Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities:    
Net (loss) income $ (16,653) $ 4,026
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 34,096 15,664
Non-cash exit costs 692  
Stock-based compensation 6,017 5,032
Non-cash loss on early debt extinguishment 1,674  
Amortization of debt issuance costs and debt original discounts 2,635 745
Deferred taxes (8,580) (2,434)
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable 296 (2,056)
Inventory (729) (456)
Other current assets 139 340
Security deposits (497) (30)
Other assets (3,133) (552)
Accounts payable 3,121 2,911
Accrued expenses 16,053 1,608
Operating lease liabilities and right-of-use assets 7,441 5,880
Other liabilities 1,616 103
Net cash provided by operating activities 44,188 30,781
Investing activities:    
Acquisition related payments, net of cash acquired (369,838)  
Purchase of property and equipment (71,555) (53,550)
Net cash used in investing activities (441,393) (53,550)
Financing activities:    
Borrowings of long-term debt 333,829  
Repayments of long-term debt and financing lease liabilities (75,471) (1,021)
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 242 310
Tax-withholding obligation on stock-based compensation (827) (2,655)
Purchase of treasury stock (3,151) (7,882)
Net cash provided by (used in) financing activities 404,336 (11,248)
Effect of exchange rate changes on cash (103) (57)
Net increase (decrease) in cash and cash equivalents 7,028 (34,074)
Cash and cash equivalents, beginning of year 21,047 55,121
Cash and cash equivalents, end of year 28,075 21,047
Supplemental disclosure of cash flow data:    
Interest paid, net of capitalized interest 24,501 5,313
Income taxes paid, net of refunds 497 720
Accrued purchases of property and equipment $ 11,194 $ 12,575