Supplementary Information

3 Months Ended

Mar. 31, 2023

Supplementary Information [Abstract]

Acquisitions

Three of the Company’s prior year acquisitions were finalized as of March 31, 2023. There were no changes to the preliminary fair value of assets acquired and liabilities assumed, as previously reported.

During the three months ended March 31, 2023, the Company recognized a $7.0 million loss from a mark-to-market adjustment of contingent consideration associated with a prior year acquisition. The loss was included in Other operating (expense) income, net in the consolidated statement of operations. There was no adjustment for the three months ended March 31, 2022.

Cash, cash equivalents and restricted cash

The Company considers all highly liquid investments with original or remaining maturities of 90 days or less at the date of purchase to be cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. Restricted cash is included in other long-term assets on the consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets that sum to the total of the amounts reported in the consolidated statement of cash flows (in thousands):


	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	378,377	$	316,146
Restricted cash included in other long-term assets		483		812
Total cash, cash equivalents, and restricted cash	$	378,860	$	316,958

Restricted cash represents amounts required for a contractual agreement with an insurer for the payment of potential health insurance claims, and term deposits for bank guarantees.

Property and equipment, net

Property and equipment consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022
Land	$	7,994	$	7,994
Building and improvements		17,917		16,995
Computer equipment and software		47,549		45,340
Furniture, equipment and other		12,781		13,335
Leasehold improvements		7,593		8,766
Right-of-use assets under finance leases		2,086		2,122
Total property and equipment		95,920		94,552
Less: accumulated depreciation and amortization		57,660		57,035
Property and equipment, net	$	38,260	$	37,517

Depreciation expense, including amortization of right-of-use assets under finance leases, was $1.9 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively.

Other liabilities

The following table provides the details of other accrued expenses and current liabilities (in thousands):


	March 31,		December 31,
	2023		2022
Obligations for acquisition of businesses	$	20,630	$	13,136
Income taxes payable		13,996		11,524
Accrued VAT		4,725		8,402
Accrued professional fees		2,925		3,637
Accrued royalties		2,324		2,593
Employee stock purchase plan obligations		2,189		3,969
Billings in excess of cost		1,766		1,874
Accrued interest		1,241		184
Non-income tax liabilities		1,237		2,465
Defined contribution plan liabilities		1,073		1,393
Other current liabilities		6,567		7,194
Total	$	58,673	$	56,371

The following table provides details of other long-term liabilities (in thousands):


	March 31,		December 31,
	2023		2022
Deferred tax liabilities	$	17,210	$	16,775
Pension and other post retirement liabilities		12,894		12,273
Other long-term liabilities		12,221		12,168
Total	$	42,325	$	41,216

Other (income) expense, net

Other (income) expense, net consists of the following (in thousands):


	Three Months Ended March 31,
	2023			2022
Foreign exchange (gain) loss	$	(728	)	$	1,913
Other (income) expense, net		(2,885	)		155
Other (income) expense, net	$	(3,613	)	$	2,068