XML 19 R9.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Cash flows from operating activities:          
Net income $ 55,673 $ 45,627 $ 112,061 $ 102,633  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     35,730 19,280  
Bad debt allowance     3,791 291  
Deferred income taxes     (16,806) (915)  
Stock-based compensation expense     32,568 20,598  
Deferred compensation plan     (17,297) 1,855  
Amortization and write-off of deferred debt issuance costs     3,646 2,371  
Change in fair value of derivative     (19,490) (7,735)  
Change in fair value of contingent consideration 0 0 500 0  
Change on fair value of investments     (112) 0  
Gain on sale of aircraft     (2,029) 0  
Foreign currency remeasurement loss (gain)     5,748 (2,371)  
Loss from investment accounted for using the equity method, net of tax 593 1,829 1,165 2,275  
Changes in assets and liabilities, net of effect from acquisitions:          
Accounts receivable     15,581 (4,665)  
Prepaid and other assets     3,325 10,485  
Accounts payable, accruals, and other liabilities     25,683 37,623  
Deferred revenues     (20,292) (5,746)  
Income taxes payable, net of prepaid income taxes     4,958 (26,957)  
Net cash provided by operating activities     168,730 149,022  
Cash flows from investing activities:          
Purchases of property and equipment and investment in capitalized software     (6,589) (4,750)  
Proceeds from sale of aircraft     2,380 0  
Acquisitions, net of cash acquired     (714,197) (1,002,551)  
Other investing activities     (5,561) (700)  
Net cash used in investing activities     (723,967) (1,008,001)  
Cash flows from financing activities:          
Proceeds from credit facilities     657,981 581,233  
Payments of credit facilities     (264,107) (790,846)  
Proceeds from convertible senior notes, net of discounts and commissions     0 1,233,377  
Payments of debt issuance costs     0 (4,951)  
Purchase of capped call options     0 (51,555)  
Repayment of term loan     (2,500) 0  
Payments of financing leases     (89) (101)  
Payments of acquisition debt and other consideration     (5,059) (544)  
Payments of dividends     (17,163) (16,591)  
Proceeds from stock purchases under employee stock purchase plan     4,611 0  
Proceeds from exercise of stock options     5,861 4,324  
Payments for shares acquired including shares withheld for taxes     (40,520) (87,836)  
Repurchase of Class B Common Stock under approved program     (13,242) 0  
Net cash provided by financing activities     325,773 866,510  
Effect of exchange rate changes on cash and cash equivalents     (6,462) 1,617  
(Decrease) increase in cash and cash equivalents     (235,926) 9,148  
Cash and cash equivalents, beginning of year     329,337 122,006 $ 122,006
Cash and cash equivalents, end of period $ 93,411 $ 131,154 93,411 131,154 $ 329,337
Supplemental information:          
Cash paid for income taxes     11,606 25,109  
Income tax refunds     1,076 5,895  
Interest paid     10,528 1,871  
Non-cash investing and financing activities:          
Shares issued related to acquisition     0 182,390  
Contingent acquisition consideration     0 4,991  
Deferred, non-contingent consideration, net     0 9,593  
Convertible senior notes expenses included in Accounts payable and Accruals and other current liabilities     0 692  
Capped call options expenses included in Accounts payable and Accruals and other current liabilities     0 50  
Share-settled Executive Bonus Plan awards     11,893 11,723  
Deferred compensation plan elective participant deferrals     $ 3,108 $ 1,493