| | |
Per Share
|
| |
Total
|
| ||||||
Initial public offering price | | | | $ | 13.00 | | | | | $ | 78,000,000 | | |
Underwriting discounts and/or commissions(1) | | | | $ | 0.91 | | | | | $ | 5,460,000 | | |
Proceeds, before expenses, to Cadre Holdings, Inc. | | | | $ | 12.09 | | | | | $ | 72,540,000 | | |
| Stifel | | |
Raymond James
|
| |
B. Riley Securities
|
|
| Roth Capital Partners | | |
Lake Street
|
|
| | |
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|
| |||
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| | | | F-1 | | |
|
![]() |
| |
![]() |
|
| | |
Three Months Ended September 30,
|
| |||||||||||||||
| | |
2021
(estimated) |
| |
2020
|
| ||||||||||||
| | | | | High | | | | | | Low | | | | | | | | |
Net sales
|
| | | $ | 99,641 | | | | | $ | 96,681 | | | | | $ | 105,735 | | |
Gross profit
|
| | | | 39,702 | | | | | | 38,523 | | | | | | 39,996 | | |
Net (loss) income
|
| | | | (5,254) | | | | | | (5,573) | | | | | | 6,447 | | |
Adjusted EBITDA
|
| | | | 15,472 | | | | | | 14,797 | | | | | | 15,039 | | |
| | |
Three Months Ended September 30,
|
| | |||||||||||||||||
| | |
2021
(estimated) |
| |
2020
(actual) |
| | | | ||||||||||||
| | |
High
|
| |
Low
|
| | | | | | | | ||||||||
Net (loss) income
|
| | | $ | (5,254) | | | | | $ | (5,573) | | | | | $ | 6,447 | | | | ||
Add back: | | | | | | | | | | | | | | | | | | | | | ||
Depreciation and amortization
|
| | | | 3,406 | | | | | | 3,406 | | | | | | 3,537 | | | | ||
Interest expense
|
| | | | 3,464 | | | | | | 3,464 | | | | | | 5,668 | | | | ||
Provision for income taxes
|
| | | | (2,122) | | | | | | (2,016) | | | | | | 430 | | | | ||
EBITDA
|
| | | $ | (507) | | | | | $ | (719) | | | | | $ | 16,082 | | | | ||
Add back: | | | | | | | | | | | | | | | | | | | | | ||
Restructuring and transaction costs
|
| | | | (48) | | | | | | (208) | | | | | | 171 | | | | ||
Loss on extinguishment of debt
|
| | | | 15,155 | | | | | | 14,852 | | | | | | — | | | | ||
Other (expense) income, net
|
| | | | 353 | | | | | | 353 | | | | | | 213 | | | | ||
Contingent consideration
|
| | | | — | | | | | | — | | | | | | (1,427) | | | | ||
LTIP bonus
|
| | | | 520 | | | | | | 520 | | | | | | — | | | | ||
Adjusted EBITDA
|
| | | $ | 15,472 | | | | | $ | 14,797 | | | | | $ | 15,039 | | | |
| | |
Three Months Ended September 30,
|
| | |||||||||||||||||
| | |
2021
(estimated) |
| |
2020
(actual) |
| | | | ||||||||||||
| | |
High
|
| |
Low
|
| | | | | | | | ||||||||
Less: Capital expenditures
|
| | | | (740) | | | | | | (700) | | | | | | (1,275) | | | | ||
Adjusted EBITDA less capital expenditures
|
| | | $ | 14,732 | | | | | $ | 14,097 | | | | | $ | 13,764 | | | | ||
Adjusted EBITDA conversion rate
|
| | | | 95% | | | | | | 95% | | | | | | 92% | | | |
| | |
As of September 30, 2021
|
| |||||||||||||||||||||
| | |
Estimated
|
| |
Pro Forma
|
| ||||||||||||||||||
| | |
High
|
| |
Low
|
| |
High
|
| |
Low
|
| ||||||||||||
Cash and cash equivalents
|
| | | $ | 15,500 | | | | | $ | 14,500 | | | | | $ | 23,911 | | | | | $ | 22,411 | | |
Debt: | | | | | | | | | | | | | | | | | | | | | | | | | |
Revolver
|
| | | $ | 25,300 | | | | | $ | 25,800 | | | | | $ | — | | | | | $ | — | | |
Current portion of long-term debt
|
| | | | 9,900 | | | | | | 10,200 | | | | | | 8,324 | | | | | | 8,359 | | |
Long-term debt.
|
| | | | 190,000 | | | | | | 190,400 | | | | | | 157,865 | | | | | | 158,530 | | |
Unamortized debt discounts and debt issuance costs
|
| | | | (2,666) | | | | | | (2,666) | | | | | | (2,216) | | | | | | (2,216) | | |
Total debt, net (including current portion of
long-term debt) |
| | | $ | 222,534 | | | | | $ | 223,734 | | | | | $ | 163,973 | | | | | $ | 164,673 | | |
Net Debt (Total debt net of cash)
|
| | | $ | 207,034 | | | | | $ | 209,234 | | | | | $ | 140,062 | | | | | $ | 142,262 | | |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||
| | |
2021
(Unaudited) |
| |
2020
(Unaudited) |
| |
2020
|
| |
2019
|
| ||||||||||||
Net sales
|
| | | $ | 225,097 | | | | | $ | 191,284 | | | | | $ | 404,642 | | | | | $ | 420,736 | | |
Cost of goods sold
|
| | | | 132,910 | | | | | | 118,130 | | | | | | 251,704 | | | | | | 274,699 | | |
Gross profit
|
| | | | 92,187 | | | | | | 73,154 | | | | | | 152,938 | | | | | | 146,037 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 59,495 | | | | | | 53,055 | | | | | | 106,627 | | | | | | 124,270 | | |
Restructuring and transaction costs
|
| | | | 1,540 | | | | | | 2,972 | | | | | | 5,822 | | | | | | 918 | | |
Related party expense
|
| | | | 295 | | | | | | 321 | | | | | | 1,635 | | | | | | 1,096 | | |
Other general income
|
| | | | — | | | | | | (10,950) | | | | | | (10,950) | | | | | | (7,630) | | |
Total operating expenses
|
| | | | 61,330 | | | | | | 45,398 | | | | | | 103,134 | | | | | | 118,654 | | |
Operating income
|
| | | | 30,857 | | | | | | 27,756 | | | | | | 49,804 | | | | | | 27,383 | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (10,665) | | | | | | (12,607) | | | | | | (24,388) | | | | | | (29,848) | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | (200) | | | | | | — | | |
Other (expense) income, net
|
| | | | (529) | | | | | | 2,138 | | | | | | 2,659 | | | | | | 395 | | |
Total other expense, net
|
| | | | (11,194) | | | | | | (10,469) | | | | | | (21,929) | | | | | | (29,453) | | |
Income (loss) before (provision) benefit for income taxes
|
| | | | 19,663 | | | | | | 17,287 | | | | | | 27,875 | | | | | | (2,070) | | |
(Provision) benefit for income taxes
|
| | | | (5,984) | | | | | | (1,061) | | | | | | 10,578 | | | | | | 142 | | |
Net income (loss)
|
| | | $ | 13,679 | | | | | $ | 16,226 | | | | | $ | 38,453 | | | | | $ | (1,928) | | |
Net income (loss) per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.50 | | | | | $ | 0.59 | | | | | $ | 1.40 | | | | | $ | (0.07) | | |
Diluted
|
| | | $ | 0.50 | | | | | $ | 0.59 | | | | | $ | 1.40 | | | | | $ | (0.07) | | |
Weighted average shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 27,483,350 | | | | | | 27,483,350 | | | | | | 27,483,350 | | | | | | 27,402,082 | | |
Diluted
|
| | | | 27,483,350 | | | | | | 27,483,350 | | | | | | 27,483,350 | | | | | | 27,402,082 | | |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||
| | |
2021
(Unaudited) |
| |
2020
(Unaudited) |
| |
2020
|
| |
2019
|
| ||||||||||||
Cash flows provided by operating activities
|
| | | $ | 28,707 | | | | | $ | 14,436 | | | | | $ | 45,419 | | | | | $ | 7,414 | | |
| | |
As of June 30, 2021
(Unaudited) |
| |||
Cash and cash equivalents
|
| | | $ | 15,183 | | |
Total assets
|
| | | | 293,945 | | |
Total liabilities
|
| | | | 270,877 | | |
Total shareholders’ equity
|
| | | | 23,068 | | |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||
(In thousands)
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||
EBITDA
|
| | | $ | 37,348 | | | | | $ | 37,564 | | | | | $ | 66,996 | | | | | $ | 43,221 | | |
Adjusted EBITDA
|
| | | | 40,697 | | | | | | 27,448 | | | | | | 57,982 | | | | | | 43,699 | | |
Capital expenditures
|
| | | | 1,506 | | | | | | 2,638 | | | | | | 4,708 | | | | | | 3,082 | | |
Adjusted EBITDA conversion rate
|
| | | | 96% | | | | | | 90% | | | | | | 92% | | | | | | 93% | | |
| | |
As of
June 30, 2021(1) |
| | ||||||||||||||
|
Actual
|
| |
Pro Forma
|
| |
Pro Forma as Adjusted(2)
|
| |||||||||||
|
(Unaudited)
|
| | | | | | | | | | | | | |||||
(In thousands) | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 15,183 | | | | | $ | 998 | | | | | $ | 19,209 | | |
Debt: | | | | | | | | | | | | | | | |||||
Revolver
|
| | | | — | | | | | $ | 15,500 | | | | | | — | | |
Current portion of long-term debt
|
| | | $ | 2,271 | | | | | $ | 10,021 | | | | | $ | 8,335 | | |
Long-term debt
|
| | | | 197,494 | | | | | | 187,392 | | | | | | 155,827 | | |
Total debt
|
| | | | 199,765 | | | | | | 212,913 | | | | | | 164,162 | | |
Preferred Stock, par value $0.0001 per share, 10,000,000
shares authorized, no shares issued and outstanding actual, pro forma and pro forma as adjusted |
| | | | — | | | | | | — | | | | | | — | | |
Shareholders’ equity (deficit): | | | | | | | | | | | | | | | |||||
Common Stock, $0.0001 par value per share,
190,000,000 shares authorized, 27,483,350 shares issued and outstanding actual and pro forma; $0.0001 par value per share, 190,000,000 shares authorized, 33,483,350 shares issued and outstanding pro forma as adjusted |
| | | | 3 | | | | | | 3 | | | | | | 3 | | |
Additional paid-in capital
|
| | | | 48,670 | | | | | | 48,670 | | | | | | 116,492 | | |
Accumulated other comprehensive loss
|
| | | | (2,322) | | | | | | (2,322) | | | | | | (2,322) | | |
Accumulated deficit
|
| | | | (23,283) | | | | | | (48,793) | | | | | | (50,083) | | |
Total shareholders’ equity (deficit)
|
| | | | 23,068 | | | | | | (2,442) | | | | | | 64,090 | | |
Capitalization
|
| | | $ | 222,833 | | | | | $ | 210,471 | | | | | $ | 228,252 | | |
|
Public offering price per share
|
| | | | | | | | | $ | 13.00 | | |
|
Net tangible book value per share as of June 30, 2021
|
| | | $ | (3.28) | | | | | | | | |
|
Decrease per share attributable to the pro forma adjustments described above
|
| | | $ | (0.93) | | | | | | | | |
|
Pro forma net tangible book value per share as of June 30, 2021
|
| | | $ | (4.21) | | | | | | | | |
|
Increase in net tangible book value per share attributable to this offering
|
| | | $ | 2.74 | | | | | | | | |
|
Pro forma as adjusted net tangible book value per share after giving effect to this offering
|
| | | | | | | | | $ | (1.47) | | |
|
Dilution in net tangible book value per share to purchasers in this offering
|
| | | | | | | | | $ | 14.47 | | |
| | |
Shares Purchased
|
| |
Total
Consideration |
| |
Average
Price per Share |
| |||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| | | | | | | ||||||||||||
Existing stockholders
|
| | | | 27,483,350 | | | | | | 82% | | | | | $ | 61,650,015 | | | | | | 44% | | | | | $ | 2.24 | | |
Investors in the offering
|
| | | | 6,000,000 | | | | | | 18% | | | | | $ | 78,000,000 | | | | | | 56% | | | | | $ | 13.00 | | |
Total | | | | | 33,483,350 | | | | | | 100% | | | | | $ | 139,650,015 | | | | | | 100% | | | | | $ | 4.17 | | |
| | |
Six months ended
June 30, |
| |
Year ended
December 31, |
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
Net sales
|
| | | $ | 225,097 | | | | | $ | 191,284 | | | | | $ | 404,642 | | | | | $ | 420,736 | | |
Cost of goods sold
|
| | | | 132,910 | | | | | | 118,130 | | | | | | 251,704 | | | | | | 274,699 | | |
Gross profit
|
| | | | 92,187 | | | | | | 73,154 | | | | | | 152,938 | | | | | | 146,037 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 59,495 | | | | | | 53,055 | | | | | | 106,627 | | | | | | 124,270 | | |
Restructuring and transaction costs
|
| | | | 1,540 | | | | | | 2,972 | | | | | | 5,822 | | | | | | 918 | | |
Related party expense
|
| | | | 295 | | | | | | 321 | | | | | | 1,635 | | | | | | 1,096 | | |
Other general income
|
| | | | — | | | | | | (10,950) | | | | | | (10,950) | | | | | | (7,630) | | |
Total operating expenses
|
| | | | 61,330 | | | | | | 45,398 | | | | | | 103,134 | | | | | | 118,654 | | |
Operating income
|
| | | | 30,857 | | | | | | 27,756 | | | | | | 49,804 | | | | | | 27,383 | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (10,665) | | | | | | (12,607) | | | | | | (24,388) | | | | | | (29,848) | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | (200) | | | | | | — | | |
Other (expense) income, net
|
| | | | (529) | | | | | | 2,138 | | | | | | 2,659 | | | | | | 395 | | |
Total other expense, net
|
| | | | (11,194) | | | | | | (10,469) | | | | | | (21,929) | | | | | | (29,453) | | |
Income (loss) before (provision) benefit for income taxes
|
| | | | 19,663 | | | | | | 17,287 | | | | | | 27,875 | | | | | | (2,070) | | |
(Provision) benefit for income taxes
|
| | | | (5,984) | | | | | | (1,061) | | | | | | 10,578 | | | | | | 142 | | |
Net income (loss)
|
| | | $ | 13,679 | | | | | $ | 16,226 | | | | | $ | 38,453 | | | | | $ | (1,928) | | |
Net income (loss) per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.50 | | | | | $ | 0.59 | | | | | $ | 1.40 | | | | | $ | (0.07) | | |
Diluted
|
| | | $ | 0.50 | | | | | $ | 0.59 | | | | | $ | 1.40 | | | | | $ | (0.07) | | |
Weighted average shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 27,483,350 | | | | | | 27,483,350 | | | | | | 27,483,350 | | | | | | 27,402,082 | | |
Diluted
|
| | | | 27,483,350 | | | | | | 27,483,350 | | | | | | 27,483,350 | | | | | | 27,402,082 | | |
| | |
Six months ended
June 30, |
| |
Year ended
December 31, |
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
Cash flows provided by operating activities
|
| | | $ | 28,707 | | | | | $ | 14,436 | | | | | $ | 45,419 | | | | | $ | 7,414 | | |
| | |
As of
June 30, 2021 |
| |||
| | |
(Unaudited)
|
| |||
Cash and cash equivalents
|
| | | $ | 15,183 | | |
Total assets
|
| | | | 293,945 | | |
Total liabilities
|
| | | | 270,877 | | |
Total shareholders’ equity
|
| | | | 23,068 | | |
| | |
Six months ended
June 30, |
| |
Year ended
December 31, |
| ||||||||||||||||||
(In thousands)
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||
EBITDA | | | | $ | 37,348 | | | | | $ | 37,564 | | | | | $ | 66,996 | | | | | $ | 43,221 | | |
Adjusted EBITDA
|
| | | | 40,697 | | | | | | 27,448 | | | | | | 57,982 | | | | | | 43,699 | | |
Capital expenditures
|
| | | | 1,506 | | | | | | 2,638 | | | | | | 4,708 | | | | | | 3,082 | | |
Adjusted EBITDA conversion rate
|
| | | | 96% | | | | | | 90% | | | | | | 92% | | | | | | 93% | | |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||
Net sales
|
| | | $ | 225,097 | | | | | $ | 191,284 | | | | | $ | 404,642 | | | | | $ | 420,736 | | |
Net income (loss)
|
| | | $ | 13,679 | | | | | $ | 16,226 | | | | | $ | 38,453 | | | | | $ | (1,928) | | |
Adjusted EBITDA(1)
|
| | | $ | 40,697 | | | | | $ | 27,448 | | | | | $ | 57,982 | | | | | $ | 43,699 | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||
Orders backlog
|
| | | $ | 125,523 | | | | | $ | 127,379 | | | | | $ | 131,814 | | | | | $ | 108,199 | | |
| | |
Six months ended June 30,
|
| | | | | | | |
Year ended December 31,
|
| | | | | | | ||||||||||||||||||
|
2021
(Unaudited) |
| |
2020
(Unaudited) |
| |
% Chg
|
| |
2020
|
| |
2019
|
| |
% Chg
|
| ||||||||||||||||||||
Net sales
|
| | | $ | 225,097 | | | | | $ | 191,284 | | | | | | 17.7% | | | | | $ | 404,642 | | | | | $ | 420,736 | | | | | | (3.8)% | | |
Cost of goods sold
|
| | | | 132,910 | | | | | | 118,130 | | | | | | 12.5% | | | | | | 251,704 | | | | | | 274,699 | | | | | | (8.4)% | | |
Gross profit
|
| | | | 92,187 | | | | | | 73,154 | | | | | | 26.0% | | | | | | 152,938 | | | | | | 146,037 | | | | | | 4.7% | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 59,495 | | | | | | 53,055 | | | | | | 12.1% | | | | | | 106,627 | | | | | | 124,270 | | | | | | (14.2)% | | |
Restructuring and transaction costs
|
| | | | 1,540 | | | | | | 2,972 | | | | | | (48.2)% | | | | | | 5,822 | | | | | | 918 | | | | | | 534.2% | | |
Related party expense
|
| | | | 295 | | | | | | 321 | | | | | | (8.1)% | | | | | | 1,635 | | | | | | 1,096 | | | | | | 49.2% | | |
Other general income
|
| | | | — | | | | | | (10,950) | | | | | | 100% | | | | | | (10,950) | | | | | | (7,630) | | | | | | 43.5% | | |
Total operating expenses
|
| | | | 61,330 | | | | | | 45,398 | | | | | | 35.1% | | | | | | 103,134 | | | | | | 118,654 | | | | | | (13.1)% | | |
Operating income
|
| | | | 30,857 | | | | | | 27,756 | | | | | | 11.2% | | | | | | 49,804 | | | | | | 27,383 | | | | | | 81.9% | | |
Other income (expense)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (10,665) | | | | | | (12,607) | | | | | | (15.4)% | | | | | | (24,388) | | | | | | (29,848) | | | | | | (18.3)% | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | | | | | | | (200) | | | | | | — | | | | | | | | |
Other (expense) income, net
|
| | | | (529) | | | | | | 2,138 | | | | | | (124.7)% | | | | | | 2,659 | | | | | | 395 | | | | | | 573.2% | | |
Total other expense, net
|
| | | | (11,194) | | | | | | (10,469) | | | | | | 6.9% | | | | | | (21,929) | | | | | | (29,453) | | | | | | (25.5)% | | |
Income (loss) before (provision) benefit
for income taxes |
| | | | 19,663 | | | | | | 17,287 | | | | | | 13.7% | | | | | | 27,875 | | | | | | (2,070) | | | | | | 1,446.6% | | |
(Provision) benefit for income taxes
|
| | | | (5,984) | | | | | | (1,061) | | | | | | 464.0% | | | | | | 10,578 | | | | | | 142 | | | | | | 7,349.3% | | |
Net income (loss)
|
| | | $ | 13,679 | | | | | $ | 16,226 | | | | | | (15.7)% | | | | | $ | 38,453 | | | | | $ | (1,928) | | | | | | 2,094.5% | | |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||
Net income (loss)
|
| | | $ | 13,679 | | | | | $ | 16,226 | | | | | $ | 38,453 | | | | | $ | (1,928) | | |
Add back:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 7,020 | | | | | | 7,670 | | | | | | 14,733 | | | | | | 15,443 | | |
Interest expense
|
| | | | 10,665 | | | | | | 12,607 | | | | | | 24,388 | | | | | | 29,848 | | |
Provision (benefit) for income taxes
|
| | | | 5,984 | | | | | | 1,061 | | | | | | (10,578) | | | | | | (142) | | |
EBITDA
|
| | | $ | 37,348 | | | | | $ | 37,564 | | | | | $ | 66,996 | | | | | $ | 43,221 | | |
Add back:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Restructuring and transaction costs(1)
|
| | | | 1,540 | | | | | | 2,972 | | | | | | 5,822 | | | | | | 918 | | |
Other general income(2)
|
| | | | — | | | | | | (10,950) | | | | | | (10,950) | | | | | | (7,630) | | |
Other (expense) income, net(3)
|
| | | | 529 | | | | | | (2,138) | | | | | | (2,659) | | | | | | (395) | | |
Contingent consideration and other(4)
|
| | | | — | | | | | | — | | | | | | (1,227) | | | | | | — | | |
LTIP bonus(5)
|
| | | | 1,280 | | | | | | — | | | | | | — | | | | | | — | | |
Goodwill impairment(6)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 7,585 | | |
Adjusted EBITDA
|
| | | $ | 40,697 | | | | | $ | 27,448 | | | | | $ | 57,982 | | | | | $ | 43,699 | | |
Less: Capital expenditures
|
| | | | (1,506) | | | | | | (2,638) | | | | | | (4,708) | | | | | | (3,082) | | |
Adjusted EBITDA less capital expenditures
|
| | | $ | 39,191 | | | | | $ | 24,810 | | | | | $ | 53,274 | | | | | $ | 40,617 | | |
Adjusted EBITDA conversion rate
|
| | | | 96% | | | | | | 90% | | | | | | 92% | | | | | | 93% | | |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||
(in thousands)
|
| |
2021
(Unaudited) |
| |
2020
(Unaudited) |
| |
2020
|
| |
2019
|
| ||||||||||||
Net cash provided by operating activities
|
| | | $ | 28,707 | | | | | $ | 14,436 | | | | | $ | 45,419 | | | | | $ | 7,414 | | |
Net cash (used in) provided by investing activities
|
| | | | (1,506) | | | | | | 15,339 | | | | | | 19,784 | | | | | | 26,372 | | |
Net cash used in financing activities
|
| | | | (14,933) | | | | | | (20,703) | | | | | | (64,902) | | | | | | (32,417) | | |
Effects of foreign exchange rates on cash and cash equivalents
|
| | | | 42 | | | | | | (33) | | | | | | 52 | | | | | | (139) | | |
| | |
Six months ended June 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||
(in thousands)
|
| |
2021
(Unaudited) |
| |
2020
(Unaudited) |
| |
2020
|
| |
2019
|
| ||||||||||||
Change in cash and cash equivalents
|
| | | | 12,310 | | | | | | 9,039 | | | | | | 353 | | | | | | 1,230 | | |
Cash and cash equivalents, beginning of period
|
| | | | 2,873 | | | | | | 2,520 | | | | | | 2,520 | | | | | | 1,290 | | |
Cash and cash equivalents, end of period
|
| | | $ | 15,183 | | | | | $ | 11,559 | | | | | $ | 2,873 | | | | | $ | 2,520 | | |
|
(in thousands)
|
| |
Total
|
| |
Less than
1 year |
| |
1-3 Years
|
| |
3-5 Years
|
| |
More than
5 Years |
| |||||||||||||||
Lease obligations(1)
|
| | | $ | 16,692 | | | | | | 4,513 | | | | | | 7,917 | | | | | | 3,865 | | | | | | 397 | | |
Debt(2) | | | | | 225,811 | | | | | | 3,496 | | | | | | 4,544 | | | | | | 4,545 | | | | | | 213,226 | | |
Interest on debt(3)
|
| | | | 90,125 | | | | | | 17,033 | | | | | | 33,520 | | | | | | 32,868 | | | | | | 6,704 | | |
Total contractual obligations
|
| | | $ | 332,628 | | | | | | 25,042 | | | | | | 45,981 | | | | | | 41,278 | | | | | | 220,327 | | |