v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ (6,361) $ 7,430
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation of property and equipment 5,101 4,743
Amortization of intangible assets 2,953 2,081
Impairment of property and equipment 72  
Stock-based compensation 7,272 6,145
Change in fair value of contingent consideration (923) (8,842)
Deferred taxes 252  
Allowance for credit losses 276 (74)
Changes in operating assets and liabilities:    
Accounts receivable and contract assets, net 7,122 (3,771)
Prepaid expenses and other assets (407) (1,823)
Accounts payable 1,689 (705)
Accrued expenses and other liabilities (479) 6
Deferred revenue (5,932) 4,879
Net cash provided by operating activities 10,635 10,069
Cash flows from investing activities:    
Purchase of property and equipment (4,350) (9,026)
Investment in intangible and other assets (440) (24)
Business acquisition, net of cash acquired (10,995) (4,618)
Net cash used in investing activities (15,785) (13,668)
Cash flows from financing activities:    
Payment of contingent consideration liability (1,500)  
Proceeds from exercise of stock options 147 264
Repurchases of common stock (5,595) (3,084)
Proceeds from line of credit 7,000  
Proceeds from employee stock purchase plan 483 489
Net cash provided by (used) in financing activities 535 (2,331)
Change in cash, cash equivalents and restricted cash (4,615) (5,930)
Effect of exchange rate on cash and cash equivalents (64) (102)
Cash, cash equivalents and restricted cash at beginning of year 10,479 15,636
Cash, cash equivalents and restricted cash at end of period 5,800 9,604
Supplemental disclosure of non-cash financing activities:    
Property and equipment purchases included in accounts payable 224 200
Estimated fair value of contingent consideration 2,994 12,400
Fair value of common stock issued as consideration for acquisitions $ 11,291 $ 14,266

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