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, 2020
Dec. 31, 2019
Cash flows from operating activities:        
Net (loss) income $ (680,457) $ 20,629 $ 24,249 $ (42,037)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:        
Depreciation and amortization expense 9,379 52,000 58,117 58,025
Interest and payment-in-kind on preferred shares 944 0 0 0
Share-based compensation 4,821 156 0 0
Share-based compensation - Founders advisory fees - related party (equity settled) 287,200 0 0 0
Deferred income taxes (670) (11,244) (2,684) (22,188)
Amortization of deferred financing costs 224 14,592 3,471 3,555
Amortization of acquisition related inventory step-up 2,948 0 0 0
Loss on contingent earn-out 198 2,965 0 0
Changes in operating assets and liabilities, net of acquisitions:        
Accounts receivable 28,983 (24,846) 6,094 (9,566)
Inventories (13,259) (10,201) 11,170 (10,146)
Income tax receivable (8,887) 11,601 (4,929) (4,829)
Prepaid expenses and current other assets (5,230) (9,426) (9,948) 10,755
Other assets 54 884 479 33
Accounts payable 8,194 10,108 (9,608) 3,901
Deferred revenue 332 (149) 0 0
Accrued expenses and other current liabilities 338 7,380 (6,503) 11,628
Founders advisory fees - related party (cash settled) 365,789 0 0 0
Other liabilities 3,458 3,542 918 564
Net cash provided by (used in) operating activities 4,359 67,991 70,826 (305)
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) (7,497) (8,859)
Purchase of businesses, net of cash acquired 0 (7,464) (1,970) (16,314)
Net cash used in investing activities (1,210,623) (15,746) (9,467) (25,173)
Cash flows from financing activities:        
Sale of PSSA Ordinary Shares 2,000 0 0 0
Shareholders’ capital distributions 0 (60,000) 0 (12,360)
Proceeds from revolving credit facility 40,000 19,500 72,100 83,300
Repayments of revolving credit facility (40,000) (19,500) (97,100) (60,300)
Proceeds from issuance of long-term debt 0 0 0 16,000
Repayments of long-term debt (696,971) (4,210) (20,610) (5,610)
Payment of debt issue costs (2,250) 0 0 0
Net cash (used in) provided by financing activities (697,221) (64,210) (45,610) 21,030
Effect of foreign currency on cash and cash equivalents (738) 435 (3,093) (1,689)
Net change in cash and cash equivalents (1,904,223) (11,530) 12,656 (6,137)
Cash and cash equivalents, beginning of period 10,948 22,478 9,822 15,959
Cash and cash equivalents, end of period 225,554 10,948 22,478 9,822
Supplemental disclosures of cash flow information:        
Cash paid for interest 174 24,559 45,441 44,746
Cash paid for income taxes 4,517 7,092 19,336 8,166
Non-cash investing and financing activities:        
Redeemable preferred shares issued as consideration for business combination 100,000 0 0 0
Management Subscribers rollover contribution 11,048 0 0 0
Receipt of common shares as a shareholder contribution 0 0 0 2,500
Equity consideration in connection with purchase of a business $ 0 $ 0 $ 0 $ (2,500)