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
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income (loss) $ 71,059 $ (33,589) $ (17,836)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Gain recognized on sale of business (107,239) 0 0
Transaction costs for sale of business (5,383) 0 0
Depreciation and amortization of assets 40,775 39,092 19,740
Equity-classified and liability-classified share-based compensation 2,430 3,652 1,649
Amortization of debt issuance costs and discounts 2,396 1,667 1,418
Equity in losses and impairment of unconsolidated entities 211 23 865
Deferred income tax expense (benefit) 5,905 (8,537) (2,871)
Change in allowance for deferred tax assets (2,945) 9,302 (66)
Change in fair value of warrant liability, net 0 0 3,458
Change in fair value of contingent consideration (360) (620) 0
Write-off of deferred loan costs and discount 1,523 0 0
Payment-in-kind interest 8,573 5,126 4,897
Impairment charges for intangible asset 1,753 0 0
Other non-cash items, net 233 (831) 211
Change in operating assets and liabilities (net of business combinations and disposal):      
Accounts receivable (5,160) (1,736) 8,180
Settlement assets and obligations, net 34,870 27,284 6,016
Prepaid expenses and other current assets 65 (1,230) 171
Notes receivable (2,230) (390) 4,862
Customer deposits and advance payments (2,045) 1,646 (1,571)
Accounts payable and other accrued liabilities 1,343 (1,061) 1,531
Other assets and liabilities, net 1,298 (434) 694
Net cash provided by operating activities 47,072 39,364 31,348
Cash flows from investing activities:      
Sale of business 179,416 0 0
Acquisitions of businesses 0 0 (7,508)
Additions to property, equipment and software (7,461) (11,118) (10,562)
Notes receivable loan funding 0 (3,500) 0
Acquisitions of intangible assets (5,559) (82,945) (90,858)
Other investing activity 0 (184) 0
Net cash provided by (used in) investing activities 166,396 (97,747) (108,928)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt, net of issue discount 0 69,650 126,813
Repayments of long-term debt (110,507) (3,828) (2,834)
Profit distributions to non-controlling interests of subsidiaries (45,398) 0 0
Redemption of non-controlling interest in subsidiary (5,654) 0 0
Borrowings under revolving line of credit 7,000 14,000 8,000
Repayments of borrowings under revolving line of credit (18,505) (2,500) (8,000)
Debt issuance and modification costs (paid) refunded (2,749) 83 (425)
Repurchases of common stock 0 (2,388) 0
Distributions from equity 0 0 (7,075)
Redemptions of equity interests 0 0 (76,211)
Recapitalization proceeds 0 0 49,389
Redemption of warrants 0 0 (12,701)
Recapitalization costs 0 0 (9,704)
Net cash (used in) provided by financing activities (175,813) 75,017 67,252
Net increase (decrease) in cash and restricted cash 37,655 16,634 (10,328)
Cash and restricted cash at beginning of year 50,465 33,831 44,159
Cash and restricted cash at end of year 88,120 50,465 33,831
Reconciliation of cash and restricted cash:      
Total cash and restricted cash 88,120 33,831 33,831
Supplemental cash flow information:      
Cash paid for interest 33,433 33,091 23,350
Cash paid for income taxes, net of refunds 8,370 0 0
Recognition of initial net deferred income tax asset 0 0 47,478
Non-cash investing and financing activities:      
Payment-in-kind interest added to principal of debt obligations 8,573 5,126 4,897
Purchases of property, equipment and software through accounts payable 0 23 50
Payment of accrued contingent consideration for asset acquisition from offset of accounts receivable from same entity 1,686 0 0
Intangible assets acquired by issuing non-controlling interest in a subsidiary 0 5,654 0
Notes receivable from sellers used as partial consideration for business acquisitions 0 0 560
Common stock issued as partial consideration in business acquisitions in Consumer Payments segment $ 0 $ 0 $ 5,000