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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income (loss) $ (28,613) $ (34,352)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property, equipment and software 12,387 15,200
Amortization of acquired intangible assets 2,118 2,169
Stock-based compensation 2,363 7,506
Foreign currency (gains) losses, net (4,087) 3,358
Change in assets and liabilities:    
Accounts receivable 8,319 (15,963)
Prepaid expenses and other current assets 3,493 (2,092)
Right-of-use assets - operating leases 4,008 4,609
Accounts payable (32,073) 7,088
Accrued merchant and supplier payables (29,467) (35,904)
Accrued expenses and other current liabilities 782 (18,366)
Operating lease obligations (8,239) (7,648)
Payment for early lease termination (9,601) 0
Other, net 2,290 (3,769)
Net cash provided by (used in) operating activities (76,320) (78,164)
Investing activities    
Purchases of property and equipment and capitalized software (9,544) (13,001)
Proceeds from sale of assets 1,088 0
Acquisitions of intangible assets and other investing activities (557) (915)
Net cash provided by (used in) investing activities (9,013) (13,916)
Financing activities    
Payments of borrowings under revolving credit agreement (27,300) 0
Taxes paid related to net share settlements of stock-based compensation awards (1,007) (2,523)
Other financing activities (890) (441)
Net cash provided by (used in) financing activities (29,197) (2,964)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (148) (771)
Net increase (decrease) in cash, cash equivalents and restricted cash (114,678) (95,815)
Cash, cash equivalents and restricted cash, beginning of period [1] 281,696 499,483
Cash, cash equivalents and restricted cash, end of period [1] 167,018 403,668
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,578 1,721
Income tax payments 1,526 1,597
Increase (decrease) in liabilities related to purchases of property and equipment and capitalized software (4,552) (1,352)
Cash paid for amounts included in the measurement of operating lease liabilities $ 18,145 $ 7,936
[1] The following table provides a reconciliation of Cash, cash equivalents and restricted cash shown above to amounts reported within the Condensed Consolidated Balance Sheets as of March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021 (in thousands):
March 31, 2023December 31, 2022March 31, 2022December 31, 2021
Cash and cash equivalents$163,757 $281,279 $403,006 $498,726 
Restricted cash included in prepaid expenses and other current assets3,261 417 662 757 
Cash, cash equivalents and restricted cash$167,018 $281,696 $403,668 $499,483