XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
[2],[4]
Cash flows from operating activities:    
Net loss $ (3,681) $ (3,022) [1],[3]
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 6,870 5,092 [3]
Equity-based compensation 6,624 3,441
Provision for doubtful accounts 116 62
Amortization of debt discount and issuance costs 1,416 1,332
Amortization of capitalized customer acquisition costs 167 119
Loss on disposal of assets 0 0
Unrealized gain on investment 0 0
Benefit from deferred income taxes (228) (10)
Non-cash lease expense 1,205 694
Increase in non-cash contingent consideration expense from original estimate 4,927 1,904 [3]
Changes in operating assets:    
Accounts receivable (628) (1,094)
Prepaid expenses and other current assets (4,541) (1,976)
Other assets (877) (1,298)
Changes in operating liabilities:    
Accounts payable 419 2,503
Accrued expenses and other current liabilities 6,818 (3,496)
Settlement obligations 2,581 84
Deferred revenue 5,439 6,563
Operating lease liabilities (1,180) (782)
Other long-term liabilities 1 6,037
Contingent consideration paid in excess of original estimates (3,538) (4,115)
Net cash provided by operating activities 21,910 12,038
Cash flows from investing activities:    
Expenditures for property and equipment (384) (549)
Expenditures for capitalized software (1,958) (1,166)
Acquisitions of businesses, net of cash and restricted cash acquired (60,000) (59,595)
Acquisition of other intangibles (11) (19)
Net cash used in investing activities (62,353) (61,329)
Cash flows from financing activities:    
Proceeds from revolving credit facility 105,009 88,255
Payments on revolving credit facility (49,900) (38,948)
Cash paid for contingent consideration (6,217) (1,736)
Proceeds from stock option exercises 174 851
Payments for employee's tax withholdings from net settled stock option exercises 157 (200)
Net cash provided by financing activities 49,223 48,222
Net increase in cash, cash equivalents and restricted cash 8,780 (1,069)
Cash, cash equivalents and restricted cash at beginning of period 17,931 20,601
Cash, cash equivalents and restricted cash at end of period 26,711 19,532
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,367 420
Cash paid for income taxes $ 556 $ 0
[1] Effective October 1, 2020, the Company's financial statements are presented in accordance with ASU 2021-08, Accounting Standards Codification Topic 805, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. See Note 2 to the interim consolidated financial statements for a description of the recently adopted accounting pronouncement and the impacts of adoption on the condensed consolidated statement of changes in equity.
[2] Effective October 1, 2020, the Company's financial statements are presented in accordance with ASU 2021-08, Accounting Standards Codification Topic 805, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. See Note 2 to the interim consolidated financial statements for a description of the recently adopted accounting pronouncement and the impacts of adoption on the condensed consolidated statements of cash flows.
[3] Effective October 1, 2020, the Company's financial statements are presented in accordance with ASU 2021-08, Accounting Standards Codification Topic 805, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. See Note 2 to the interim consolidated financial statements for a description of the recently adopted accounting pronouncement and the impacts of adoption on the condensed consolidated statements of operations.
[4] The prior period amounts included in the statement of cash flows have been updated to correct settlement assets as restricted cash, which were previously reported as cash flows used in operating activities. These adjustments reflect an increase in prior year cash flows provided by operating activities of $84 and a corresponding increase in cash, cash equivalents, and restricted cash at the end of the period.