Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
2 Months Ended 10 Months Ended 12 Months Ended
Dec. 31, 2021
Nov. 08, 2021
Dec. 31, 2022
Dec. 31, 2020
Cash flows from operating activities:        
Net income (loss) $ (682,149) $ 20,629 $ 91,758 $ 24,249
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:        
Founders advisory fees - related party (change in accounting fair value) 0 0 (117,302) 0
Depreciation and amortization expense 9,379 52,000 65,795 58,117
Interest and payment-in-kind on preferred shares 944 0 6,537 0
Share-based compensation 4,821 156 14,649 0
Non-cash lease expense 0 0 5,390 0
Share-based compensation - Founders advisory fees - related party (equity settled) 287,200 0 0 0
Deferred income taxes (2,155) (11,244) (17,000) (2,684)
Amortization of deferred financing costs 224 14,592 1,602 3,471
Amortization of acquisition related inventory step-up 6,125 0 24,796 0
(Gain) loss on contingent earn-out 198 2,965 (12,706) 0
Unrealized loss (gain) on foreign currency 1,006 4,026 3,462 (5,640)
Loss on disposal of assets 0 0 9 0
Changes in operating assets and liabilities, net of acquisitions:        
Accounts receivable 27,977 (28,872) (6,190) 11,734
Inventories (13,259) (10,201) (61,934) 11,170
Prepaid expenses and other current assets (5,230) (9,426) 1,922 (9,948)
Other assets 54 884 0 479
Accounts payable 8,194 10,108 9,696 (9,608)
Deferred revenue 332 (149) (383) 0
Income taxes payable, net (8,985) 18,835 8,920 (5,860)
Accrued expenses and other current liabilities 436 146 (647) (5,572)
Founders advisory fees - related party (cash settled) 365,789 0 (53,547) 0
Operating lease liabilities 0 0 (5,072) 0
Other liabilities 3,458 3,542 73 918
Net cash (used in) provided by operating activities 4,359 67,991 (40,172) 70,826
Cash flows from investing activities:        
Acquisition of SK Invictus, net of cash acquired (1,209,155) 0 0 0
Purchase of property and equipment (1,468) (8,282) (8,613) (7,497)
Purchase price adjustment under Business Combination Agreement 0 0 (1,638) 0
Purchase of businesses, net of cash acquired 0 (7,464) 0 (1,970)
Net cash used in investing activities (1,210,623) (15,746) (10,251) (9,467)
Cash flows from financing activities:        
Ordinary shares repurchased 0 0 (49,341) 0
Proceeds from exercise of warrants 0 0 529 0
Sale of Ordinary Shares issued to Director Subscribers 2,000 0 0 0
Shareholders’ capital distributions 0 (60,000) 0 0
Proceeds from revolving credit facility 40,000 19,500 0 72,100
Repayments of revolving credit facility (40,000) (19,500) 0 (97,100)
Repayments of long-term debt (696,971) (4,210) 0 (20,610)
Payment of debt issue costs (2,250) 0 0 0
Net cash used in financing activities (697,221) (64,210) (48,812) (45,610)
Effect of foreign currency on cash and cash equivalents (738) 435 431 (3,093)
Net change in cash and cash equivalents (1,904,223) (11,530) (98,804) 12,656
Cash and cash equivalents, beginning of period 10,948 22,478 225,554 9,822
Cash and cash equivalents, end of period 225,554 10,948 126,750 22,478
Supplemental disclosures of cash flow information:        
Cash paid for interest 174 24,559 35,488 45,441
Cash paid for income taxes 4,517 7,092 13,488 19,336
Non-cash investing and financing activities:        
Liability portion of founders advisory fees - related party reclassified to additional paid in capital 0 0 19,568 0
Redeemable preferred shares issued as consideration for business combination 100,000 0 0 0
Management Subscribers rollover contribution $ 11,048 $ 0 $ 0 $ 0