v3.24.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net income (loss) $ (27,264) $ (130,620)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 10,724 11,288
Amortization of debt issuance costs and discount 608 490
Equity-based compensation expense 8,658 10,786
(Gain) loss on change in fair value of committed equity facility 255 631
(Gain) loss on change in fair value of warrants 2,011 (17,784)
Deferred provision (benefit) for income taxes (925) (8,238)
Impairment expense [1] 0 96,623
Income from equity method investments (245) (58)
Non-cash lease expense 327 264
Non-cash interest expense 525 690
Other (238) 208
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable (5,562) (6,646)
(Increase) decrease in contract assets (5,442) 813
(Increase) decrease in inventory (44) (978)
(Increase) decrease in prepaid insurance 1,157 579
(Increase) decrease in prepaid expenses and other assets (928) 266
Increase (decrease) in accounts payable and accrued expenses (3,280) (1)
Increase (decrease) in deferred revenue 22,736 8,270
Increase (decrease) in operating lease liabilities (325) 0
Increase (decrease) in other liabilities (960) 1,760
Increase (decrease) in notes payable to sellers (557) 0
Net cash provided by (used in) operating activities 1,231 (31,657)
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired 0 (33,230)
Purchases of property, plant and equipment, net (5,620) (3,626)
Purchase of intangible assets (2,707) (526)
Net cash provided by (used in) investing activities (8,327) (37,382)
Cash flows from financing activities:    
Proceeds received from debt 36,696 22,696
Repayments of debt (26,683) (23,658)
Payment of debt issuance fees to third parties (163) (1,254)
Repayment of finance leases (395) (55)
Proceeds from issuance of common stock 1,241 2,956
Payment of committed equity facility transaction costs (571) (161)
Proceeds from issuance of convertible preferred stock 0 81,250
Payments of issuance costs related to convertible preferred stock (52) (4,833)
Shares repurchased for settlement of employee tax withholdings on share-based awards (570) (381)
Payment of contingent earnout (443) 0
Net cash provided by (used in) financing activities 9,060 76,560
Effect of foreign currency rate changes on cash and cash equivalents (2) 272
Net increase (decrease) in cash and cash equivalents 1,962 7,793
Cash and cash equivalents at beginning of period 28,316 20,523
Cash and cash equivalents at end of period $ 30,278 $ 28,316
[1] Please refer to Note T – Impairment Expense for additional information.

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