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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flow from operating activities:      
Net income (loss) from consolidated operations $ 506,239 $ 214,310 $ (411)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Equity-based compensation 15,882 8,157 3,209
Depreciation and amortization 11,004 2,962 2,107
Noncash lease expense 1,154 409 413
Loss on disposal of fixed asset 850 672 11
Amortization of premium of marketable securities 7,596 857 106
Provision for credit losses 8,931 1,170 189
Deferred taxes (8,188) (1,775) (21)
Unrecognized tax benefits 348 377  
Net loss on marketable securities 1,186 90  
Equity loss in investee   488 777
(Gain) loss in equity-method investments (3,734) 4,354  
Other (15) 8 52
Changes in operating assets and liabilities:      
Accounts receivable 42,300 (178,480) (839)
Other current and long-term assets 7,804 (21,149) 374
Accounts payable (12,206) 22,617 (329)
Accrued liabilities and other liabilities 13,081 32,655 264
Income tax payable (52,532) 53,295 24
Operating and finance lease liabilities (1,123) (389) (409)
Net cash provided by operating activities 538,577 140,628 5,517
Cash flow from investing activities:      
Purchases of fixed assets (23,812) (35,130) (1,182)
Purchases of intangible assets (32)    
Proceeds from sale of fixed assets 63 8  
Purchase of marketable securities (710,490) (324,359) (52,077)
Purchase of redeemable preferred stock (20,000)    
Maturities of marketable securities 83,842 19,919 24,350
Proceeds from sale of marketable securities 185,749 17,095  
Acquisition of businesses, net of cash acquired (61,868)    
Investment in equity-method investees   (3,971) (137)
Net cash used in investing activities (546,548) (326,438) (29,046)
Cash flow from financing activities:      
Proceeds from public offerings of common stock, net of issuance costs 89,475 246,190 28,758
Proceeds from noncontrolling interest 10    
Proceeds from exercise of stock options 86 104 38
Principal paid for finance lease (7)    
Common stock withholding for employee tax obligations (4,155) (62) (21)
Borrowing under margin account   15,019  
Net cash provided by financing activities 85,405 261,251 28,775
Repayment of notes payable (4)    
Effect of exchange rate changes on cash and cash equivalents 34 20 (17)
Net increase in cash and cash equivalents 77,468 75,461 5,229
Cash and cash equivalents at beginning of period 87,426 11,965 6,736
Cash and cash equivalents at end of period 164,894 87,426 11,965
Supplemental disclosures of cash flow information:      
Income taxes paid 237,069 20,612 20
Supplemental disclosures of non-cash investing and financing activities:      
Contingent consideration for business acquisition included in current liabilities 10,000    
Purchases of fixed assets in accounts payable 1,075 3,402 557
Operating lease right-of-use assets obtained in exchange for lease liabilities 1,797 402 110
Operating lease right-of-use assets reduced due to lease modification or termination 399 1,853  
Public offerings proceeds in other receivable included in other current assets   17,799  
Finance lease right-of-use assets obtained in exchange for lease liabilities 1,693    
Public offerings costs included in accounts payable $ 5 $ 359 $ 129