XML 16 R6.htm IDEA: XBRL DOCUMENT v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net loss $ (11,217) $ (9,277)
Adjustments to reconcile net loss to net cash provided by (used in) operations:    
Depreciation and amortization 11,594 9,100
Amortization of debt financing costs and discount 1,178 499
Provision for (recovery of) doubtful accounts (414) 496
Provision for deferred income taxes 468 1,127
Share-based compensation 1,580 887
Release of contingent consideration 0 (489)
Loss on disposals of fixed assets 83 0
Changes in operating assets and liabilities:    
Accounts receivable 2,930 (6,587)
Inventory (2,062) (137)
Prepaid expenses and other assets 16 (2,250)
Accounts payable (598) 850
Accrued expenses and other long-term obligations 217 (449)
Deferred revenue 148 168
Net cash provided by (used in) operating activities 3,923 (6,062)
Cash flows from investing activities:    
Acquisitions net of cash acquired (7,443) (66,366)
Purchases of property and equipment (1,159) (1,503)
Software capitalization costs (3,207) (2,536)
Net change in funds held for clients 48,361 16,617
Net cash provided by (used in) investing activities 36,552 (53,788)
Cash flows from financing activities:    
Proceeds from notes payable 8,000 36,750
Payments on notes payable (4,638) (5,772)
Proceeds from revolving line of credit 8,000 4,540
Payments on revolving line of credit (4,000) (4,540)
Debt financing fees (1,102) (1,693)
Payments on capital leases (102) (124)
Proceeds from issuance of common stock 496 39,156
Net change in client fund obligations (49,964) (16,937)
Net cash provided by (used in) financing activities (43,310) 51,380
Effect of foreign exchange rates (33) (128)
Net decrease in cash and cash equivalents (2,868) (8,598)
Cash and cash equivalents at beginning of period 15,444 27,792
Cash and cash equivalents at end of period 12,576 19,194
Cash paid for:    
Interest 6,581 5,605
Income taxes 31 101
Non-cash Investing and Financing Activities:    
Subordinated notes payable –acquisitions 2,000 7,592
Equity issued in connection with acquisitions $ 555 $ 4,493