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, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ (1,713) $ 2,875 $ (51,440)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 16,883 15,315 10,172
Amortization and write off of debt issuance costs 463 126 5,749
Amortization and write-off of discount on long-term debt 2,949 613 2,704
Change in contingent consideration from acquisitions (18,933) 2,440 25,640
Amortization of right-of-use assets 13,005 2,655 0
Bad debt expense (recovery) 2,232 (712) 410
Equity-based compensation 17,997 29,044 9,699
Non-cash interest (1,252) (1,069) 583
Gain on debt extinguishment 0 0 (3,707)
Loss (gain) from disposal of assets (2,120) (78) 483
Impairment of goodwill and other assets 16,667 3,656 781
Changes in assets and liabilities, net of effect of acquisitions:      
Accounts receivable (7,738) (12,720) (6,608)
Inventories (3,525) (3,936) (768)
Prepaid expenses and other current assets 438 (1,023) (4,220)
Operating lease liabilities (9,049) (2,496) 0
Deferred costs (5,440) (2,024) (7,122)
Notes receivable, net (3) 33 137
Accounts payable 1,390 469 (3,013)
Accrued expenses 1,959 (5,008) 3,596
Related party payable 0 0 (1)
Other current liabilities 2,896 2,226 1,449
Deferred revenue 7,287 18,223 30,011
Other assets (648) (240) 1
Other liabilities 1,677 3,301 (85)
Net cash provided by operating activities 35,422 51,670 14,451
Cash flows from investing activities:      
Purchases of property and equipment (7,430) (8,955) (3,638)
Purchase of studios (164) 0 (450)
Proceeds from sale of assets 60 65 433
Purchase of intangible assets (1,783) (7,177) (1,220)
Notes receivable issued (581) (1,782) (2,258)
Notes receivable payments received 776 3,236 820
Acquisition of businesses (3,467) 0 (44,322)
Net cash used in investing activities (12,589) (14,613) (50,635)
Cash flows from financing activities:      
Borrowings from long-term debt 189,150 7,425 255,980
Payments on long-term debt (4,203) (2,978) (310,600)
Debt issuance costs (411) (55) (996)
Proceeds from the issuance of Class A common stock, net of underwriting costs 0 0 122,016
Payments of costs related to IPO 0 0 (3,082)
Payments to purchase 750,000 LLC units/Class B Shares 0 0 (9,000)
Proceeds from issuance of redeemable convertible preferred stock, net of offering costs 0 0 198,396
Payment to purchase all of the shares of LCAT from LCAT shareholders 0 0 (144,485)
Payment of H&W Cash Merger Consideration 0 0 (11,720)
Payments to acquire the Preferred Units and LLC Units 0 0 (20,493)
Exchange of LLC units for Class B shares 0 0 2
Payment of preferred stock dividend and deemed cash dividend (7,092) (16,250) (8,992)
Payment of contingent consideration (1,412) (2,190) (12,154)
Payments on loans from related party (Note 10) 0 0 (85)
Member contributions 0 0 562
Payments for taxes related to net share settlement of restricted share units (8,111) (1,909) 0
Distributions to Member 0 0 (10,600)
Payment for tax receivable agreement (1,163) 0 0
Payments for redemption of preferred stock (130,766) 0 0
Payments for distributions to Pre-IPO LLC Members (12,901) 0 0
Repurchase of Class A common stock (50,378) 0 0
Payment received from shareholder (Note 10) 8,062 0 0
Loan to shareholder (Note 10) (4,400) (5,050) 0
Receipts from Member, net (Note 10) 0 0 1,456
Proceeds from disgorgement of stockholders short-swing profits (Note 10) 516 0 0
Net cash provided by (used in) financing activities (23,109) (21,007) 46,205
Increase (decrease) in cash, cash equivalents and restricted cash (276) 16,050 10,021
Cash, cash equivalents and restricted cash, beginning of year 37,370 21,320 11,299
Cash, cash equivalents and restricted cash, end of year 37,094 37,370 21,320
Supplemental cash flow information:      
Interest paid 34,786 11,631 16,136
Income taxes paid, net 1,567 2,785 1,403
Noncash investing and financing activity:      
Capital expenditures accrued 1,023 1,407 595
Contingent consideration converted to equity (Note 10) 0 29,070 0
Deemed contribution from redemption of convertible preferred stock 12,679 0 0
Parent contribution of Rumble assets 0 0 20,483
Original contingent consideration related to Rumble 0 0 23,100
Rumble note receivable from shareholder 0 0 10,600
Collateralization of note from shareholder with treasury shares (Note 10) 0 1,697 0
Adjustment of preferred stock to redemption value (49,970) 31,185 78,494
Fair value of promissory note entered into in connection with acquisition 6,463 0 0
Liability-classified restricted stock units vested 2,250 0 0
Accrued tax withholding related to convertible preferred stock dividend 112 0 0
Adjustment of redeemable noncontrolling interest 0 0 174,450
Deferred offering costs reclassified into equity 0 0 4,429
Accrued deemed dividend 0 0 3,250
Intangible asset acquired in exchange for deferred revenue 0 4,800 0
Receivable from shareholder arising from the Rumble studios acquisition 1,450 0 0
Excise tax liability accrued 360 0 0
Preferred stock dividend accrued $ 448 $ 0 $ 0