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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income (loss) $ 8,931 $ (7,252)
Adjustments to reconcile to net cash used in operating activities:    
Depreciation and amortization 30,306 22,335
Amortization of debt issue costs 1,002 421
Extinguishment of debt 0 3,395
Stock-based compensation 4,392 4,013
Deferred income taxes 86 (420)
Change in fair value of earnout liabilities 21 5,693
Gain on sale of rental equipment (1,377) (1,821)
Loss on sale of property, plant and equipment 215 0
Charge for step-up of acquired inventory 716 0
Net realizable value and reserve adjustment for obsolete and excess inventory 0 1,377
Bad debt expense 933 244
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (4,799) (27,639)
Inventories 962 (28,983)
Prepaid expenses and other current assets (6,405) (13,777)
Accounts payable (8,936) (5,254)
Accrued expenses and other current liabilities (624) 9,957
Other changes in operating assets and liabilities 2,041 (1,832)
Net cash provided by (used in) operating activities 27,464 (39,543)
Investing activities    
Purchases of property, plant and equipment (7,796) (3,410)
Business acquisitions, net of cash acquired (252,007) (113,781)
Purchases of rental equipment (5,990) (4,878)
Proceeds from sale of rental equipment 2,969 6,783
Net cash provided by (used in) investing activities (262,824) (115,286)
Financing activities    
Proceeds from revolving lines of credit 161,684 166,200
Payments on revolving lines of credit (274,134) (67,687)
Proceeds from term loans 305,000 377,552
Payments on term loans (11,250) (307,490)
Deferred financing costs (3,419) (11,415)
Proceeds from rights offering, net of offering costs of $1,531 98,469 0
Shares repurchased held in treasury (171) (78)
Payment of financing lease principal (249) (39)
Payment of earnout (1,000) 0
Net cash provided by (used in) financing activities 274,930 157,043
Effect of exchange rate changes on cash and cash equivalents 541 1,181
Increase (decrease) in cash, cash equivalents and restricted cash 40,111 3,395
Cash, cash equivalents and restricted cash at beginning of period 24,740 14,671
Cash, cash equivalents and restricted cash at end of period 64,851 18,066
Cash and cash equivalents 44,244 17,872
Restricted cash 20,607 194
Total cash, cash equivalents and restricted cash 64,851 18,066
Supplemental disclosure of cash flow information    
Net cash paid for income taxes 5,444 6,267
Net cash paid for interest 8,334 10,600
Fair value of common stock exchanged for reverse acquisition 0 351,491
Additions of property, plant and equipment included in accounts payable 1,566 135
Right of use assets obtained in exchange for finance lease liabilities 329 713
Right of use assets obtained in exchange for operating lease liabilities $ 4,840 $ 10,291