v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net income $ 4,579 $ 5,644
Adjustments to reconcile net income to net cash provided by operating activities    
Bad debt expense (recovery) 1,079 (390)
Depreciation and amortization expense 9,040 7,057
Amortization of debt issuance costs 74 74
Non-cash lease expense 2,002  
Deferred taxes (2,016) (1,328)
Stock-based compensation expense 10,994 2,538
Interest (income) expense (14) 66
Loss on disposal of fixed assets 471  
Offering costs   3,073
Other (150) (68)
Changes in operating assets and liabilities net of effect of business combinations    
Trade receivables (12,224) 7,803
Prepaid expenses and other assets (2,332) 1,742
Trade payables 2 (524)
Accrued expenses and other liabilities (13,754) (6,223)
Net cash (used in) provided by operating activities (2,249) 19,464
Investing activities:    
Purchase of property, plant and equipment (4,759) (1,915)
Net cash (used in) investing activities (4,759) (1,915)
Financing activities:    
Payment of contingent consideration related to Zentrick acquisition (3,247)  
Proceeds from common stock issued upon exercise of stock options 1,678 538
Payments related to offering costs (6) (1,181)
Finance lease payments (480) (235)
Shares repurchased for settlement of employee tax withholdings (1,058)  
Net cash (used in) financing activities (3,113) (878)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 131 (209)
Net (decrease) increase in cash, cash equivalents, and restricted cash (9,990) 16,462
Cash, cash equivalents, and restricted cash - Beginning of period 221,725 33,395
Cash, cash equivalents, and restricted cash - End of period 211,735 49,857
Supplemental cash flow information:    
Cash paid for taxes 948 1,045
Cash paid for interest 244 147
Non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for new operating lease liabilities $ 79,563  
Acquisition of equipment under finance lease   1,518
Offering costs included in accounts payable and accrued expense   $ 1,889

Source