XML 86 R6.htm IDEA: XBRL DOCUMENT v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities attributable to continuing operations:    
Net income and comprehensive income $ 15,970 $ 99,799
Less: Loss from discontinued operations, net of tax 22,024 9,269
Net income from continuing operations 37,994 109,068
Adjustments to reconcile income from continuing operations to net cash provided by operating activities attributable to continuing operations:    
(Gain) loss on impairments and disposal of assets (1,119) 1,986
Amortization of intangibles 41,485 13,628
Depreciation 7,737 5,199
Rental amortization of intangibles and depreciation 0 554
Non-cash compensation expense 40,832 34,384
Deferred income taxes (11,532) (64,435)
Change in fair value of contingent consideration 21,221 1,197
Bad debt expense 1,865 922
Amortization of debt issuance costs 1,463 1,308
Amortization of convertible debt discount 8,959 8,497
ROU asset amortization, offset by change in lease liabilities 302 0
Changes in current assets and liabilities:    
Accounts receivable (50,030) (23,387)
Prepaid and other current assets (865) (2,970)
Accounts payable, accrued expenses and other current liabilities 11,047 (7,910)
Current contingent consideration (3,000) (21,900)
Income taxes receivable 4,513 4,223
Other, net 8 (137)
Net cash provided by operating activities attributable to continuing operations 110,880 60,227
Cash flows from investing activities attributable to continuing operations:    
Capital expenditures (15,151) (10,640)
Proceeds from sale of fixed assets 24,060 0
Other investing activities 0 (12)
Net cash used in investing activities attributable to continuing operations (96,187) (79,793)
Cash flows from financing activities attributable to continuing operations:    
Payments related to net-share settlement of stock-based compensation, net of proceeds from exercise of stock options (9,459) 3,236
Contingent consideration payments (3,000) (26,600)
Repayments of Long-term Lines of Credit (40,000) 0
Purchase of treasury stock (4,286) (57,018)
Other financing activities (34) (100)
Net Cash Provided by (Used in) Financing Activities (56,779) (80,482)
Total cash used in continuing operations (42,086) (100,048)
Net cash used in operating activities attributable to discontinued operations (12,316) (7,352)
Total cash used in discontinued operations (12,316) (7,352)
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents (54,402) (107,400)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 105,158 372,641
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 50,756 265,241
Non-cash investing activities:    
Capital additions from tenant improvement allowance 1,490 0
ValuePenguin    
Cash flows from investing activities attributable to continuing operations:    
Acquisition of businesses, net of cash acquired (105,578) 0
QuoteWizard    
Adjustments to reconcile income from continuing operations to net cash provided by operating activities attributable to continuing operations:    
Change in fair value of contingent consideration 21,200  
Cash flows from investing activities attributable to continuing operations:    
Acquisition of businesses, net of cash acquired 482 0
Student Loan Hero [Member]    
Cash flows from investing activities attributable to continuing operations:    
Acquisition of businesses, net of cash acquired 0 (57,448)
Ovation    
Adjustments to reconcile income from continuing operations to net cash provided by operating activities attributable to continuing operations:    
Change in fair value of contingent consideration (800)  
Cash flows from investing activities attributable to continuing operations:    
Acquisition of businesses, net of cash acquired 0 (11,683)
SnapCap    
Adjustments to reconcile income from continuing operations to net cash provided by operating activities attributable to continuing operations:    
Change in fair value of contingent consideration 1,800  
Cash flows from investing activities attributable to continuing operations:    
Acquisition of businesses $ 0 $ (10)