v3.24.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (58,625) $ (25,557)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 26,102 22,493
Provision for credit losses 272 549
Stock-based compensation expense 10,950 19,115
Gain on sale of energy group (2,572)  
Change in fair value of contingent consideration 2,284 (22,721)
Change in deferred taxes (4,984) (1,562)
Amortization of debt issuance costs 1,082 1,191
Amortization of right-of-use assets 1,561 1,053
Imputed non-cash interest expense (439)  
Gain on debt extinguishment (30,023) (19,097)
Changes in assets and liabilities:    
Accounts receivable (5,720) 29,658
Expenditures billable to clients 2,731 4,841
Prepaid expenses and other assets 2,276 (2,938)
Other assets (2,204) (9,558)
Accounts payable (5,449) (9,997)
Deferred revenue 184  
Accrued media payments (8,168) 14,507
Client advances (982) 8,481
Other accrued liabilities (2,877) (1,600)
Other liabilities (1,820) (5,121)
Net cash (used in) provided by operating activities (76,421) 3,737
Cash flows from investing activities:    
Minority investment   (2,750)
Proceeds from sale of energy group 504  
Capital expenditures (5,120) (4,765)
Acquisitions, net of cash acquired (50,268) (4,589)
Net cash used in investing activities (54,884) (12,104)
Cash flows from financing activities:    
Payment of debt issuance costs (3,120)  
Issuance of Senior Secured Term Loan 77,500  
Repurchase of convertible senior notes (37,500) (39,029)
Payment of debt repurchase costs   (380)
Unwinding of Capped Calls Related to Debt Repurchase   276
Payment of contingent consideration (2,690) (14,376)
Taxes paid related to net share settlement of equity awards (1,153) (9,766)
Payment of earnout (7,772)  
Proceeds from issuances of stock under employee stock plans, net 1,064 1,347
Net cash provided by (used in) financing activities 26,329 (61,928)
Net decrease in cash and cash equivalents and restricted cash (104,976) (70,295)
Cash and cash equivalents and restricted cash, beginning of period 185,282 255,577
Cash and cash equivalents and restricted cash, end of period 80,306 185,282
Cash paid during the period for:    
Taxes paid 2,648 1,869
Interest paid 2,630 3,502
Non-cash investing and financing activities:    
Warrants issued in connection with the 2023 Term Loan 4,949  
Fair value of shares issued for acquisition of businesses and contingent consideration 756 8,369
Stock-based compensation capitalized for software development 413 258
Lease liabilities arising from right-of-use assets $ 1,436 $ 4,501

Source

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