Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ 3,242 $ (21,655)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 11,225 6,838
Amortization and write off of debt issuance cost 94 5,722
Amortization and write-off of discount on long-term debt 454 2,553
Change in contingent consideration from acquisitions (5,791) 3,220
Bad debt expense (recovery) (526) 165
Adjustment for recognition of TRA and deferred tax liability 0 (24)
Equity based compensation 23,920 4,201
Non Cash Interest (679) 765
Gain on debt extinguishment 0 (3,707)
(Gain) loss on disposal of assets (90) 362
Impairment of studio assets 0 781
Impairment of brand assets 3,656 0
Changes in assets and liabilities:    
Accounts receivable (6,592) (1,913)
Inventories (6,810) 1,074
Prepaid expenses and other current assets (5,529) (9,429)
Operating lease right-of-use assets and operating lease liabilities 52 0
Deferred costs (1,248) (4,811)
Notes receivable, net 25 148
Accounts payable 7,497 (2,702)
Accrued expenses (1,555) (559)
Related party payable 0 (1)
Other current liabilities 599 455
Deferred revenue 13,993 22,372
Other assets (129) 18
Other liabilities 1,663 52
Net cash provided by operating activities 37,471 3,925
Cash flows from investing activities:    
Purchases of property and equipment (5,660) (2,604)
Proceeds from sale of assets 65 318
Purchase of studios 0 (390)
Purchase of intangible assets (6,840) (868)
Notes receivable issued (1,782) (1,000)
Notes receivable payments received 2,643 563
Net cash used in investing activities (11,574) (3,981)
Cash flows from financing activities:    
Borrowings from long-term debt 5,480 218,360
Payments on long-term debt (2,220) (309,860)
Debt issuance costs (49) (904)
Proceeds from the issuance of Class A common stock, net of underwriting costs 0 122,016
Payments of costs related to IPO 0 (3,221)
Payments to purchase 750,000 LLC units/Class B Shares 0 (9,000)
Proceeds from issuance of redeemable convertible preferred stock, net of offering costs 0 198,396
Payment to purchase all of the shares of LCAT from LCAT shareholders 0 (144,485)
Payment of H&W Cash Merger Consideration 0 (11,720)
Payments to acquire the Preferred Units and LLC Units 0 (20,493)
Exchange of LLC units for Class B shares 0 2
Payment of preferred stock dividend and deemed dividend (13,000) (4,117)
Payment of contingent consideration (1,336) (12,006)
Payments on loans from related party (Note 10) 0 (85)
Member contributions 0 562
Payments for taxes related to net share settlement of restricted share units (1,897) 0
Distributions to Member 0 (10,600)
Loan to shareholder (3,300)  
Receipts from Member, net (Note 10) 0 1,456
Net cash provided by (used in) financing activities (16,322) 14,301
Increase in cash, cash equivalents and restricted cash 9,575 14,245
Cash, cash equivalents and restricted cash, beginning of period 21,320 11,299
Cash, cash equivalents and restricted cash, end of period 30,895 25,544
Supplemental cash flow information:    
Interest paid 8,013 13,582
Income taxes paid 2,570 1,159
Operating cash flows, net used in operating leases 2,783 0
Noncash investing and financing activity:    
Capital expenditures accrued 1,536 260
Parent contribution of Rumble assets 0 20,483
Original contingent consideration related to Rumble 0 23,100
Rumble note receivable from shareholder 0 10,600
Adjustment of preferred stock to redemption value (19,794) 1,604
Adjustment of redeemable noncontrolling interest 0 13,148
Deferred offering costs reclassified into equity 0 4,429
Accrued deemed dividend 0 4,875
Intangible asset acquired in exchange for deferred revenue 4,800 0
ROU assets obtained in exchange for new operating lease liabilities $ 10,305 $ 0