XML 18 R7.htm IDEA: XBRL DOCUMENT v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 15,788 $ 1,501
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 5,841 5,989
Amortization of route and customer acquisition costs and location contracts acquired 3,548 6,106
Amortization of debt issuance costs 626 504
(Gain) loss on change in fair value of contingent earnout shares (3,417) 2,797
Stock-based compensation 1,605 1,593
(Gain) on disposal of property and equipment (105) (34)
Net loss on write-off of route and customer acquisition costs and route and customer acquisition costs payable 174 104
Remeasurement of contingent consideration (385) 228
Payments on consideration payable (1,116) (89)
Accretion of interest on route and customer acquisition costs payable, contingent consideration, and contingent stock consideration 708 615
Deferred income taxes 2,775 1,700
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 199 (908)
Income taxes receivable 0 3,341
Route and customer acquisition costs (469) (650)
Route and customer acquisition costs payable (184) 39
Accounts payable and accrued expenses 1,173 (886)
Accrued compensation and related expenses (4,642) (335)
Other assets (58) (29)
Net cash provided by operating activities 22,061 21,586
Cash flows from investing activities:    
Purchases of property and equipment (6,752) (2,044)
Proceeds from the sale of property and equipment 365 65
Business and asset acquisitions, net of cash acquired 0 (483)
Net cash used in investing activities (6,387) (2,462)
Cash flows from financing activities:    
Payments on term loan 0 (3,000)
Payments on delayed draw term loans 0 (1,563)
Proceeds from line of credit 0 27,000
Payments on line of credit (4,375) (3,000)
Payments for repurchase of common stock (13,934) 0
Payments on interest rate caplets (157) 0
Proceeds from exercise of stock options and warrants 38 0
Payments on consideration payable (1,084) (334)
Tax withholding on share-based payments (50) 0
Net cash (used in) provided by financing activities (19,562) 19,103
Net (decrease) increase in cash and cash equivalents (3,888) 38,227
Cash and cash equivalents:    
Beginning of period 198,786 134,451
End of period 194,898 172,678
Supplemental disclosures of cash flow information:    
Interest 3,386 3,008
Income taxes (204) 0
Supplemental schedules of noncash investing and financing activities:    
Purchases of property and equipment in accounts payable and accrued liabilities 4,338 3,853
Deferred premium on interest rate caplets 3,898 0
Acquisition of businesses and assets:    
Total identifiable net assets acquired 0 483
Cash purchase price $ 0 $ 483