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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to                  

Commission File Number: 001-40429

 

Paymentus Holdings, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

45-3188251

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

18390 NE 68th St.

Redmond, WA

98052

(Address of principal executive offices)

(Zip Code)

(888) 440-4826

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:  

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

 

PAY

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

As of August 6, 2021, the registrant had 13,880,950 shares of Class A Common Stock, $0.0001 par value per share and 103,479,239 shares of Class B Common Stock, $0.0001 par value per share, outstanding.

 

 


 

Table of Contents

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

 

 

 

Item 1.

Financial Statements (Unaudited)

 

 

Condensed Consolidated Balance Sheets

7

 

Condensed Consolidated Statements of Operations

8

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

9

 

Condensed Consolidated Statements of Stockholders' Equity

10

 

Condensed Consolidated Statements of Cash Flows

11

 

Notes to Unaudited Condensed Consolidated Financial Statements

12

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

34

Item 4.

Controls and Procedures

35

 

 

 

PART II.

OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

36

Item 1A.

Risk Factors

36

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

69

Item 3.

Defaults Upon Senior Securities

70

Item 4.

Mine Safety Disclosures

70

Item 5.

Other Information

70

Item 6.

Exhibits

70

Signatures

72

 

 

 

iv


 

Summary of Risk Factors

Our business is subject to numerous risks and uncertainties, including those highlighted in the section of this report titled “Risk Factors.” The following is a summary of the principal risks we face, any of which could adversely affect our business, operating results, financial condition or prospects:

Our rapid growth may not be sustainable or indicative of future growth, and our business could be harmed if we fail to manage our infrastructure to support future growth.
If we are unsuccessful in establishing, growing or maintaining partnerships, our ability to compete could be impaired, and our operating results may suffer.
If we are unable to increase our revenue at a rate sufficient to offset expected increases in our costs, or if the investments we make in our business fail to generate the expected benefits, our business, operating results and financial condition will be harmed and we may not be able to maintain profitability over the long term.
Our sales efforts to large enterprises involve considerable time and expense with long and unpredictable sales cycles.
The COVID-19 pandemic could have a material adverse impact on our employees, billers, partners, consumers and other key stakeholders, which could materially and adversely impact our business, operating results and financial condition.
We are subject to economic and geopolitical risk, the business cycles and credit risk of our billers and partners and their consumers, and the overall level of consumer, business and government spending, which could negatively affect our business, operating results and financial condition.
The markets in which we participate are competitive, and if we do not compete effectively, our business, operating results and financial condition could be harmed.
Our revenue is sensitive to shifts in payment mix and if more consumers start paying their bills by payment methods with lower transaction fees, it could materially impact our operating results.
We expect fluctuations in our operating results, making it difficult to project future results, and if we fail to meet the expectations of securities analysts or investors with respect to our operating results, the market price of our Class A common stock could decline.
We depend on third-party payment processors to process bill payments made on our platform and our business, operating results and reputation could be harmed if we experience service interruptions related to our payment processors.
We operate in an emerging and evolving market, which may develop more slowly or differently than we expect. If our market does not grow as we expect, or if we cannot expand our platform to meet the demands of this market, our revenue may decline or fail to grow.
Our risk management efforts may not be effective to prevent fraudulent activities, which could expose us to material financial losses and liability and otherwise harm our business.
If we fail to comply with extensive, complex, overlapping and frequently changing rules, regulations, standards and legal interpretations, including those related to payments, card network operations and other financial services, privacy, data protection and information security, our business could be materially harmed.
We identified material weaknesses in our internal control over financial reporting, and if we fail to remediate these material weaknesses or if we otherwise fail to establish and maintain effective internal control over financial reporting, our ability to accurately and timely report our financial results could be adversely affected.
We may experience software and technology defects, undetected errors, development delays or other performance problems in our software and other technology used as part of our platform, which could damage biller and partner relations, harm our reputation, result in significant costs to us, decrease our potential profitability and expose us to substantial liability.
If we fail to adequately obtain, maintain, protect or enforce our intellectual property and proprietary rights, our competitive position could be impaired, our reputation could be harmed and we may lose valuable assets, generate less revenue and incur costly litigation to protect our rights.
We and our billers and partners and their consumers and other third parties that use our platform obtain, provide and process a large amount of sensitive and personal data. Any real or perceived improper or

5


 

unauthorized use of, disclosure of or access to such data could harm our reputation as a trusted brand, as well as have a material adverse effect on our business, operating results and financial condition.
The dual class structure of our common stock and our stockholders agreement have the effect of concentrating voting control with Accel-KKR, or AKKR, and our founder and chief executive officer, which limits or precludes your ability to influence corporate matters for the foreseeable future and may depress the market price of our Class A common stock.
AKKR controls us and its interests may conflict with ours or yours in the future.
Our certificate of incorporation contains provisions renouncing our interest and expectation to participate in certain corporate opportunities identified by, or presented to, AKKR or its affiliates, which could create conflicts of interest and have a material adverse effect on our business, results of operations, financial condition and prospects if attractive corporate opportunities are allocated by AKKR to itself, its affiliates or third parties instead of to us.

6


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

PAYMENTUS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands, except share and per share data)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

266,390

 

 

$

46,666

 

Accounts and other receivables, net of allowance of $95 and $100

 

 

32,967

 

 

 

28,034

 

Income tax receivable

 

 

263

 

 

 

2,011

 

Prepaid expenses and other current assets

 

 

7,234

 

 

 

3,117

 

Total current assets

 

 

306,854

 

 

 

79,828

 

Property and equipment, net of accumulated depreciation and
   amortization of $
4,347 and $3,760

 

 

2,056

 

 

 

1,772

 

Capitalized internal-use software development costs, net

 

 

25,366

 

 

 

20,963

 

Intangible assets, net

 

 

195

 

 

 

296

 

Goodwill

 

 

13,216

 

 

 

13,205

 

Operating lease right-of-use assets

 

 

9,506

 

 

 

8,322

 

Deferred tax asset

 

 

144

 

 

 

270

 

Other long-term assets

 

 

3,463

 

 

 

218

 

Total assets

 

$

360,800

 

 

$

124,874

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

21,705

 

 

$

16,825

 

Accrued liabilities

 

 

12,185

 

 

 

10,201

 

Operating lease liabilities

 

 

2,311

 

 

 

3,010

 

Contract liabilities

 

 

913

 

 

 

612

 

Income tax payable

 

 

 

 

 

463

 

Total current liabilities

 

 

37,114

 

 

 

31,111

 

Deferred tax liability

 

 

5,775

 

 

 

3,499

 

Operating leases, net of current portion

 

 

7,440

 

 

 

5,476

 

Finance leases and other finance obligations, net of current portion

 

 

279

 

 

 

412

 

Total liabilities

 

 

50,608

 

 

 

40,498

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

Preferred stock, $0.0001 par value per share, 5,000,000 and zero shares authorized at June 30, 2021 and December 31, 2020, respectively, none issued and outstanding at June 30, 2021 and December 31, 2020, respectively.

 

 

 

 

 

 

Class A common stock, $0.0001 par value per share, 883,950,000 and zero shares authorized as of June 30, 2021 and December 31, 2020, respectively; 13,880,950 and zero shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively

 

 

1

 

 

 

 

Class B common stock, $0.0001 par value per share, 111,050,000 and zero shares authorized as of June 30, 2021 and December 31, 2020, respectively; 103,479,239 and zero shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively

 

 

11

 

 

 

 

Series A preferred stock, par value $0.01 per share; zero and 50,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; zero and 23,333 shares issued as of June 30, 2021 and December 31, 2020, respectively; zero and 23,013 shares outstanding as of June 30, 2021 and December 31, 2020, respectively

 

 

 

 

 

 

Common stock, $0.005 par value per share; zero and 150,000,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; zero and 104,785,651 shares issued as of June 30, 2021 and December 31, 2020, respectively; and zero and 103,479,239 shares outstanding as of June 30, 2021 and December 31, 2020, respectively

 

 

 

 

 

517

 

Treasury stock at cost, zero and 320 Series A preferred shares; and zero and
   
1,306,412 common shares as of June 30, 2021 and December 31, 2020, respectively

 

 

 

 

 

(579

)

Additional paid-in capital

 

 

285,164

 

 

 

29,175

 

Accumulated other comprehensive income

 

 

168

 

 

 

216

 

Retained earnings

 

 

24,848

 

 

 

55,047

 

Total stockholders’ equity

 

 

310,192

 

 

 

84,376

 

Total liabilities and stockholders' equity

 

$

360,800

 

 

$

124,874

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

7


 

PAYMENTUS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except share and per share data)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

93,495

 

 

$

71,734

 

 

$

185,717

 

 

$

141,327

 

Cost of revenue

 

 

64,567

 

 

 

48,332

 

 

 

129,242

 

 

 

97,148

 

Gross profit

 

 

28,928

 

 

 

23,402

 

 

 

56,475

 

 

 

44,179

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

7,921

 

 

 

5,981

 

 

 

15,651

 

 

 

11,749

 

Sales and marketing

 

 

9,505

 

 

 

7,632

 

 

 

17,727

 

 

 

15,244

 

General and administrative

 

 

7,421

 

 

 

3,469

 

 

 

14,163

 

 

 

7,157

 

Total operating expenses

 

 

24,847

 

 

 

17,082

 

 

 

47,541

 

 

 

34,150

 

Income from operations

 

 

4,081

 

 

 

6,320

 

 

 

8,934

 

 

 

10,029

 

Other income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

(4

)

 

 

3

 

 

 

(7

)

 

 

45

 

Foreign exchange (loss) gain

 

 

(1

)

 

 

(24

)

 

 

8

 

 

 

(90

)

Income before income taxes

 

 

4,076

 

 

 

6,299

 

 

 

8,935

 

 

 

9,984

 

Provision for income taxes

 

 

(3,501

)

 

 

(1,614

)

 

 

(4,722

)

 

 

(2,520

)

Net income

 

$

575

 

 

$

4,685

 

 

$

4,213

 

 

$

7,464

 

Undeclared dividends on Series A preferred stock

 

 

(898

)

 

 

(1,273

)

 

 

(2,258

)

 

 

(2,515

)

Net income (loss) attributable to common stock

 

$

(323

)

 

$

3,412

 

 

$

1,955

 

 

$

4,949

 

Net income (loss) per share attributable to common stock

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

 

$

0.03

 

 

$

0.02

 

 

$

0.05

 

Diluted

 

$

 

 

$

0.03

 

 

$

0.02

 

 

$

0.05

 

Weighted-average number of shares used to compute net income per share attributable to common stock

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

108,970,604

 

 

 

103,479,239

 

 

 

106,240,091

 

 

 

103,479,239

 

Diluted

 

 

108,970,604

 

 

 

106,151,678

 

 

 

112,244,054

 

 

 

106,135,251

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

8


 

PAYMENTUS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(In thousands)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

575

 

 

$

4,685

 

 

$

4,213

 

 

$

7,464

 

Other comprehensive (loss) income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of tax of $0 and $0

 

(69

)

 

 

11

 

 

 

(48

)

 

 

(12

)

Comprehensive income

 

$

506

 

 

$

4,696

 

 

$

4,165

 

 

$

7,452

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

9


 

PAYMENTUS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

(In thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Accumulated

 

 

 

 

 

 

Series A

 

 

 

 

 

 

 

 

 Additional

 

 

 

 

 

 

 

 

 Other

 

 

 Total

 

 

 

 Preferred Stock

 

 

 Common Stock

 

 

    Paid-In

 

 

 Treasury

 

 

 Retained

 

 

 Comprehensive

 

 

 Stockholders’

 

 

 

 Shares

 

 

 Amount

 

 

 Shares

 

 

 Amount

 

 

 Capital

 

 

 Stock

 

 

 Earnings

 

 

 Income

 

 

 Equity

 

Balances at December 31, 2020

 

 

23,013

 

 

$

 

 

 

103,479,239

 

 

$

517

 

 

$

29,175

 

 

$

(579

)

 

$

55,047

 

 

$

216

 

 

$

84,376

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

563

 

 

 

 

 

 

 

 

 

 

 

 

563

 

Repayment of related party loan
   receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

813

 

 

 

 

 

 

 

 

 

 

 

 

813

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

 

 

 

21

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,638

 

 

 

 

 

 

3,638

 

Balances at March 31, 2021

 

 

23,013

 

 

$

 

 

 

103,479,239

 

 

$

517

 

 

$

30,551

 

 

$

(579

)

 

$

58,685

 

 

$

237

 

 

$

89,411

 

Issuance of Class A common stock in connection with initial public offering and private placement, net of offering costs, underwriting discounts and commissions

 

 

 

 

 

 

 

 

13,880,950

 

 

 

1

 

 

 

272,633

 

 

 

 

 

 

 

 

 

 

 

 

272,634

 

Conversion of common stock to Class B common stock in connection with initial public offering

 

 

 

 

 

 

 

 

 

 

 

(506

)

 

 

506

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemption of Series A preferred stock in connection with initial public offering

 

 

(23,013

)

 

 

 

 

 

 

 

 

 

 

 

(23,013

)

 

 

 

 

 

 

 

 

 

 

 

(23,013

)

Payment of dividends on Series A preferred stock in connection with redemption upon initial public offering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,412

)

 

 

 

 

 

(34,412

)

Issuance of warrant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,498

 

 

 

 

 

 

 

 

 

 

 

 

4,498

 

Retirement of treasury stock in connection with initial public offering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(579

)

 

 

579

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

568

 

 

 

 

 

 

 

 

 

 

 

 

568

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(69

)

 

 

(69

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

575

 

 

 

 

 

 

575

 

Balances at June 30, 2021

 

 

 

 

$

 

 

 

117,360,189

 

 

$

12

 

 

$

285,164

 

 

$

 

 

$

24,848

 

 

$

168

 

 

$

310,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Accumulated

 

 

 

 

 

 

Series A

 

 

 

 

 

 

 

 

 Additional

 

 

 

 

 

 

 

 

 Other

 

 

 Total

 

 

 

 Preferred Stock

 

 

 Common Stock

 

 

    Paid-In

 

 

 Treasury

 

 

 Retained

 

 

 Comprehensive

 

 

 Stockholders’

 

 

 

 Shares

 

 

 Amount

 

 

 Shares

 

 

 Amount

 

 

 Capital

 

 

 Stock

 

 

 Earnings

 

 

 Income

 

 

 Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2019

 

 

23,013

 

 

$

 

 

 

103,479,239

 

 

$

517

 

 

$

27,181

 

 

$

(579

)

 

$

41,336

 

 

$

149

 

 

$

68,604

 

Issuance of shares

 

 

 

 

 

 

 

 

--

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

475

 

 

 

 

 

 

 

 

 

 

 

 

475

 

Related party loan receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23

)

 

 

(23

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,779

 

 

 

 

 

 

2,779

 

Balances at March 31, 2020

 

 

23,013

 

 

$

 

 

 

103,479,239

 

 

$

517

 

 

$

27,656

 

 

$

(579

)

 

$

44,115

 

 

$

126

 

 

$

71,835

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

462

 

 

 

 

 

 

 

 

 

 

 

 

462

 

Related party loan receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

11

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,685

 

 

 

 

 

 

4,685

 

Balances at June 30, 2020

 

 

23,013

 

 

$

 

 

 

103,479,239

 

 

$

517

 

 

$

28,118

 

 

$

(579

)

 

$

48,800

 

 

$

137

 

 

$

76,993

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

10


 

PAYMENTUS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

4,213

 

 

$

7,464

 

Adjustments to reconcile net income to net cash provided by operating
   activities

 

 

 

 

 

 

Depreciation and amortization

 

 

4,940

 

 

 

4,015

 

Deferred income taxes

 

 

2,413

 

 

 

889

 

Stock-based compensation

 

 

1,131

 

 

 

937

 

Non-cash lease expense

 

 

1,648

 

 

 

1,285

 

Amortization of contract asset

 

 

177

 

 

 

 

Change in operating assets and liabilities, net of impact of business
   combination

 

 

 

 

 

 

Accounts and other receivables

 

 

(4,944

)

 

 

(4,269

)

Prepaid expenses and other current and long-term assets

 

 

(905

)

 

 

7

 

Accounts payable

 

 

3,541

 

 

 

5,151

 

Accrued liabilities

 

 

543

 

 

 

606

 

Operating lease liabilities

 

 

(1,573

)

 

 

(1,209

)

Contract liabilities

 

 

301

 

 

 

356

 

Income taxes receivable, net of payable

 

 

1,272

 

 

 

684

 

Net cash provided by operating activities

 

 

12,757

 

 

 

15,916

 

Cash flows from investing activities

 

 

 

 

 

 

Purchases of property and equipment

 

 

(564

)

 

 

(309

)

Capitalized internal-use software development costs

 

 

(8,736

)

 

 

(7,185

)

Net cash used in investing activities

 

 

(9,300

)

 

 

(7,494

)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from initial public offering, net of underwriter's discounts and commissions

 

 

224,595

 

 

 

 

Proceeds from private placement

 

 

50,000

 

 

 

 

Redemption of Series A preferred stock

 

 

(23,013

)

 

 

 

Payment of dividends on Series A preferred stock

 

 

(34,412

)

 

 

 

Proceeds from repayment of related party loan

 

 

813

 

 

 

 

Payments of deferred offering costs

 

 

(856

)

 

 

 

Payments on other financing obligations

 

 

(767

)

 

 

(521

)

Payments on finance leases

 

 

(136

)

 

 

(169

)

Net cash provided by (used in) financing activities

 

 

216,224

 

 

 

(690

)

Foreign currency effect on cash and cash equivalents

 

 

43

 

 

 

(23

)

Net increase in cash and cash equivalents

 

 

219,724

 

 

 

7,709

 

Cash and cash equivalents

 

 

 

 

 

 

Beginning of period

 

 

46,666

 

 

 

27,427

 

End of period

 

$

266,390

 

 

$

35,136

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Cash paid for income taxes, net of refunds

 

$

950

 

 

$

941

 

Non-cash investing activities:

 

 

 

 

 

 

Property and equipment purchases in accounts payable and other
   payables

 

$

202

 

 

$

62

 

Non-cash financing activities:

 

 

 

 

 

 

Prepaid insurance funded through short-term borrowings

 

$

2,135

 

 

$

 

Issuance of warrant

 

 

4,498

 

 

 

 

Property and equipment acquired through finance lease liabilities

 

 

 

 

 

787

 

Intangibles acquired through other financing obligations