Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 7,362 $ 3,242
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,701 11,225
Amortization and write off of debt issuance cost 416 94
Amortization of discount on long-term debt 2,032 454
Change in contingent consideration from acquisitions (17,528) (5,791)
Amortization of right-of-use assets 9,729 1,450
Bad debt expense (recovery) 850 (526)
Equity-based compensation 15,647 23,920
Non-cash interest (857) (679)
Write down of goodwill and brand assets 11,817 3,656
Gain on disposal of assets (770) (90)
Changes in assets and liabilities, net of effect of acquisitions:    
Accounts receivable (2,535) (6,592)
Inventories (5,376) (6,810)
Prepaid expenses and other current assets (7,237) (5,529)
Operating lease liabilities (4,027) (1,398)
Deferred costs (4,743) (1,248)
Notes receivable, net 1 25
Accounts payable 7,302 7,497
Accrued expenses 1,656 (1,555)
Other current liabilities 4,953 599
Deferred revenue 7,536 13,993
Other assets (458) (129)
Other liabilities (277) 1,663
Net cash provided by operating activities 38,194 37,471
Cash flows from investing activities:    
Purchases of property and equipment (6,156) (5,660)
Proceeds from sale of assets 60 65
Purchase of studios (164) 0
Purchase of intangible assets (2,420) (6,840)
Notes receivable issued (581) (1,782)
Notes receivable payments received 666 2,643
Net cash used in investing activities (8,595) (11,574)
Cash flows from financing activities:    
Borrowings from long-term debt 189,150 5,480
Payments on long-term debt (3,014) (2,220)
Debt issuance costs (411) (49)
Payment of preferred stock dividend and deemed cash dividend (5,677) (13,000)
Payment of contingent consideration (1,412) (1,336)
Payments for taxes related to net share settlement of restricted share units (8,111) (1,897)
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 (7,485) 0
Repurchase of Class A common stock (50,378) 0
Payment received from shareholder 8,062 0
Loan to shareholder (4,400) (3,300)
Proceeds from disgorgement of stockholders short-swing profits (Note 10) 516 0
Net cash used in financing activities (15,089) (16,322)
Increase in cash, cash equivalents and restricted cash 14,510 9,575
Cash, cash equivalents and restricted cash, beginning of period 37,370 21,320
Cash, cash equivalents and restricted cash, end of period 51,880 30,895
Supplemental cash flow information:    
Interest paid 24,631 8,013
Income taxes paid 1,673 2,570
Noncash investing and financing activity:    
Capital expenditures accrued 567 1,536
Adjustment of convertible preferred stock to redemption value (34,326) (19,794)
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 114 0
Intangible asset acquired in exchange for deferred revenue $ 0 $ 4,800