XML 39 R6.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net (loss) income $ (283,172) $ 1,820 $ (45,407)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 121,665 109,487 102,369
Provision for credit losses and sales returns 4,932 4,500 6,066
Stock-based compensation expense 104,968 127,762 110,294
Deferred taxes (85,011) (24,368) (26,644)
Amortization of deferred financing costs and discount 2,538 1,775 2,364
Loss on disposition of businesses 16,847 0 0
EVERFI impairment charges 390,204 0 0
Other non-cash adjustments 2,462 5,023 5,676
Changes in operating assets and liabilities, net of acquisition and disposal of businesses:      
Accounts receivable 4,729 (3,237) (7,340)
Prepaid expenses and other assets 3,339 16,851 26,235
Trade accounts payable 28,336 (18,576) 21,607
Accrued expenses and other liabilities (13,328) (30,275) (2,386)
Deferred revenue (2,541) 8,872 11,059
Net cash provided by operating activities 295,968 199,634 203,893
Cash flows from investing activities      
Purchase of property and equipment (7,443) (4,685) (12,289)
Capitalized software and content development costs (59,757) (59,443) (58,774)
Purchase of net assets of acquired companies, net of cash and restricted cash acquired 0 (13) (20,912)
Cash (used) received in disposition of business (1,179) 0 6,426
Other investing activities (5,029) (250) 0
Net cash used in investing activities (73,408) (64,391) (85,549)
Cash flows from financing activities      
Proceeds from issuance of debt 1,441,400 293,200 211,000
Payments on debt (1,144,709) (374,595) (310,740)
Debt issuance costs (6,458) 0 0
Stock issuance costs 0 0 (1,339)
Employee taxes paid for withheld shares upon equity award settlement (56,828) (35,867) (36,376)
Change in due to customers 46,957 (6,812) 111,386
Change in customer funds receivable (1,679) (60) 380
Purchase of treasury stock (418,034) (18,831) 0
Net cash used in financing activities (139,351) (142,965) (25,689)
Effect of exchange rate on cash, cash equivalents and restricted cash (1,954) 2,048 (10,486)
Net increase (decrease) in cash, cash equivalents and restricted cash 81,255 (5,674) 82,169
Cash, cash equivalents and restricted cash, beginning of year 728,257 733,931 651,762
Cash, cash equivalents and restricted cash, end of year 809,512 728,257 733,931
Supplemental Cash Flow Information [Abstract]      
Cash paid for interest (51,881) (38,052) (33,371)
Cash (paid) for taxes, net of refunds (60,668) (35,619) (9,670)
Purchase of equipment and other assets included in accounts payable (31) (837) (158)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]      
Cash and cash equivalents 67,628 31,251  
Total restricted cash 741,884 697,006  
Total cash, cash equivalents and restricted cash in the statement of cash flows 809,512 728,257  
Other debt [Member]      
Purchases by assuming directly related liabilities $ (2,073) $ (2,491) $ (1,710)