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, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 61,445 $ 45,890
Adjustments to reconcile net income to net cash used in operating activities:    
Founders advisory fees - related party (change in accounting fair value) (84,262) (80,313)
Depreciation and amortization expense 32,217 33,086
Interest and payment-in-kind on preferred shares 3,396 3,268
Share-based compensation (1,879) 8,396
Non-cash lease expense 2,271 2,642
Deferred income taxes (11,076) (129)
Amortization of deferred financing costs 824 793
Amortization of acquisition related inventory step-up 0 24,138
Loss (gain) on contingent earn-out 392 (9,398)
Unrealized (gain) loss on foreign currency (628) 4,036
Loss on disposal of assets 20 9
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (35,640) (44,477)
Inventories (19,963) (41,431)
Prepaid expenses and current other assets 1,260 7,301
Accounts payable (4,744) 15,834
Deferred revenue 2,653 4,991
Income taxes payable, net (10,479) (10,872)
Accrued expenses and other current liabilities (1,805) 3,050
Founders advisory fees - related party (cash settled) (4,655) (53,547)
Operating lease liabilities (2,263) (2,511)
Finance lease liabilities (67) 0
Other liabilities 47 (107)
Net cash used in operating activities (72,936) (89,351)
Cash flows from investing activities:    
Purchase of property and equipment (4,375) (4,006)
Purchase price adjustment under Business Combination Agreement 0 (1,638)
Net cash used in investing activities (4,375) (5,644)
Cash flows from financing activities:    
Ordinary shares repurchased (27,212) (5,008)
Proceeds from exercise of warrants 0 529
Principal payments on finance lease obligations (103) 0
Net cash used in financing activities (27,315) (4,479)
Effect of foreign currency on cash and cash equivalents (6) (578)
Net change in cash and cash equivalents (104,632) (100,052)
Cash and cash equivalents, beginning of period 126,750 225,554
Cash and cash equivalents, end of period 22,118 125,502
Supplemental disclosures of cash flow information:    
Cash paid for interest 17,153 17,919
Cash paid for income taxes 18,317 6,572
Non-cash investing and financing activities:    
Liability portion of founders advisory fees - related party reclassified to additional paid in capital $ 0 $ 13,783