Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 12,545 $ 16,298
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,485 7,071
Amortization and write off of debt issuance cost 296 64
Amortization of discount on long-term debt 1,218 303
Change in contingent consideration from acquisitions (15,510) (22,081)
Amortization of right-of-use assets 3,347 886
Bad debt expense (recovery) 897 (773)
Equity-based compensation 12,111 19,677
Non-cash interest (856) (448)
Write down of brand assets 7,238 0
Loss (gain) on disposal of assets 133 (68)
Changes in assets and liabilities, net of effect of acquisitions:    
Accounts receivable (2,022) (6,964)
Inventories (983) (7,359)
Prepaid expenses and other current assets (5,280) (635)
Operating lease liabilities (2,636) (910)
Deferred costs (1,192) (1,116)
Notes receivable, net 2 13
Accounts payable 9,302 10,819
Accrued expenses 1,174 (2,216)
Other current liabilities 663 380
Deferred revenue 1,945 12,652
Other assets (59) (85)
Other liabilities (253) 686
Net cash provided by operating activities 30,565 26,194
Cash flows from investing activities:    
Purchases of property and equipment (4,360) (4,394)
Proceeds from sale of assets 0 65
Purchase of studios (164) 0
Purchase of intangible assets (1,431) (912)
Notes receivable issued (31) (1,365)
Notes receivable payments received 373 971
Net cash used in investing activities (5,613) (5,635)
Cash flows from financing activities:    
Borrowings from long-term debt 126,100 0
Payments on long-term debt (1,824) (1,480)
Debt issuance costs (115) (46)
Payment of preferred stock dividend and deemed cash dividend (2,612) (9,750)
Payment of contingent consideration 0 (1,336)
Payments for taxes related to net share settlement of restricted share units (8,111) 0
Payment for tax receivable agreement (1,163) 0
Payments for redemption of preferred stock (130,766) 0
Payments for distributions to Pre-IPO LLC Members (532) 0
Payment received from shareholder 1,290 0
Loan to shareholder (4,400) 0
Net cash used in financing activities (22,133) (12,612)
Increase in cash, cash equivalents and restricted cash 2,819 7,947
Cash, cash equivalents and restricted cash, beginning of period 37,370 21,320
Cash, cash equivalents and restricted cash, end of period 40,189 29,267
Supplemental cash flow information:    
Interest paid 14,958 5,019
Income taxes paid 1,102 2,003
Noncash investing and financing activity:    
Capital expenditures accrued 1,265 383
Adjustment of convertible preferred stock to redemption value 17,109 (76,890)
Liability-classified restricted stock units vested 2,250 0
Deemed contribution from redemption of convertible preferred stock 12,679 0
Accrued tax withholding related to convertible preferred stock dividend 1,316 0
Intangible asset acquired in exchange for deferred revenue 0 4,800
Acquisition of intangible assets accrued $ 0 $ 5,500