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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
$ in Thousands
6 Months Ended
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Cash flows from operating activities    
Net loss $ (5,343) $ (15,853)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 3,777 3,280
Operating lease right-of-use assets amortization expense 1,419 1,431
Bad debt expense 113 132
Deferred income taxes (1,203) (731)
Debt issuance cost amortization 45 20
Change in fair value of contingent consideration issued for acquisition of business (2,554) 0
Stock-based compensation 20,410 25,048
Changes in assets and liabilities:    
Accounts receivable 1,418 (5,454)
Unbilled receivables (1,826) (124)
Prepaid income taxes (4,791) (587)
Prepaid expenses and other current assets (755) (3,302)
Accounts payable 1,187 1,341
Accrued compensation and benefits 6,829 7,947
Operating lease liabilities (1,279) (1,642)
Accrued income taxes 3,116 3,078
Accrued expenses and other current liabilities 2,016 738
Net cash provided by operating activities 22,579 15,322
Cash flows from investing activities    
Purchase of property and equipment (3,753) (3,213)
Purchase of investment 0 (1,000)
Acquisition of business, net of cash acquired (17,830) 0
Net cash used in investing activities (21,583) (4,213)
Cash flows from financing activities    
Payments of tax obligations resulted from exercises of stock options, net of proceeds (56) 830
Payments of tax obligations resulted from net share settlement of vested stock awards (13,391) (3,086)
Payment of contingent consideration related to previously acquired businesses 0 (1,933)
Proceeds from debt 0 5,000
Repayment of debt 0 5,000
Debt issuance cost 0 (201)
Net cash used in financing activities (13,447) (4,390)
Effect of exchange rate changes on cash and cash equivalents 1,898 (1,065)
Net increase/(decrease) in cash and cash equivalents (10,553) 5,654
Cash and cash equivalents, beginning of period 256,729 144,364
Cash and cash equivalents, end of period 246,176 150,018
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 8,142 $ 1,880
Acquisition fair value of contingent consideration issued for acquisition of business $ 932