Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (2,659) $ (3,750)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 2,956 4,436
Amortization and write off of debt issuance cost 50 72
Amortization and write off of discount on long-term debt 1,333 1,325
Change in contingent consideration from acquisitions (8,638) 4,087
Non-cash lease expense 1,137 2,224
Change in tax receivable agreement liability 1,084 609
Bad debt expense (recovery) 249 (8)
Equity-based compensation 3,281 3,942
Non-cash interest (358) (318)
Gain on disposal of assets 0 (2,920)
Impairment of goodwill and other assets 1,915 0
Changes in assets and liabilities, net of effect of acquisition:    
Accounts receivable (3,229) 467
Inventories 1,696 1,218
Prepaid expenses and other current assets (4,049) (333)
Operating lease liabilities (1,034) (1,741)
Deferred costs 607 555
Notes receivable, net 0 1
Accounts payable (245) 5,532
Accrued expenses 15,299 (5,062)
Other current liabilities (459) (1,796)
Deferred revenue (4,480) (6,003)
Other assets 1,359 92
Other liabilities 3 52
Net cash provided by operating activities 5,818 2,681
Cash flows from investing activities:    
Purchases of property and equipment (465) (855)
Proceeds from sale of assets 0 346
Purchase of intangible assets (399) (509)
Notes receivable issued (173) 0
Notes receivable payments received 40 314
Acquisition of businesses 0 (8,500)
Net cash used in investing activities (997) (9,204)
Cash flows from financing activities:    
Borrowings from long-term debt 10,000 38,701
Payments on long-term debt (1,374) (39,891)
Debt issuance costs (90) (269)
Payment of preferred stock dividend and deemed cash dividend (1,792) (1,872)
Payments of contingent consideration (500) 0
Payments for taxes related to net share settlement of restricted share units (919) 0
Payments for distributions to Pre-IPO LLC Members (315) (36)
Payment received from shareholder (Note 9) 0 14
Net cash provided by (used in) financing activities 5,010 (3,353)
Increase (decrease) in cash, cash equivalents and restricted cash 9,831 (9,876)
Cash, cash equivalents and restricted cash, beginning of period 32,739 37,094
Cash, cash equivalents and restricted cash, end of period 42,570 27,218
Supplemental cash flow information:    
Interest paid 9,910 9,857
Income taxes paid, net 93 60
Non-cash investing and financing activities::    
Capital expenditures accrued at period end 1,581 2,116
Adjustment of convertible preferred stock to redemption value 0 8,106
Accrued tax withholding related to convertible preferred stock dividend 106 104
Contingent consideration upon acquisition 0 446
Debt issuance costs paid-in-kind-long-term debt 10,872 4,059
Debt issuance costs exit fees - long-term debt $ 7,248 $ 0