v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ (3,818) $ (8,521)
Adjustments to reconcile loss to net cash provided by operations:    
Depreciation and amortization 14,072 12,155
Amortization of operating lease assets 899 740
Amortization of debt financing costs and discount 653 537
Non-cash interest expense 158 309
Net accretion of discounts on available-for-sale securities (116) (236)
Provision for expected losses 14 20
Provision for deferred income taxes 606 1,134
Loss on extinguishment of debt 0 (103)
Net realized gains on sales of available-for-sale securities (1,803) (1,310)
Share-based compensation 4,281 3,754
Gain on disposals of long-term assets 0 (7)
Changes in operating assets and liabilities:    
Accounts receivable 2,726 4,512
Inventory 778 53
Prepaid expenses and other assets (4,443) (1,462)
Operating lease right-of-use assets 0 21
Accounts payable (138) 232
Accrued expenses and other long-term obligations (104) (624)
Lease liabilities (968) (825)
Deferred revenue (5,617) (5,434)
Net cash provided by operating activities 7,180 5,151
Cash flows from investing activities:    
Acquisition of intangible assets (4,721) (6,346)
Purchases of property and equipment (472) (393)
Software capitalization costs (6,789) (6,470)
Purchases of available-for-sale securities (23,752) (12,304)
Proceeds from sales and maturities of available-for-sale securities 12,529 7,699
Net cash used in investing activities (23,205) (17,814)
Cash flows from financing activities:    
Proceeds from notes payable, net of issuance costs 0 57,982
Payments of notes payable 0 (5,000)
Debt extinguishment costs 0 100
Payments made on amounts due for the acquisition of intangible assets (449) (1,280)
Net proceeds from (settlements for) common stock transactions (91) 1,034
Net change in client fund obligations (48,647) 20,461
Net cash provided by (used in) financing activities (49,187) 73,097
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (65,212) 60,434
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 164,703 145,712
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period 99,491 206,146
Cash and cash equivalents 19,679 66,000
Restricted cash and cash equivalents held to satisfy client funds obligations 79,812 140,146
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 99,491 206,146
Supplemental information:    
Cash paid for interest 3,160 498
Non-cash investing and financing activities:    
Acquisition of intangible assets 167 1,884
Notes payable issued for acquisitions 622 1,150
Shares issued for acquisitions $ 445 $ 0