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, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 80,727 $ 152,117
Adjustments to reconcile net income to net cash used in operating activities:    
Founders advisory fees - related party (change in accounting fair value) (108,806) (154,026)
Depreciation and amortization expense 48,493 49,536
Interest and payment-in-kind on preferred shares 5,094 4,903
Share-based compensation (130) 7,551
Non-cash lease expense 3,353 4,023
Deferred income taxes (11,302) (20,488)
Intangible impairment 40,738 0
Amortization of deferred financing costs 1,243 1,196
Amortization of acquisition related inventory step-up 0 24,796
Gain on contingent earn-out (7,273) (13,042)
Unrealized loss on foreign currency 756 8,741
Loss on disposal of assets 3 9
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (46,216) (63,838)
Inventories 2,674 (40,759)
Prepaid expenses and current other assets 4,966 9,058
Accounts payable (17,999) 4,975
Deferred revenue 1,169 889
Income taxes payable, net (8,784) 23,271
Accrued expenses and other current liabilities 9,024 15,547
Founders advisory fees - related party (cash settled) (4,655) (53,547)
Operating lease liabilities (3,206) (3,797)
Finance lease liabilities (172) 0
Other liabilities 69 (299)
Net cash used in operating activities (10,234) (43,184)
Cash flows from investing activities:    
Purchase of property and equipment (6,630) (6,024)
Purchase price adjustment under Business Combination Agreement 0 (1,638)
Net cash used in investing activities (6,630) (7,662)
Cash flows from financing activities:    
Ordinary shares repurchased (37,247) (7,572)
Proceeds from exercise of warrants 0 529
Principal payments on finance lease obligations (251) 0
Net cash used in financing activities (37,498) (7,043)
Effect of foreign currency on cash and cash equivalents (627) (1,409)
Net change in cash and cash equivalents (54,989) (59,298)
Cash and cash equivalents, beginning of period 126,750 225,554
Cash and cash equivalents, end of period 71,761 166,256
Supplemental disclosures of cash flow information:    
Cash paid for interest 19,971 18,299
Cash paid for income taxes 20,562 7,588
Non-cash investing and financing activities:    
Liability portion of founders advisory fees - related party reclassified to additional paid in capital $ 0 $ 13,783