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
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net income $ 25,014 $ 14,869
Adjustments to reconcile net income to net cash provided by operating activities    
Bad debt expense 3,706 1,997
Depreciation and amortization expense 18,659 17,357
Amortization of debt issuance costs 147 147
Non-cash lease expense 3,293 3,882
Deferred taxes (16,639) (3,974)
Stock-based compensation expense 26,980 20,253
Interest expense 25 72
Loss on disposal of fixed assets 5 1,345
Impairment of long-lived assets   1,510
Other 209 (302)
Changes in operating assets and liabilities    
Trade receivables (12,214) (21,942)
Prepaid expenses and other assets (11,168) (949)
Trade payables 2,126 2,262
Accrued expenses and other liabilities (7,979) (9,978)
Net cash provided by operating activities 32,164 26,549
Investing activities:    
Purchase of property, plant and equipment (7,671) (13,606)
Net cash (used in) investing activities (7,671) (13,606)
Financing activities:    
Proceeds from revolving credit facility 50,000  
Payments to revolving credit facility (50,000)  
Payment of contingent consideration related to Zentrick acquisition   (3,247)
Proceeds from common stock issued upon exercise of stock options 5,757 2,516
Proceeds from common stock issued under employee purchase plan 1,138 768
Payments related to offering costs   (6)
Finance lease payments (1,028) (907)
Shares repurchased for settlement of employee tax withholdings (2,753) (9,191)
Net cash provided by (used in) financing activities 3,114 (10,067)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 15 (738)
Net increase in cash, cash equivalents, and restricted cash 27,622 2,138
Cash, cash equivalents, and restricted cash - Beginning of period 267,938 221,725
Cash, cash equivalents, and restricted cash - End of period 295,560 223,863
Supplemental cash flow information:    
Cash paid for taxes 41,284 1,161
Cash paid for interest 389 282
Non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for new operating Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances 1,261 79,565
Acquisition of equipment under finance lease 5,479  
Capital assets financed by accounts payable and accrued expenses 480  
Stock-based compensation included in capitalized software development costs $ 411 $ 258