Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net loss $ (51,440) $ (13,640) $ (37,134)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 10,172 7,651 6,386
Amortization and write off of debt issuance cost 5,749 3,096 526
Amortization and write-off of discount on long-term debt 2,704    
Change in contingent consideration from acquisitions 25,640 (10,990) 7,948
Bad debt expense 410 2,766 1,528
Equity-based compensation 9,699 1,751 2,064
Non-cash interest 583 1,321 2,823
Gain on debt extinguishment (3,707)    
Loss from disposal of assets 483 68 691
Impairment of long-lived assets 781    
Changes in assets and liabilities, net of effects of acquisitions:      
Accounts receivable (6,608) 2,977 (6,567)
Inventories (768) (1,392) (296)
Prepaid expenses and other current assets (4,220) (2,904) (1,627)
Deferred costs (7,122) (1,204) (18,476)
Notes receivable 137 210 (579)
Accounts payable (3,013) 1,709 6,527
Accrued expenses 3,596 1,914 936
Related party payable (1) (28) (68)
Other current liabilities 1,449 (955) 401
Deferred revenue 30,011 7,005 35,140
Other assets 1 (196) (50)
Other liabilities (85) 113 1,375
Net cash provided by (used in) operating activities 14,451 (728) 1,548
Cash flows from investing activities:      
Purchases of property and equipment (3,638) (1,880) (7,226)
Purchase of studios (450) (1,150) (532)
Proceeds from sale of assets 433 58 2,012
Purchase of intangible assets (1,220) (1,010) (281)
Notes receivable issued (2,258) (619) (3,002)
Notes receivable payment received 820    
Acquisition of businesses (44,322)   (750)
Net cash used in investing activities (50,635) (4,601) (9,779)
Cash flows from financing activities:      
Borrowings from line of credit   10,000  
Payments on line of credit   (18,000)  
Borrowings from long-term debt 255,980 188,665 12,000
Payments on long-term debt (310,600) (149,219) (1,602)
Debt issuance costs (996) (5,158) (205)
Proceeds from the issuance of Class A common stock, net of underwriting costs 122,016    
Payments of costs related to IPO (3,082)    
Payments to purchase 750,000 LLC units/Class B Shares (9,000)    
Proceeds from issuance of redeemable convertible preferred stock, net of offering costs 198,396    
Payment to purchase all of the shares of LCAT from LCAT shareholders (144,485)    
Payment of H&W Cash Merger Consideration (11,720)    
Payments to acquire the Preferred Units and LLC Units (20,493)    
Exchange of LLC units for Class B shares 2    
Payment of preferred stock dividend and deemed dividend (8,992)    
Payment of contingent consideration (12,154) (3,250) (1,656)
Loans from related party (Note 9)     1,048
Payments on loans from related party (Note 9) (85) (111) (2,532)
Member contributions 562 27,286  
Distributions to Member (10,600) (73,203)  
Receipts from (advances to) Member, net (Note 9) 1,456 30,279 (437)
Receipts from (advances to) affiliates, net (Note 9)     (255)
Net cash provided by financing activities 46,205 7,289 6,361
Increase (decrease) in cash, cash equivalents and restricted cash 10,021 1,960 (1,870)
Cash, cash equivalents and restricted cash, beginning of year 11,299 9,339 11,209
Cash, cash equivalents and restricted cash, end of year 21,320 11,299 9,339
Supplemental cash flow information:      
Interest paid 16,136 17,035 12,859
Income taxes paid 1,403 228 174
Noncash investing and financing activity:      
Capital expenditures accrued 595 196 1,211
Receivable recorded for sale of company-owned studio     $ 200
Contingent consideration converted to Member contribution   5,598  
Debt issuance costs added to debt principal   $ 975  
Parent contribution of Rumble assets 20,483    
Original contingent consideration related to Rumble 23,100    
Rumble note receivable from shareholder 10,600    
Adjustment of preferred stock to redemption value 78,494    
Adjustment of redeemable noncontrolling interest 174,450    
Deferred offering costs reclassified into equity 4,429    
Accrued deemed dividend $ 3,250