Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net (loss) income $ (9,522) $ 2,746
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,285 7,162
Non-cash exit costs 321  
Stock-based compensation 2,853 2,554
Amortization of debt issuance costs and debt original issuance discounts 806 372
Deferred taxes (3,671) 12
Non-cash loss on early debt extinguishment 1,674  
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable 2,623 5,722
Inventory 1,425 (37)
Other current assets 2,300 (253)
Security deposits (35) 3
Other assets (2,397) (257)
Accounts payable 891 (922)
Accrued expenses (4,007) (4,943)
Operating lease liabilities and right-of-use assets 466 1,735
Other liabilities (458) (758)
Net cash provided by operating activities 6,554 13,136
Investing activities:    
Purchase of property and equipment (34,941) (23,896)
Acquisition related payments, net of cash acquired (368,605)  
Net cash used in investing activities (403,546) (23,896)
Financing activities:    
Borrowings of long-term debt 333,829  
Repayments of long-term debt and financing lease liabilities (73,612) (435)
Issuance of Series A preferred stock net of discount 138,943  
Issuance of warrants to Series A preferred stockholders 10,771  
Exercise of stock options 242 226
Tax-withholding obligation on stock-based compensation (480) (1,802)
Purchase of treasury stock (888) (4,153)
Net cash provided by (used in) financing activities 408,805 (6,164)
Effect of exchange rate changes on cash (61) (19)
Net change in cash and cash equivalents and restricted cash and cash equivalents 11,752 (16,943)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 21,047 55,121
Cash and cash equivalents and restricted cash and cash equivalents, end of period 32,799 38,178
Supplemental disclosure of cash flow data:    
Interest paid, net of capitalized interest 4,572 4,055
Income taxes paid 413 312
Accrued purchases of property and equipment 10,768 $ 5,602
Series A Preferred Stock paid-in-kind dividend and accretion $ 4,538