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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ (5,632) $ (13,410)
Adjustments to reconcile loss to net cash provided by operations:    
Depreciation and amortization 14,243 14,018
Amortization of operating lease assets 1,129 1,268
Amortization of debt financing costs and discount 548 531
Non-cash interest expense 1,471 0
Net accretion of discounts and amortization of premiums on available-for-sale securities (63) 279
Provision for doubtful accounts 2,004 304
Provision for deferred income taxes 111 163
Loss (gain) on extinguishment of debt 1,208 (180)
Net realized gains on sales of available-for-sale securities (1,645) (808)
Share-based compensation 4,170 2,341
Loss on disposals of long-term assets 132 1
Change in fair value of contingent purchase consideration 175 (1,350)
Adjustment to Intangibles 0 23
Changes in operating assets and liabilities:    
Accounts receivable (5,014) (1,816)
Inventory 159 (85)
Prepaid expenses and other assets 4,031 2,855
Operating lease right-of-use assets 473 (3,489)
Accounts payable (498) 738
Accrued expenses and other long-term obligations 918 2,637
Operating lease liabilities (895) 2,298
Deferred revenue (5,190) 639
Net cash provided by operating activities 11,835 6,957
Cash flows from investing activities:    
Acquisition of intangible asset (697) (2,289)
Purchases of property and equipment (1,365) (2,188)
Software capitalization costs (5,029) (3,219)
Purchases of available-for-sale securities (21,513) (33,454)
Proceeds from sales and maturities of available-for-sale securities 10,428 7,159
Net cash used in investing activities (18,176) (33,991)
Cash flows from financing activities:    
Payments of notes payable (35,627) (1,688)
Debt extinguishment costs (468) 0
Payments of contingent purchase consideration 0 (9)
Net proceeds from issuance of common stock 45,986 192
Capital raise fees (258) 0
Net change in client fund obligations (31,033) (32,527)
Net cash used in financing activities (21,400) (34,032)
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents (27,741) (61,066)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 164,042 198,641
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period 136,301 137,575
Cash, cash equivalents, and restricted cash 32,787 10,885
Restricted cash and cash equivalents held to satisfy client funds obligations 103,514 126,690
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 136,301 137,575
Supplemental information:    
Cash paid for interest 3,140 2,247
Cash paid for income taxes 532 246
Acquisition of intangible assets 332 0
Notes payable issued for acquisitions 0 411
Other Significant Noncash Transaction, Value of Consideration Given $ 2,543 $ 0