v3.20.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
1 Months Ended 5 Months Ended 6 Months Ended
Dec. 05, 2018
Apr. 30, 2019
Apr. 30, 2020
Net income (loss) $ (22,575) $ (13,275) $ (61,714)
Adjustments to reconcile net income to net cash provided by operating activities:      
Goodwill and intangibles impairment 57,944
Depreciation   8,668 13,015
Deferred income taxes   475 (3,515)
Amortization of deferred financing costs   1,832 2,076
Write off deferred debt issuance costs  
Amortization of debt premium  
Amortization of intangible assets 700 11,838 17,147
Stock-based compensation expense   361 2,850
Prepayment penalty on early extinguishment of debt  
Gains, net of losses, on the sale of property, plant and equipment   (137) (477)
Payment of contingent consideration in excess of amounts established in purchase accounting   (526)
Net changes in operating assets and liabilities (net of acquisitions):      
Trade receivables, net   1,235 4,009
Inventory   147 127
Prepaid expenses and other current assets   (2,869) (5,209)
Income taxes payable, net   1,836 301
Accounts payable   (7,850) (101)
Accrued payroll, accrued expenses and other current liabilities   (6,351) 1,060
Net cash provided by (used in) operating activities   (4,090) 26,987
Cash flows from investing activities:      
Purchases of property, plant and equipment   (25,007) (23,305)
Proceeds from sale of property, plant and equipment   1,031 3,607
Cash withdrawn from Industrea Trust Account   238,474
Net cash (used in) investing activities   (237,193) (19,698)
Cash flows from financing activities:      
Proceeds on long term debt   357,000
Payments on long term debt   (4,463) (10,444)
Proceeds on revolving loan   73,659 143,559
Payments on revolving loan   (41,810) (127,404)
Payment of debt issuance costs   (21,049)
Redemption of common shares   (231,415)
Payments on capital lease obligations   (34) (45)
Purchase of treasury stock   (131)
Issuance of preferred shares   25,000
Payment of underwriting fees   (8,050)
Issuance of common shares   96,901
Payment of contingent consideration established in purchase accounting   (1,161)
Proceeds on exercise of rollover incentive options   1,370
Net cash provided by (used in) financing activities   247,109 4,374
Effect of foreign currency exchange rate on cash   (2,894) (1,088)
Net increase (decrease) in cash   2,932 10,575
Cash:      
Beginning of period   4 7,473
End of period 4 2,936 18,048
Supplemental cash flow information:      
Cash paid for interest   11,081 16,673
Cash paid for income taxes   265 212
Non-cash investing and financing activities:      
Fair value of rollover equity for Business Combination   164,909
Equipment purchases included in accrued expenses and accounts payable   4,679 4,557
Shares issued to acquire a business   1,150
Holdbacks related to the acquisition of a business   181
CPH Acquisition [Member]      
Cash flows from investing activities:      
Acquisition of net assets, net of cash acquired - CPH acquisition   (449,434)
Other Business Combinations [Member]      
Cash flows from investing activities:      
Acquisition of net assets, net of cash acquired - CPH acquisition   (2,257)
The Predecessor [Member]      
Net income (loss) (22,575)    
Adjustments to reconcile net income to net cash provided by operating activities:      
Goodwill and intangibles impairment    
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    
Gains, net of losses, on the sale of property, plant and equipment (166)    
Payment of contingent consideration in excess of amounts established in purchase accounting    
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 (used in) 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    
Net cash (used in) investing activities (139)    
Cash flows from financing activities:      
Proceeds on long term debt    
Payments on long term debt    
Proceeds on revolving loan 4,693    
Payments on revolving loan (20,056)    
Payment of debt issuance costs    
Redemption of common shares    
Payments on capital lease obligations (7)    
Purchase of treasury stock    
Issuance of preferred shares    
Payment of underwriting fees    
Issuance of common shares    
Payment of contingent consideration established in purchase accounting    
Proceeds on exercise of rollover incentive options    
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    
Non-cash investing and financing activities:      
Fair value of rollover equity for Business Combination    
Equipment purchases included in accrued expenses and accounts payable    
Shares issued to acquire a business    
Holdbacks related to the acquisition of a business    
The Predecessor [Member] | CPH 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    

Source