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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (136,884) $ (43,109)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 5,346 3,965
Amortization of debt issuance costs 1,012 1,006
Equity-based compensation expense 10,906 7,799
Goodwill impairment 85,000 0
Non-cash lease expense 363 297
Provision for doubtful accounts 176 1,557
Deferred income tax (benefit) expense (37) 53
Net increase in fair value of derivatives 16,110 13,688
Loss on sale of property and equipment 0 8
Changes in assets and liabilities:    
Increase in accounts receivable (6,232) (7,735)
Decrease in contract assets 3,781 966
Decrease in prepaid expenses and other assets 1,243 5,244
Decrease in accounts payable (5,047) (8,124)
Increase in accrued liabilities 1,652 660
Increase (decrease) in contract liabilities 1,469 (22)
Decrease in other liabilities (275) (1,066)
Net cash used in operating activities (21,417) (24,813)
Cash flows from investing activities:    
Acquisition of business, net of cash acquired 13,935 0
Purchases of property and equipment (167) (2)
Capitalized software development costs (3,225) 0
Net cash provided by (used in) investing activities 10,543 (2)
Cash flows from financing activities:    
Proceeds from issuance of shares for exercised RDO and PIPE warrants 53,809 0
Proceeds from issuance of Private Placement and Registered Direct Offering shares 0 50,000
Payment of Private Placement and Registered Direct Offering transaction costs 0 (5,225)
Repayment of short-term borrowings (812) (1,537)
Issuance of common stock upon ESPP purchase 607 0
Proceeds from exercise of options 119 0
Payments of tax withholding from the issuance of common stock (3,140) (1,132)
Net cash provided by financing activities 50,583 42,106
Net increase in cash and cash equivalents 39,709 17,291
Cash and cash equivalents at the beginning of period 32,557 12,632
Cash and cash equivalents at the end of the period 72,266 29,923
Supplemental schedule of non-cash investing and financing activities:    
Issuance of common stock as consideration for Pangiam acquisition $ 207,770 $ 0