Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (62,078) $ (61,104)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,947 3,701
Deferred income taxes, net (1,489) 0
Costs of warrants issued   207
Change in fair value of warrant liability (16) (184)
Provision for doubtful accounts 51 27
Stock-based compensation expense 20,657 15,493
Changes in assets and liabilities:    
Accounts receivable 7,739 (15,531)
Expenditures billable to clients (7,591) 1,468
Prepaid expenses and other current assets (1,307) (137)
Accounts payable (11,718) 13,148
Accrued media payments 9,135 1,417
Client advances 9,554 6,162
Other accrued liabilities 1,006 (7,823)
Other liabilities (7) 1,386
Net cash used in operating activities (30,117) (41,770)
Cash flows from investing activities:    
Proceeds from sales of marketable securities 13,614 26,000
Capital expenditures (293) (3,718)
Intangible assets acquired (477) (570)
Acquisition of businesses, net of cash acquired (883) (5,783)
Net cash provided by investing activities 11,961 15,929
Cash flows from financing activities:    
Proceeds from common stock offerings, net 23,851 32,770
Proceeds from issuances of stock under employee stock plans, net 764 1,522
Net cash provided by financing activities 24,615 34,292
Net increase in cash and cash equivalents and restricted cash 6,459 8,451
Cash and cash equivalents and restricted cash, beginning of period 38,776 30,325
Cash and cash equivalents and restricted cash, end of period 45,235 38,776
Cash paid during periods for:    
Taxes paid 14 6
Non-cash investing and financing activities:    
Shares issued for acquisition of businesses and holdback consideration $ 4,622 $ 10,128