v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ (94,321) $ (23,575)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 7,060 4,889
Amortization of debt issuance costs and discount 207 132
Equity-based compensation expense 6,154 0
Contingent earnout expense not yet settled 0 11,114
Discount on common stock issued under the committed equity facility 38 0
Change in fair value of warrants (15,155) 0
Deferred provision (benefit) for income taxes (4,828) (2,476)
Impairment expense [1] 80,462 0
Non-cash lease expense 187 0
Other 31 65
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable 3,546 (3,361)
(Increase) decrease in contract assets (3,009) (3,535)
(Increase) decrease in inventory (1,003) (104)
(Increase) decrease in prepaid insurance 2,127 0
(Increase) decrease in prepaid expenses and other assets (827) (3,446)
Increase (decrease) in accounts payable and accrued expenses 3,514 5,916
Increase (decrease) in deferred revenue 101 (4,289)
Increase (decrease) in other liabilities 132 (1,413)
Net cash provided by (used in) by operating activities (15,584) (20,083)
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired 0 (38,735)
Purchases of property, plant and equipment, net (1,898) (1,324)
Purchase of intangible assets (175) 0
Settlement of related party receivable 0 4,874
Net cash provided by (used in) investing activities (2,073) (35,185)
Cash flows from financing activities:    
Repayments of debt (2,294) (5,194)
Payment of debt issuance fees to third parties (770) (62)
Proceeds received from debt 10,000 45,970
Proceeds from issuance of common stock 1,222 0
Payment of committed equity facility transaction costs (81) 0
Net cash provided by (used in) financing activities 8,077 40,714
Effect of foreign currency rate changes on cash and cash equivalents (64) (132)
Net increase (decrease) in cash and cash equivalents (9,644) (14,686)
Cash and cash equivalents at beginning of period 20,523 22,076
Cash and cash equivalents at end of period 10,879 7,390
Cash paid (received) during the period for:    
Interest 2,759 2,892
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 1,252 154
Committed equity facility transaction costs not yet paid $ 651 $ 0
[1] Please refer to Note G, Note H, and Note I for additional information.

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