XML 32 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net loss $ (8,868) $ (32,828) $ (25,254)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 107,668 54,177 34,539
Amortization of debt issuance costs 3,382 3,413 3,445
Non-cash operating lease expense 4,104 3,349 3,102
Stock-based compensation expense 104,820 120,234 160,462
Change in fair value of contingent consideration 0 18,057 0
Deferred income taxes (65,562) (497) 12,851
Gain on sale of business 0 (11,404) 0
Loss on operating lease assets 1,353 12,569 1,430
Loss on disposal of capitalized software 7,975 0 0
Loss on minority equity interest investment 4,008 0 0
Other 1,348 0 0
Changes in operating assets and liabilities, net of effects of business acquisitions      
Accounts receivable (26,467) 1,375 (43,949)
Prepaid expenses and other assets (32,162) (13,644) 17,060
Accounts payable 17,456 (874) 4,207
Accrued expenses and other current liabilities 21,253 (5,268) 14,001
Operating lease liabilities (2,930) (4,004) (2,404)
Other liabilities 914 2,125 (711)
Net cash provided by operating activities 138,292 146,780 178,779
Cash flows from investing activities      
Purchase of property and equipment (1,043) (3,967) (4,571)
Acquisitions, net of cash acquired 0 (156,853) (140,268)
Capitalized software (54,723) (51,247) (29,886)
Investment in minority equity interest 0 (15,007) (4,008)
Proceeds from sale of business 0 16,576 0
Net cash used in investing activities (55,766) (210,498) (178,733)
Cash flows from financing activities      
Payments on long-term debt (5,271) (7,029) (7,029)
Payments for contingent consideration 0 0 (832)
Repurchases of Class A common stock (1) [1] (103,974) (101,721) 0
Proceeds from exercise of stock options 5,941 9,159 35,021
Employee taxes paid related to net share settlement of equity awards (65,481) (20,635) (57,688)
Proceeds from employee stock purchase plan 1,390 0 0
Net cash used in financing activities (167,395) (120,226) (30,528)
Net change in cash and cash equivalents (84,869) (183,944) (30,482)
Cash and cash equivalents      
Beginning of period 757,165 941,109 971,591
End of period 672,296 757,165 941,109
Supplemental disclosure of cash flow information      
Income tax paid (refunds received), net 17,243 4,356 (18,105)
Interest paid 48,799 30,702 20,198
Non cash investing and financing activities:      
Right-of-use assets obtained in exchange for new operating lease liabilities 52 22,491 2,910
Stock-based compensation included in capitalized software 13,144 8,969 7,709
Capitalized software included in accounts payable and accrued expenses and other current liabilities 7,826 4,176 1,086
Capitalized software transferred from prepaid assets $ 5,751 $ 0 $ 0
[1] Repurchases of Class A common stock for the year ended December 31, 2023 include 12.0 million shares repurchased from related parties (after giving effect to the automatic conversion of Class B common stock to Class A common stock upon such repurchase) for an aggregate consideration of $65.9 million. See "Note 14. Stockholders' Equity" for additional information.