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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net income (loss) $ 90,940 $ (30,961)
Adjustments to net income (loss):    
Provision for bad debts (141) 510
Deferred tax expense 816 (23,910)
Depreciation and amortization 27,692 49,795
Amortization of debt discount and issuance costs 4,998 3,286
Equity-based compensation 8,311 7,472
Contingent consideration 2,043 (5,409)
Warranty provision 479 1,215
Write-down of inventories 3,458 409
Change in fair value of derivative assets 1,256 0
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable (81,039) (106,548)
Inventories 22,844 (77,191)
Income tax receivables 3,220 (7,062)
Prepaid expenses and other (3,292) 5,015
Accounts payable 30,542 74,513
Accrued expenses and other 7,097 3,356
Income tax payable 9,830 (7,217)
Lease liabilities 1,414 4,700
Deferred revenue (64,112) 47,263
Net cash provided by (used in) operating activities 66,356 (60,764)
Investing activities:    
Purchase of property, plant and equipment (9,424) (3,895)
Acquisition of STI, net of cash acquired 0 (373,818)
Net cash used in investing activities (9,424) (377,713)
Financing activities:    
Proceeds from Series A issuance 0 33,098
Proceeds from common stock issuance 0 15,885
Series A equity issuance costs (1,508) (575)
Common stock issuance costs 0 (450)
Payments on revolving credit facility 0 (33,000)
Proceeds from revolving credit facility 0 101,000
Proceeds from issuance of other debt 23,801 30,599
Principal payments on term loan facility (22,150) 0
Principal payments on other debt (38,257) (22,377)
Contingent consideration payments (1,200) (1,483)
Net cash provided by (used in) financing activities (39,314) 122,697
Effect of exchange rate changes on cash and cash equivalent balances 4,447 (844)
Net change in cash and cash equivalents 22,065 (316,624)
Cash and cash equivalents, beginning of period 133,901 367,670
Cash and cash equivalents, end of period 155,966 51,046
Supplemental Cash Flow Information    
Cash paid for interest 15,880 7,428
Cash paid for income taxes (net of refunds) 18,484 (230)
Non-cash Investing and Financing Activities    
Dividends accrued on Series A Preferred 12,871 12,606
Stock consideration paid for acquisition of STI $ 0 $ 200,224