v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net income (loss) $ 19,764 $ (16,094)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 1,767 1,626
Bad debt expense 962 838
Amortization of debt issuance costs 412 404
Provision for obsolete inventory 1,100 42
Non-cash lease expense 268 180
Non-cash interest on share repurchase liability 1,986 493
Share-based compensation expense 4,313 4,604
(Gain) loss from change in fair value of earnout liabilities (8,856) 26,038
Deferred income taxes 1,285  
Changes in operating assets and liabilities:    
Accounts receivable (2,406) (1,684)
Inventory 1,613 (192)
Other assets (2,387) 818
Accounts payable (1,950) 1,490
Deferred revenue (60) 379
Accrued expenses (3,910) (1,453)
Payments pursuant to TRA (93)  
Operating lease liabilities (255) (170)
Net cash provided by operating activities 13,553 17,319
Investing Activities    
Purchases of property and equipment (3,439) (3,210)
Purchases of capitalized software (371) (692)
Acquisitions, net of cash acquired   (11,611)
Net cash used in investing activities (3,810) (15,513)
Financing Activities    
Repurchases of Class A common stock   (5,599)
Borrowings on revolving loans   10,000
Principal repayments on term loan (3,125) (3,125)
Payments on repurchase liability (25,081) (62,162)
Proceeds from exercise of stock options 226 562
Issuance of stock under purchase plan 72 146
Distributions (1,581) (4,203)
Net cash used in financing activities (29,489) (64,381)
Effect of exchange rate changes on cash and cash equivalents 5 (8)
Net decrease in cash and cash equivalents (19,741) (62,583)
Cash and cash equivalents at beginning of period 39,342 89,002
Cash and cash equivalents at end of period 19,601 26,419
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 4,022 3,972
Cash paid for income taxes $ 2,508 2,207
Non-cash investing and financing activities    
Capital expenditures and capitalized software included in accounts payable   85
Shares issued to acquire Simpatra   $ 1,841