Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2019 |
Jun. 30, 2018 |
| Cash flows from operating activities |
|
|
| Net income |
$ 28,910
|
$ 29,199
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Provision for deferred income taxes |
3,075
|
2,205
|
| Depreciation and amortization |
10,485
|
12,343
|
| Deferred financing costs and derivative and accretion expense |
1,216
|
1,646
|
| Stock-based and deferred compensation |
8,743
|
9,434
|
| Change in fair value of contingent consideration obligations |
(14)
|
(4)
|
| Loss on other receivable |
|
114
|
| Unrealized appreciation on investments |
(1,886)
|
(122)
|
| Loss on equity method investment |
154
|
339
|
| Loss on debt extinguishment |
|
6,058
|
| Changes in operating assets and liabilities: |
|
|
| Receivables |
(66)
|
3,103
|
| Prepaid expenses |
(1,087)
|
(405)
|
| Other assets |
4
|
155
|
| Accounts payable and accrued expenses |
8,534
|
(2,220)
|
| Accrued compensation and benefits |
(8,671)
|
(5,529)
|
| Other liabilities |
(119)
|
3,276
|
| Net cash provided by operating activities |
49,278
|
59,592
|
| Cash flows from investing activities |
|
|
| Purchases of property and equipment |
(892)
|
(1,308)
|
| Purchases of trading securities |
(3,054)
|
(2,612)
|
| Sales of trading securities |
1,435
|
628
|
| Purchases of available-for-sale securities |
(104)
|
|
| Sales of available-for-sale securities |
104
|
|
| Equity method investment |
|
(2,000)
|
| Net cash used in investing activities |
(2,511)
|
(5,292)
|
| Cash flows from financing activities |
|
|
| Repurchase of common stock |
(3,526)
|
(720)
|
| Payment of Class A common stock deferred offering costs |
|
(4,289)
|
| Payments of taxes related to net share settlement of equity awards |
(236)
|
|
| Proceeds from long-term senior debt |
|
359,100
|
| Payment of debt financing fees |
|
(2,429)
|
| Repayment of long-term senior debt |
|
(559,750)
|
| Repayment of promissory note |
(96)
|
(287)
|
| Payment of dividends |
(65)
|
(197)
|
| Net cash used in by financing activities |
(2,938)
|
(52,013)
|
| Effect of changes of foreign exchange rate on cash and cash equivalents |
7
|
(46)
|
| Net increase in cash and cash equivalents |
43,836
|
2,241
|
| Cash and cash equivalents, beginning of period |
51,491
|
12,921
|
| Cash and cash equivalents, end of period |
95,327
|
15,162
|
| Supplemental cash flow information |
|
|
| Cash paid for interest |
7,499
|
10,136
|
| Cash paid for income taxes |
6,876
|
4,837
|
| Reconciliation of cash, cash equivalents and restricted cash |
|
|
| Cash, cash equivalents and restricted cash at end of period |
51,491
|
12,921
|
| Class A |
|
|
| Cash flows from financing activities |
|
|
| Issuance of common stock, net of costs |
29
|
156,549
|
| Class B |
|
|
| Cash flows from financing activities |
|
|
| Issuance of common stock, net of costs |
$ 956
|
$ 10
|