XML 19 R9.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 56,388 $ 57,006  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 17,212 8,993  
Bad debt allowance 955 746  
Deferred income taxes 9,042 966  
Stock-based compensation expense 15,099 8,913  
Deferred compensation plan (5,138) 1,021  
Amortization and write-off of deferred debt issuance costs 1,778 1,229  
Change in fair value of derivative (12,084) (13,661)  
Change in fair value of contingent consideration 500 0  
Change on fair value of investments (112) 0  
Gain on sale of aircraft (2,029) 0  
Foreign currency remeasurement loss (gain) 1,677 (583)  
Loss from investment accounted for using the equity method, net of tax 572 446  
Changes in assets and liabilities, net of effect from acquisitions:      
Accounts receivable 8,691 14,903  
Prepaid and other assets 5,718 8,257  
Accounts payable, accruals, and other liabilities 26,791 54,977  
Deferred revenues (12,515) (21,889)  
Income taxes payable, net of prepaid income taxes (10,814) 11,474  
Net cash provided by operating activities 101,731 132,798  
Cash flows from investing activities:      
Purchases of property and equipment and investment in capitalized software (4,176) (2,655)  
Proceeds from sale of aircraft 2,380 0  
Acquisitions, net of cash acquired (695,968) (57,975)  
Other investing activities (2,811) 0  
Net cash used in investing activities (700,575) (60,630)  
Cash flows from financing activities:      
Proceeds from credit facilities 563,912 16,000  
Payments of credit facilities (123,696) (262,000)  
Proceeds from convertible senior notes, net of discounts and commissions 0 672,750  
Payments of debt issuance costs 0 (3,777)  
Purchase of capped call options 0 (25,530)  
Repayment of term loan (1,250) 0  
Payments of financing leases (48) (50)  
Payments of acquisition debt and other consideration (2,721) (25)  
Payments of dividends (8,528) (8,219)  
Payments for shares acquired including shares withheld for taxes (35,117) (18,763)  
Proceeds from stock purchases under employee stock purchase plan 4,611 0  
Proceeds from exercise of stock options 2,768 1,751  
Net cash provided by financing activities 399,931 372,137  
Effect of exchange rate changes on cash and cash equivalents (807) 3,225  
(Decrease) increase in cash and cash equivalents (199,720) 447,530  
Cash and cash equivalents, beginning of year 329,337 122,006 $ 122,006
Cash and cash equivalents, end of period 129,617 569,536 $ 329,337
Supplemental information:      
Cash paid for income taxes 6,766 4,214  
Income tax refunds 798 4,519  
Interest paid 5,296 766  
Non-cash investing and financing activities:      
Contingent acquisition consideration 0 549  
Deferred, non-contingent consideration, net 0 1,718  
Convertible senior notes expenses included in Accounts payable and Accruals and other current liabilities 0 605  
Capped call options expenses included in Accounts payable 0 150  
Share-settled Executive Bonus Plan awards 4,996 5,574  
Deferred compensation plan elective participant deferrals $ 669 $ 855