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
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 9,431 $ 36,963
Adjustments to reconcile net income to net cash used in operating activities:    
Founders advisory fees - related party (change in accounting fair value) (24,236) (59,848)
Depreciation and amortization expense 16,087 16,371
Interest and payment-in-kind on preferred shares 1,698 1,634
Share-based compensation (3,074) 4,963
Non-cash lease expense 1,153 1,309
Deferred income taxes (6,322) 843
Amortization of deferred financing costs 410 395
Amortization of acquisition related inventory step-up 0 6,122
Loss on contingent earn-out 246 0
Unrealized (gain) loss on foreign currency (721) 880
Loss on disposal of assets 5 0
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 1,670 (9,801)
Inventories (13,119) (16,782)
Prepaid expenses and current other assets 360 4,164
Other assets 0 599
Accounts payable (10,878) (6,143)
Deferred revenue 0 372
Income taxes payable, net (7,381) (6,229)
Accrued expenses and other current liabilities 8,785 8,094
Founders advisory fees - related party (cash settled) (4,655) (53,547)
Operating lease liabilities (1,169) (1,240)
Other liabilities 94 (15)
Net cash used in operating activities (31,616) (70,896)
Cash flows from investing activities:    
Purchase of property and equipment (2,456) (1,313)
Purchase price adjustment under Business Combination Agreement 0 (1,638)
Net cash used in investing activities (2,456) (2,951)
Cash flows from financing activities:    
Ordinary shares repurchased (864) 0
Proceeds from exercise of warrants 0 529
Net cash (used in) provided by financing activities (864) 529
Effect of foreign currency on cash and cash equivalents (25) 1,307
Net change in cash and cash equivalents (34,961) (72,011)
Cash and cash equivalents, beginning of period 126,750 225,554
Cash and cash equivalents, end of period 91,789 153,543
Supplemental disclosures of cash flow information:    
Cash paid for interest 142 145
Cash paid (received) for income taxes 10,155 (17)
Non-cash investing and financing activities:    
Liability portion of founders advisory fees - related party reclassified to additional paid in capital $ 0 $ 13,783