v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities:    
Net income $ 5,644 $ 2,440
Adjustments to reconcile net income to net cash provided by operating activities    
Bad debt (recovery) expense (390) 709
Depreciation and amortization expense 7,057 5,934
Amortization of debt issuance costs 74 72
Accretion of acquisition liabilities   21
Deferred taxes (1,328) (1,624)
Stock-based compensation expense 2,538 802
Interest expense (income) 66 (29)
Change in fair value of contingent consideration   (979)
Offering costs 3,073 870
Other (68) 621
Changes in operating assets and liabilities net of effect of business combinations    
Trade receivables 7,803 4,098
Prepaid expenses and other current assets 1,754 811
Other non-current assets (12) (44)
Trade payables and other liabilities (524) 1,291
Accrued expenses (6,469) (3,854)
Other current liabilities 1,102 1,093
Other non-current liabilities (856) 470
Net cash provided by operating activities 19,464 12,702
Investing activities:    
Purchase of property, plant and equipment (1,915) (3,049)
Net cash (used in) investing activities (1,915) (3,049)
Financing activities:    
Payments of long-term debt   (188)
Payments related to offering costs (1,181) (676)
Payment of contingent consideration related to Zentrick acquisition   (601)
Proceeds from common stock issued upon exercise of stock options 538 70
Capital lease payments (235) (418)
Net cash (used in) financing activities (878) (1,813)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (209) (143)
Net increase in cash, cash equivalents, and restricted cash 16,462 7,697
Cash, cash equivalents, and restricted cash - Beginning of period 33,395 11,342
Cash, cash equivalents, and restricted cash - End of period 49,857 19,039
Supplemental cash flow information:    
Cash paid for taxes 1,045 541
Cash paid for interest 147 1,069
Non-cash investing and financing activities:    
Acquisition of equipment under capital lease 1,518 973
Capital assets financed by accounts payable   16
Offering costs included in accounts payable and accrued expense $ 1,889 $ 306

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