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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
7 Months Ended 10 Months Ended 12 Months Ended
Dec. 31, 2020
Oct. 22, 2020
Dec. 31, 2021
Dec. 31, 2019
Cash flows from operating activities:        
Net (loss) income $ (7,838) $ 5,289 $ (123,552) $ 6,246
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation and amortization expense 1,028 52 7,262 50
Amortization of debt issuance costs 17 0 679 0
Equity-based compensation expense 0 80 60,615 104
Provision for doubtful accounts 43 0 0 0
Deferred income tax expense (benefit) (2,637) (8) 1,042 (2)
Loss on extinguishment of debt 0 0 2,881 0
Net increase in fair value of derivatives 0 0 33,353 0
Loss on sale of property and equipment 0 0 14 0
Changes in assets and liabilities:        
(Increase) decrease in accounts receivable (4,000) 6,818 (7,179) (2,488)
(Increase) decrease in contract assets 3,868 (4,300) 1,947 (127)
(Increase) decrease in prepaid expenses and other assets (453) (29) (6,437) (59)
Increase (decrease) in accounts payable 1,111 51 2,744 (349)
Increase (decrease) in accrued liabilities 1,224 504 2,845 735
Increase (decrease) in contract liabilities 40 0 3,666 0
Increase (decrease) in other liabilities 181 157 338 11
Net cash (used in) provided by operating activities (7,416) 8,614 (19,782) 4,121
Cash flows from investing activities:        
Acquisition of businesses, net of cash acquired (184,714) 0 (224) 0
Purchases of property and equipment (155) (121) (645) (18)
Proceeds from disposal of property and equipment 0 0 6 0
Net cash used in investing activities (184,869) (121) (863) (18)
Cash flows from financing activities:        
Proceeds from term loan 107,249 0 0 0
Repayment of term loan 0 0 (110,000) 0
Proceeds from promissory notes 91,283 0 0 0
Repayment of promissory notes (91,283) 0 0 0
Proceeds from short-term borrowings 4,000 2,000 9,233 0
Repayment of short-term borrowings (4,000) (2,000) (5,000) (2,000)
Proceeds from issuance of convertible notes 0 0 200,000 0
Proceeds from the Merger 0 0 101,958 0
Payment of Merger transaction costs 0 0 (9,802) 0
Payment of debt issuance costs to third parties (307) 0 (5,527) 0
Distributions to members 0 (9,773) 0 (839)
Parent’s contribution 95,047 0 0 0
Net cash provided by (used in) financing activities 201,989 (9,773) 180,862 (2,839)
Net increase (decrease) in cash and cash equivalents and restricted cash 9,704 (1,280) 160,217 1,264
Cash and cash equivalents and restricted cash at beginning of year   1,644 9,704 380
Cash and cash equivalents and restricted cash at end of year 9,704 364 169,921 1,644
Supplemental schedule of non-cash investing and financing activities:        
Interest 384 1 6,241 127
Income taxes 0 9 68 5
Supplemental schedule of non-cash investing and financing activities:        
Merger transaction costs paid included in accrued liabilities 0 0 259 0
Merger costs settled through issuance of common stock 0 0 10,153 0
Debt issuance costs settled through issuance of common stock 0 0 4,800 0
Initial fair value of written put option at closing 0 0 11,371 0
Initial fair value of private warrants at closing 0 0 421 0
Parent units issued for acquisitions 13,188 0 0 0
Reconciliation of cash and cash equivalents and restricted cash:        
Cash and cash equivalents 9,704   68,900  
Restricted cash 0   101,021  
Cash and cash equivalents and restricted cash at end of the period $ 9,704 $ 364 $ 169,921 $ 1,644