Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net loss $ (24,453) $ (35,201) $ (23,443)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities      
Depreciation and amortization 50,414 52,488 48,131
Intangible asset impairment loss 0 0 3,892
Amortization of deferred financing costs 2,097 2,313 2,063
Amortization of discount on Backstop Notes 424    
Deferred income taxes (9,871) (6,178) (11,419)
Non-cash foreign currency loss 344 233 1,440
Share-based compensation 4,564 1,161 1,682
Provision for doubtful accounts 322 640 905
Change in fair value of warrant liability (5,267) 7,485 (235)
Settlement gain on carrier commitment liability     (2,269)
Change in operating assets and liabilities, net of operating assets and liabilities acquired:      
Accounts receivable (11,884) (6,072) 860
Inventories (9,875) (3,027) (566)
Prepaid expenses and other receivables (1,700) (2,020) 169
Accounts payable and accrued liabilities (8,371) 13,100 (2,458)
Deferred revenue (805) 1,583 (44)
Income taxes payable (697) (34) (1,158)
Change in minimum carrier commitment liability     (3,297)
Cash (used in) provided by operating activities (14,758) 26,471 14,253
Cash flows used in investing activities      
Additions to intangible assets (9,247) (10,135) (10,491)
Additions to property and equipment (4,172) (1,834) (2,391)
Acquisition of Integron LLC, net of cash acquired   366 (37,488)
Net cash used in investing activities (13,419) (11,603) (50,370)
Cash flows from financing activities      
Proceeds from revolving credit facility 25,000   8,135
Repayment on revolving credit facility (25,000) (8,300)  
Repayment of term loan (3,161) (3,526) (2,888)
Repayment of other borrowings - notes payable (173)    
Proceeds from term loan     35,000
Proceeds from convertible debt 104,167 0 0
Proceeds from equity portion of convertible debt, net of issuance costs 15,697    
Payment of deferred financing costs (1,579)   (2,089)
Repayment of related party note (1,538)    
Repurchase of common stock   (200) (80)
Proceeds from CTAC and PIPE financing, net of issuance costs 223,688    
Settlements of preferred shares (229,915)    
Payment of capital lease obligations (828) (692) (1,080)
Payment of stock option share employee withholding taxes (2,305)    
Cash provided by/(used in) financing activities 104,053 (12,718) 36,998
Effect of Exchange Rate Change on Cash and Cash Equivalents (226) (149) (162)
Change in Cash and Cash Equivalents and Restricted Cash 75,650 2,001 719
Cash and Cash Equivalents and Restricted Cash, beginning of period 10,693 8,692 7,973
Cash and Cash Equivalents and Restricted Cash, end of period 86,343 10,693 8,692
Non-cash investing and financing activities:      
Equity issued for acquisition of Integron LLC 56,502   7,000
Equity financing fees accrued 3,602    
Capital leases 0 622 1,120
Common shares issued to preferred shareholders 56,502   7,000
Equity financing fees settled in common shares 1,863    
Common shares issued to option holders pursuant to the Cancellation Agreements 1,072    
Common shares issued to warrant holders 10,663    
Sponsor shares distributed to lender under Backstop Agreement 683    
Supplemental cash flow information:      
Interest paid 19,874 21,544 23,977
Taxes paid (net of refunds) $ 957 $ 379 $ 417