XML 17 R6.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (26,214) $ (18,825)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 1,986 1,772
Amortization of debt issuance costs 500 523
Equity-based compensation expense 3,805 3,858
Non-cash lease expense (35) 0
Provision for doubtful accounts 882 0
Deferred income tax expense 54 174
Net increase (decrease) in fair value of derivatives 10,567 (1,263)
Loss on sale of property and equipment 8 0
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable (3,469) 1,981
Increase in contract assets (1,115) (2,306)
Decrease in prepaid expenses and other assets 1,488 432
(Decrease) increase in accounts payable (4,914) 1,150
Increase in accrued liabilities 4,066 6,307
Increase (decrease) in contract liabilities 325 (1,415)
Increase in other liabilities 49 83
Net cash used in operating activities (12,017) (7,529)
Cash flows from investing activities:    
Purchases of property and equipment 0 (359)
Net cash used in investing activities 0 (359)
Cash flows from financing activities:    
Proceeds from issuance of Private Placement shares, net 21,975 0
Repurchase of shares as a result of forward share purchase agreements 0 (100,896)
Repayment of short-term borrowings (763) (1,159)
Net cash provided by (used in) financing activities 21,212 (102,055)
Net increase (decrease) in cash and cash equivalents and restricted cash 9,195 (109,943)
Cash and cash equivalents and restricted cash at the beginning of period 12,632 169,921
Cash and cash equivalents and restricted cash at the end of the period $ 21,827 $ 59,978