v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ (4,422) $ (13,883)
Adjustments to reconcile loss to net cash provided by operations:    
Depreciation and amortization 21,400 19,337
Amortization of operating lease assets 1,356 1,137
Amortization of debt financing costs and discount 995 926
Non-cash interest expense 533 692
Net accretion of discounts on available-for-sale securities (183) (332)
Provision for expected losses 115 1,121
Provision for deferred income taxes 149 1,503
Gain on extinguishment of debt 0 119
Net realized gains on sales of available-for-sale securities (2,828) (2,068)
Share-based compensation 6,243 5,721
Changes in operating assets and liabilities:    
Accounts receivable 2,915 4,490
Inventory 89 1,272
Prepaid expenses and other assets (6,184) (1,147)
Operating lease right-of-use assets 0 14
Accounts payable (95) 729
Accrued expenses and other long-term obligations 625 (1,308)
Lease liabilities (1,458) (1,236)
Deferred revenue (6,440) (5,923)
Net cash provided by operating activities 12,810 10,926
Cash flows from investing activities:    
Payments to Acquire Businesses, Net of Cash Acquired 0 (37,500)
Acquisition of intangible assets (4,739) (14,967)
Purchases of property and equipment (566) (522)
Software capitalization costs (10,582) (10,271)
Purchases of available-for-sale securities (25,566) (36,655)
Proceeds from sales and maturities of available-for-sale securities 18,773 21,738
Net cash used in investing activities (22,680) (78,177)
Cash flows from financing activities:    
Proceeds from notes payable, net of issuance costs 0 57,982
Payments of notes payable (4,554) (5,000)
Debt extinguishment costs 0 100
Payments made on amounts due for the acquisition of intangible assets (478) (1,381)
Net proceeds from (settlements for) common stock transactions (176) 1,011
Net change in client fund obligations (31,103) (45,506)
Net cash provided by (used in) financing activities (36,311) 7,006
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents (46,181) (60,245)
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 118,522 85,467
Cash and cash equivalents 16,780 21,520
Restricted cash and cash equivalents held to satisfy client funds obligations 101,742 63,947
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 118,522 85,467
Supplemental information:    
Cash paid for interest 4,609 1,720
Non-cash investing and financing activities:    
Acquisition of intangible assets 472 1,603
Notes payable issued for acquisitions 592 5,078
Shares issued for acquisitions 445 956
Shares issued for debt payments $ 0 $ 1,059