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

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (53,671) $ (98,696) $ (6,443)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 12,027 17,713 16,883
Amortization and write off of debt issuance costs 168 238 463
Amortization and write off of discount on long-term debt 7,744 4,122 2,949
Change in contingent consideration from acquisitions (6,948) 8,358 (18,933)
Non-cash lease expense 4,072 7,139 13,311
Change in tax receivable agreement liability (11) 998 3,193
Bad debt expense 2,844 3,102 2,450
Equity-based compensation 12,908 15,466 17,997
Non-cash interest (2,038) (1,320) (1,252)
Gain on disposal of assets and lease terminations (6,945) (12,791) (2,120)
Gain on divestitures (4,988)   0
Impairment of goodwill and other noncurrent assets 32,718 62,551 16,750
Loss on extinguishment of debt 27,327 0 0
Changes in assets and liabilities, net of effect of acquisition:      
Accounts receivable 4,517 (3,919) (7,350)
Inventories 7,793 5,574 (3,960)
Prepaid expenses and other current assets (11,872) 601 307
Operating lease liabilities (3,824) (3,356) (9,325)
Deferred costs 11,276 8,912 (5,712)
Notes receivable, net 3 5 (3)
Accounts payable (141) 8,616 889
Accrued expenses 19,827 12,903 4,867
Other current liabilities (370) 2,140 4,190
Deferred revenue (31,696) (19,538) 7,020
Other assets 834 (3,518) (648)
Other liabilities 6,764 (3,623) (2,810)
Net cash provided by operating activities 28,318 11,677 32,713
Cash flows from investing activities:      
Purchases of property and equipment (3,581) (4,713) (7,430)
Proceeds from sale of assets 0 346 60
Purchase of studios 0 0 (164)
Purchase of intangible assets (1,604) (1,815) (1,783)
Notes receivable issued (173) 0 (581)
Notes receivable payments received 178 533 776
Proceeds from disposition of brands 6,708 0 0
Acquisition of business 0 (8,500) (2,567)
Net cash provided by (used in) investing activities 1,528 (14,149) (11,689)
Cash flows from financing activities:      
Borrowings from long-term debt, net of original discount issue 516,178 62,951 189,150
Payments on long-term debt (392,063) (43,876) (4,203)
Debt issuance costs (1,658) (318) (411)
Payment of preferred stock dividend (5,694) (5,772) (7,092)
Payment of promissory note liability (3,392) (3,467) 0
Payments of contingent consideration (500) 0 (1,412)
Payments for taxes related to net share settlement of restricted share units (3,030) (83) (8,111)
Proceeds from issuance of common stock in connection with stock-based compensation plans 193 210 0
Payments for tax receivable agreement 0 (2,267) (1,163)
Payments for redemption of preferred stock 0 0 (130,766)
Payments for distributions to Pre-IPO LLC Members (477) (8,916) (12,241)
Repurchase of Class A common stock 0 0 (50,378)
Payment received from shareholder (Note 9) 2,435 14 9,211
Payments for excise tax on share repurchases 0 (359) 0
Payments for redemption of preferred shares (128,465) 0 0
Loan to shareholder (Note 9) (249) 0 (4,400)
Proceeds from disgorgement of stockholders short-swing profits (Note 9) 0 0 516
Net cash used in financing activities (16,722) (1,883) (21,300)
Increase (decrease) in cash, cash equivalents and restricted cash 13,124 (4,355) (276)
Cash, cash equivalents and restricted cash, beginning of period 32,739 37,094 37,370
Cash, cash equivalents and restricted cash, end of period 45,863 32,739 37,094
Supplemental cash flow information:      
Interest paid 37,515 41,289 34,786
Income taxes paid, net 206 563 1,567
Non-cash investing and financing activities:      
Capital expenditures accrued at period end 344 799 1,023
Adjustment of convertible preferred stock to redemption value 0 0 (49,970)
Fair value of promissory note entered into in connection with acquisition (Note 3) 0 0 6,463
Liability-classified restricted stock units vested 0 0 2,250
Deemed contribution (dividend) from redemption of convertible preferred stock (11,655) 0 12,679
Accrued tax withholding related to convertible preferred stock dividend 0 0 112
Receivable from shareholder arising from the Rumble studios acquisition 0 0 1,450
Excise tax liability accrued 0 0 360
Preferred stock dividend accrued 0 0 448
Contingent consideration upon acquisition 0 446 0
Debt issuance costs paid-in-kind - long-term debt 0 4,059 0
Fair value of promissory note entered into in connection with divestiture (Note 3) 4,316 0 0
Original issue discount 18,822 0 0
Non-cash proceeds from sale of asset 0 275 0
Preferred stock dividend paid-in-kind $ 0 $ 2,150 $ 0