| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 |
|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||
Net loss | ||||||||
-15,283 | -15,444 | -12,354 | -12,062 | -10,354 | -18,432 | -24,103 | -17,766 | -15,249 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Stock-based compensation | ||||||||
9,731 | 8,443 | 9,922 | 9,424 | 6,560 | 4,510 | 4,337 | 3,564 | 3,510 |
Depreciation and amortization | ||||||||
4,091 | 4,123 | 4,016 | 3,987 | 3,681 | 3,412 | 3,398 | 3,002 | 2,990 |
Deferred tax expense | ||||||||
62 | -361 | 60 | 39 | 39 | -184 | -143 | 51 | -1,018 |
Amortization of deferred rent | ||||||||
- | - | - | - | - | -41 | -32 | -38 | 301 |
Non-cash operating lease costs | ||||||||
1,956 | - | - | - | 1,054 | - | - | - | - |
Non-cash change in earnout liabilities | ||||||||
-2,509 | -1,653 | 134 | 476 | 0 | 28 | 32 | -391 | -71 |
Non-cash bad debt expense | ||||||||
631 | 765 | 152 | 228 | 222 | 94 | -297 | -152 | 67 |
Other | ||||||||
192 | 113 | 32 | 137 | 58 | 33 | 285 | 61 | 180 |
Changes in operating assets and liabilities: | ||||||||
Trade accounts receivable | ||||||||
2,750 | 3,214 | 5,920 | -1,807 | 5,535 | 5,656 | 5,830 | -4,406 | 6,428 |
Prepaid expenses and other current assets | ||||||||
4,745 | 270 | 2,678 | -1,109 | 1,705 | 2,162 | 2,544 | -1,763 | 1,907 |
Accrued expenses and other current liabilities | ||||||||
- | - | - | - | - | - | - | - | -5,771 |
Deferred commissions | ||||||||
-2,250 | -2,809 | -4,788 | -6,286 | -5,266 | 0 | 0 | 0 | 0 |
Other noncurrent assets | ||||||||
384 | 434 | 49 | 546 | 236 | 259 | 533 | 126 | -110 |
Trade payables | ||||||||
3,659 | 965 | 2,350 | -1,122 | 3,590 | -1,066 | -1,105 | -512 | -1,736 |
Accrued expenses | ||||||||
-18,568 | 13,941 | 5,706 | 6,972 | -10,373 | - | - | - | - |
Deferred revenue | ||||||||
4,128 | 12,776 | 9,655 | 6,096 | 9,031 | 16,444 | 8,865 | 5,466 | 11,647 |
Operating lease liabilities | ||||||||
-2,230 | - | - | - | -1,187 | - | - | - | - |
Net cash used in operating activities | ||||||||
-24,269 | 16,955 | 5,852 | 10,000 | -10,421 | 7,036 | 1,178 | 2,099 | -13,375 |
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | ||||||||
1,600 | 2,984 | 2,246 | 2,836 | 2,114 | 2,569 | 4,745 | 4,544 | 3,625 |
Cash paid for acquisitions of businesses | ||||||||
0 | 0 | 13,000 | 0 | 17,310 | 0 | 0 | 0 | 0 |
Cash paid for acquired intangible assets | ||||||||
0 | 0 | 8 | 0 | 131 | 0 | 121 | 4,881 | 0 |
Net increase in customer fund assets | ||||||||
3,915 | 7,520 | -7,892 | 4,654 | 7,224 | 1,935 | -6,638 | -13,942 | 18,527 |
Net cash used in investing activities | ||||||||
-5,515 | -10,504 | -7,362 | -7,490 | -26,779 | -4,504 | 1,772 | 4,517 | -22,152 |
Cash flows from financing activities: | ||||||||
Payments of deferred financing costs | ||||||||
0 | 0 | 157 | 359 | 39 | 0 | 1,462 | 622 | 0 |
Proceeds from exercise of stock options and common stock warrants | ||||||||
7,928 | 6,436 | 11,166 | 13,106 | 27,311 | 1,254 | 207 | 5,254 | 326 |
Proceeds from purchases of stock under employee stock purchase plan | ||||||||
5,716 | 0 | 4,629 | 0 | 7,664 | 0 | 0 | 0 | 0 |
Taxes paid related to net share settlement of stock-based awards | ||||||||
0 | 0 | 1,090 | 0 | 93 | 39 | 109 | 201 | 2,016 |
Repurchase of shares | ||||||||
- | - | - | - | - | 0 | 0 | 987 | 819 |
Payment related to business combination earnouts | ||||||||
65 | - | - | - | 0 | - | - | - | - |
Proceeds from credit facility | ||||||||
- | - | - | - | - | 0 | 0 | 5,000 | 18,000 |
Net increase in customer fund obligations | ||||||||
3,915 | 7,520 | -7,811 | 4,654 | 7,143 | 1,935 | -6,638 | -13,942 | 18,527 |
Net cash provided by financing activities | ||||||||
13,734 | 13,956 | 6,362 | 292,106 | 41,986 | 1,627 | -38,002 | 153,778 | 34,018 |
Foreign currency effect on cash and cash equivalents | ||||||||
-365 | -20 | 127 | 90 | -230 | 70 | 37 | 92 | 56 |
Net change in cash and cash equivalents | ||||||||
-16,415 | 20,387 | 4,979 | 294,706 | 4,556 | 4,229 | -35,015 | 160,486 | -1,453 |
Supplemental cash flow disclosures: | ||||||||
Cash paid for interest expense | ||||||||
0 | 0 | 0 | 59 | 63 | 128 | 580 | 1,017 | 770 |
Cash paid for operating lease liabilities | ||||||||
3,108 | - | - | - | 2,110 | - | - | - | - |
Cash paid for income taxes | ||||||||
320 | 704 | 283 | 57 | 77 | 76 | 171 | 47 | 96 |
Non-cash investing and financing activities: | ||||||||
Stock issued related to business combinations | ||||||||
3,750 | - | - | - | 0 | - | - | - | - |
Accrued purchase price related to acquisitions | ||||||||
0 | 0 | 1,918 | 0 | 2,984 | 0 | 0 | 0 | 0 |
Property and equipment purchased under tenant improvement allowance | ||||||||
- | - | - | - | - | 0 | 86 | 355 | 621 |
Property and equipment additions in accounts payable and accrued expenses | ||||||||
743 | -146 | 262 | -286 | 938 | 122 | -2,769 | -343 | 3,719 |
Deferred financing costs in accounts payable and accrued expenses | ||||||||
0 | 0 | -156 | -116 | 272 | -198 | -1,229 | 1,025 | 502 |
Fair value of common stock issued to purchase intangible assets | ||||||||
87 | - | - | - | 50 | - | - | - | 0 |
Cashless exercises of options and warrants | ||||||||
- | - | - | - | - | 10 | 229 | 3,286 | 5,699 |
Cashless redemptions of options and warrants | ||||||||
- | - | - | - | - | 48 | 339 | 3,487 | 7,715 |
Operating lease right-of-use assets in exchange for lease obligations | ||||||||
6,600 | - | - | - | 2,388 | - | - | - | - |