Quarterly report [Sections 13 or 15(d)]

Unaudited Interim Condensed Consolidated Statements of Cash Flows

v3.25.3
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities:    
Net income (loss) $ 50,180 $ (17,514)
Adjustments to reconcile net loss to net cash and restricted cash used in operating activities:    
Gain on sale of business (60,435) 0
Depreciation and amortization 5,177 4,432
Stock-based compensation 11,246 15,367
Change in fair value of warrant liabilities (2,862) (2,266)
Excess of lease liability over operating right-of-use assets 0 (123)
Transaction costs paid related to sale of business (5,964) 0
Acquisition consideration allocated to seller transaction expenses (44,339) 0
Impairment of intangible assets 0 5,759
Realized loss from sales of short-term investments 5,195 0
Realized foreign exchange gain (798) 0
Accretion of interest income on held-to-maturity securities (1,732) (3,120)
Deferred tax expense (benefit) 558 (150)
Other 388 87
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 776 8,312
Accounts receivable (8,551) (3,611)
Other non-current assets 666 492
Operating right-of-use assets/lease liabilities (90) 81
Accounts payable and accrued expenses 8,395 (8,336)
Other current liabilities 1,583 (177)
Net cash used in operating activities (40,607) (767)
Cash Flows From Investing Activities:    
Acquisitions, net of cash acquired (65,174) (2,230)
Cash transfer from sale of business (1,241) 0
Capitalized software development costs (1,258) (1,660)
Payments for (Proceeds from) Productive Assets (7,747) (26,286)
Purchase of held-to-maturity investments (146,258) (142,766)
Proceeds from maturities of held-to-maturity investments 203,000 167,950
Proceeds from sale of short-term investments 70,163 0
Net cash provided by / (used in) investing activities 51,485 (4,992)
Cash Flows From Financing Activities:    
Proceeds from the exercise of common stock options 139 124
Taxes paid related to net share settlement of equity awards (7,309) (1,765)
Repurchase and retirement of common stock 0 (244)
Net cash used in financing activities (7,170) (1,885)
Effect of foreign exchange rate changes on cash balances (339) 29
Net increase (decrease) in cash and cash equivalents and restricted cash 3,369 (7,615)
Cash and cash equivalents and restricted cash - beginning 19,647 29,021
Cash and cash equivalents and restricted cash - ending 23,016 21,406
Reconciliation to unaudited interim condensed consolidated balance sheets    
Cash and cash equivalents 22,753 20,028
Restricted cash 263 1,378
Total cash and cash equivalents and restricted cash 23,016 21,406
Cash paid for:    
Income Taxes paid 23 0
Non-cash financing and investing activities:    
Common stock received for sale of business 75,357 0
Contingent consideration and indemnity holdback receivable from sale of business in contingent consideration and other non-current assets, respectively 36,233 0
New leases under ASC 842 entered into during the period 1,597 8,545
Contingent consideration in accounts payable and accrued expenses and other non-current liabilities 9,215 0
Common stock issued for acquisition 8,414 0
Purchases of property and equipment and capitalized software in accounts payable and accrued expenses 518 3,479
Derecognition of ROU assets and lease liability 0 (6,367)
Common stock issued for settlement of earn-out previously in accounts payable and accrued expenses $ 0 $ 3,022