Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (25,557) $ (64,672)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 22,493 9,410
Loss on disposal of fixed assets   1,894
Provision for doubtful accounts 549 172
Loss on sublease   1,211
Stock-based compensation expense 19,115 40,065
Change in fair value of contingent consideration (22,721) 12,074
Change in deferred taxes (1,562) (45)
Amortization of debt issuance costs 1,191  
Amortization of right-of-use assets 1,053  
Gain on debt extinguishment (19,097)  
Changes in assets and liabilities:    
Accounts receivable 29,658 (47,225)
Expenditures billable to clients 4,841 (8,815)
Prepaid expenses and other assets (2,938) 3,368
Other assets (9,558) (241)
Accounts payable (9,997) 17,896
Accrued media payments 14,507 31,049
Client advances 8,481 4,065
Other accrued liabilities (1,600) 8,184
Other liabilities (5,121) (1,156)
Net cash provided by operating activities 3,737 7,234
Cash flows from investing activities:    
Minority investment (2,750)  
Capital expenditures (4,765) (1,016)
Acquisitions, net of cash acquired (4,589) (52,827)
Net cash used in investing activities (12,104) (53,843)
Cash flows from financing activities:    
Proceeds from issuance of convertible senior notes   201,250
Payment of debt issuance costs   (6,304)
Purchases of capped calls related to convertible senior notes   (18,616)
Repurchase of convertible senior notes (39,029)  
Payment of debt repurchase costs (380)  
Unwinding of Capped Calls Related to Debt Repurchase 276  
Payment of contingent considerations (14,376)  
Taxes paid related to net share settlement of equity awards (9,766)  
Proceeds from the exercise of warrants   2,279
Proceeds from issuances of stock under employee stock plans, net 1,347 7,905
Net cash (used in) provided by financing activities (61,928) 186,514
Net (decrease) increase in cash and cash equivalents and restricted cash (70,295) 139,905
Cash and cash equivalents and restricted cash, beginning of period 255,577 115,672
Cash and cash equivalents and restricted cash, end of period 185,282 255,577
Cash paid during the period for:    
Taxes paid 1,869 129
Interest paid 3,502  
Non-cash investing and financing activities:    
Shares issued for acquisition of businesses and earn-out consideration 8,369 31,499
Stock-based compensation capitalized for software development 258 $ 7
Lease liabilities arising from right-of-use assets $ 4,501