v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:                  
Net loss $ (127,792) $ (31,187) $ (142,231) $ (50,017) $ (157,366) $ (47,135) $ (295,547) $ (70,657) $ (111,367)
Adjustments to reconcile net loss to net cash used in operating activities:                  
Depreciation and amortization expense 2,439 1,986 5,346 3,965 8,740 5,936 11,873 7,901 7,758
Amortization of debt issuance costs and discount 3,336 3,028 6,743 6,160 10,259 9,393 13,428 12,695 11,958
Equity-based compensation expense 5,157 3,805 10,906 7,799 16,074 12,592 21,127 18,671 10,865
Goodwill impairment 85,000 0 85,000 0 85,000 0 85,000 0 53,544
Impairment of right-of-use assets             0 0 901
Non-cash lease expense 94 (35) 363 297 553 450 720 597 174
Provision for doubtful accounts 171 882 176 1,557 220 1,607 228 1,739 55
Deferred income tax benefit (23) 54 (37) 53 (37) 53 (328) (235) (1,924)
Loss on extinguishment of debt 0 0 0 0 0 0 31,272 0 0
Net increase (decrease) in fair value of derivatives 23,807 13,012 15,726 15,442 14,396 (1,827) 107,658 7,361 (21,387)
Loss on sale of property and equipment   8   8   10 0 10 0
Changes in assets and liabilities:                  
(Increase) decrease in accounts receivable (8,957) (3,469) (6,232) (7,735) (5,396) (546) (11,753) 6,403 (798)
Decrease (increase) in contract assets 2,443 (1,115) 3,781 966 3,078 860 3,927 (3,510) (286)
Decrease (increase) in prepaid expenses and other assets 950 1,488 1,243 5,244 1,540 6,181 2,076 5,899 (1,702)
(Decrease) increase in accounts payable (5,960) (4,914) (5,047) (8,124) (8,224) (6,346) (4,027) (4,384) 9,942
(Decrease) increase in accrued liabilities 2,599 4,066 1,652 660 7,610 2,035 (2,873) 2,637 (5,121)
Increase (decrease) in contract liabilities 1,826 325 1,469 (22) 486 298 514 (1,143) (3,740)
(Decrease) increase in other liabilities 551 49 (275) (1,066) (246) (1,794) (1,414) (2,291) 2,210
Net cash used in operating activities (14,359) (12,017) (21,417) (24,813) (23,313) (18,233) (38,119) (18,307) (48,918)
Cash flows from investing activities:                  
Acquisition of business, net of cash acquired 13,935   13,935   13,935   13,935 0 (4,465)
Purchases of property and equipment (38) 0 (167) (2) (304) (2) (484) (2) (769)
Capitalized software development costs (1,643) 0 (3,225) 0 (7,396) (2,744) (10,630) (3,828) 0
Net cash provided by (used in) investing activities 12,254 0 10,543 (2) 6,235 (2,746) 2,821 (3,830) (5,234)
Cash flows from financing activities:                  
Proceeds from issuance of shares for exercised RDO and PIPE warrants 53,809   53,809   53,809   53,809 0 0
Proceeds from issuance of Private Placement and Registered Direct Offering shares   25,000   50,000   50,000 0 50,000 0
Payment of Private Placement and Registered Direct Offering transaction costs   (3,025)   (5,225)   (5,724) 0 (5,724) 0
Repurchase of shares as a result of forward share purchase agreements             0 0 (100,896)
Proceeds from short-term borrowings             817 1,229 2,059
Repayment of short-term borrowings (403) (763) (812) (1,537) (1,229) (2,059) (1,229) (2,059) (4,233)
Payment of debt issuance costs to third parties             (349) 0 0
Issuance of common stock upon ESPP purchase 0 0 607 0 607 531 1,367 1,176 0
Proceeds from exercise of options 86   119   119   421 0
Payments of tax withholding from the issuance of common stock (2,532) 0 (3,140) (1,132) (3,143) (2,217) (2,378) (2,560) (67)
Net cash provided by (used in) financing activities 50,960 21,212 50,583 42,106 50,163 40,531 52,458 42,062 (103,137)
Effect of foreign currency rate changes on cash and cash equivalents 0   0   (58)   424 0 0
Net increase (decrease) in cash and cash equivalents 48,855 9,195 39,709 17,291 33,027 19,552 17,584 19,925 (157,289)
Cash and cash equivalents at the beginning of period 32,557 12,632 32,557 12,632 32,557 12,632 32,557 12,632 169,921
Cash and cash equivalents at the end of the period 81,412 21,827 72,266 29,923 65,584 32,184 50,141 32,557 12,632
Cash paid during the period for:                  
Interest             12,555 12,189 12,409
Income taxes             (1,506) (30) 9
Reconciliation of cash and cash equivalents and restricted cash:                  
Cash and cash equivalents 81,412 21,827 72,266 29,923 65,584 32,184 50,141 32,557 12,632
Restricted cash             0 0 0
Cash and cash equivalents and restricted cash at end of the period $ 81,412 $ 21,827 $ 72,266 $ 29,923 $ 65,584 $ 32,184 50,141 32,557 12,632
Pangiam Acquisition                  
Adjustments to reconcile net loss to net cash used in operating activities:                  
Goodwill impairment             85,000    
Supplemental schedule of non-cash investing and financing activities:                  
Issuance of common stock as consideration for acquisition             210,751 0 0
ProModel Acquisition                  
Supplemental schedule of non-cash investing and financing activities:                  
Issuance of common stock as consideration for acquisition             $ 0 $ 0 $ 7,501

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