XML 22 R8.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income (loss) $ 4,432 $ (50,403) $ 59,073
Adjustments to net income (loss):      
Provision for (recovery of) bad debts 2,599 (467) 595
Deferred tax benefit (31,565) (10,102) (2,739)
Depreciation and amortization 101,059 25,946 27,474
Amortization of debt discount and issuance costs 6,857 15,036 3,366
Interest paid-in-kind 0 0 3,421
Equity-based compensation 14,982 13,757 4,809
Contingent consideration (4,507) 2,696 26,441
Warranty provision 4,152 516 953
Provision for inventory obsolescence (859) 990 1,225
Changes in operating assets and liabilities, net of acquisition      
Accounts receivable (76,984) (116,848) (23,038)
Inventories 20,870 (88,184) 28,340
Income tax receivables 5,611 8,106 (16,530)
Prepaid expenses and other 19,124 (21,226) 1,101
Accounts payable 12,667 7,015 (50,519)
Accrued expenses and other 1,024 9,133 10,913
Income tax payable (755) (8,754) 6,870
Lease liabilities 3,784 221 0
Contingent consideration 0 0 (25,000)
Deferred revenue 59,002 (50,619) (178,960)
Net cash provided by (used in) operating activities 141,493 (263,187) (122,205)
Investing activities:      
Purchase of property, plant and equipment (10,619) (3,357) (1,338)
Acquisition of STI, net of cash acquired (373,818) 0 0
Investment in equity security 0 (11,975) 0
Net cash used in investing activities (384,437) (15,332) (1,338)
Financing activities:      
Proceeds from Series A issuance 33,098 224,987 0
Proceeds from common stock issuance 15,885 120,645 145,532
Series A equity issuance costs (1,893) (7,195) 0
Common stock issuance costs (450) (3,873) 0
Dividends paid on Series A Preferred (18,670) (8,051) 0
Payments on revolving credit facility (116,000) (126,033) (70)
Proceeds from revolving credit facility 116,000 126,033 0
Proceeds from issuance of other debt 20,188 0 0
Proceeds from issuance of convertible notes 0 413,321 0
Premium paid on capped call 0 (52,870) 0
Fees paid on issuance of convertible notes 0 (1,591) 0
Principal payments on term loan facility (14,300) 0 (57,702)
Proceeds from term loan facility 0 0 575,000
Principal payments on other debt (23,935) (133,225) (115,000)
Payments on related party loans 0 0 (45,558)
Payment of special distribution 0 0 (589,000)
Contingent consideration (1,483) (7,810) 0
Deferred offering costs 0 0 (6,464)
Debt issuance costs 0 (6,590) (36,011)
Net cash provided by (used in) financing activities 8,440 537,748 (129,273)
Effect of exchange rate changes on cash and cash equivalent balances 735 0 0
Net change in cash and cash equivalents (233,769) 259,229 (252,816)
Cash and cash equivalents, beginning of period 367,670 108,441 361,257
Cash and cash equivalents, end of period 133,901 367,670 108,441
Supplemental Cash Flow Information      
Cash paid for interest 23,118 24,306 6,935
Cash paid for income taxes 10,739 13,318 31,103
Non-cash Investing and Financing Activities      
Dividends accrued on Series A Preferred 6,389 0 0
Stock consideration paid for acquisition of STI $ 200,224 $ 0 $ 0