XML 25 R7.htm IDEA: XBRL DOCUMENT v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES:      
Net loss $ (57,949) $ (23,557) $ (16,491)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Provision for bad debt 4,532 1,246  
DEPRECIATION AND AMORTIZATION 37,274 27,705 23,915
Stock-based compensation expense 4,849 4,345 5,794
Fair value changes in embedded derivatives 11,007 7,100 (352)
Fair value changes in business acquisitions contingent consideration 12,942 1,392 (158)
Fair value changes in the warrant options 9,312 4,060  
Deferred income taxes 851 (3,121) (4,968)
Amortization of deferred financing costs 1,810 560 1,672
Other 278 (363) (406)
Changes in operating assets and liabilities—net of acquisitions:      
Accounts receivable and contract assets (19,202) (6,588) (9,997)
Prepaid expenses and other current assets (956) (2,461) (101)
Accounts payable and other accrued liabilities 601 6,085 (2,202)
Accrued payroll and benefits 6,072 2,248 449
Payment of contingent consideration and other assumed purchase price obligations (6,390)    
Other assets (3,181) (1,609)  
Net cash provided by (used in) operating activities 1,850 17,042 (2,845)
INVESTING ACTIVITIES:      
Proceeds from property insurance   360 43
Purchases of property and equipment (7,206) (4,692) (3,772)
Proceeds received from the sale of property and equipment 20 260 166
Proprietary software development and software licenses costs (570) (21) (337)
Payment of assumed purchase price obligations   (1,520) (548)
Proceeds from net working capital adjustment related to acquisitions 1,939    
Cash paid for acquisitions—net of cash acquired (173,923) (81,370) (45,835)
Net cash used in investing activities (179,740) (86,983) (50,283)
FINANCING ACTIVITIES:      
Proceeds from line of credit 104,390 146,338 109,383
Payments on line of credit (201,980) (68,747) (89,383)
Proceeds from term loans 175,000   35,333
Repayment of term loans (49,844) (1,250) (71,590)
Payment of contingent consideration and other assumed purchase price obligations (6,004) (1,113) (2,009)
Repayment of capital leases (2,848) (1,972) (1,010)
Proceeds from issuance of common stock in connection with initial public offering, net of issuance costs 161,288    
Payments of deferred offering costs (4,164)    
Debt issuance and extinguishment cost (5,217) (435) (1,299)
Proceeds from issuance of common stock 408 1,509 30
Issuance of series A-1 and series A-2 preferred stock and warrant, net of issuance costs 173,664   118,419
Redemption of the series A-1 preferred stock (131,821)    
Dividend payment to the series A-2 shareholders (6,970)    
Collection of notes receivable   122  
Repayment of subordinated debt     (11,944)
Repurchase of options     (1,372)
Conversion of convertible preferred stock into cash     (30,986)
Repurchase of common stock     (2,722)
Net cash provided by financing activities 205,902 74,452 50,850
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 28,012 4,511 (2,278)
Foreign exchange impact on cash balance (15) (116)  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:      
Beginning of year 6,884 2,489 4,767
End of year 34,881 6,884 2,489
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:      
Cash paid for interest 11,947 5,891 7,924
Cash paid for income tax 171 1,205 596
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Preferred stock deemed dividend—net of return from holders 24,341   932
Redemption of preferred stock in common shares 26,801   14,963
Accrued purchases of property and equipment 432 975 793
Property and equipment purchased under capital leases 2,113 4,347 3,116
Accretion of the redeemable series A-1 preferred stock to redeemable value 17,601 19,616 3,605
Common stock issued to acquire new businesses 25,000 4,047 5,634
Acquisitions unpaid contingent consideration $ 54,467 5,402 4,760
Offering costs included in accounts payable and other accrued liabilities   $ 1,240 154
Write off of the subordinated debt embedded derivative     $ 2,295