Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net loss $ (10,907) $ (1,081)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 13,196 13,114
Amortization of deferred financing costs 587 524
Non-cash reduction to the operating lease right-of-use assets 587 0
Deferred income taxes (3,851) (1,366)
Non-cash foreign currency loss (3) (70)
Share-based compensation 2,050 315
Provision for doubtful accounts 55 (18)
Change in fair value of warrant liability (27) (2,424)
Change in operating assets and liabilities, net of operating assets and liabilities acquired:    
Accounts receivable (2,580) (1,855)
Inventories 4,714 (878)
Prepaid expenses and other receivables 806 (5,375)
Accounts payable and accrued liabilities (8,428) (13,311)
Deferred revenue 132 (81)
Income taxes payable 199 186
Operating lease liabilities (510) 0
Net cash used in operating activities (3,980) (12,320)
Cash flows used in investing activities    
Additions to intangible assets (2,790) (2,302)
Additions to property and equipment (635) (789)
Payments for acquisitions, net of cash acquired (45,078) 0
Net cash used in investing activities (48,503) (3,091)
Cash flows from financing activities    
Proceeds from revolving credit facility 0 20,000
Repayment of term loan (788) (797)
Repayment of other borrowings—notes payable (118) 0
Equity financing fees (126) (445)
Payment of deferred financing costs (452) (79)
Payment of financing lease obligations (66) 0
Payment of capital lease obligations 0 (388)
Net cash provided by/(used in) financing activities (1,550) 18,291
Effect of Exchange Rate Change on Cash and Cash Equivalents (26) (67)
Change in Cash and Cash Equivalents and Restricted Cash (54,059) 2,813
Cash and Cash Equivalents and Restricted Cash, beginning of period 86,343 10,693
Cash and Cash Equivalents and Restricted Cash, end of period 32,284 13,506
Supplemental cash flow information:    
Interest paid 7,717 4,549
Taxes paid 317  
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 $ 420  
Equity financing fees accrued   $ 1,590