Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ (4,356) $ (14,979)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,436 4,197
Amortization and write off of debt issuance cost 72 283
Amortization of discount on long-term debt 1,325 609
Change in contingent consideration from acquisitions 4,087 15,742
Non-cash lease expense 2,205 1,212
Bad debt expense (recovery) (8) (21)
Equity-based compensation 3,942 6,056
Non-cash interest (318) (478)
Gain on disposal of assets (2,905) 0
Changes in assets and liabilities, net of effect of acquisition:    
Accounts receivable 524 3,230
Inventories (546) (2,098)
Prepaid expenses and other current assets 195 (3,083)
Operating lease liabilities (1,657) (1,228)
Deferred costs 283 138
Notes receivable, net 1 2
Accounts payable 4,782 2,794
Accrued expenses (2,320) 433
Other current liabilities 2,389 (1,800)
Deferred revenue (6,003) 624
Other assets 92 (68)
Other liabilities (3,525) (214)
Net cash provided by operating activities 2,695 11,351
Cash flows from investing activities:    
Purchases of property and equipment (855) (2,127)
Proceeds from sale of assets 346 0
Purchase of intangible assets (509) (470)
Notes receivable payments received 314 212
Acquisition of business (8,500) 0
Net cash used in investing activities (9,204) (2,385)
Cash flows from financing activities:    
Borrowings from long-term debt 38,701 126,100
Payments on long-term debt (39,891) (1,065)
Debt issuance costs (269) (115)
Payment of preferred stock dividend (1,872) (1,320)
Payments for taxes related to net share settlement of restricted share units 0 (7,935)
Payments for redemption of preferred stock 0 (130,766)
Payments for distributions to Pre-IPO LLC Members (36) 0
Loan to shareholder 0 (3,100)
Net cash used in financing activities (3,367) (18,201)
Decrease in cash, cash equivalents and restricted cash (9,876) (9,235)
Cash, cash equivalents and restricted cash, beginning of period 37,094 37,370
Cash, cash equivalents and restricted cash, end of period 27,218 28,135
Supplemental cash flow information:    
Interest paid 9,857 7,036
Income taxes paid, net 60 550
Noncash investing and financing activity:    
Capital expenditures accrued 2,116 1,169
Adjustment of convertible preferred stock to redemption value 8,106 62,660
Liability-classified restricted stock units vested 0 2,250
Deemed contribution from redemption of convertible preferred stock 0 12,679
Accrued tax withholding related to convertible preferred stock dividend 104 749
Contingent consideration upon acquisition 446 0
Debt issuance costs paid-in-kind-long-term debt $ 4,059 $ 0