Net cash paid for income taxes 568 1,110
Cash paid for interest 1,509 1,822
Supplemental disclosure of non-cash activities    
Conversion of equity method investee loan to shares 0 4,129
Right-of-use assets obtained in exchange for lease liabilities, net 0 206
Purchase of property and equipment included in accounts payable, accrued expenses and other liabilities $ 1,349 $ 2,018