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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income (loss) $ 7,363 $ 9,289
Adjustments to reconcile to net cash used in operating activities:    
Depreciation and amortization 47,316 31,314
Amortization of debt issue costs 1,662 1,419
Extinguishment of debt 0 3,395
Stock-based compensation 5,441 445
Compensation expense related to employee share purchases 427 0
Change in fair value of earnout liabilities (646) (3,948)
Gain on sale of rental equipment (1,929) (2,463)
Gain on sale of property, plant and equipment (86) 0
Charge for step-up of acquired inventory 2,866 2,703
Net realizable value and reserve adjustment for obsolete and excess inventory 0 5,551
Bad debt expense 1,045 564
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (8,329) (30,795)
Inventories 9,639 (43,857)
Prepaid expenses and other current assets (7,288) (2,224)
Accounts payable 10,552 1,687
Accrued expenses and other current liabilities 5,587 1,316
Other changes in operating assets and liabilities 433 6,324
Net cash provided by (used in) operating activities 74,053 (19,280)
Investing activities    
Purchases of property, plant and equipment (11,180) (4,954)
Business acquisitions, net of cash acquired (252,007) (113,681)
Purchases of rental equipment (7,735) (7,913)
Proceeds from sale of rental equipment 4,202 5,998
Net cash provided by (used in) investing activities (266,720) (120,550)
Financing activities    
Proceeds from revolving lines of credit 174,587 302,044
Payments on revolving lines of credit (295,816) (237,370)
Proceeds from term loans 305,000 445,630
Payments on term loans (11,250) (343,662)
Deferred financing costs (3,419) (11,956)
Proceeds from rights offering, net of offering costs of $1,531 98,469 0
Repurchase of common stock 0 (1,940)
Shares repurchased held in treasury (171) (469)
Proceeds from employees for share purchases 3,253 0
Payment of financing lease principal (358) (457)
Payment of earnout (1,000) 0
Net cash provided by (used in) financing activities 269,295 151,820
Effect of exchange rate changes on cash and cash equivalents (209) (1,309)
Increase (decrease) in cash, cash equivalents and restricted cash 76,419 10,681
Cash, cash equivalents and restricted cash at beginning of period 24,740 14,671
Cash, cash equivalents and restricted cash at end of period 101,159 25,352
Cash and cash equivalents 80,456 25,171
Restricted cash 20,703 181
Total cash, cash equivalents and restricted cash 101,159 25,352
Supplemental disclosure of cash flow information    
Net cash paid for income taxes 9,370 11,553
Net cash paid for interest 26,187 12,093
Net cash paid for interest on supply chain financing 1,753 579
Fair value of common stock exchanged for reverse acquisition 0 351,491
Settlement of related party obligations 0 5,276
Additions of property, plant and equipment included in accounts payable 521 73
Right of use assets obtained in exchange for finance lease liabilities 396 886
Right of use assets obtained in exchange for operating lease liabilities $ 19,879 $ 12,773