v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ (39,110) $ (91,779)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 5,936 5,764
Amortization of debt issuance costs 1,512 1,570
Equity-based compensation expense 12,592 11,160
Goodwill impairment 0 35,252
Non-cash lease expense 450 0
Provision for doubtful accounts 1,607 55
Deferred income tax expense (benefit) 53 (1,450)
Net decrease in fair value of derivatives (1,971) (1,564)
Loss on sale of property and equipment 10 0
Changes in assets and liabilities:    
Increase in accounts receivable (546) (2,359)
Decrease (increase) in contract assets 860 (297)
Decrease in prepaid expenses and other assets 6,181 3,549
(Decrease) increase in accounts payable (6,346) 1,946
Increase (decrease) in accrued liabilities 2,035 (993)
Increase (decrease) in contract liabilities 298 (1,004)
(Decrease) increase in other liabilities (1,794) 1,760
Net cash used in operating activities (18,233) (38,390)
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired 0 (4,465)
Purchases of property and equipment (2) (736)
Capitalized software development costs (2,744) 0
Net cash used in investing activities (2,746) (5,201)
Cash flows from financing activities:    
Proceeds from issuance of Private Placement shares and Registered Direct Offering shares 50,000 0
Payment of Private Placement and Registered Direct Offering transaction costs (5,724) 0
Repurchase of shares as a result of forward purchase agreements 0 (100,896)
Repayment of short-term borrowings (2,059) (3,464)
Issuance of common stock upon ESPP purchase 531 0
Payments for taxes related to net share settlement of equity awards (2,217) (15)
Net cash provided by (used in) financing activities 40,531 (104,375)
Net increase (decrease) in cash and cash equivalents and restricted cash 19,552 (147,966)
Cash and cash equivalents and restricted cash at the beginning of period 12,632 169,921
Cash and cash equivalents and restricted cash at the end of the period 32,184 21,955
Supplemental schedule of non-cash investing and financing activities:    
Issuance of common stock as consideration for the acquisition of ProModel Corporation $ 0 $ 7,501

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