v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities    
Net income (loss) $ 35,548 $ (71,105)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 29,786 34,159
Paid-in-kind interest 28,327 30,737
Deferred income taxes (14,380) (6,247)
Stock-based compensation expense 13,662 13,905
Amortization of upfront incentive consideration 8,979 8,442
Amortization of debt discount and issuance costs 8,579 6,241
Gain on sale of assets (5,191) 0
Provision for expected credit losses 2,185 5,334
Other (593) 725
Loss on investment fair value adjustment 0 3,520
Loss on extinguishment of debt 0 37,994
Changes in operating assets and liabilities:    
Accounts and other receivables (118,776) (74,665)
Prepaid expenses and other current assets (17,122) (21,852)
Capitalized implementation costs (3,573) (4,398)
Upfront incentive consideration (5,859) (469)
Other assets (246) (7,660)
Accrued compensation and related benefits (62,233) (54,291)
Accounts payable and other accrued liabilities 21,738 34,922
Deferred revenue including upfront solution fees (1,434) (3,382)
Cash used in operating activities (80,603) (68,090)
Investing Activities    
Additions to property and equipment (17,891) (27,676)
Proceeds from sale of assets 9,641 0
Cash used in investing activities (8,250) (27,676)
Financing Activities    
Proceeds from borrowings under Securitization Facility 41,100 140,000
Payments on borrowings under Securitization Facility (22,500) (17,800)
Payments on borrowings from lenders (2,948) (193,571)
Net payment on the settlement of equity-based awards (2,444) (2,078)
Proceeds on borrowings from lenders 0 200,090
Debt prepayment fees and issuance costs 0 (48,733)
Cash provided by financing activities 13,208 77,908
Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,295 (1,212)
Decrease in cash, cash equivalents and restricted cash (73,350) (19,070)
Cash, cash equivalents and restricted cash at beginning of period 745,518 669,244
Cash, cash equivalents and restricted cash at end of period $ 672,168 $ 650,174