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CONSOLIDATED STATEMENTS OF CASHFLOWS - USD ($)
$ in Thousands
7 Months Ended 10 Months Ended 12 Months Ended
Dec. 31, 2020
Oct. 22, 2020
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:        
Net (loss) income $ (7,838) $ 5,289 $ (121,674) $ (123,552)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:        
Depreciation and amortization expense 1,028 52 7,758 7,262
Amortization of debt issuance costs 17 0 2,302 679
Equity-based compensation expense 0 80 10,865 60,615
Goodwill impairment 0 0 53,544 0
Impairment of right-of-use assets 0 0 901 0
Non-cash lease expense 0 0 174 0
Provision for doubtful accounts 43 0 55 0
Deferred income tax (benefit) expense (2,637) (8) (1,757) 1,042
Loss on extinguishment of debt 0 0 0 2,881
Net (decrease) increase in fair value of derivatives 0 0 (1,591) 33,353
Loss on sale of property and equipment 0 0 0 14
Changes in assets and liabilities:        
(Increase) decrease in accounts receivable (4,000) 6,818 (798) (7,179)
(Increase) decrease in contract assets 3,868 (4,300) (286) 1,947
Increase in prepaid expenses and other assets (453) (29) (1,702) (6,437)
Increase in accounts payable 1,111 51 9,942 2,744
(Decrease) increase in accrued liabilities 1,224 504 (5,121) 2,845
(Decrease) increase in contract liabilities 40 0 (3,740) 3,666
Increase in other liabilities 181 157 2,210 338
Net cash (used in) provided by operating activities (7,416) 8,614 (48,918) (19,782)
Cash flows from investing activities:        
Acquisition of businesses, net of cash acquired (184,714) 0 (4,465) (224)
Purchases of property and equipment (155) (121) (769) (645)
Proceeds from disposal of property and equipment 0 0 0 6
Net cash used in investing activities (184,869) (121) (5,234) (863)
Cash flows from financing activities:        
Proceeds from term loan 107,249 0 0 0
Repurchase of shares as a result of forward share purchase agreements 0 0 (100,896) 0
Repayment of term loan 0 0 0 (110,000)
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 2,059 9,233
Repayment of short-term borrowings (4,000) (2,000) (4,233) (5,000)
Proceeds from issuance of convertible notes 0 0 0 200,000
Proceeds from the Merger 0 0 0 101,958
Payment of Merger transaction costs 0 0 0 (9,802)
Payment of debt issuance costs to third parties (307) 0 0 (5,527)
Payments for taxes related to net share settlement of equity awards 0 0 (67) 0
Distributions to members 0 (9,773) 0 0
Parent’s contribution 95,047 0 0 0
Net cash (used in) provided by financing activities 201,989 (9,773) (103,137) 180,862
Net (decrease) increase in cash and cash equivalents and restricted cash 9,704 (1,280) (157,289) 160,217
Cash and cash equivalents and restricted cash at the beginning of period     169,921 9,704
Cash and cash equivalents and restricted cash at the end of the period 9,704 364 12,632 169,921
Cash paid during the period for:        
Interest 384 1 12,409 6,241
Income taxes 0 9 9 68
Supplemental schedule of non-cash investing and financing activities:        
Issuance of common stock as consideration for the acquisition of ProModel Corporation 0 0 7,501 0
Merger transaction costs paid included in accrued liabilities 0 0 0 259
Merger costs settled through issuance of common stock 0 0 0 10,153
Debt issuance costs settled through issuance of common stock 0 0 0 4,800
Initial fair value of written put option at closing 0 0 0 11,371
Initial fair value of private warrants at closing 0 0 0 421
Parent units issued for acquisitions 13,188 0 0 0
Reconciliation of cash and cash equivalents and restricted cash:        
Cash and cash equivalents     12,632 68,900
Restricted cash     0 101,021
Cash and cash equivalents and restricted cash at end of the period $ 9,704 $ 364 $ 12,632 $ 169,921