XML 17 R6.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net (loss) income $ (64,314,000) $ 11,159,000
Adjustments to reconcile net (loss) income to cash and cash equivalents used in operating activities:    
Depreciation and amortization 4,296,000 3,219,000
Amortization of debt issuance costs and debt discount 4,633,000 892,000
Goodwill impairment charges 16,867,000 0
Share-based compensation 13,731,000 21,613,000
Change in fair value of liability classified warrants (58,000) (445,000)
Change in fair value of liability classified earnouts (792,000) (53,821,000)
Change in fair value of liability classified conversion option derivatives (2,034,000) (15,510,000)
Realized loss on sale of investments 11,000 0
Unrealized (gain) loss on investments (44,000) 62,000
Accretion of discount on investment securities (712,000) (29,000)
Deferred taxes 50,000 183,000
Gain on loan forgiveness 0 (183,000)
Credit losses 31,000 402,000
Loss on disposal of property and equipment 0 22,000
Changes in operating assets and liabilities:    
Accounts receivable (8,657,000) (15,215,000)
Inventories (2,913,000) (2,584,000)
Other receivables 153,000 678,000
Prepaid expenses 2,728,000 3,545,000
Operating lease right-of-use assets 4,448,000 3,720,000
Other assets (83,000) (141,000)
Accrued expenses and other current liabilities 579,000 2,894,000
Income taxes payable 0 255,000
Accounts payable 3,961,000 (4,404,000)
Current and long-term operating lease liabilities (3,909,000) (2,998,000)
Other non-current liabilities (394,000) (1,073,000)
Net cash and cash equivalents used in operating activities (32,422,000) (47,759,000)
Cash flows from investing activities:    
Purchases of property and equipment (3,706,000) (3,534,000)
Cash paid for practice acquisitions (4,300,000) (8,107,000)
Purchases of marketable securities/investments (9,683,000) (87,402,000)
Sales of marketable securities/investments 68,702,000 0
Net cash and cash equivalents provided by (used in) investing activities 51,013,000 (99,043,000)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 0 110,000,000
Transactions costs related to issuance of long-term debt 0 (3,663,000)
Payments made for financing of insurance payments (3,010,000) (3,739,000)
Payment of deferred consideration liability for acquisition (959,000) (509,000)
Principal payments on financing leases (91,000) (39,000)
Common stock repurchase (1,019,000) (9,000,000)
Common stock issued for options exercised 13,000 416,000
Taxes for common stock net settled 0 (413,000)
Net cash and cash equivalents provided by (used in) financing activities (5,066,000) 93,053,000
Net increase (decrease) in cash and cash equivalents 13,525,000 (53,749,000)
Cash and cash equivalents at beginning of period 14,010,000 115,174,000
Cash and cash equivalents at end of period 27,535,000 61,425,000
Supplemental disclosure of cash flow information:    
Interest and principal forgiven from Paycheck Protection Program loans 0 183,000
Cash paid for:    
Income taxes 226,000 26,000
Interest 3,383,000 184,000
Supplemental disclosure of noncash investing and financing activities:    
Discount of senior secured convertible note 0 28,160,000
Deferred consideration as part of practice acquisition $ 1,813,000 $ 0