Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities:      
Net income $ 29,308 $ 20,453 $ 23,307
Adjustments to reconcile net income to net cash provided by operating activities      
Bad debt (recovery) expense (711) 4,811 3,346
Depreciation and amortization expense 30,285 24,595 21,813
Amortization of debt issuance costs 294 285 298
Loss on extinguishment of debt   350  
Accretion of acquisition liabilities   36 363
Deferred taxes (7,866) (5,137) 1,997
Noncash stock-based compensation expense 21,887 5,984 1,680
Interest expense (income) 103 (12) (119)
Change in fair value of contingent consideration 57 (949) (1,079)
Offering costs 22,074 3,555  
Other 733 673  
Changes in operating assets and liabilities, net of effects of business combinations      
Trade receivables (22,004) (30,443) (32,741)
Prepaid expenses and other current assets (7,046) (8,792) (1,637)
Other non-current assets (521) (221) (409)
Trade payables (49) 2,482 (538)
Accrued expenses 13,946 8,960 6,162
Other current liabilities 3,741 (6,560) 9,954
Other non-current liabilities (1,482) 1,146 (2,964)
Net cash provided by operating activities 82,749 21,216 29,433
Investing activities:      
Purchase of property, plant and equipment (9,397) (9,751) (5,943)
Acquisition of businesses, net of cash acquired (149,217)   (57,252)
Net cash used in investing activities (158,614) (9,751) (63,195)
Financing activities:      
Proceeds from long-term debt   89,650 20,000
Payments of long-term debt (22,000) (142,113) (750)
Payment of contingent consideration related to Zentrick acquisition   (601) (601)
Deferred payment related to acquisition of assets     (71)
Repurchase of vested options   (15,506)  
Proceeds from Series A preferred stock issuance, net of issuance costs   346,150  
Payments to shareholders for preferred stock Series A   (260,686)  
Proceeds from common stock issued upon exercise of stock options 12,440 780 177
Proceeds from common stock issued under employee purchase plan 404 424  
Proceeds from issuance of common stock upon initial public offering 269,390    
Proceeds from issuance of common stock in connection to concurrent private placement 30,000    
Payments related to offering costs (22,069) (3,610)  
Payments related to debt issuance costs   (577)  
Capital lease payments (1,918) (1,443) (1,521)
Shares repurchased for settlement of employee tax withholdings (1,802)    
Net cash provided by financing activities 264,395 10,385 15,045
Effect of exchange rate changes on cash and cash equivalents and restricted cash (200) 203 23
Net increase (decrease) in cash, cash equivalents, and restricted cash 188,330 22,053 (18,694)
Cash, cash equivalents, and restricted cash-Beginning of period 33,395 11,342 30,036
Cash, cash equivalents, and restricted cash-End of period 221,725 33,395 11,342
Supplemental cash flow information:      
Cash paid for taxes 7,698 16,180 1,962
Cash paid for interest 774 3,369 4,659
Non-cash investing and financing transactions:      
Common stock issued in connection with acquisition 22,526    
Exchange of common stock for preferred stock   260,686  
Deferred payment obligation issued as consideration     2,097
Contingent consideration issued     4,690
Treasury stock reissued upon the conversion of Series A preferred stock for common stock 260,686    
Acquisition of equipment under capital lease 1,518 1,603 1,535
Capital assets financed by accounts payable 36    
Offering costs included in accounts payable and accrued expense 5 75  
Leiki Oy acquisition      
Financing activities:      
Deferred payment related to acquisition of assets   (2,033) $ (2,189)
Zentrick NV acquisition      
Financing activities:      
Deferred payment related to acquisition of assets $ (50) $ (50)