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, 2023
Dec. 31, 2022
Cash flows from operating activities:        
Net income (loss) $ (682,149) $ 20,629 $ 67,486 $ 91,758
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Founders advisory fees - related party (change in accounting fair value) 0 0 (108,481) (117,302)
Depreciation and amortization expense 9,379 52,000 64,855 65,795
Interest and payment-in-kind on preferred shares 944 0 6,792 6,537
Share-based compensation 4,821 156 1,596 14,649
Non-cash lease expense 0 0 5,248 5,390
Share-based compensation - Founders advisory fees - related party (equity settled) 287,200 0 0 0
Deferred income taxes (2,155) (11,244) (25,816) (17,000)
Intangible impairment 0 0 40,738 0
Amortization of deferred financing costs 224 14,592 1,664 1,602
Amortization of acquisition related inventory step-up 6,125 0 0 24,796
(Gain) loss on contingent earn-out 198 2,965 (7,273) (12,706)
Unrealized (gain) loss on foreign currency 1,006 4,026 (1,655) 3,462
Loss on disposal of assets 0 0 139 9
Changes in operating assets and liabilities, net of acquisitions:        
Accounts receivable 27,977 (28,872) (14,435) (6,190)
Inventories (13,259) (10,201) (2,044) (61,934)
Prepaid expenses and other current assets (5,230) (9,426) 1,014 1,922
Other assets 54 884 0 0
Accounts payable 8,194 10,108 (15,335) 9,696
Deferred revenue 332 (149) 0 (383)
Income taxes payable, net (8,985) 18,835 (3,498) 8,920
Accrued expenses and other current liabilities 436 146 (1,758) (647)
Founders advisory fees - related party (cash settled) 365,789 0 (4,655) (53,547)
Operating lease liabilities 0 0 (4,182) (5,072)
Finance lease liabilities 0 0 (282) 0
Other liabilities 3,458 3,542 75 73
Net cash provided by (used in) operating activities 4,359 67,991 193 (40,172)
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) (9,435) (8,613)
Change in short-term investments 0 0 (5,459) 0
Purchase price adjustment under Business Combination Agreement 0 0 0 (1,638)
Purchase of businesses, net of cash acquired 0 (7,464) 0 0
Net cash used in investing activities (1,210,623) (15,746) (14,894) (10,251)
Cash flows from financing activities:        
Ordinary shares repurchased 0 0 (64,066) (49,341)
Proceeds from exercise of warrants 0 0 0 529
Principal payments on finance lease obligations 0 0 (387) 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 0
Repayments of revolving credit facility (40,000) (19,500) 0 0
Repayments of long-term debt (696,971) (4,210) 0 0
Payment of debt issue costs (2,250) 0 0 0
Net cash used in financing activities (697,221) (64,210) (64,453) (48,812)
Effect of foreign currency on cash and cash equivalents (738) 435 (320) 431
Net change in cash and cash equivalents (1,904,223) (11,530) (79,474) (98,804)
Cash and cash equivalents, beginning of period 10,948 22,478 126,750 225,554
Cash and cash equivalents, end of period 225,554 10,948 47,276 126,750
Supplemental disclosures of cash flow information:        
Cash paid for interest 174 24,559 37,005 35,488
Cash paid for income taxes 4,517 7,092 25,960 13,488
Non-cash investing and financing activities:        
Liability portion of founders advisory fees - related party reclassified to additional paid in capital 0 0 2,618 19,568
Redeemable preferred shares issued as consideration for business combination 100,000 0 0 0
Management Subscribers rollover contribution $ 11,048 $ 0 $ 0 $ 0