XML 17 R7.htm IDEA: XBRL DOCUMENT v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 37,361 $ 111,275
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 64,339 59,373
Deferred taxes (8,766) (20,960)
Non-cash equity-based compensation 41,220 36,589
Bad debt expense (1,790) 1,394
Bargain purchase gain 0 (51,804)
Unrealized gain on investments, net (1,688) 0
Changes in operating assets and liabilities:    
Accounts receivable 8,595 (18,641)
Prepaid expenses and other current and non-current assets (19,907) (42,167)
Accounts payable and other current and non-current liabilities (47,433) 3,893
Envato Seller Obligations (45,748) 0
Contributor royalties payable 22,626 11,281
Deferred revenue (24,129) 16,370
Net cash provided by operating activities 24,680 106,603
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (38,297) (34,715)
Business combinations, net of cash acquired (179,071) (53,721)
Cash received related to Giphy Retention Compensation 63,444 34,707
Acquisition of content (2,473) (9,725)
Security deposit payment 277 1,539
Net cash used in investing activities (156,120) (61,915)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repurchase of treasury shares (41,591) (19,004)
Proceeds from exercise of stock options 0 2
Cash paid related to settlement of employee taxes related to RSU vesting (11,715) (15,209)
Payment of cash dividends (31,938) (29,023)
Proceeds from credit facility 280,000 30,000
Repayment of credit facility (30,000) (50,000)
Payment of debt issuance costs (2,200) 0
Net cash provided by / (used in) financing activities 162,556 (83,234)
Effect of foreign exchange rate changes on cash (213) (1,380)
Net increase / (decrease) in cash and cash equivalents 30,903 (39,926)
Cash and cash equivalents, beginning of period 100,490 115,154
Cash and cash equivalents, end of period 131,393 75,228
Supplemental Disclosure of Cash Information:    
Cash paid for income taxes 22,295 15,970
Cash paid for interest $ 2,955 $ 1,232