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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income (loss) $ (20,918) $ (40,617)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property, equipment and software 15,411 23,560
Amortization of acquired intangible assets 2,206 4,188
Stock-based compensation 8,792 9,882
Foreign currency (gains) losses, net 13,660 (159)
Foreign VAT assessments 4,092 0
Gain on sale of assets (5,160) 0
Change in assets and liabilities:    
Accounts receivable 8,259 10,463
Prepaid expenses and other current assets 14,095 5,384
Right-of-use assets - operating leases 1,258 6,189
Accounts payable (4,151) (39,427)
Accrued merchant and supplier payables (34,660) (48,447)
Accrued expenses and other current liabilities 3,425 (30,557)
Operating lease obligations (3,843) (15,743)
Payment for early lease termination (1,832) (9,724)
Other, net 4,555 6,378
Net cash provided by (used in) operating activities 5,189 (118,630)
Investing activities    
Purchases of property and equipment and capitalized software (8,183) (11,797)
Proceeds from sale of assets, net 9,116 1,475
Acquisitions of intangible assets and other investing activities (561) (1,174)
Net cash provided by (used in) investing activities 372 (11,496)
Financing activities    
Payments of borrowings under revolving credit agreement (42,776) (28,300)
Proceeds from Rights Offering, net of issuance costs 79,619 0
Other financing activities (3,223) (3,836)
Net cash provided by (used in) financing activities 33,620 (32,136)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (365) 1,967
Net increase (decrease) in cash, cash equivalents and restricted cash 38,816 (160,295)
Cash, cash equivalents and restricted cash, beginning of period [1] 167,638 281,696
Cash, cash equivalents and restricted cash, end of period [1] 206,454 121,401
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,719 3,493
Income tax payments 6,952 2,676
Increase (decrease) in liabilities related to purchases of property and equipment and capitalized software (315) (1,568)
Cash paid for amounts included in the measurement of operating lease liabilities 3,521 15,330
Right-of-use assets obtained in exchange for operating lease liabilities $ 2,142 $ 0
[1] The following table provides a reconciliation of Cash, cash equivalents and restricted cash shown above to amounts reported within the Condensed Consolidated Balance Sheets as of June 30, 2024, December 31, 2023, June 30, 2023 and December 31, 2022 (in thousands):
June 30, 2024December 31, 2023June 30, 2023December 31, 2022
Cash and cash equivalents$178,089 $141,563 $118,145 $281,279 
Restricted cash included in prepaid expenses and other current assets28,365 26,075 3,256 417 
Cash, cash equivalents and restricted cash$206,454 $167,638 $121,401 $281,696