XML 18 R7.htm IDEA: XBRL DOCUMENT v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities    
Net income $ 53,487 $ 24,633
Adjustment to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 11,948 9,626
Deferred taxes (9,833) 1,066
Stock-based compensation expenses 33,100 25,275
Share in gains of associated company   13
Loss (gain) from change in fair value of Warrants (13,334) (44,027)
Foreign currency re-measurement loss (gain) (606) 2,491
Changes in operating assets and liabilities:    
Other current assets (1,621) (6,650)
Trade payables (13,157) 9,538
Deferred revenue 407 24
Accounts receivable, net 1,618 (490)
Capital advance extended to customers (138,900) (109,422)
Capital advance collected from customers 135,835 121,990
Other payables (5,259) (6,318)
Other long-term liabilities (1,066) (3,695)
Operating lease right-of-use assets 5,053 5,134
Other assets 2,247 (288)
Net cash provided by operating activities 59,919 28,874
Cash Flows from Investing Activities    
Purchase of property, equipment and software (2,422) (5,093)
Capitalization of internal use software (12,921) (7,772)
Severance pay fund distributions (contributions), net 125 481
Customer funds in transit, net (54,188) (22,139)
Net cash inflow from acquisition of remaining interest in joint venture (Refer to Note 2(c) for further information) 5,953  
Net cash provided by (used) in investing activities (63,453) (34,523)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock in connection with stock based compensation plan 12,091 11,312
Outstanding operating balances, net (309,911) 739,388
Borrowings under related party facility (Refer to Notes 8 and 17 for further information) 14,015 15,322
Repayments under related party facility (Refer to Notes 8 and 17 for further information) (14,514) (14,219)
Common stock repurchased (17,125)  
Net cash provided by (used in) financing activities (315,444) 751,803
Effect of exchange rate changes on cash and cash equivalents 705 (2,491)
Net change in cash, cash equivalents, restricted cash and customer funds (318,273) 743,663
Cash, cash equivalents, restricted cash and customer funds at beginning of period 6,386,720 4,838,433
Cash, cash equivalents, restricted cash and customer funds at end of period 6,068,447 5,582,096
Supplemental information of investing and financing activities not involving cash flows:    
Property, equipment, and software acquired but not paid 870 551
Internal use software capitalized but not paid 8,294 1,762
Common stock repurchased but Not yet Paid 2,600  
Right of use assets obtained in exchange for new operating lease liabilities $ 2,474 $ 11,266