Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ (98,696) $ (6,443) $ 1,101
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 17,713 16,883 15,315
Amortization and write off of debt issuance costs 238 463 126
Amortization and write off of discount on long-term debt 4,122 2,949 613
Change in contingent consideration from acquisitions 8,358 (18,933) 2,440
Non-cash lease expense 7,139 13,311 2,655
Bad debt expense (recovery) 3,102 2,450 (712)
Equity-based compensation 15,466 17,997 29,044
Non-cash interest (1,320) (1,252) (1,069)
Gain on disposal of assets (12,791) (2,120) (78)
Impairment of goodwill and other assets 62,551 16,750 3,656
Changes in assets and liabilities, net of effect of acquisition:      
Accounts receivable (3,919) (7,350) (12,183)
Inventories 5,574 (3,960) (4,365)
Prepaid expenses and other current assets 601 307 (629)
Operating lease liabilities (3,356) (9,325) (2,460)
Deferred costs 8,912 (5,712) (2,024)
Notes receivable, net 5 (3) 33
Accounts payable 8,616 889 469
Accrued expenses 12,903 4,867 (3,778)
Other current liabilities 4,230 7,082 2,226
Deferred revenue (19,538) 7,020 18,623
Other assets (3,518) (648) (240)
Other liabilities (4,715) (2,509) 3,301
Net cash provided by operating activities 11,677 32,713 52,064
Cash flows from investing activities:      
Purchases of property and equipment (4,713) (7,430) (8,955)
Proceeds from sale of assets 346 60 65
Purchase of studios 0 (164) 0
Purchase of intangible assets (1,815) (1,783) (7,177)
Notes receivable issued 0 (581) (1,782)
Notes receivable payments received 533 776 3,236
Acquisition of businesses (8,500) (2,567) 0
Net cash used in investing activities (14,149) (11,689) (14,613)
Cash flows from financing activities:      
Borrowings from long-term debt 62,951 189,150 7,425
Payments on long-term debt (43,876) (4,203) (2,978)
Debt issuance costs (318) (411) (55)
Payment of preferred stock dividend and deemed cash dividend (5,772) (7,092) (16,250)
Payment of promissory note liability (3,467) 0 0
Payments of contingent consideration 0 (1,412) (2,190)
Payments for taxes related to net share settlement of restricted share units (83) (8,111) (1,909)
Proceeds from issuance of common stock in connection with stock-based compensation plans 210 0 0
Payments for tax receivable agreement (2,267) (1,163) 0
Payments for redemption of preferred stock 0 (130,766) 0
Payments for distributions to Pre-IPO LLC Members (8,916) (12,241) (394)
Repurchase of Class A common stock 0 (50,378) 0
Payment received from shareholder (Note 11) 14 9,211 0
Payments for excise tax on share repurchases (359) 0 0
Distributions paid to Pre-IPO LLC Members     (394)
Loan to shareholder (Note 11) 0 (4,400) (5,050)
Proceeds from disgorgement of stockholders short-swing profits (Note 11) 0 516 0
Net cash used in financing activities (1,883) (21,300) (21,401)
Increase (decrease) in cash, cash equivalents and restricted cash (4,355) (276) 16,050
Cash, cash equivalents and restricted cash, beginning of period 37,094 37,370 21,320
Cash, cash equivalents and restricted cash, end of period 32,739 37,094 37,370
Supplemental cash flow information:      
Interest paid 41,289 34,786 11,631
Income taxes paid, net 563 1,567 2,785
Non-cash investing and financing activities:      
Capital expenditures accrued at period end 799 1,023 1,407
Contingent consideration converted to equity (Note 11) 0 0 29,070
Collateralization of note from shareholder with treasury shares (Note 11) 0 0 1,697
Adjustment of convertible preferred stock to redemption value 0 (49,970) 31,185
Fair value of promissory note entered into in connection with acquisition 0 6,463 0
Liability-classified restricted stock units vested 0 2,250 0
Deemed contribution from redemption of convertible preferred stock 0 12,679 0
Accrued tax withholding related to convertible preferred stock dividend 0 112 0
Intangible asset acquired in exchange for deferred revenue 0 0 4,800
Receivable from shareholder arising from the Rumble studios acquisition 0 1,450 0
Excise tax liability accrued 0 360 0
Preferred stock dividend accrued 0 448 0
Contingent consideration upon acquisition 446 0 0
Debt issuance costs paid-in-kind - long-term debt 4,059 0 0
Non-cash proceeds from sale of asset 275 0 0
Receivable from holders of the preferred stock 0 0 1,162
Preferred stock dividend paid-in-kind $ (2,150) $ 0 $ 0