Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows provided by (used in) operating activities    
Net loss $ (106,200,000) $ (24,776,000)
Adjustments to reconcile net loss to net cash provided (used in) by operating activities    
Depreciation and amortization 54,499,000 50,331,000
Goodwill impairment loss 58,074,000 0
Amortization of deferred financing costs 2,427,000 2,097,000
Amortization of discount on Backstop Notes 0 424,000
Non-cash reduction to the operating lease right-of-use assets 2,218,000 0
Deferred income taxes (16,189,000) (9,691,000)
Non-cash foreign currency loss 14,000 344,000
Stock-based compensation 10,296,000 4,564,000
Provision for doubtful accounts 415,000 322,000
Change in fair value of warrant liability (254,000) (5,267,000)
Change in operating assets and liabilities, net of operating assets and liabilities acquired:    
Accounts receivable 8,962,000 (12,102,000)
Inventories 6,542,000 (9,875,000)
Prepaid expenses and other current assets (1,992,000) (1,244,000)
Accounts payable and accrued liabilities (2,116,000) (8,419,000)
Deferred revenue 980,000 (805,000)
Income taxes payable 148,000 (661,000)
Operating lease liabilities (1,468,000)  
Cash provided by (used in) operating activities 16,356,000 (14,758,000)
Cash flows (used in) provided by investing activities    
Additions to intangible assets (13,238,000) (9,247,000)
Additions to property and equipment (3,307,000) (4,172,000)
Payments for acquisitions, net of cash acquired (46,002,000) 0
Cash flows (used in) provided by investing activities (62,547,000) (13,419,000)
Cash flows (used in) provided by financing activities    
Proceeds from revolving credit facility 0 25,000,000
Repayment on revolving credit facility 0 (25,000,000)
Repayment of term loan (3,153,000) (3,161,000)
Repayment of other borrowings - notes payable (1,035,000) (173,000)
Proceeds from convertible debt 0 104,167,000
Proceeds from equity portion of convertible debt, net of issuance costs 0 15,697,000
Payment of deferred financing costs (356,000) (1,579,000)
Repayment of related party note 0 (1,538,000)
Proceeds from CTAC and PIPE financing, net of issuance costs 0 223,688,000
Settlements of preferred shares 0 (229,915,000)
Payment of financing lease obligations (150,000)  
Payment of capital lease obligations 0 (828,000)
Payment of stock option share employee withholding taxes 0 (2,305,000)
Cash (used in) provided by financing activities (4,694,000) 104,053,000
Effect of exchange rate change on cash (451,000) (226,000)
Change in Cash and Restricted cash (51,336,000) 75,650,000
Cash and Restricted Cash, beginning of period 86,343,000 10,693,000
Cash and Restricted Cash, end of period 35,007,000 86,343,000
Non-cash investing and financing activities:    
Fair value of KORE common stock issued pursuant to acquisition 23,295,000 0
ASU 2020-06 Adoption 15,163,000  
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities upon the adoption of ASC 842 9,604,000  
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 3,409,000  
Premium finance agreement 3,621,000 0
Equity financing fees accrued 0 3,602,000
Common shares issued to preferred shareholders 0 56,502,000
Equity financing fees settled in common shares 0 1,863,000
Common shares issued to warrant holders 0 10,663,000
Common shares issued to option holders pursuant to the Cancellation Agreements 0 1,072,000
Sponsor shares distributed to lender under Backstop Agreement 0 683,000
Supplemental cash flow information:    
Interest paid 29,199,000 19,874,000
Taxes paid (net of refunds) $ 2,119,000 $ 957,000