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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net income $ 146,860 $ 75,465 [1],[2]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,855 1,256 [3]
Amortization of intangible assets 5,527 5,041 [3]
Non-cash operating lease expense 1,874 2,378 [3]
Amortization of deferred financing costs 699 654 [3]
Equity-based compensation expense 3,627 2,278 [3]
Loss on extinguishment of debt 208 0 [2],[3]
Deferred income taxes 13,217 11,760 [3]
Revaluation of liabilities under the Tax Receivable Agreement (2,340) (5,886) [3]
Other (985) (300) [3]
Changes in operating assets and liabilities:    
Accounts receivable (2,217) (70,812) [3]
Inventory 1,201 (13,808) [3]
Prepaid expenses and other assets 2,517 (581) [3]
Accounts payable 1,950 1,896 [3]
Accrued expenses and other current liabilities (4,062) (10,746) [3]
Deferred revenue (6,518) 41,114 [3]
Other long-term liabilities (1,109) (1,383) [3]
Net cash provided by operating activities 162,304 38,326 [3]
Investing activities:    
Cash paid for acquisition of a business, net of cash acquired (238,836) 0 [3]
Purchases of property and equipment (2,748) (3,332) [3]
Proceeds from sale of building 0 548 [3]
Net cash used in investing activities (241,584) (2,784) [3]
Financing activities:    
Distributions for tax liabilities to non-controlling interests holders (39,889) (23,128) [3]
Proceeds from borrowings of long-term debt 8,455 0 [3]
Principal repayments of long-term debt (9,815) (1,500) [3]
Proceeds from employee stock purchase plan and exercise of stock options, net of shares withheld for employee taxes 726 570 [3]
Net cash used in financing activities (40,523) (24,058) [3]
Effects of exchange rate changes on cash 0 7 [3]
Net (decrease) increase in cash (119,803) 11,491 [3]
Cash, beginning of period 551,272 236,184 [3]
Cash, end of period 431,469 247,675 [3]
Supplemental cash flow information:    
Cash paid for interest 1,373 7,219 [3]
Cash paid for income taxes 914 2,725 [3]
Supplemental disclosures of non-cash investing and financing activities:    
Property and equipment included in accounts payable and accrued expenses 1,742 1,202 [3]
Right-of-use assets obtained in exchange for new operating lease liabilities 773 0 [3]
Fair value of contingent consideration liability recorded in connection with acquisition of business in other long-term liabilities 7,800 0 [3]
Accrued consideration payable $ 10,000 $ 0 [3]
[1] As adjusted to reflect the impact of the adoption of ASC 842. See Note 1 to the condensed consolidated financial statements for a summary of the adjustments.
[2] As adjusted to reflect the impact of the adoption of Accounting Standards Codification 842 (“ASC 842”). See Note 1 to the condensed consolidated financial statements for a summary of the adjustments.
[3] As adjusted to reflect the impact of the adoption of ASC 842. See Note 1 to the condensed consolidated financial statements for a summary of the adjustments.