XML 20 R8.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income (loss) $ 2,511,000 $ (17,293,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 5,491,000 4,860,000
Noncash operating lease cost 4,545,000 3,769,000
Equity-based compensation 49,083,000 51,770,000
Amortization of deferred contract acquisition costs 2,413,000 2,351,000
Amortization of debt issuance costs, included in interest expense 140,000 139,000
Deferred tax benefit (1,992,000) (210,000)
Accretion of discount on investments (1,177,000) (396,000)
Realized (gain) loss on investments 24,000 (89,000)
Changes in operating assets and liabilities:    
Accounts receivable, net (4,718,000) (9,898,000)
Prepaid expenses and other assets (1,093,000) (540,000)
Deferred contract acquisition costs (1,771,000) (1,287,000)
Accounts payable 335,000 100,000
Accrued expenses and other liabilities (4,183,000) (11,204,000)
Tax receivable agreement liability 4,355,000 7,000,000
Net cash provided by operating activities 53,963,000 29,072,000
INVESTING ACTIVITIES    
Purchases of property and equipment (2,947,000) (3,293,000)
Purchase of held to maturity investments (3,009,000) 0
Purchases of available-for-sale investments (67,390,000) (91,684,000)
Proceeds from sale of available-for-sale investments 0 5,950,000
Proceeds from maturities of investments 59,842,000 3,242,000
Acquisition of business, net of cash acquired (40,121,000) 0
Payment of initial direct costs for operating leases (104,000) 0
Net cash used in investing activities (53,729,000) (85,785,000)
FINANCING ACTIVITIES    
Proceeds from exercise of options 109,000 3,179,000
Taxes paid related to net share settlement of equity awards (33,081,000) (8,447,000)
Repayments of borrowings (688,000) (1,374,000)
Payment of business acquisition holdback liability (780,000) 0
Proceeds from employee stock purchase plan 2,795,000 2,595,000
Tax distributions (8,000) 0
Net cash used in financing activities (31,653,000) (4,047,000)
Effect of exchange rate changes on cash and cash equivalents (251,000) 252,000
Change in cash and cash equivalents during the period (31,670,000) (60,508,000)
Cash and cash equivalents, beginning of period 221,765,000 250,724,000
Cash and cash equivalents, end of period 190,095,000 190,216,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 1,762,000 2,220,000
Cash paid for income taxes 590,000 1,068,000
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Purchase of property and equipment included in accounts payable and accrued expense 55,000 1,000
Tax distributions payable to Continuing Equity Owners included in accrued expenses $ 3,209,000 $ 3,994,000