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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income (loss) $ (6,396) $ (81,423)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property, equipment and software 21,903 34,110
Amortization of acquired intangible assets 2,609 6,206
Stock-based compensation 17,682 13,771
(Gain) loss from changes in fair value of investment 0 25,751
Foreign currency (gains) losses, net (4,801) 9,528
Foreign VAT assessments 8,692 0
Gain on sale of assets (5,160) 0
Change in assets and liabilities:    
Accounts receivable 10,678 10,225
Prepaid expenses and other current assets 19,294 14,357
Right-of-use assets - operating leases 1,830 7,985
Accounts payable (2,290) (49,082)
Accrued merchant and supplier payables (57,749) (52,497)
Accrued expenses and other current liabilities (9,616) (44,716)
Operating lease obligations (4,618) (22,011)
Payment for early lease termination (1,832) (9,724)
Other, net (1,295) 5,035
Net cash provided by (used in) operating activities (11,069) (132,485)
Investing activities    
Purchases of property and equipment and capitalized software (11,591) (15,917)
Proceeds from sale of assets, net 9,116 1,475
Acquisitions of intangible assets and other investing activities (595) (2,523)
Net cash provided by (used in) investing activities (3,070) (16,965)
Financing activities    
Payments of borrowings under revolving credit agreement (42,776) (28,300)
Proceeds from Rights Offering, net of issuance costs 79,619 0
Taxes paid related to net share settlements of stock-based compensation awards (1,457) (3,126)
Other financing activities (2,457) 473
Net cash provided by (used in) financing activities 32,929 (30,953)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,788 34
Net increase (decrease) in cash, cash equivalents and restricted cash 20,578 (180,369)
Cash, cash equivalents and restricted cash, beginning of period [1] 167,638 281,696
Cash, cash equivalents and restricted cash, end of period [1] 188,216 101,327
Supplemental disclosure of cash flow information:    
Cash paid for interest 3,013 5,713
Income tax payments 10,527 4,833
Increase (decrease) in liabilities related to purchases of property and equipment and capitalized software 185 (1,999)
Cash paid for amounts included in the measurement of operating lease liabilities 4,559 21,032
Right-of-use assets obtained in exchange for operating lease liabilities $ 2,383 $ 543
[1] The following table provides a reconciliation of Cash, cash equivalents and restricted cash shown above to amounts reported within the Condensed Consolidated Balance Sheets as of September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022 (in thousands):
September 30, 2024December 31, 2023September 30, 2023December 31, 2022
Cash and cash equivalents$159,710 $141,563 $86,085 $281,279 
Restricted cash included in prepaid expenses and other current assets28,506 26,075 15,242 417 
Cash, cash equivalents and restricted cash$188,216 $167,638 $101,327 $281,696