Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities:    
Net loss $ (29,009) $ (14,845)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 11,838 3,460
Stock-based compensation 15,249 9,270
Provision for doubtful accounts 925 808
Realized gains on marketable securities 9 21
Employee benefit obligation 752 122
Change in fair value of warrant liability (810) 830
Reversal of accrued interest on forward share purchase agreement   (659)
Non-cash interest expense 1,014 325
Deferred taxes 176 (6,804)
Change in operating assets and liabilities:    
Trade receivables (13,319) (7,259)
Other current assets 1,916 (2,359)
Deferred cost 12 46
Other long-term assets (1,187) 1,483
Accounts payable 5,361 (1,882)
Other current liabilities 1,678 (2,508)
Deferred revenue (2,389) 6,920
Long-term liabilities (87) (82)
Net cash used in operating activities (7,871) (13,113)
Cash Flows from Investing Activities:    
Purchase of short-term investments (1,165) (1,882)
Sale of short-term investments 6,459 546
Purchase of property and equipment (966) (177)
Capitalized software development costs (4,502) (1,633)
Purchase of intangible assets (17) (3)
Net cash used in investing activities (1,196) (198,858)
Cash Flows from Financing Activities:    
Proceeds from (repayments on) line of credit, net (1,776) 203
Repayments on term loans (4,493) (3,451)
Proceeds from issuance of convertible notes, net of issuance costs   188,637
Repayments on notes   (7,500)
Receipts related to forward share purchase agreements   17,045
Proceeds from issuance of common stock in Private Investment in Public Equity offering, net of issuance costs   99,051
Proceeds related to settlement of non-forfeited 2020 Sponsor Earnout Shares   1,244
Proceeds from the exercise of common stock warrants   2,872
Repayments on capital lease (46) (66)
Net cash provided by (used in) financing activities (6,315) 298,035
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,230) (409)
Net increase (decrease) in cash, cash equivalents and restricted cash (17,612) 85,655
Cash, cash equivalents and restricted cash, beginning of period [1] 91,702 32,970
Cash, cash equivalents and restricted cash, end of period [1] 74,090 118,625
Supplemental disclosures of cash flow information:    
Cash paid for interest 6,460 763
Non-cash investing and financing activities    
Change in value of forward share purchase agreements   (483)
Common stock issued to Vivial equity holders (mGage acquisition)   18,832
Stock-based compensation capitalized as software development costs   363
Conversion of convertible note to common stock   2,295
Restricted stock units granted to employees for bonuses 3,764  
Fair value of warrant liability   344
Reclassification of warrant liability to additional paid-in capital upon exercise of warrants   (18)
Consideration payable 468 633
M Gage Europe Ltd    
Cash Flows from Investing Activities:    
Acquisition, net of cash acquired   (195,709)
Acquisition, net of cash acquired   $ (195,709)
Bandyer Srl    
Cash Flows from Investing Activities:    
Acquisition, net of cash acquired (1,005)  
Acquisition, net of cash acquired $ (1,005)  
[1]

As of June 30, 2022, includes $73.6 million of cash and cash equivalents and $468,000 of restricted cash; as of December 31, 2021, includes $90.0 million of cash and cash equivalents and $1.7 million of restricted cash.