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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) $ 11,159 $ (771)
Adjustments to reconcile net income to cash and restricted cash used in operating activities:    
Depreciation and amortization 3,219 2,421
Amortization of debt issuance costs 892 53
Share-based compensation 21,613 152
Decrease in fair value of liability classified warrants (445) 0
Decrease in fair value of liability classified earnouts (53,821) 0
Decrease in fair value of liability classified conversion option derivatives (15,510) 0
Unrealized (gain) loss on investments 62 0
Accretion of discount on investment securities (29) 0
Deferred taxes 183 (3,538)
Gain on debt extinguishment (183) (5,186)
Bad debt expense 402 (667)
Loss on disposal of property and equipment 22 0
Changes in operating assets and liabilities, net of business combinations:    
Accounts receivable (15,215) (4,195)
Inventories (2,584) (1,340)
Other receivables 678 (319)
Prepaid expenses 3,545 32
Other current assets 0 (9,094)
Operating lease right-of-use assets 3,720 0
Other assets (141) (128)
Accrued expenses and other current liabilities 2,894 1,432
Income taxes payable 255 5,015
Accounts payable (4,404) 6,250
Current and long-term operating lease liabilities (2,998) 0
Other non-current liabilities (1,073) 538
Net cash, cash equivalents, and restricted cash used in operating activities (47,759) (9,345)
Cash flows from investing activities:    
Purchases of property and equipment (3,534) (1,976)
Purchases of intangible asset in practice acquisitions 0 (200)
Cash paid for practice acquisitions, net (8,107) (827)
Purchases of marketable securities/investments (87,402) 0
Net cash, cash equivalents, and restricted cash used in investing activities (99,043) (3,003)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 110,000 0
Transactions costs related to issuance of long-term debt (3,663) 0
Payments made for financing of insurance payments (3,739) 0
Payment of deferred consideration liability for acquisition (509) 0
Principal payments on long-term debt 0 (2,094)
Principal payments on financing leases (39) (24)
Common stock repurchase (9,000) 0
Common stock issuance 416 0
Taxes for common shares net settled (413) 0
Issuance of Legacy TOI preferred stock 0 20,000
Net cash, cash equivalents, and restricted cash provided by financing activities 93,053 17,882
Net (decrease) increase in cash, cash equivalents, and restricted cash (53,749) 5,534
Cash, cash equivalents, and restricted cash at beginning of period 115,174 5,998
Cash, cash equivalents, and restricted cash at end of period 61,425 11,532
Supplemental disclosure of noncash investing and financing activities:    
Deferred consideration as part of practice acquisitions 0 1,118
Discount on senior secured convertible note 28,160 0
Supplemental disclosure of cash flow information:    
Interest and principal forgiven from Paycheck Protection Program loans 183 5,186
Cash paid for:    
Income taxes 26 429
Interest $ 184 $ 193