v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net loss $ (19,878) $ (32,742)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 656 946
Amortization of internally developed software 4,589 3,832
Stock-based compensation expense 4,994 5,285
Deferred income taxes (3,611) (8,032)
Other non-cash items 61 215
Changes in operating assets and liabilities:    
Accounts receivable 1,605 3,773
Contract assets – commissions receivable 82,507 77,142
Prepaid expenses and other assets (125) 12,418
Accounts payable (1,493) (5,525)
Accrued compensation and benefits 7,193 2,042
Accrued marketing expenses (15,019) (16,848)
Deferred revenue (372) (223)
Accrued expenses and other liabilities (304) 4,829
Net cash provided by operating activities 60,803 47,112
Investing activities:    
Capitalized internal-use software and website development costs (2,164) (4,205)
Purchases of property and equipment and other assets (67) (55)
Purchases of marketable securities (22,009) (3,938)
Proceeds from redemption and maturities of marketable securities 0 34,319
Net cash provided by (used in) investing activities (24,240) 26,121
Financing activities:    
Net proceeds from debt financing 0 64,862
Net proceeds from exercise of common stock options and employee stock purchases 0 1,054
Repurchase of shares to satisfy employee tax withholding obligations (428) (508)
Principal payments in connection with leases (11) (35)
Net cash provided by (used in) financing activities (439) 65,373
Effect of exchange rate changes on cash, cash equivalents and restricted cash 108 31
Net increase in cash, cash equivalents and restricted cash 36,232 138,637
Cash, cash equivalents and restricted cash at beginning of period 147,640 85,165
Cash, cash equivalents and restricted cash at end of period $ 183,872 $ 223,802