v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ (104,744) $ (47,827)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 8,836 7,508
Amortization of debt issuance costs and discount 345 218
Equity-based compensation expense 8,672 22,919
Contingent earnout expense not yet settled 0 338
Earnout settlement in Holdings’ equity 0 9,288
Discount on common stock issued under the committed equity facility 231 0
Change in fair value of warrants (16,005) (2,938)
Deferred provision (benefit) for income taxes (6,964) (8,078)
Impairment expense [1] 80,462 0
Non-cash lease expense 229 0
Non-cash interest expense 270 0
Other 143 65
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable (283) (1,244)
(Increase) decrease in contract assets (4,590) (3,537)
(Increase) decrease in inventory (1,362) (234)
(Increase) decrease in prepaid insurance (227) (3,806)
(Increase) decrease in prepaid expenses and other assets (803) (126)
Increase (decrease) in accounts payable and accrued expenses 6,793 983
Increase (decrease) in deferred revenue 1,714 (7,584)
Increase (decrease) in other liabilities 454 338
Increase (decrease) in notes payable to seller 0 (608)
Net cash provided by (used in) by operating activities (26,829) (34,325)
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired 0 (38,735)
Purchases of property, plant and equipment, net (2,793) (1,840)
Purchase of intangible assets (639) (389)
Settlement of related party receivable 0 4,874
Net cash provided by (used in) investing activities (3,432) (36,090)
Cash flows from financing activities:    
Repayments of debt (4,489) (47,465)
Payment of debt issuance fees to third parties (1,147) (62)
Proceeds received from debt 19,696 49,017
Proceeds from issuance of common stock 2,956 0
Payment of committed equity facility transaction costs (161) 0
Payments for the Merger transaction costs 0 (35,935)
Proceeds from the Merger 0 110,583
Payment of contingent earnout 0 (600)
Net cash provided by (used in) financing activities 16,855 75,538
Effect of foreign currency rate changes on cash and cash equivalents (86) 59
Net increase (decrease) in cash and cash equivalents (13,492) 5,182
Cash and cash equivalents at beginning of period 20,523 22,076
Cash and cash equivalents at end of period 7,031 27,258
Cash paid (received) during the period for:    
Interest 4,421 4,613
Income taxes 0 0
Earnout settlement 0 1,602
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Holdings’ contribution for acquisition of businesses 0 2,110
Initial fair value of warrants at closing of Merger 0 21,727
Capital expenditures not yet paid 1,242 44
Committed equity facility transaction costs not yet paid $ 571 $ 0
[1] Please refer to Note G, Note H, and Note I for additional information.

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