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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 32,843 $ 26,572
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,896 15,065
Deferred taxes (977) (1,242)
Non-cash equity-based compensation 8,643 7,826
Bad debt expense 790 361
Changes in operating assets and liabilities:    
Accounts receivable 19,168 2,366
Prepaid expenses and other current and non-current assets 5,189 (1,376)
Accounts payable and other current and non-current liabilities (12,716) (26,717)
Contributor royalties payable 2,246 1,030
Deferred revenue (7,307) (1,162)
Net cash provided by operating activities 66,775 22,723
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (12,380) (11,775)
Acquisition of content (3,527) (734)
Security deposit payment (30) (16)
Net cash used in investing activities (15,937) (12,525)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repurchase of treasury shares 0 (38,372)
Proceeds from exercise of stock options 3 0
Cash paid related to settlement of employee taxes related to RSU vesting (11,008) (18,496)
Payment of cash dividend (9,662) (8,706)
Repayment of Credit Facility (50,000) 0
Net cash used in financing activities (70,667) (65,574)
Effect of foreign exchange rate changes on cash 507 (529)
Net decrease in cash and cash equivalents (19,322) (55,905)
Cash and cash equivalents, beginning of period 115,154 314,017
Cash and cash equivalents, end of period 95,832 258,112
Supplemental Disclosure of Cash Information:    
Cash (received) / paid for income taxes (5,150) 1,666
Cash paid for interest $ 428 $ 0