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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income (loss) $ 420,247 $ 7,757 $ (342,755)
Less: Income from discontinued operations, net of income taxes 417,126 51,262 25,290
Income (loss) from continuing operations 3,121 (43,505) (368,045)
Adjustments to reconcile income (loss) from continuing operations to net cash from operating activities:      
Depreciation and amortization of acquired intangible assets 37,732 37,307 36,568
Stock-based compensation 21,153 18,119 8,059
Change in the fair value of acquisition-related contingent consideration (5,320) 22,400 8,300
Reduction of right-of-use lease assets 1,495 2,749 8,481
Deferred income taxes 1,695 (8,909) 41,145
Accretion of lease liabilities 2,012 1,250 1,922
Impairment of goodwill 0 0 270,625
Other non-cash items 5,230 2,390 1,508
Changes in operating assets and liabilities, net of acquisitions and disposals:      
Accounts receivable, net (2,747) (9,304) 10,511
Commissions and advisory fees receivable 4,394 1,059 (4,956)
Prepaid expenses and other current assets (1,661) (5,130) 5,033
Other long-term assets (21,430) (18,154) 2,139
Accounts payable 1,038 2,290 (8,281)
Commissions and advisory fees payable (4,111) (857) (884)
Lease liabilities (5,095) (1,553) (3,463)
Deferred revenue (1,134) (829) (1,023)
Accrued expenses and other current and long-term liabilities 80,702 (21,657) 24,303
Net cash provided (used) by operating activities from continuing operations 117,074 (22,334) 31,942
Investing activities:      
Purchases of property, equipment, and software (14,892) (20,999) (20,366)
Asset acquisitions (7,887) (8,316) (3,143)
Business acquisitions, net of cash acquired 0 0 (101,910)
Net cash used by investing activities from continuing operations (22,779) (29,315) (125,419)
Financing activities:      
Proceeds from credit facilities, net of debt discount and issuance costs 0 (502) 226,278
Payments on credit facilities (561,344) (1,812) (66,531)
Acquisition-related contingent consideration payments (15,148) (14,075) 0
Stock repurchases (35,000) 0 0
Proceeds from issuance of stock through employee stock purchase plan 3,983 3,277 2,258
Proceeds from stock option exercises 935 579 97
Tax payments from shares withheld for equity awards (2,589) (1,644) (1,163)
Net cash provided (used) by financing activities from continuing operations (609,163) (14,177) 160,939
Net cash provided (used) by continuing operations (514,868) (65,826) 67,462
Net cash provided (used) by operating activities from discontinued operations (10,452) 42,890 3,390
Net cash provided (used) by investing activities from discontinued operations 688,619 (9,277) (15,288)
Net cash provided by financing activities from discontinued operations 0 0 0
Net cash provided (used) by discontinued operations 678,167 33,613 (11,898)
Net increase (decrease) in cash and cash equivalents 163,299 (32,213) 55,564
Cash and cash equivalents, beginning of period 100,629 132,842 77,278
Cash and cash equivalents, end of period 263,928 100,629 132,842
Supplemental cash flow information:      
Cash paid for income taxes 5,986 3,056 1,776
Cash paid for interest 32,442 28,897 24,279
Non-cash investing activities:      
Purchases of property, equipment, and software through leasehold incentives $ 0 $ 0 $ 9,726