v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (290,605) $ (142,231)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 6,921 5,346
Amortization of debt issuance costs and discount 4,790 6,743
Equity-based compensation expense 11,719 10,906
Goodwill impairment 70,636 85,000
Non-cash lease expense 624 363
Provision for doubtful accounts 351 176
Deferred income tax benefit 0 (37)
Loss on extinguishment of debt 2,577 0
Increase in fair value of derivatives 169,087 15,726
Changes in assets and liabilities:    
Decrease (increase) in accounts receivable 10,267 (6,232)
Decrease in contract assets 194 3,781
(Increase) decrease in prepaid expenses and other assets (592) 1,243
Decrease in accounts payable (5,039) (5,047)
Increase in accrued expenses 4,765 1,652
Increase in contract liabilities 1,925 1,469
Increase (decrease) in other liabilities 1,848 (275)
Net cash used in operating activities (10,532) (21,417)
Cash flows from investing activities:    
Acquisition of business, net of cash acquired 0 13,935
Purchases of property and equipment (85) (167)
Capitalized software development costs (2,699) (3,225)
Net cash (used in) provided by investing activities (2,784) 10,543
Cash flows from financing activities:    
Proceeds from issuance of shares for exercised RDO and PIPE warrants 64,673 53,809
Payment of RDO and PIPE transaction costs (551) 0
Repayment of short-term borrowings (451) (812)
Proceeds from at-the-market offering 300,000 0
Payment of transaction costs for at-the-market offering (5,250) 0
Payment of debt issuance costs to third parties (4,679) 0
Issuance of common stock upon ESPP purchase 1,069 607
Proceeds from exercise of options 1,633 119
Payments of tax withholding from the issuance of common stock (1,679) (3,140)
Net cash provided by financing activities 354,765 50,583
Effect of foreign currency rate changes on cash and cash equivalents (745) 0
Net increase in cash and cash equivalents 340,704 39,709
Cash and cash equivalents at the beginning of period 50,141 32,557
Cash and cash equivalents at the end of the period 390,845 72,266
Cash paid during the period for:    
Interest 2,299 0
Income taxes (14) 0
Supplemental schedule of non-cash investing and financing activities:    
Issuance of common stock upon conversion of 2029 Notes 135,597 0
Issuance of shares for paid-in-kind interest on 2029 Convertible Notes 4,095 0
Issuance of common stock as consideration for Pangiam acquisition $ 0 $ 207,770

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