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, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 43,268 $ 29,308 $ 20,453
Adjustments to reconcile net income to net cash provided by operating activities      
Bad debt expense (recovery) 5,033 (711) 4,811
Depreciation and amortization expense 34,328 30,285 24,595
Amortization of debt issuance costs 294 294 285
Non-cash lease expense 7,339    
Loss on extinguishment of debt     350
Accretion of acquisition liabilities     36
Deferred taxes (19,581) (7,866) (5,137)
Stock-based compensation expense 42,307 21,887 5,984
Interest expense 107 103 (12)
Loss on disposal of fixed assets 1,353    
Impairment of long-lived assets 1,510 0 0
Change in fair value of contingent consideration   57 (949)
Offering costs   22,074 3,555
Other 87 733 673
Changes in operating assets and liabilities net of effect of business combinations      
Trade receivables (49,765) (22,004) (30,443)
Prepaid expenses and other assets 9,094 (7,567) (9,013)
Trade payables 2,884 (49) 2,482
Accrued expenses and other liabilities 16,604 16,205 3,546
Net cash provided by operating activities 94,862 82,749 21,216
Investing activities:      
Purchase of property, plant and equipment (39,981) (9,397) (9,751)
Acquisition of business, net of cash acquired   (149,217)  
Net cash (used in) investing activities (39,981) (158,614) (9,751)
Financing activities:      
Proceeds from long-term debt     89,650
Payments of long-term debt   (22,000) (142,113)
Payment of contingent consideration related to Zentrick acquisition (3,247)   (601)
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 5,803 12,440 780
Proceeds from common stock issued under employee purchase plan 1,734 404 424
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 (6) (22,069) (3,610)
Payments related to debt issuance costs     (577)
Finance lease payments (1,924) (1,918) (1,443)
Shares repurchased for settlement of employee tax withholdings (10,244) (1,802)  
Net cash (used in) provided by financing activities (7,884) 264,395 10,385
Effect of exchange rate changes on cash and cash equivalents and restricted cash (784) (200) 203
Net increase in cash, cash equivalents, and restricted cash 46,213 188,330 22,053
Cash, cash equivalents, and restricted cash - Beginning of period 221,725 33,395 11,342
Cash, cash equivalents, and restricted cash - End of period 267,938 221,725 33,395
Supplemental cash flow information:      
Cash paid for taxes 12,351 7,698 16,180
Cash paid for interest 554 774 3,369
Non-cash investing and financing activities:      
Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments 71,979    
Acquisition of equipment under finance lease   1,518 1,603
Offering costs included in accounts payable and accrued expense   5 75
Capital assets financed by accounts payable 12 36  
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 $ 480    
Common stock issued in connection with acquisition   22,526  
Exchange of common stock for preferred stock     260,686
Leiki      
Financing activities:      
Deferred payment related to acquisition of assets     (2,033)
Zentrick      
Financing activities:      
Deferred payment related to acquisition of assets   $ (50) $ (50)