Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income (loss) $ 144,574 $ (21,303) $ (92,077)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 71,959 78,357 76,932
Deferred income taxes (82,658) 1,485 2,903
Amortization of debt issuance costs 3,345 4,080 4,036
Amortization of contract assets 4,505 3,796 2,984
Amortization of right-of-use assets 2,973 0 0
Amortization of unrealized gains on terminated interest rate swap agreements (12,634) 0 0
Amortization of cloud computing software costs 2,690 21 0
Stock-based compensation 11,474 4,528 3,218
Change in tax receivable agreement liability (96) 0 0
Loss on extinguishment of debt 0 5,006 0
Other non-cash charges, net 2,927 (311) 1,731
Changes in operating assets and liabilities:      
Accounts receivable 3,887 (35,745) (10,245)
Prepaid expenses and other current assets (160) 240 1,408
Cloud computing software (29,788) (8,154) 0
Other non-current assets (5,309) (5,242) (4,181)
Accounts payable (4,953) (10,994) 7,767
Accrued expenses and other current liabilities (567) 18,487 12,020
Accrued salaries and payroll 1,678 6,156 9,518
Operating lease liabilities, net (4,659) 0 0
Other non-current liabilities (1,460) 7,067 412
Net cash provided by operating activities 107,728 47,474 16,426
Cash flows from investing activities      
Purchases of property and equipment (4,456) (6,228) (5,707)
Capitalized software development (12,475) (7,809) (6,403)
Cash paid for acquisitions, net of cash acquired 0 0 (96)
Net cash used in investing activities (16,931) (14,037) (12,206)
Cash flows from financing activities      
Proceeds from issuance of common stock in initial public offering, net of underwriting discounts and commissions 0 399,044 0
Payment of initial public offering issuance costs 0 (5,543) 0
Repayments of debt (8,350) (323,350) (8,350)
Borrowings on line of credit 0 30,000 50,000
Repayments on line of credit 0 (40,000) (40,000)
Payment of contingent consideration and holdbacks 0 0 (2,188)
Payments for termination of interest rate swap agreements (18,445) 0 0
Repurchase of common stock (15,671) 0 0
Proceeds from issuance of common stock in connection with stock-based compensation plans 1,506 0 0
Taxes paid related to net share settlement of equity awards (562) 0 0
Other financing (399) (164) (446)
Net cash provided by (used in) financing activities (41,921) 59,987 (984)
Net increase in cash, cash equivalents and restricted cash 48,876 93,424 3,236
Effect of exchange rates (1,688) (1,269) (357)
Cash, cash equivalents and restricted cash      
Beginning of period 116,214 24,059 21,180
End of period 163,402 116,214 24,059
Cash paid for      
Interest 41,142 65,530 71,043
Income taxes 4,395 1,019 1,131
Supplemental schedule of non-cash activities      
Recognition of liability under tax receivable agreement 0 210,639 0
Unpaid property and equipment and capitalized software purchases $ 740 $ 1,526 $ 1,216