Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.22.2.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (35,073) $ (12,474)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities    
Depreciation and amortization 40,679 37,947
Amortization of deferred financing costs 1,806 1,569
Non-cash reduction to the operating lease right-of-use assets 1,678 0
Deferred income taxes (10,875) (8,197)
Non-cash foreign currency loss (gain) 1,566 (163)
Stock-based compensation 7,570 4,564
Provision for doubtful accounts 424 117
Change in fair value of warrant liability (253) (5,281)
Change in operating assets and liabilities, net of operating assets and liabilities acquired:    
Accounts receivable 11,155 (12,792)
Inventories 8,192 (6,461)
Prepaid expenses and other current assets (1,934) (5,054)
Accounts payable and accrued liabilities (3,756) (2,366)
Deferred revenue 252 (911)
Income taxes payable 144 63
Operating lease liabilities (1,048)  
Net cash provided by (used in) operating activities 20,527 (9,439)
Cash flows used in investing activities    
Additions to intangible assets (9,027) (6,626)
Additions to property and equipment (2,945) (3,156)
Payments for acquisitions, net of cash acquired (46,002) 0
Net cash used in investing activities (57,974) (9,782)
Cash flows from financing activities    
Proceeds from revolving credit facility 0 25,000
Repayments on revolving credit facility 0 (25,000)
Repayment of term loan (2,364) (2,373)
Repayment of other borrowings—notes payable (507) 0
Proceeds from convertible debt 0 82,351
Proceeds from equity portion of convertible debt, net of issuance costs 0 12,510
Payment of deferred financing costs, relating to convertible debt 0 (1,449)
Repayment of related party note 0 (1,538)
Proceeds from CTAC and PIPE financing, net of issuance costs 0 223,001
Settlement of preferred shares 0 (229,915)
Equity financing fees (126) 0
Payment of deferred financing costs (452) 0
Payment of financing lease obligations (150)  
Payment of capital lease obligations   (815)
Net cash (used in) provided by financing activities (3,599) 81,772
Effect of exchange rate change on cash (2,014) (188)
Change in cash and restricted cash (43,060) 62,363
Cash and restricted cash, beginning of period 86,343 10,693
Cash and restricted cash, end of period 43,283 73,056
Supplemental cash flow information:    
Interest paid 22,134 14,762
Income taxes paid 1,587 0
Non-cash investing and financing activities:    
Fair value of KORE common stock issued pursuant to acquisitions 23,295  
ASU 2020-06 Adoption 15,163  
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities upon the adoption of ASC 842 9,604  
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 3,409  
Premium Finance Agreement 3,621  
Capital leases   346
Equity financing fees accrued 0 3,025
Common shares issued to preferred shareholders 0 56,502
Equity financing fees settled in common shares 0 1,863
Common shares issued to warrant holders $ 0 $ 10,663