Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (51,690) $ (40,421) $ (32,060)
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation and amortization 12,140 9,425 5,732
Provision for losses on accounts receivable 355 287 92
Amortization of contract acquisition costs 9,410 6,862 4,141
Gain on recovery of previously recognized contract loss 0 0 (317)
Equity-based compensation 14,091 11,613 1,395
Changes in operating assets and liabilities:      
Accounts receivable (870) (567) (1,751)
Contract acquisition costs (12,828) (9,670) (8,928)
Prepaid expenses and other assets (4,073) (727) (1,060)
Accounts payable 583 302 1,856
Accrued and other liabilities 1,564 792 1,064
Deferred revenue 6,627 6,738 7,909
Deferred rent 4,318 (152) (142)
Net cash used in operating activities (20,373) (15,518) (22,069)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of property and equipment (7,376) (2,759) (2,469)
Capitalized internal-use software costs (2,433) (1,100) 0
Net cash used in investing activities (9,809) (3,859) (2,469)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from advance on line of credit 6,000 0 0
Principal payments on capital lease obligations (7,860) (6,001) (4,389)
Proceeds from stock option exercises 4,166 851 799
Payout of accrued repurchase of common shares 0 0 (1,414)
Proceeds from preferred shares issuance, net of professional fees paid 0 0 69,999
Proceeds from initial public offering, net of underwriting discounts 111,600 0 0
Paid offering costs (3,426) 0 0
Net cash provided by (used in) financing activities 110,480 (5,150) 64,995
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 80,298 (24,527) 40,457
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 55,698 80,225 39,768
CASH AND CASH EQUIVALENTS, END OF PERIOD 135,996 55,698 80,225
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid during the period for interest 1,184 1,078 811
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:      
Equipment purchases financed with accounts payable 78 130 10
Equipment purchases financed with capital leases 8,461 8,733 8,943
Accrued unpaid offering costs $ 400 $ 0 $ 0