Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:              
Net income (loss) $ (17,970) $ (4,356) $ (5,183) $ (14,979) $ (35,988) $ 7,362  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Depreciation and amortization 4,226   4,216   13,179 12,701  
Amortization and write off of debt issuance cost         179 416  
Amortization and write off of discount on long-term debt         3,129 2,032  
Change in contingent consideration from acquisitions         6,435 (17,528)  
Non-cash lease expense         5,415 9,637  
Bad debt expense         2,270 850  
Equity-based compensation         13,121 15,647  
Non-cash interest         (986) (857)  
Loss (gain) on disposal of assets         (8,307) (770)  
Impairment of goodwill and other assets 4,502   4,671   16,591 11,909  
Changes in assets and liabilities, net of effect of acquisition:              
Accounts receivable         1,152 (2,535)  
Inventories         4,116 (5,376)  
Prepaid expenses and other current assets         (2,485) (7,237)  
Operating lease liabilities         (2,002) (4,027)  
Deferred costs         2,522 (4,743)  
Notes receivable, net         3 1  
Accounts payable         1,952 7,302  
Accrued expenses         6,688 1,656  
Other current liabilities         5,816 4,953  
Deferred revenue         (14,620) 7,536  
Other assets         348 (458)  
Other liabilities         (7,613) (277)  
Net cash provided by operating activities         10,915 38,194  
Cash flows from investing activities:              
Purchases of property and equipment         (4,815) (6,156)  
Proceeds from sale of assets         346 60  
Purchase of studios         0 (164)  
Purchase of intangible assets         (1,435) (2,420)  
Notes receivable issued         0 (581)  
Notes receivable payments received         470 666  
Acquisition of business         (8,500) 0  
Net cash used in investing activities         (13,934) (8,595)  
Cash flows from financing activities:              
Borrowings from long-term debt         62,951 189,150  
Payments on long-term debt         (42,527) (3,014)  
Debt issuance costs         (318) (411)  
Payments of preferred stock dividend         (3,768) (5,677)  
Payment of promissory note liability         (3,467) 0  
Payments of contingent consideration         0 (1,412)  
Payments for taxes related to net share settlement of restricted share units         0 (8,111)  
Proceeds from issuance of common stock in connection with stock-based compensation plans         74 0  
Payments for tax receivable agreement         (2,267) (1,163)  
Payments for redemption of preferred stock         0 (130,766)  
Payments for distributions to Pre-IPO LLC Members         (6,979) (7,485)  
Repurchase of Class A common stock         0 (50,378)  
Payment received from shareholder (Note 10)         0 8,062  
Loan to shareholder         0 (4,400)  
Proceeds from disgorgement of stockholders short-swing profits (Note 10)         0 516  
Net cash provided by (used in) financing activities         3,699 (15,089)  
Increase in cash, cash equivalents and restricted cash         680 14,510  
Cash, cash equivalents and restricted cash, beginning of period   $ 37,094   $ 37,370 37,094 37,370 $ 37,370
Cash, cash equivalents and restricted cash, end of period 37,774   51,880   37,774 51,880 $ 37,094
Supplemental cash flow information:              
Interest paid         30,846 24,631  
Income taxes paid, net         585 1,673  
Non-cash investing and financing activities:              
Capital expenditures accrued at period end         1,143 567  
Adjustment of convertible preferred stock to redemption value         0 (34,326)  
Liability-classified restricted stock units vested         0 2,250  
Deemed contribution from redemption of convertible preferred stock         0 12,679  
Accrued tax withholding related to convertible preferred stock dividend         106 114  
Contingent consideration upon acquisition $ 446   $ 0   446 0  
Debt issuance costs paid-in-kind-long-term debt         4,059 0  
Non-cash proceeds from sale of asset         275 0  
Preferred stock dividend paid-in-kind         $ 2,150 $ 0