v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (43,109) $ (75,669)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 3,965 3,726
Amortization of debt issuance costs 1,006 1,047
Equity-based compensation expense 7,799 8,938
Goodwill impairment 0 35,252
Non-cash lease expense 297 0
Provision for doubtful accounts 1,557 44
Deferred income tax expense (benefit) 53 (1,594)
Net increase (decrease) in fair value of derivatives 13,688 (1,462)
Loss on sale of property and equipment 8 0
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable (7,735) 758
Decrease (increase) in contract assets 966 (226)
Decrease in prepaid expenses and other assets 5,244 535
(Decrease) increase in accounts payable (8,124) 874
Increase (decrease) in accrued liabilities 660 (2,509)
Decrease in contract liabilities (22) (2,048)
(Decrease) increase in other liabilities (1,066) 338
Net cash used in operating activities (24,813) (31,996)
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired 0 (4,376)
Purchases of property and equipment (2) (508)
Net cash used in investing activities (2) (4,884)
Cash flows from financing activities:    
Proceeds from issuance of Private Placement shares and Registered Direct Offering shares 50,000 0
Payment of Private Placement and Registered Direct Offering transaction costs (5,225) 0
Repurchase of shares as a result of forward share purchase agreements 0 (100,896)
Repayment of short-term borrowings (1,537) (2,312)
Payments for taxes related to net share settlement of equity awards (1,132) (4)
Net cash provided by (used in) financing activities 42,106 (103,212)
Net increase (decrease) in cash and cash equivalents and restricted cash 17,291 (140,092)
Cash and cash equivalents and restricted cash at the beginning of period 12,632 169,921
Cash and cash equivalents and restricted cash at the end of the period 29,923 29,829
Supplemental schedule of non-cash investing and financing activities:    
Issuance of common stock as consideration for the acquisition of ProModel Corporation $ 0 $ 7,501

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