Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities:    
Net income $ 25,200 $ 1,000
Adjustments to reconcile net income to net cash provided by operating activities    
Bad debt expense (recovery) 3,629 (1,186)
Depreciation and amortization expense 25,446 21,989
Amortization of debt issuance costs 221 221
Non-cash lease expense 5,534  
Deferred taxes (5,974) (4,572)
Stock-based compensation expense 31,224 12,100
Interest expense 7 130
Loss on disposal of fixed assets 1,353  
Impairment of long-lived assets 1,510  
Change in fair value of contingent consideration   57
Offering costs   21,797
Other 318 661
Changes in operating assets and liabilities net of effect of business combinations    
Trade receivables (23,842) 690
Prepaid expenses and other assets (2,110) 4,428
Trade payables 3,452 425
Accrued expenses and other liabilities (7,607) 694
Net cash provided by operating activities 58,361 58,434
Investing activities:    
Purchase of property, plant and equipment (27,719) (5,499)
Acquisition of business, net of cash acquired   (24,323)
Net cash (used in) investing activities (27,719) (29,822)
Financing activities:    
Payments of long-term debt   (22,000)
Deferred payment related to Zentrick acquisition   (50)
Payment of contingent consideration related to Zentrick acquisition (3,247)  
Proceeds from common stock issued upon exercise of stock options 4,907 5,514
Proceeds from common stock issued under employee purchase plan 768  
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 (6) (21,797)
Finance lease payments (1,286) (1,222)
Shares repurchased for settlement of employee tax withholdings (9,683) (1,802)
Net cash (used in) provided by financing activities (8,547) 258,033
Effect of exchange rate changes on cash and cash equivalents and restricted cash (1,015) (173)
Net increase in cash, cash equivalents, and restricted cash 21,080 286,472
Cash, cash equivalents, and restricted cash - Beginning of period 221,725 33,395
Cash, cash equivalents, and restricted cash - End of period 242,805 319,867
Supplemental cash flow information:    
Cash paid for taxes 10,210 5,586
Cash paid for interest 519 580
Non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments 80,060  
Acquisition of equipment under finance lease   1,518
Capital assets financed by accounts payable 5,305 41
Conversion of Series A preferred stock to common stock   610
Treasury stock reissued upon the conversion of Series A preferred stock for common stock   $ 260,686
Stock-based compensation included in capitalized software development costs $ 367