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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities:      
Net income (loss) attributable to common stockholders $ (104,375) $ 45,450 $ 66,887
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 5,430 3,694 2,983
Amortization of internally developed software 12,901 7,756 3,821
Amortization of intangible assets 536 1,493 2,187
Stock-based compensation expense 32,857 25,172 22,570
Deferred income taxes (21,522) 8,817 16,197
Change in fair value of earnout liability 0 0 24,079
Impairment charges 46,344 0 0
Other non-cash items 1,466 1,091 (755)
Changes in operating assets and liabilities:      
Accounts receivable (3,952) 533 1,270
Contract assets – commissions receivable (116,030) (205,209) (243,364)
Prepaid expenses and other assets (7,945) (6,180) (466)
Accounts payable (23,052) 12,294 19,694
Accrued compensation and benefits (4,083) (9,036) 8,814
Accrued marketing expenses 18,596 5,747 1,028
Deferred revenue 20 (2,262) 1,694
Accrued expenses and other liabilities 187 2,780 1,869
Net cash used in operating activities (162,622) (107,860) (71,492)
Investing activities:      
Capitalized internal-use software and website development costs (16,992) (16,005) (10,231)
Purchases of property and equipment and other assets (3,865) (7,751) (6,641)
Purchases of marketable securities (103,058) (180,505) 0
Proceeds from redemption and maturities of marketable securities 111,284 130,978 0
Payments for security deposits 0 0 (72)
Net cash used in investing activities (12,631) (73,283) (16,944)
Financing activities:      
Proceeds from issuance of preferred stock, net of issuance costs 214,025 0 0
Proceeds from issuance of common stock, net of issuance costs 0 228,024 126,051
Net proceeds from exercise of common stock options and employee stock purchases 8,699 1,941 5,535
Repurchase of shares to satisfy employee tax withholding obligations (9,333) (19,808) (14,281)
Debt issuance costs 0 0 (517)
Repayment of debt 0 0 (5,000)
Acquisition-related contingent payments 0 (8,751) (9,542)
Principal payments in connection with leases (150) (157) (105)
Net cash provided by financing activities 213,241 201,249 102,141
Effect of exchange rate changes on cash, cash equivalents and restricted cash 64 187 26
Net increase in cash, cash equivalents and restricted cash 38,052 20,293 13,731
Cash, cash equivalents and restricted cash at beginning of period 47,113 26,820 13,089
Cash, cash equivalents and restricted cash at end of period 85,165 47,113 26,820
Cash paid for interest 0 0 42
Cash refunds from income taxes, net $ 103 $ 882 $ 741