XML 78 R63.htm IDEA: XBRL DOCUMENT v3.25.1
Restatement of Previously Issued Financial Statements - Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:                          
Net loss $ (14,439) $ (127,792) $ (23,522) $ 2,882 $ (18,830) $ (31,187) $ (142,231) $ (50,017) $ (157,366) $ (47,135) $ (295,547) $ (70,657) $ (111,367)
Adjustments to reconcile net loss to net cash used in operating activities:                          
Depreciation and amortization expense   2,439       1,986 5,346 3,965 8,740 5,936 11,873 7,901 7,758
Amortization of debt issuance costs and discount   3,336       3,028 6,743 6,160 10,259 9,393 13,428 12,695 11,958
Equity-based compensation expense   5,157       3,805 10,906 7,799 16,074 12,592 21,127 18,671 10,865
Goodwill impairment 0 85,000 0 0 0 0 85,000 0 85,000 0 85,000 0 53,544
Impairment of right-of-use assets                     0 0 901
Non-cash lease expense   94       (35) 363 297 553 450 720 597 174
Provision for doubtful accounts   171       882 176 1,557 220 1,607 228 1,739 55
Deferred income tax benefit   (23)       54 (37) 53 (37) 53 (328) (235) (1,924)
Net increase (decrease) in fair value of derivatives   23,807       13,012 15,726 15,442 14,396 (1,827) 107,658 7,361 (21,387)
Loss on sale of property and equipment           8   8   10 0 10 0
Changes in assets and liabilities:                          
(Increase) decrease in accounts receivable   (8,957)       (3,469) (6,232) (7,735) (5,396) (546) (11,753) 6,403 (798)
Decrease (increase) in contract assets   2,443       (1,115) 3,781 966 3,078 860 3,927 (3,510) (286)
Decrease (increase) in prepaid expenses and other assets   950       1,488 1,243 5,244 1,540 6,181 2,076 5,899 (1,702)
(Decrease) increase in accounts payable   (5,960)       (4,914) (5,047) (8,124) (8,224) (6,346) (4,027) (4,384) 9,942
(Decrease) increase in accrued liabilities   2,599       4,066 1,652 660 7,610 2,035 (2,873) 2,637 (5,121)
Increase (decrease) in contract liabilities   1,826       325 1,469 (22) 486 298 514 (1,143) (3,740)
(Decrease) increase in other liabilities   551       49 (275) (1,066) (246) (1,794) (1,414) (2,291) 2,210
Net cash used in operating activities   (14,359)       (12,017) (21,417) (24,813) (23,313) (18,233) (38,119) (18,307) (48,918)
Cash flows from investing activities:                          
Acquisition of business, net of cash acquired   13,935         13,935   13,935   13,935 0 (4,465)
Purchases of property and equipment   (38)       0 (167) (2) (304) (2) (484) (2) (769)
Capitalized software development costs   (1,643)       0 (3,225) 0 (7,396) (2,744) (10,630) (3,828) 0
Net cash provided by (used in) investing activities   12,254       0 10,543 (2) 6,235 (2,746) 2,821 (3,830) (5,234)
Cash flows from financing activities:                          
Proceeds from issuance of Private Placement and Registered Direct Offering shares           25,000   50,000   50,000 0 50,000 0
Payment of Private Placement and Registered Direct Offering transaction costs           (3,025)   (5,225)   (5,724) 0 (5,724) 0
Repurchase of shares as a result of forward share purchase agreements                     0 0 (100,896)
Proceeds from short-term borrowings                     817 1,229 2,059
Repayment of short-term borrowings   (403)       (763) (812) (1,537) (1,229) (2,059) (1,229) (2,059) (4,233)
Issuance of common stock upon ESPP purchase   0       0 607 0 607 531 1,367 1,176 0
Payments of tax withholding from the issuance of common stock   (2,532)       0 (3,140) (1,132) (3,143) (2,217) (2,378) (2,560) (67)
Net cash provided by (used in) financing activities   50,960       21,212 50,583 42,106 50,163 40,531 52,458 42,062 (103,137)
Net increase (decrease) in cash and cash equivalents   48,855       9,195 39,709 17,291 33,027 19,552 17,584 19,925 (157,289)
Cash and cash equivalents at the beginning of period 81,412 32,557 32,184 29,923 21,827 12,632 32,557 12,632 32,557 12,632 32,557 12,632 169,921
Cash and cash equivalents at the end of the period 72,266 81,412 32,557 32,184 29,923 21,827 72,266 29,923 65,584 32,184 50,141 32,557 12,632
As previously reported                          
Cash flows from operating activities:                          
Net loss (11,737) (125,147) (21,256) 3,999 (16,895) (26,214) (136,884) (43,109) (149,060) (39,110)   (60,366) (121,674)
Adjustments to reconcile net loss to net cash used in operating activities:                          
Depreciation and amortization expense   2,439       1,986 5,346 3,965 8,740 5,936   7,901 7,758
Amortization of debt issuance costs and discount   506       500 1,012 1,006 1,517 1,512   2,018 2,302
Equity-based compensation expense   5,157       3,805 10,906 7,799 16,074 12,592   18,671 10,865
Goodwill impairment 0 85,000 0 0 0 0 85,000 0 85,000 0   0 53,544
Impairment of right-of-use assets                       0 901
Non-cash lease expense   94       (35) 363 297 553 450   597 174
Provision for doubtful accounts   171       882 176 1,557 220 1,607   1,739 55
Deferred income tax benefit   (23)       54 (37) 53 (37) 53   88 (1,757)
Net increase (decrease) in fair value of derivatives   23,992       10,567 16,110 13,688 14,832 (1,971)   7,424 (1,591)
Loss on sale of property and equipment           8   8   10   10 0
Changes in assets and liabilities:                          
(Increase) decrease in accounts receivable   (8,957)       (3,469) (6,232) (7,735) (5,396) (546)   6,403 (798)
Decrease (increase) in contract assets   2,443       (1,115) 3,781 966 3,078 860   (3,510) (286)
Decrease (increase) in prepaid expenses and other assets   950       1,488 1,243 5,244 1,540 6,181   5,899 (1,702)
(Decrease) increase in accounts payable   (5,960)       (4,914) (5,047) (8,124) (8,224) (6,346)   (4,384) 9,942
(Decrease) increase in accrued liabilities   2,599       4,066 1,652 660 7,610 2,035   2,637 (5,121)
Increase (decrease) in contract liabilities   1,826       325 1,469 (22) 486 298   (1,143) (3,740)
(Decrease) increase in other liabilities   551       49 (275) (1,066) (246) (1,794)   (2,291) 2,210
Net cash used in operating activities   (14,359)       (12,017) (21,417) (24,813) (23,313) (18,233)   (18,307) (48,918)
Cash flows from investing activities:                          
Acquisition of business, net of cash acquired   13,935         13,935   13,935     0 (4,465)
Purchases of property and equipment   (38)       0 (167) (2) (304) (2)   (2) (769)
Capitalized software development costs   (1,643)       0 (3,225) 0 (7,396) (2,744)   (3,828) 0
Net cash provided by (used in) investing activities   12,254       0 10,543 (2) 6,235 (2,746)   (3,830) (5,234)
Cash flows from financing activities:                          
Proceeds from issuance of Private Placement and Registered Direct Offering shares           25,000   50,000   50,000   50,000 0
Payment of Private Placement and Registered Direct Offering transaction costs           (3,025)   (5,225)   (5,724)   (5,724) 0
Repurchase of shares as a result of forward share purchase agreements                       0 (100,896)
Proceeds from short-term borrowings                       1,229 2,059
Repayment of short-term borrowings   (403)       (763) (812) (1,537) (1,229) (2,059)   (2,059) (4,233)
Issuance of common stock upon ESPP purchase   0       0 607 0 607 531   1,176 0
Payments of tax withholding from the issuance of common stock   (2,532)       0 (3,140) (1,132) (3,143) (2,217)   (2,560) (67)
Net cash provided by (used in) financing activities   50,960       21,212 50,583 42,106 50,163 40,531   42,062 (103,137)
Net increase (decrease) in cash and cash equivalents   48,855       9,195 39,709 17,291 33,027 19,552   19,925 (157,289)
Cash and cash equivalents at the beginning of period 81,412 32,557 32,184 29,923 21,827 12,632 32,557 12,632 32,557 12,632 32,557 12,632 169,921
Cash and cash equivalents at the end of the period 72,266 81,412 32,557 32,184 29,923 21,827 72,266 29,923 65,584 32,184   32,557 12,632
Restatement adjustment                          
Cash flows from operating activities:                          
Net loss (2,702) (2,645) (2,266) (1,117) (1,935) (4,973) (5,347) (6,908) (8,306) (8,025)   (10,291) 10,307
Adjustments to reconcile net loss to net cash used in operating activities:                          
Depreciation and amortization expense   0       0 0 0 0 0   0 0
Amortization of debt issuance costs and discount   2,830       2,528 5,731 5,154 8,742 7,881   10,677 9,656
Equity-based compensation expense   0       0 0 0 0 0   0 0
Goodwill impairment 0 0 0 0 0 0 0 0 0 0   0 0
Impairment of right-of-use assets                       0 0
Non-cash lease expense   0       0 0 0 0 0   0 0
Provision for doubtful accounts   0       0 0 0 0 0   0 0
Deferred income tax benefit   0       0 0 0 0 0   (323) (167)
Net increase (decrease) in fair value of derivatives   (185)       2,445 (384) 1,754 (436) 144   (63) (19,796)
Loss on sale of property and equipment           0   0   0   0 0
Changes in assets and liabilities:                          
(Increase) decrease in accounts receivable   0       0 0 0 0 0   0 0
Decrease (increase) in contract assets   0       0 0 0 0 0   0 0
Decrease (increase) in prepaid expenses and other assets   0       0 0 0 0 0   0 0
(Decrease) increase in accounts payable   0       0 0 0 0 0   0 0
(Decrease) increase in accrued liabilities   0       0 0 0 0 0   0 0
Increase (decrease) in contract liabilities   0       0 0 0 0 0   0 0
(Decrease) increase in other liabilities   0       0 0 0 0 0   0 0
Net cash used in operating activities   0       0 0 0 0 0   0 0
Cash flows from investing activities:                          
Acquisition of business, net of cash acquired   0         0   0     0 0
Purchases of property and equipment   0       0 0 0 0 0   0 0
Capitalized software development costs   0       0 0 0 0 0   0 0
Net cash provided by (used in) investing activities   0       0 0 0 0 0   0 0
Cash flows from financing activities:                          
Proceeds from issuance of Private Placement and Registered Direct Offering shares           0   0   0   0 0
Payment of Private Placement and Registered Direct Offering transaction costs           0   0   0   0 0
Repurchase of shares as a result of forward share purchase agreements                       0 0
Proceeds from short-term borrowings                       0 0
Repayment of short-term borrowings   0       0 0 0 0 0   0 0
Issuance of common stock upon ESPP purchase   0       0 0 0 0 0   0 0
Payments of tax withholding from the issuance of common stock   0       0 0 0 0 0   0 0
Net cash provided by (used in) financing activities   0       0 0 0 0 0   0 0
Net increase (decrease) in cash and cash equivalents   0       0 0 0 0 0   0 0
Cash and cash equivalents at the beginning of period 0 0 0 0 0 0 0 0 0 0 $ 0 0 0
Cash and cash equivalents at the end of the period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0   $ 0 $ 0