v3.19.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net loss $ (6,446) $ (3,177)
Adjustment to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 8,925 3,767
Equity-based compensation 1,160 188
Amortization of debt issuance costs and discounts 405 308
Equity in losses and impairment of unconsolidated entities 6 54
Provision for deferred tax benefit (1,621) 0
Change in fair value of warrant liability 0 3,481
Payment-in-kind interest 1,210 1,193
Other non-cash (174) 0
Change in operating assets and liabilities:    
Accounts receivable (2,252) 4,797
Settlement assets 36 2,879
Prepaid expenses and other current assets (752) (766)
Notes receivable (324) 831
Accounts payable and other accrued liabilities (3,634) (4,270)
Settlement obligations 2,249 3,230
Other assets and liabilities (28) 99
Net cash (used in) provided by operating activities (1,240) 12,614
Cash flows from investing activities:    
Payment for prior year business acquisition (184) 0
Additions to property, equipment and software (2,382) (2,624)
Acquisitions of merchant portfolios and assets (79,612) (3,700)
Net cash used in investing activities (82,178) (6,324)
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 (823) (670)
Debt issuance costs 0 (646)
Borrowings under revolving credit facility 10,000 0
Distributions to members prior to July 25, 2018 recapitalization 0 (4,024)
Redemption of membership interest prior to July 25, 2018 recapitalization 0 (74,093)
Net cash provided by (used in) financing activities 78,827 (12,320)
Net change in cash and restricted cash:    
Net decrease in cash and restricted cash (4,591) (6,030)
Cash and restricted cash at beginning of year 33,831 44,159
Cash and restricted cash at March 31 29,240 38,129
Supplemental cash flow information:    
Cash paid for interest 7,126 5,355
Non-cash investing and financing activities:    
Intangible assets acquired by issuing non-controlling interest in a subsidiary $ 5,654 $ 0

Source