XML 21 R8.htm IDEA: XBRL DOCUMENT v3.24.3
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income $ 14,500,000 $ 112,800,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 63,300,000 60,500,000
Amortization of debt discounts and issuance costs 1,700,000 1,800,000
Amortization of deferred commissions costs 49,500,000 57,200,000
Asset impairments and lease abandonment charges 57,400,000 5,200,000
Gain on lease modification (1,500,000) 0
Loss on debt modification and extinguishment 700,000 2,200,000
Equity-based compensation expense 104,200,000 126,900,000
Deferred income taxes 11,000,000.0 68,500,000
Tax receivable agreement remeasurement 9,900,000 (13,800,000)
Provision for bad debt expense 39,300,000 22,000,000.0
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable, net 69,700,000 (17,700,000)
Prepaid expenses and other current assets (21,100,000) (4,500,000)
Deferred costs and other assets, net of current portion (30,400,000) (53,000,000.0)
Income tax receivable (2,900,000) (2,400,000)
Accounts payable (17,600,000) (15,200,000)
Accrued expenses and other liabilities (64,700,000) (27,600,000)
Unearned revenue (22,600,000) (16,800,000)
Net cash provided by operating activities 260,400,000 306,100,000
Investing activities:    
Purchases of short-term investments 0 (145,000,000.0)
Maturities of short-term investments 82,200,000 151,500,000
Purchases of property and equipment and other assets (41,500,000) (17,600,000)
Right of use asset initial direct costs (3,400,000) 0
Cash paid for acquisitions, net of cash acquired (500,000) 0
Net cash provided by (used in) investing activities 36,800,000 (11,100,000)
Financing activities:    
Payments of deferred consideration (700,000) (400,000)
Repayment of debt (4,500,000) (4,500,000)
Payments of debt issuance and modification costs (2,100,000) (2,700,000)
Proceeds from exercise of stock options 0 400,000
Taxes paid related to net share settlement of equity awards (18,100,000) (17,000,000.0)
Proceeds from issuance of common stock under the ESPP 2,800,000 4,600,000
Tax receivable agreement payments (31,600,000) 0
Repurchase of common stock (542,600,000) (247,000,000.0)
Net cash used in financing activities (596,800,000) (266,600,000)
Net increase (decrease) in cash, cash equivalents, and restricted cash (299,600,000) 28,400,000
Cash, cash equivalents, and restricted cash at beginning of period 456,200,000 424,100,000
Cash, cash equivalents, and restricted cash at end of period 156,600,000 452,500,000
Supplemental disclosures of cash flow information:    
Interest paid in cash 39,600,000 43,000,000.0
Cash paid for taxes 11,900,000 7,500,000
Supplemental disclosures of non-cash investing activities:    
Property and equipment included in accounts payable and accrued expenses and other current liabilities 8,900,000 200,000
Equity-based compensation included in capitalized software $ 4,500,000 $ 4,000,000.0