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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows Provided by (Used In) Operating Activities    
Net loss before preferred dividends and accretion of Series A preferred stock $ (15,684) $ (54,305)
Adjustments to reconcile net loss to net cash and restricted cash provided by (used in) operating activities:    
Change in fair value of contingent consideration 8,908 747
Loss (gain) from equity method investees 1,394 (578)
Depreciation and amortization expenses 59,373 61,409
Stock-based compensation expense 31,445 19,676
Deferred tax provision (979) (71,019)
Amortization of contract cost assets 2,319 5,672
Amortization of deferred financing costs 1,765 1,915
Right-of-use assets impairment 0 24,065
Change in tax receivables agreement liability 173 66,184
Right-of-use operating assets 1,940 1,147
Other current operating cash outflows, net 12 20
Changes in assets and liabilities, net of acquisitions:    
Accounts receivable, net and contract assets 73,021 (63,137)
Prepaid expenses and other current and non-current assets 5,935 (21,142)
Contract cost assets (3,619) (2,859)
Accounts payable (15,330) (12,732)
Accrued liabilities (490) 11,944
Operating lease liabilities (10,688) (338)
Accrued compensation and employee benefits (25,065) (20,643)
Deferred revenue (1,418) 1,050
Reserve for claims and performance-based arrangements (86,485) 46,081
Other long-term liabilities (201) (477)
Net cash and restricted cash provided by (used in) operating activities 26,326 (7,320)
Cash Flows Used In Investing Activities    
Cash paid for asset acquisitions and business combinations (5,947) (388,246)
Return of equity method investments 7 799
Purchases of investments and contributions to equity method investees (4,880) 0
Investments in internal-use software and purchases of property and equipment (12,453) (15,900)
Net cash and restricted cash used in investing activities (23,273) (403,347)
Cash Flows (Used In) Provided by Financing Activities    
Changes in working capital balances related to claims processing 6,109 33,122
Payment of contingent consideration (70,355) 0
Proceeds from stock option exercises 1,119 4,654
Proceeds from issuance of long-term debt, net of offering costs (529) 256,063
Repayment of long-term debt 0 (37,500)
Proceeds from issuance of preferred stock, net of offering costs 0 168,000
Payment of preferred dividends (10,145) (8,535)
Taxes withheld and paid for vesting of equity awards (14,698) (12,745)
Net cash and restricted cash (used in) provided by financing activities (88,499) 403,059
Effect of exchange rate on cash and cash equivalents and restricted cash (62) 49
Net decrease in cash and cash equivalents and restricted cash (85,508) (7,559)
Cash and cash equivalents and restricted cash as of beginning-of-period 223,457 215,158
Cash and cash equivalents and restricted cash as of end-of-period $ 137,949 $ 207,599