Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 2,875 $ (51,440) $ (13,640)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 15,315 10,172 7,651
Amortization and write off of debt issuance cost 126 5,749 3,096
Amortization and write-off of discount on long-term debt 613 2,704 0
Change in contingent consideration from acquisitions 2,440 25,640 (10,990)
Amortization of right-of-use assets 2,655 0 0
Bad debt expense (recovery) (712) 410 2,766
Equity-based compensation 29,044 9,699 1,751
Non-cash interest (1,069) 583 1,321
Gain on debt extinguishment 0 (3,707) 0
Loss (gain) from disposal of assets (78) 483 68
Impairment of studio assets 0 781 0
Impairment of brand assets 3,656 0 0
Changes in assets and liabilities, net of effects of acquisitions:      
Accounts receivable (12,720) (6,608) 2,977
Inventories (3,936) (768) (1,392)
Prepaid expenses and other current assets (1,023) (4,220) (2,904)
Operating lease liabilities (2,496) 0 0
Deferred costs (2,024) (7,122) (1,204)
Notes receivable, net 33 137 210
Accounts payable 469 (3,013) 1,709
Accrued expenses (5,008) 3,596 1,914
Related party payable 0 (1) (28)
Other current liabilities 2,226 1,449 (955)
Deferred revenue 18,223 30,011 7,005
Other assets (240) 1 (196)
Other liabilities 3,301 (85) 113
Net cash provided by (used in) operating activities 51,670 14,451 (728)
Cash flows from investing activities:      
Purchases of property and equipment (8,955) (3,638) (1,880)
Purchase of studios 0 (450) (1,150)
Proceeds from sale of assets 65 433 58
Purchase of intangible assets (7,177) (1,220) (1,010)
Notes receivable issued (1,782) (2,258) (619)
Notes receivable payment received 3,236 820 0
Acquisition of businesses 0 (44,322) 0
Net cash used in investing activities (14,613) (50,635) (4,601)
Cash flows from financing activities:      
Borrowings from line of credit 0 0 10,000
Payments on line of credit 0 0 (18,000)
Borrowings from long-term debt 7,425 255,980 188,665
Payments on long-term debt (2,978) (310,600) (149,219)
Debt issuance costs (55) (996) (5,158)
Proceeds from the issuance of Class A common stock, net of underwriting costs 0 122,016 0
Payments of costs related to IPO 0 (3,082) 0
Payments to purchase 750,000 LLC units/Class B Shares 0 (9,000) 0
Proceeds from issuance of redeemable convertible preferred stock, net of offering costs 0 198,396 0
Payment to purchase all of the shares of LCAT from LCAT shareholders 0 (144,485) 0
Payment of H&W Cash Merger Consideration 0 (11,720) 0
Payments to acquire the Preferred Units and LLC Units 0 (20,493) 0
Exchange of LLC units for Class B shares 0 2 0
Payment of preferred stock dividend and deemed dividend (16,250) (8,992) 0
Payment of contingent consideration (2,190) (12,154) (3,250)
Payments on loans from related party (Note 10) 0 (85) (111)
Member contributions 0 562 27,286
Payments for taxes related to net share settlement of restricted share units (1,909) 0 0
Distributions to Member 0 (10,600) (73,203)
Loan to shareholder (Note 10) (5,050) 0 0
Receipts from Member, net (Note 10) 0 1,456 30,279
Net cash provided by (used in) financing activities (21,007) 46,205 7,289
Increase in cash, cash equivalents and restricted cash 16,050 10,021 1,960
Cash, cash equivalents and restricted cash, beginning of year 21,320 11,299 9,339
Cash, cash equivalents and restricted cash, end of year 37,370 21,320 11,299
Supplemental cash flow information:      
Interest paid 11,631 16,136 17,035
Income taxes paid 2,785 1,403 228
Noncash investing and financing activity:      
Capital expenditures accrued 1,407 595 196
Contingent consideration converted to Member contribution (Note 10) 0 0 5,598
Contingent consideration converted to equity (Note 10) 29,070 0 0
Debt issuance costs added to debt principal 0 0 975
Parent contribution of Rumble assets 0 20,483 0
Original contingent consideration related to Rumble 0 23,100 0
Rumble note receivable from shareholder 0 10,600 0
Collateralization of note from shareholder with treasury shares (Note 10) 1,697 0 0
Adjustment of preferred stock to redemption value 31,185 78,494 0
Adjustment of redeemable noncontrolling interest 0 174,450 0
Deferred offering costs reclassified into equity 0 4,429 0
Accrued deemed dividend 0 3,250 0
Intangible asset acquired in exchange for deferred revenue $ 4,800 $ 0 $ 0