Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net (loss) income $ (16,080,000) $ 10,119,000
Adjustments:    
Depreciation and amortization 25,265,000 20,145,000
Amortization of loan costs 106,000 295,000
Stock-based compensation expense 13,563,000 3,680,000
Change in fair value of warrant liabilities (1,139,000) (11,986,000)
Asset impairments 8,353,000 0
Deferred income tax expense (6,601,000) (3,070,000)
Other 14,000 1,517,000
Changes in operating assets and liabilities    
Receivables 1,777,000 (1,588,000)
Prepaid expenses and other current assets 1,948,000 (3,679,000)
Income tax receivable 190,000 (3,512,000)
Accounts payable & accrued liabilities 4,430,000 5,684,000
Other (595,000) 3,158,000
Net cash provided by operating activities 31,231,000 20,763,000
Cash flows from investing activities:    
Purchase of property and equipment (10,852,000) (1,241,000)
Additions to internal-use software (15,597,000) (19,540,000)
Additions to notes receivable and other investments (1,042,000) (9,533,000)
Acquisition of subsidiary, net of cash acquired (960,000) 0
Proceeds from notes receivable 2,348,000 0
Net cash used in investing activities (26,103,000) (30,314,000)
Cash flows from financing activities:    
Proceeds from stock option exercises 1,144,000 2,091,000
Payment for tender offer of warrants (1,792,000) 0
Payment for minimum guarantee obligations (5,000,000) 0
Net proceeds from Acies Merger 0 185,311,000
Other 0 (690,000)
Net cash (used in) provided by financing activities (5,648,000) 186,712,000
Foreign currency translation (913,000) (113,000)
Net change in cash and cash equivalents (1,433,000) 177,048,000
Cash and cash equivalents at beginning of period 213,502,000 48,927,000
Cash and cash equivalents at end of period 212,069,000 225,975,000
Supplemental cash flow disclosures:    
Interest paid 150,000 53,000
Income taxes paid, net of refunds 411,000 818,000
Non-cash investing and financing activities:    
Capitalization of stock-based compensation 1,966,000 502,000
Increase in property and equipment included in accounts payable and other long-term liabilities 824,000 0
Reduction of notes receivable in exchange for internal-use software 0 1,754,000
Settlement of MGM Profit Share liability through the issuance of shares of Class A common stock 0 20,000,000
Exchange of notes receivable as consideration related to the WonderBlocks Acquisition 1,055,000 0
Contingent consideration related to the WonderBlocks Acquisition $ 1,564,000 $ 0