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
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net loss $ (18,577) $ (507)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 22,701 10,894
Non-cash exit costs 321  
Stock-based compensation 4,433 3,798
Amortization of debt issuance costs and debt original issuance discounts 1,723 558
Deferred taxes (8,376) (997)
Non-cash loss on early debt extinguishment 1,674  
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable 6,111 3,730
Inventory 1,542 (195)
Other current assets (1,154) 56
Security deposits (35)  
Other assets (2,596) (403)
Accounts payable 2,169 (1,720)
Accrued expenses 11,513 (2,067)
Operating lease liabilities and right-of-use assets 5,172 2,840
Other liabilities (953) (759)
Net cash provided by operating activities 25,668 15,228
Investing activities:    
Purchase of property and equipment (53,768) (38,411)
Acquisition related payments, net of cash acquired (369,838)  
Net cash used in investing activities (423,606) (38,411)
Financing activities:    
Borrowings of long-term debt 333,829  
Repayments of long-term debt and financing lease liabilities (74,574) (458)
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 242 301
Tax-withholding obligation on stock-based compensation (495) (1,835)
Purchase of treasury stock (3,151) (7,689)
Net cash provided by (used in) financing activities 405,565 (9,681)
Effect of exchange rate changes on cash 10 (120)
Net change in cash and cash equivalents and restricted cash and cash equivalents 7,637 (32,984)
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 28,684 22,137
Supplemental disclosure of cash flow data:    
Interest paid, net of capitalized interest 14,334 5,051
Income taxes paid 437 312
Accrued purchases of property and equipment $ 11,739 $ 8,684