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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income $ 52,091 $ 30,181 $ 37,125
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation 6,398 5,430 4,447
Amortization 23,453 22,857 16,151
Loss on extinguishment of debt 28,996 4,537 0
Deferred income taxes (12,662) (1,588) 2,041
Non-cash stock compensation and retirement savings plan contributions 21,554 19,146 17,425
Amortization of debt issuance costs and discounts 11,014 6,855 4,667
Adjustment to fair value of contingent consideration for purchase of business 198 9,519 301
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (34,451) 8,237 (3,402)
Other assets (3,475) 1,821 (7,677)
Accounts payable 56 861 (1,356)
Other liabilities (8,256) 10,104 8,243
Net cash provided by operating activities 84,916 117,960 77,965
INVESTING ACTIVITIES      
Purchase of property and equipment (9,244) (5,266) (8,082)
Capitalization of internally developed software costs (960) (1,465) (1,174)
Purchase of businesses, net of cash acquired (108,848) (91,883) (11,143)
Net cash used in investing activities (119,052) (98,614) (20,399)
FINANCING ACTIVITIES      
Proceeds from issuance of convertible notes 380,000 230,000 0
Payment for convertible notes issuance costs (10,540) (7,253) 0
Purchase of hedges related to issuance of convertible notes (66,120) (48,944) 0
Proceeds from issuance of warrants related to issuance of convertible notes 23,408 22,218 0
Payments for repurchase of convertible notes (368,664) (180,420) 0
Proceeds from sale of hedges related to repurchase of convertible notes 381,290 50,062 0
Repurchase of warrants related to repurchase of convertible notes (303,896) (43,028) 0
Payment for credit facility financing fees (633) 0 0
Proceeds from line of credit 74,000 28,000 0
Payments on line of credit (74,000) (28,000) 0
Payment of contingent consideration for purchase of business (24,128) (2,820) (4,281)
Proceeds from the sale of stock through the Employee Stock Purchase Plan 631 310 178
Purchases of treasury stock (21,724) (19,573) (20,612)
Remittance of taxes withheld as part of a net share settlement of restricted stock vesting (13,463) (8,028) (7,336)
Net cash used in financing activities (23,839) (7,476) (32,051)
Effect of exchange rate on cash and cash equivalents (819) 606 229
Change in cash and cash equivalents (58,794) 12,476 25,744
Cash and cash equivalents at beginning of period 83,204 70,728 44,984
Cash and cash equivalents at end of period 24,410 83,204 70,728
Supplemental disclosures:      
Cash paid for income taxes 16,122 5,256 7,405
Cash paid for interest 3,988 3,411 3,674
Non-cash activities:      
Stock issued for purchase of businesses 6,244 8,729 1,294
Issuance of shares for repurchase of convertible notes 243,167 0 0
Liability incurred for purchase of property and equipment $ 144 $ 503 $ 1,851