Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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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 income (loss) $ (11,669) $ 144,574 $ (21,303)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 75,244 71,959 78,357
Deferred income taxes (4,026) (82,658) 1,485
Amortization of debt issuance costs 2,865 3,345 4,080
Amortization of contract assets 5,037 4,505 3,796
Amortization of right-of-use assets 4,469 2,973 0
Amortization of unrealized gains on terminated interest rate swap agreements (8,849) (12,634) 0
Amortization of cloud computing software costs 6,744 2,690 21
Stock-based compensation 18,738 11,474 4,528
Change in tax receivable agreement liability 461 (96) 0
Loss on modification and extinguishment of debt 7,745 0 5,006
Other non-cash charges, net 1,725 2,927 (311)
Changes in operating assets and liabilities (net of acquisitions):      
Accounts receivable 17,305 3,887 (35,745)
Prepaid expenses and other current assets (288) (160) 240
Cloud computing software (8,606) (29,788) (8,154)
Other non-current assets (6,826) (5,309) (5,242)
Accounts payable (2,236) (4,953) (10,994)
Accrued expenses and other current liabilities (891) (567) 18,487
Accrued salaries and payroll (1,904) 1,678 6,156
Operating lease liabilities, net (4,959) (4,659) 0
Other non-current liabilities 143 (1,460) 7,067
Net cash provided by operating activities 90,222 107,728 47,474
Cash flows from investing activities      
Purchases of property and equipment (2,648) (4,456) (6,228)
Capitalized software development (11,225) (12,475) (7,809)
Cash paid for acquisitions, net of cash acquired (21,653) 0 0
Other investing (4,725) 0 0
Net cash used in investing activities (40,251) (16,931) (14,037)
Cash flows from financing activities      
Proceeds from issuance of common stock in initial public offering, net of underwriting discounts and commissions 0 0 399,044
Payment of initial public offering issuance costs 0 0 (5,543)
Repayments of debt (638,653) (8,350) (323,350)
Proceeds from the Second Amended First Lien Term Loan Facility, net of debt discount 677,890 0 0
Borrowings on line of credit 0 0 30,000
Repayments on line of credit 0 0 (40,000)
Payments for termination of interest rate swap agreements 0 (18,445) 0
Payment of debt issuance costs (6,976) 0 0
Repurchases of common stock (121,925) (15,671) 0
Proceeds from issuance of common stock in connection with stock-based compensation plans 1,118 1,506 0
Taxes paid related to net share settlement of equity awards (2,034) (562) 0
Other financing 0 (399) (164)
Net cash provided by (used in) financing activities (90,580) (41,921) 59,987
Net increase (decrease) in cash, cash equivalents and restricted cash (40,609) 48,876 93,424
Effect of exchange rates 623 (1,688) (1,269)
Cash, cash equivalents and restricted cash      
Beginning of year 163,402 116,214 24,059
End of period 123,416 163,402 116,214
Cash paid for      
Interest 65,053 41,142 65,530
Income taxes 2,354 4,395 1,019
Supplemental schedule of non-cash activities      
Recognition of liabilities under tax receivable agreement 0 0 210,639
Unpaid property and equipment and capitalized software purchases 425 740 1,523
Acquisition cash holdback $ 2,250 $ 0 $ 0