Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 1 Months Ended 8 Months Ended 9 Months Ended
Dec. 05, 2018
Jul. 31, 2019
Jul. 31, 2020
Net loss $ (22,575) $ (10,513) $ (58,733)
Adjustments to reconcile net income to net cash provided by operating activities:      
Goodwill and intangibles impairment 0 0 57,944
Depreciation   14,125 19,537
Deferred income taxes   (2,983) 92
Amortization of deferred financing costs   1,385 3,094
Write off deferred debt issuance costs   0 0
Amortization of debt premium   0 0
Amortization of intangible assets 700 22,235 25,290
Stock-based compensation expense   1,986 4,207
Prepayment penalty on early extinguishment of debt   0 0
Net (loss) gain on the sale of property, plant and equipment   420 (944)
Payment of contingent consideration in excess of amounts established in purchase accounting   0 (526)
Net changes in operating assets and liabilities (net of acquisitions):      
Trade receivables, net   (4,346) 1,668
Inventory   (143) (63)
Prepaid expenses and other current assets   (4,209) (3,520)
Income taxes payable, net   (279) (3,899)
Accounts payable   (7,666) (1,489)
Accrued payroll, accrued expenses and other current liabilities   (8,587) 10,826
Net cash provided by operating activities   1,425 53,484
Cash flows from investing activities:      
Purchases of property, plant and equipment   (29,700) (36,658)
Proceeds from sale of property, plant and equipment   1,546 6,392
Cash withdrawn from Industrea Trust Account   238,474 0
Net cash (used in) investing activities   (370,589) (30,266)
Cash flows from financing activities:      
Proceeds on long term debt   417,000 0
Payments on long term debt   (9,747) (15,666)
Proceeds on revolving loan   161,123 206,420
Payments on revolving loan   (128,932) (217,162)
Payment of debt issuance costs   (23,708) 0
Redemption of common shares   (231,415) 0
Payments on capital lease obligations   (56) (67)
Purchase of treasury stock   0 (131)
Issuance of preferred shares   25,000 0
Payment of underwriting fees   (8,050) 0
Payment of contingent consideration established in purchase accounting   0 (1,161)
Proceeds on exercise of rollover incentive options   1,370 0
Net cash provided by (used in) financing activities   376,872 (27,767)
Effect of foreign currency exchange rate on cash   (3,183) 1,207
Net increase (decrease) in cash   4,525 (3,342)
Cash:      
Beginning of period   4 7,473
End of period 4 4,529 4,131
Supplemental cash flow information:      
Cash paid for interest   20,696 24,017
Cash paid for income taxes   1,860 343
Non-cash investing and financing activities:      
Fair value of rollover equity for Business Combination   164,909 0
Equipment purchases included in accrued expenses and accounts payable   7,658 2,397
Shares issued to acquire a business   1,150 0
Holdbacks related to the acquisition of a business   181 0
CPH Acquisition [Member]      
Cash flows from investing activities:      
Acquisition of net assets, net of cash acquired - CPH acquisition   (449,434) 0
Capital Acquisition [Member]      
Cash flows from investing activities:      
Acquisition of net assets, net of cash acquired - CPH acquisition   (129,218) 0
Other Business Combinations [Member]      
Cash flows from investing activities:      
Acquisition of net assets, net of cash acquired - CPH acquisition   (2,257) 0
December 2018 Issuance [Member]      
Cash flows from financing activities:      
Issuance of common shares   96,900 0
May 2019 Issuance [Member]      
Cash flows from financing activities:      
Issuance of common shares   77,387 $ 0
The Predecessor [Member]      
Net loss (22,575)    
Adjustments to reconcile net income to net cash provided by operating activities:      
Goodwill and intangibles impairment 0    
Depreciation 2,060    
Deferred income taxes (4,355)    
Amortization of deferred financing costs 152    
Write off deferred debt issuance costs 3,390    
Amortization of debt premium (11)    
Amortization of intangible assets 653    
Stock-based compensation expense 27    
Prepayment penalty on early extinguishment of debt 13,004    
Net (loss) gain on the sale of property, plant and equipment (166)    
Payment of contingent consideration in excess of amounts established in purchase accounting 0    
Net changes in operating assets and liabilities (net of acquisitions):      
Trade receivables, net 485    
Inventory (294)    
Prepaid expenses and other current assets (1,283)    
Income taxes payable, net 203    
Accounts payable (654)    
Accrued payroll, accrued expenses and other current liabilities 17,280    
Net cash provided by operating activities 7,916    
Cash flows from investing activities:      
Purchases of property, plant and equipment (503)    
Proceeds from sale of property, plant and equipment 364    
Cash withdrawn from Industrea Trust Account 0    
Net cash (used in) investing activities (139)    
Cash flows from financing activities:      
Proceeds on long term debt 0    
Payments on long term debt 0    
Proceeds on revolving loan 4,693    
Payments on revolving loan (20,056)    
Payment of debt issuance costs 0    
Redemption of common shares 0    
Payments on capital lease obligations (7)    
Purchase of treasury stock 0    
Issuance of preferred shares 0    
Payment of underwriting fees 0    
Payment of contingent consideration established in purchase accounting 0    
Proceeds on exercise of rollover incentive options 0    
Net cash provided by (used in) financing activities (15,370)    
Effect of foreign currency exchange rate on cash (70)    
Net increase (decrease) in cash (7,663)    
Cash:      
Beginning of period 8,621 $ 958  
End of period 958    
Supplemental cash flow information:      
Cash paid for interest 201    
Cash paid for income taxes 0    
Non-cash investing and financing activities:      
Fair value of rollover equity for Business Combination 0    
Equipment purchases included in accrued expenses and accounts payable 0    
Shares issued to acquire a business 0    
Holdbacks related to the acquisition of a business 0    
The Predecessor [Member] | CPH Acquisition [Member]      
Cash flows from investing activities:      
Acquisition of net assets, net of cash acquired - CPH acquisition 0    
The Predecessor [Member] | Capital Acquisition [Member]      
Cash flows from investing activities:      
Acquisition of net assets, net of cash acquired - CPH acquisition    
The Predecessor [Member] | Other Business Combinations [Member]      
Cash flows from investing activities:      
Acquisition of net assets, net of cash acquired - CPH acquisition 0    
The Predecessor [Member] | December 2018 Issuance [Member]      
Cash flows from financing activities:      
Issuance of common shares 0    
The Predecessor [Member] | May 2019 Issuance [Member]      
Cash flows from financing activities:      
Issuance of common shares $ 0