v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (8,521) $ (4,668)
Adjustments to reconcile loss to net cash provided by (used in) operations:    
Depreciation and amortization 12,155 10,359
Amortization of operating lease assets 740 677
Amortization of debt financing costs and discount 537 302
Non-cash interest expense 724 0
Net accretion of discounts on available-for-sale securities (236) (170)
Provision for expected losses 20 107
Provision for deferred income taxes 1,134 255
Loss on extinguishment of debt (103) 0
Net realized gains on sales of available-for-sale securities (1,310) (1,294)
Share-based compensation 3,754 3,390
Gain on disposals of long-term assets (7) 0
Changes in operating assets and liabilities:    
Accounts receivable 4,512 (2,178)
Inventory 53 (108)
Prepaid expenses and other assets (1,462) (1,636)
Operating lease right-of-use assets 21 98
Accounts payable 232 (1,330)
Accrued expenses and other long-term obligations (1,039) (1,858)
Operating lease liabilities (825) (374)
Deferred revenue (5,434) (3,291)
Net cash provided by (used in) operating activities 5,151 (1,719)
Cash flows from investing activities:    
Acquisition of intangible assets (6,346) (4,097)
Purchases of property and equipment (393) (375)
Software capitalization costs (6,470) (5,042)
Purchases of available-for-sale securities (12,304) (6,462)
Proceeds from sales and maturities of available-for-sale securities 7,699 8,617
Net cash used in investing activities (17,814) (7,359)
Cash flows from financing activities:    
Proceeds from notes payable, net of issuance costs 57,982 0
Payments of notes payable (5,000) 0
Debt extinguishment costs 100 0
Payments made on amounts due for the acquisition of intangible assets (1,280) (236)
Net proceeds from issuance of common stock 1,034 572
Capital raise fees 0 (46)
Net change in client fund obligations 20,461 (28,225)
Net cash provided by (used in) financing activities 73,097 (27,935)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 60,434 (37,013)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 145,712 177,622
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period 206,146 140,609
Cash, cash equivalents, and restricted cash 66,000 20,736
Restricted cash and cash equivalents held to satisfy client funds obligations 140,146 119,873
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 206,146 140,609
Supplemental information:    
Cash paid for interest 498 0
Non-cash investing and financing activities:    
Acquisition of intangible assets 1,884 5,450
Notes payable issued for acquisitions 1,150 1,423
Shares issued for acquisitions $ 0 $ 4,863