v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ (17,293) $ (7,674)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 3,658 2,271
Amortization of debt issuance costs and discount 79 59
Equity-based compensation expense 4,411 0
Change in fair value of warrants 1,238 0
Deferred provision (benefit) for income taxes (2,889) (1,026)
Non-cash lease expense 116  
Other (5) 0
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable 4,274 (5,053)
(Increase) decrease in contract assets (5,748) (2,669)
(Increase) decrease in inventory (337) (20)
(Increase) decrease in prepaid insurance 1,067 0
(Increase) decrease in prepaid expenses and other assets (1,322) (2,125)
Increase (decrease) in accounts payable and accrued expenses 3,141 5,081
Increase (decrease) in deferred revenue (1,801) (43)
Increase (decrease) in other liabilities (35) (1,450)
Increase (decrease) in notes payable to seller 0 124
Net cash provided by (used in) by operating activities (11,446) (12,525)
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired 0 (38,385)
Purchases of property, plant and equipment, net (892) (576)
Purchase of intangible assets (122) 0
Settlement of related party receivable 0 4,874
Net cash provided by (used in) investing activities (1,014) (34,087)
Cash flows from financing activities:    
Repayments of loans (1,337) (4,991)
Payment of loan fees to third parties (770) (60)
Proceeds received from loans 0 45,970
Net cash provided by (used in) financing activities (2,107) 40,919
Effect of foreign currency rate changes on cash and cash equivalents (18) (158)
Net increase (decrease) in cash and cash equivalents (14,585) (5,851)
Cash and cash equivalents at beginning of period 20,523 22,076
Cash and cash equivalents at end of period 5,938 16,225
Cash paid (received) during the period for:    
Interest 1,409 1,235
Income taxes 0 0
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Holdings’ contribution for acquisition of businesses 0 2,110
Capital expenditures not yet paid $ 1,213 $ 90

Source