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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 69,057 $ 74,997
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 49,834 33,731
Deferred taxes (6,874) 420
Non-cash equity-based compensation 23,958 26,639
Bad debt expense 993 182
Changes in operating assets and liabilities:    
Accounts receivable (5,541) (1,628)
Prepaid expenses and other current and non-current assets (3,157) (11,469)
Accounts payable and other current and non-current liabilities (32,927) 24,639
Contributor royalties payable 5,236 1,200
Deferred revenue (3,290) 13,147
Net cash provided by operating activities 97,289 161,858
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (32,922) (21,167)
Business combination, net of cash acquired (211,843) (181,772)
Asset acquisitions (1,667) (31,440)
Acquisition of content (11,191) (7,890)
Security deposit payment (282) (138)
Net cash used in investing activities (257,905) (242,407)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repurchase of treasury shares (73,488) (4,171)
Proceeds from exercise of stock options 1,810 2,018
Cash paid related to settlement of employee taxes related to RSU vesting (21,976) (21,273)
Payment of cash dividend (26,004) (23,000)
Proceeds from credit facility 50,000 0
Payment of debt issuance costs (619) 0
Net cash used in financing activities (70,277) (46,426)
Effect of foreign exchange rate changes on cash (6,880) (1,020)
Net decrease in cash and cash equivalents (237,773) (127,995)
Cash and cash equivalents, beginning of period 314,017 428,574
Cash and cash equivalents, end of period 76,244 300,579
Supplemental Disclosure of Cash Information:    
Cash paid for income taxes 19,476 14,811
Cash paid for interest $ 474 $ 0