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, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 71,466 $ 43,268 $ 29,308
Adjustments to reconcile net income to net cash provided by operating activities      
Bad debt expense (recovery) 10,075 5,033 (711)
Depreciation and amortization expense 40,885 34,328 30,285
Amortization of debt issuance costs 294 294 294
Non-cash lease expense 6,727 7,339  
Deferred taxes (25,046) (19,581) (7,866)
Stock-based compensation expense 59,244 42,307 21,887
Interest expense 68 107 103
Loss on disposal of fixed assets 5 1,353  
Impairment of long-lived assets   1,510  
Change in fair value of contingent consideration (1,193)   57
Offering costs     22,074
Other 492 87 733
Changes in operating assets and liabilities, net of effects of business combinations      
Trade receivables (43,691) (49,765) (22,004)
Prepaid expenses and other assets (5,591) 9,094 (7,567)
Trade payables 5,476 2,884 (49)
Accrued expenses and other liabilities 530 16,604 16,205
Net cash provided by operating activities 119,741 94,862 82,749
Investing activities:      
Purchase of property, plant and equipment (17,009) (39,981) (9,397)
Acquisition of businesses, net of cash acquired (67,240)   (149,217)
Net cash used in investing activities (84,249) (39,981) (158,614)
Financing activities:      
Payments of long-term debt     (22,000)
Payments to revolving credit facility (50,000)    
Proceeds from 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 10,666 5,803 12,440
Proceeds from common stock issued under employee purchase plan 2,723 1,734 404
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)
Finance lease payments (2,314) (1,924) (1,918)
Shares repurchased for settlement of employee tax withholdings (4,586) (10,244) (1,802)
Net cash provided by (used in) financing activities 6,489 (7,884) 264,395
Deferred payment related to acquisition of assets     (50)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 338 (784) (200)
Net (decrease) increase in cash, cash equivalents, and restricted cash 42,319 46,213 188,330
Cash, cash equivalents, and restricted cash - Beginning of period 267,938 221,725 33,395
Cash, cash equivalents, and restricted cash - End of period 310,257 267,938 221,725
Supplemental cash flow information:      
Cash paid for taxes 60,883 12,351 7,698
Cash paid for interest 714 554 774
Non-cash investing and financing activities:      
Right-of-use assets obtained in exchange for new operating lease liabilities, net of impairments and tenant improvement allowances 2,547 71,979  
Acquisition of equipment under finance lease 5,479   1,518
Capital assets financed by accounts payable and accrued expenses 261 12 36
Stock-based compensation included in capitalized software development costs 1,103 $ 480  
Common stock issued in connection with acquisition 52,937   22,526
Liabilities for contingent consideration $ 1,193    
Treasury stock reissued upon the conversion of Series A preferred stock for common stock     260,686
Offering costs included in accounts payable and accrued expense     $ 5