| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Cash Flows from Operating Activities: | ||||||
Net income | ||||||
33,343 | -58,394 | 1,424 | - | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
115,566 | 103,346 | - | - | |||
Amortization of deferred financing costs and discounts | ||||||
6,641 | 9,168 | - | - | |||
Impairment of property and equipment | ||||||
5,898 | 0 | - | - | |||
Credit loss expense | ||||||
8,100 | 6,025 | - | - | |||
Deferred income taxes | ||||||
-10,894 | -24,435 | - | - | |||
Stock-based compensation | ||||||
10,012 | 2,272 | - | - | |||
Loss on extinguishment of debt | ||||||
- | -26,486 | - | - | |||
Installation and service parts expense | ||||||
1,166 | 1,238 | - | - | |||
Accretion expense | ||||||
350 | 396 | - | - | |||
Write-downs of installation and service parts and (gain) loss on disposal of assets | ||||||
205 | 7 | - | - | |||
Changes in operating assets and liabilities: | ||||||
Accounts receivable, net | ||||||
12,662 | 23,721 | - | - | |||
Unbilled receivables | ||||||
6,428 | 6,124 | - | - | |||
Prepaid expenses and other current assets | ||||||
7,150 | -2,115 | - | - | |||
Accounts payable and accrued liabilities | ||||||
-8,194 | 7,125 | - | - | |||
Other liabilities | ||||||
-2,151 | 513 | - | - | |||
Changes in deferred income tax provision | ||||||
- | - | -4 | - | |||
Changes in receivable - related party | ||||||
- | - | -0 | - | |||
Changes in state franchise tax accrual | ||||||
- | - | 130 | - | |||
Changes in prepaid assets | ||||||
- | - | 135 | - | |||
Changes in deferred offering costs | ||||||
- | - | 414 | - | |||
Changes in income taxes payable | ||||||
- | - | 806 | - | |||
Changes in accrued expenses, formation and offering costs | ||||||
- | - | -216 | - | |||
Net cash provided by operating activities | ||||||
133,802 | 46,017 | 2,428 | - | |||
Cash Flows from Investing Activities: | ||||||
Acquisition of businesses, net of cash and restricted cash acquired | ||||||
25,519 | 536,699 | - | - | |||
Purchases of installation and service parts and property and equipment | ||||||
29,685 | 26,576 | - | - | |||
Cash proceeds from the sale of assets | ||||||
231 | 418 | - | - | |||
Cash deposited in Trust Account | ||||||
- | - | 400,000 | - | |||
Interest reinvested in Trust Account | ||||||
- | - | 2,735 | - | |||
Net cash used in investing activities | ||||||
-54,973 | -562,857 | -402,735 | - | |||
Cash Flows from Financing Activities: | ||||||
Successor borrowings on revolver | ||||||
- | 468 | - | - | |||
Successor repayment on revolver | ||||||
- | 468 | - | - | |||
Successor borrowings of long-term debt | ||||||
- | 1,103,800 | - | - | |||
Repayment of long-term debt | ||||||
9,104 | 654,851 | - | - | |||
Payment of debt issuance costs | ||||||
426 | 31,753 | - | - | |||
Payment of debt extinguishment costs | ||||||
- | 12,187 | - | - | |||
Payment of employee tax withholding related to RSU vesting | ||||||
4,990 | - | - | - | |||
Capitalization from merger with Gores Holdings | ||||||
- | 803,294 | - | - | |||
Payment of underwriting and transaction costs | ||||||
- | 24,024 | - | - | |||
Capital contribution from Greenlight | ||||||
- | 169,259 | - | - | |||
Successor distribution to selling shareholders | ||||||
- | 779,270 | - | - | |||
Proceeds from sale of Units in initial public offering | ||||||
- | - | 400,000 | - | |||
Proceeds from sale of Private Placement Warrants to Sponsor | ||||||
- | - | 10,000 | - | |||
Repayment of notes and advances payable related party | ||||||
- | - | 150 | - | |||
Payment of underwriter's discounts and commissions | ||||||
- | - | 8,000 | - | |||
Payment of accrued offering costs | ||||||
- | - | 719 | - | |||
Net cash used in financing activities | ||||||
-14,520 | 574,268 | 401,130 | - | |||
Effect of exchange rate changes on cash and cash equivalents | ||||||
1,040 | -856 | - | - | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | ||||||
65,349 | 56,572 | 823 | - | |||
Supplemental cash flow information: | ||||||
Interest paid | ||||||
55,197 | 60,441 | - | - | |||
Income taxes paid (refunded), net | ||||||
24,357 | 762 | - | - | |||
Supplemental non-cash investing and financing activities: | ||||||
Reduction to tax receivable agreement liability | ||||||
2,940 | - | - | - | |||
Earn-out shares issued to Platinum Stockholder | ||||||
18,288 | - | - | - | |||
Additions (reductions) to ARO, property and equipment, and other | ||||||
230 | 147 | - | - | |||
Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at period-end | ||||||
4,204 | 3,179 | - | - | |||
Tenant improvement allowance included in property and equipment | ||||||
581 | - | - | - | |||
Capital contributions received in Parent common stock | ||||||
- | 117,555 | - | - | |||
Tax receivable agreement established upon merger | ||||||
- | 69,996 | - | - | |||
Deferred underwriting compensation | ||||||
- | - | 14,000 | - | |||
Cash paid for income and state franchise taxes | ||||||
- | - | 69 | - | |||
Predecessor | ||||||
Net (loss) income | ||||||
- | - | - | 28,996 | |||
Depreciation and amortization | ||||||
- | - | - | 33,814 | |||
Bad debt expense | ||||||
- | - | - | 7,881 | |||
Deferred income taxes | ||||||
- | - | - | -3,204 | |||
Stock-based compensation | ||||||
- | - | - | -618 | |||
Installation and service parts expense | ||||||
- | - | - | 1,382 | |||
Deferred financing cost amortization | ||||||
- | - | - | 475 | |||
Accretion expense | ||||||
- | - | - | 185 | |||
Write-downs of installation and service parts and (gain) loss on disposal of assets | ||||||
- | - | - | 102 | |||
Accounts receivable, net | ||||||
- | - | - | 17,409 | |||
Unbilled receivables | ||||||
- | - | - | 2,655 | |||
Prepaid expense and other current assets | ||||||
- | - | - | 2,584 | |||
Other assets | ||||||
- | - | - | -294 | |||
Accounts payable and accrued liabilities | ||||||
- | - | - | -703 | |||
Other Liabilities | ||||||
- | - | - | -2,114 | |||
Net cash provided by operating activities | ||||||
- | - | - | 43,841 | |||
Acquisition of business, net of cash and restricted cash acquired | ||||||
- | - | - | 21,232 | |||
Purchases of installation and service parts and property and equipment | ||||||
- | - | - | 14,825 | |||
Cash proceeds from the sale of assets and insurance recoveries | ||||||
- | - | - | 1,007 | |||
Net cash provided by (used in) investing activities | ||||||
- | - | - | -35,050 | |||
Predecessor borrowings on note payable | ||||||
- | - | - | 187,920 | |||
Predecessor repayments on note payable | ||||||
- | - | - | 147,521 | |||
Predecessor payments of debt issue costs | ||||||
- | - | - | 332 | |||
Payment of cash dividend | ||||||
- | - | - | 47,107 | |||
Net cash provided by (used in) by financing activities | ||||||
- | - | - | -7,041 | |||
Net increase in cash, cash equivalents and restricted cash | ||||||
- | - | - | 1,749 | |||
Interest paid | ||||||
- | - | - | 2,111 | |||
Income taxes paid (refunded), net | ||||||
- | - | - | 27,014 | |||
Non-cash additions (reductions) to ARO, property and equipment, and other | ||||||
- | - | - | 1,864 | |||
Purchases of installation and service parts and property and equipment in accounts payable and accrued liabilities at year end | ||||||
- | - | - | 3,687 | |||
Interest rate swap change in value, net of tax | ||||||
- | - | - | 50 | |||