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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities:    
Net income (loss) $ 22,900 $ (64,713)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation 905 1,007
Amortization of intangible assets and capitalized software development costs 14,699 19,068
Amortization of deferred costs to obtain revenue contracts 2,795 2,602
Gain on sale of business (Note 4) (71,599)  
Impairment of goodwill [1]   5,837
Non-cash operating lease expense 1,567 2,885
Stock-based compensation 13,885 18,212
Loss on settlement   3,474
Other non-cash expenses 4 (688)
Bad debt expense 201 267
Change in fair value of acquisition contingent consideration (4) (138)
Unrealized loss on securities 95 115
Change in fair value of financial instruments 3,174 (18,850)
Deferred income taxes (838) (80)
Paid-in-kind interest, net 5,995 3,987
Non-cash interest expense 2,244 3,035
Changes in operating assets and liabilities:    
Accounts receivable, net 4,149 2,560
Prepaid expenses and other current assets (1,429) 1,935
Costs capitalized to obtain revenue contracts, net (2,155) (3,263)
Other non-current assets 163 (119)
Accounts payable and accrued expenses (3,047) (6,389)
Deferred revenue 4,796 6,141
Customer deposits (928) (2,182)
Other current liabilities 1,082 (754)
Contingent liabilities from acquisitions, net of current portion (13) (39)
Operating lease liabilities (2,538) (5,844)
Other non-current liabilities (53) (6)
Net cash used in operating activities (3,950) (31,940)
Investing Activities:    
Capital expenditures (6,875) (5,957)
Purchases of short-term investments   (7,369)
Cash proceeds from the sale of business, net (Note 4) 91,384  
Cash paid for business acquisitions, net of cash acquired   (5,010)
Net cash provided by (used in) investing activities 84,509 (18,336)
Financing Activities:    
Proceeds from long-term debt, net of issuance costs 801 6,000
Principal payments of long-term debt (65,781) (80)
Payment of deferred financing costs (7,068)  
Proceeds from exercise of stock options and employee stock purchase plan purchases 474 650
Net cash (used in) provided by financing activities (71,574) 6,570
Effects of exchange rates on cash 86 (184)
Net change in cash, cash equivalents, and restricted cash 9,071 (43,890)
Cash, cash equivalents, and restricted cash, beginning of period 17,300 61,223
Cash, cash equivalents, and restricted cash, end of period 26,371 17,333
Supplemental Noncash Investing and Financing Activities:    
Issuance of common stock for conversion of debt and interest 10,934  
Warrants issued in conjunction with long-term debt issuance   178
Amounts held in escrow related to the sale of Board.org 285  
Property and equipment purchases included in accounts payable 74 323
Supplemental Cash Flow Activities:    
Cash paid for interest 11,723 15,290
Cash paid for taxes $ 277 $ 16
[1] Amounts include stock-based compensation expenses, as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Cost of revenues, including amortization

 

$

116

 

 

$

45

 

 

$

324

 

 

$

185

 

Research and development

 

 

454

 

 

 

328

 

 

 

1,138

 

 

 

1,080

 

Sales and marketing

 

 

486

 

 

 

1,041

 

 

 

1,182

 

 

 

1,718

 

Editorial

 

 

200

 

 

 

120

 

 

 

465

 

 

 

292

 

General and administrative

 

 

2,925

 

 

 

4,690

 

 

 

10,776

 

 

 

14,937