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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Jun. 30, 2022
Jun. 30, 2021
[1],[3]
Cash flows from operating activities:    
Net loss $ (18,807) $ (5,894) [2]
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 21,823 17,938 [2]
Equity-based compensation 19,680 12,694
Provision for doubtful accounts 515 129
Amortization of debt discount and issuance costs 4,312 4,057
Amortization of capitalized customer acquisition costs 532 386
Unrealized gain on investment 0 (2,353)
(Benefit from) provision for income taxes (1,154) 517
Non-cash lease expense 3,684 2,328
Increase in non-cash contingent consideration expense from original estimate 24,684 5,835 [2]
Changes in operating assets:    
Accounts receivable (4,800) (2,862)
Prepaid expenses and other current assets (2,735) 1,049
Other assets (1,837) (915)
Changes in operating liabilities:    
Accounts payable 242 1,190
Accrued expenses and other current liabilities 11,063 12,395
Settlement obligations 912 (2,046)
Deferred revenue (7,325) (3,768)
Operating lease liabilities (3,544) (2,311)
Other long-term liabilities 0 (698)
Contingent consideration paid in excess of original estimates (11,405) (3,636)
Net cash provided by operating activities 35,840 34,035
Cash flows from investing activities:    
Expenditures for property and equipment (1,395) (1,364)
Expenditures for capitalized software (7,199) (4,483)
Purchases of merchant portfolios and residual buyouts 0 (1,500)
Acquisitions of businesses, net of cash and restricted cash acquired (100,715) (142,486)
Acquisition of other intangibles (11) (104)
Loans to third parties (30) 0
Net cash used in investing activities (109,350) (149,937)
Cash flows from financing activities:    
Proceeds from revolving credit facility 258,665 262,264
Payments on revolving credit facility (155,655) (144,435)
Cash paid for contingent consideration (17,378) (2,886)
Proceeds from stock option exercises 617 1,286
Payments for employee's tax withholdings from net settled stock option exercises (554) (710)
Net cash provided by financing activities 85,695 115,519
Net increase in cash, cash equivalents and restricted cash 12,185 (383)
Cash, cash equivalents and restricted cash at beginning of period 17,931 20,601
Cash, cash equivalents and restricted cash at end of period 30,116 20,218
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,428 2,800
Cash paid for income taxes $ 835 $ 280
[1] Effective October 1, 2020, the Company's financial statements are presented in accordance with ASU 2021-08, Accounting Standards Codification Topic 805, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. See Note 2 to the interim consolidated financial statements for a description of the recently adopted accounting pronouncement and the impacts of adoption on the condensed consolidated statements of cash flows.
[2] Effective October 1, 2020, the Company's financial statements are presented in accordance with ASU 2021-08, Accounting Standards Codification Topic 805, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. See Note 2 to the interim consolidated financial statements for a description of the recently adopted accounting pronouncement and the impacts of adoption on the condensed consolidated statements of operations.
[3] The prior period amounts included in the statement of cash flows have been updated to correct settlement assets as restricted cash, which were previously reported as cash flows used in operating and investing activities. These adjustments reflect a decrease in prior year cash flows provided by operating activities of $2,046 and a decrease of $7,009 in cash outflows for acquisitions of businesses, net of cash and restricted cash acquired within cash flows used in investing activities, resulting in a combined increase of $4,963 in cash, cash equivalents, and restricted cash at the end of the period.