Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income (loss) $ 11,564 $ (11,979)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 18,061 18,243
Deferred income taxes 205 335
Amortization of debt issuance costs 821 1,035
Amortization of contract assets 1,091 882
Amortization of right-of-use assets 686 0
Amortization of unrealized gains on terminated interest rate swap agreements (2,181) 0
Amortization of cloud-based software implementation costs 151 0
Stock-based compensation 2,794 823
Other non-cash charges, net 496 (460)
Changes in operating assets and liabilities:    
Accounts receivable (29,852) (2,585)
Prepaid expenses and other current assets 4,115 (824)
Cloud-based software implementation costs (8,548) (660)
Other non-current assets (1,411) (1,872)
Accounts payable (7,095) (13,093)
Accrued expenses and other current liabilities 14,920 7,170
Accrued salaries and payroll (6,240) 6,128
Operating lease liabilities, net (1,068) 0
Other non-current liabilities (524) 49
Net cash (used in) provided by operating activities (2,015) 3,192
Cash flows from investing activities    
Purchases of property and equipment (1,867) (1,345)
Capitalized software development (2,662) (1,330)
Net cash used in investing activities (4,529) (2,675)
Cash flows from financing activities    
Repayments of debt (2,088) (2,088)
Payments for termination of interest rate swap agreements (18,445) 0
Net cash used in financing activities (20,533) (2,088)
Net decrease in cash, cash equivalents and restricted cash (27,077) (1,571)
Effect of exchange rates (420) (270)
Cash, cash equivalents and restricted cash    
Beginning of period 116,214 24,059
End of period 88,717 22,218
Cash paid for    
Interest 8,772 16,908
Income taxes paid (refund) 902 (137)
Supplemental schedule of non-cash investing and financing activities    
Unpaid property and equipment and capitalized software purchases $ 561 $ 1,410