| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net (loss) income | ||||||
-5,864 | 10,803 | 8,311 | ||||
Non-cash items included in net (loss) income: | ||||||
Depreciation and amortization of property and equipment | ||||||
26,400 | 20,800 | 16,800 | ||||
Amortization of route and customer acquisition costs and location contracts acquired | ||||||
17,975 | 14,681 | 9,792 | ||||
Amortization of debt issuance costs | ||||||
655 | 394 | 284 | ||||
Contributed capital, professional service fees paid by shareholder | ||||||
2,891 | 0 | 0 | ||||
Stock-based compensation | ||||||
2,236 | 453 | 804 | ||||
(Gain) loss on disposal of property and equipment | ||||||
-100 | -61 | -338 | ||||
Loss on write-off of route and customer acquisition costs and route and customer acquisition costs payable | ||||||
-342 | -516 | -395 | ||||
Loss on debt extinguishment | ||||||
-1,141 | 0 | 0 | ||||
Remeasurement of contingent consideration | ||||||
6,723 | 852 | 0 | ||||
Accretion of interest on route and customer acquisition costs payable, contingent consideration, and contingent stock consideration | ||||||
1,623 | 912 | 695 | ||||
Deferred income taxes | ||||||
4,081 | 4,300 | 1,519 | ||||
Changes in operating assets and liabilities: | ||||||
Prepaid expenses and other current assets | ||||||
3,507 | 491 | 3,825 | ||||
Income taxes receivable | ||||||
1,804 | 1,436 | 667 | ||||
Route and customer acquisition costs | ||||||
5,438 | 3,719 | 2,778 | ||||
Route and customer acquisition costs payable | ||||||
-1,342 | -956 | -1,354 | ||||
Accounts payable and accrued expenses | ||||||
-405 | -2,649 | 3,222 | ||||
Consideration payable | ||||||
0 | -196 | 0 | ||||
Other assets | ||||||
240 | -36 | 407 | ||||
Net cash (used in) provided by operating activities | ||||||
45,565 | 44,343 | 33,097 | ||||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | ||||||
20,796 | 23,246 | 23,626 | ||||
Proceeds from the sale of property and equipment | ||||||
121 | 1,173 | 259 | ||||
Payments for route acquisition costs | ||||||
0 | 80 | 2,374 | ||||
Payments to Acquire Debt Securities, Available-for-sale | ||||||
30,000 | 0 | 0 | ||||
Business and asset acquisitions, net of cash acquired | ||||||
100,857 | 51,394 | 45,129 | ||||
Net cash used in investing activities | ||||||
-151,532 | -73,547 | -70,870 | ||||
Cash flows from financing activities: | ||||||
Proceeds from term loan | ||||||
240,000 | 46,250 | 0 | ||||
Payments on term loan | ||||||
115,625 | 11,625 | 9,000 | ||||
Proceeds from delayed draw term loans | ||||||
169,000 | 75,000 | 60,000 | ||||
Payments on delayed draw term loans | ||||||
159,000 | 59,000 | 9,000 | ||||
Net payments on line of credit | ||||||
-8,500 | 3,000 | 18,500 | ||||
Payments for debt issuance costs | ||||||
9,374 | 533 | 0 | ||||
Payments for Repurchase of Common Stock | ||||||
0 | 3,343 | 123 | ||||
Proceeds from exercise of stock options and warrants | ||||||
3,583 | 396 | 1,584 | ||||
Payments on consideration payable | ||||||
2,321 | 814 | 351 | ||||
Payments on capital lease obligation | ||||||
531 | 3,276 | 2,729 | ||||
Net increase in outstanding checks in excess of bank balance | ||||||
0 | 67 | 200 | ||||
Proceeds from capital infusion in reverse recapitalization | ||||||
27,030 | 0 | 0 | ||||
Tax withholding on share-based payments | ||||||
5,121 | 0 | 0 | ||||
Net cash provided by (used in) financing activities | ||||||
139,141 | 46,122 | 59,081 | ||||
Net increase in cash | ||||||
33,174 | 16,918 | 21,308 | ||||
Supplemental disclosures of cash flow information: | ||||||
Interest, net of amount of capitalized | ||||||
12,024 | 8,719 | 6,224 | ||||
Income taxes paid | ||||||
1,759 | 1,594 | 0 | ||||
Supplemental schedules of noncash investing and financing activities: | ||||||
Purchases of property and equipment in accounts payable and accrued liabilities | ||||||
11,501 | 2,243 | 1,050 | ||||
Reclassification of contingent stock consideration from liabilities to equity | ||||||
0 | 2,575 | 890 | ||||
Acquisition of businesses and assets: | ||||||
Total identifiable net assets acquired | ||||||
119,178 | 63,745 | 65,119 | ||||
Less cash acquired | ||||||
8,861 | 3,633 | 4,926 | ||||
Less contingent consideration | ||||||
7,216 | 5,350 | 595 | ||||
Less promissory note | ||||||
2,244 | 3,368 | 0 | ||||
Less common stock consideration | ||||||
0 | 0 | 10,794 | ||||
Less contingent stock consideration | ||||||
0 | 0 | 3,675 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | ||||||
100,857 | 51,394 | 45,129 | ||||