v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net loss $ (26,420) $ (11,367)
Adjustment to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization of assets 28,763 12,679
Equity-based compensation 3,354 1,063
Amortization of debt issuance costs and discounts 1,250 1,052
Equity in loss and impairment of unconsolidated entities 17 857
Provision for deferred income tax (5,376) (991)
Change in fair value of warrant liability 0 3,458
Provisions for allowance for deferred tax assets 7,844 0
Loss on debt extinguishment 0 541
Payment-in-kind interest 3,807 3,623
Other non-cash (174) 0
Change in operating assets and liabilities, net of business combinations:    
Accounts receivable (1,840) 7,357
Settlement assets and obligations, net 6,696 5,764
Prepaid expenses and other current assets (810) 412
Notes receivable (376) 3,661
Accounts payable and other accrued liabilities (6,091) 434
Customer deposits and advance payments 250 (3,055)
Other assets and liabilities (277) (652)
Net cash provided by operating activities 10,617 24,836
Cash flows from investing activities:    
Payments for business acquisitions (184) (7,508)
Additions to property, equipment and software (8,662) (8,406)
Acquisitions of merchant portfolios and assets (81,777) (26,431)
Note receivable loan funding (3,000) 0
Net cash used in investing activities (93,623) (42,345)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt, net of issue discount 69,650 67,113
Repayment of long-term debt (2,827) (2,011)
Debt issuance costs refunded (paid) 83 (322)
Borrowings under revolving credit facility 14,000 0
Repayments under revolving credit facility (2,500) 0
Distributions to members prior to July 25, 2018 recapitalization 0 (7,075)
Redemptions of membership interests prior to July 25, 2018 recapitalization 0 (74,093)
Recapitalization proceeds 0 49,389
Repurchases of common stock (2,388) 0
Founders shares redemptions 0 (2,118)
Redemption of warrants 0 (12,701)
Recapitalization costs 0 (9,355)
Net cash provided by financing activities 76,018 8,827
Net decrease in cash and restricted cash (6,988) (8,682)
Cash and restricted cash at beginning of year 33,831 44,159
Cash and restricted cash at September 30 26,843 35,477
Supplemental cash flow information:    
Cash paid for interest 25,527 16,537
Recognition of initial net deferred income tax asset 0 47,478
Non-cash investing and financing activities:    
Purchases of property, equipment and software through accounts payable 34 119
Intangible assets acquired by issuing non-controlling interest in a subsidiary 5,654 0
Notes receivable from sellers used as partial consideration for business acquisitions 0 560
Common stock issued as partial consideration in business acquisitions 0 5,000
Reconciliation of cash and restricted cash:    
Total cash and restricted cash $ 33,831 $ 44,159

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