Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net (loss) income $ (19,393) $ (17,783) $ 10,737
Adjustments:      
Depreciation and amortization 45,259 35,562 27,398
Amortization of loan costs 151 145 368
Stock-based compensation expense 18,722 17,727 4,455
Change in fair value of warrant liabilities (2,596) (1,047) (13,933)
Change in fair value of contingent consideration (950) (2,411) 0
Asset impairments and write-downs 2,219 8,353 0
Deferred income tax expense (benefit) 12,217 (7,791) (2,286)
Other 570 490 1,545
Changes in operating assets and liabilities      
Receivables (4,930) (1,486) (3,985)
Prepaid expenses and other current assets (1,461) 204 90
Income tax receivable (744) 246 4,842
Accounts payable & accrued liabilities 1,427 1,967 3,877
Other 1,233 (792) 768
Net cash provided by operating activities 51,724 33,384 33,876
Cash flows from investing activities:      
Acquisition of subsidiary, net of cash 0 (70,365) 0
Purchase of property and equipment (6,335) (11,979) (2,010)
Additions to internal-use software (21,742) (21,401) (25,890)
Purchase of intangible assets (4,393) 0 (13,000)
Additions to notes receivable and other investments (4) (1,011) (9,536)
Advance payment related to license agreements 0 0 (8,000)
Other 168 2,407 1,500
Net cash used in investing activities (32,306) (102,349) (56,936)
Cash flows from financing activities:      
Proceeds from stock option exercises 3,125 1,493 2,412
Repurchases of treasury stock (15,452) (4,272) 0
Payment for tender offer of warrants 0 (1,792) 0
Payment for minimum guarantee obligations (4,817) (5,000) 0
Payments for tax withholding of stock-based compensation (3,040) 0 0
Net proceeds from Acies Merger 0 0 185,170
Other 0 0 (690)
Net cash provided by (used in) financing activities (20,184) (9,571) 186,892
Foreign currency translation (345) (966) 743
Net change in cash and cash equivalents (1,111) (79,502) 164,575
Cash and cash equivalents at beginning of period 134,000 213,502 48,927
Cash and cash equivalents at end of period 132,889 134,000 213,502
Supplemental cash flow disclosures:      
Interest paid 189 150 125
Income taxes paid, net of (refunds) 6,111 1,884 (4,321)
Non-cash investing and financing activities:      
Capitalization of stock-based compensation 1,800 2,530 657
Additions to intangible assets related to licensing agreements 46,579 3,000 5,000
Lease modification 1,643 0 0
Increase in property and equipment included in accounts payable and other long-term liabilities 0 888 0
Right-of-use assets acquired under operating leases 0 14,638 0
Exchange of notes receivable as consideration related to the WonderBlocks Acquisition 0 1,055 0
Contingent consideration related to the WonderBlocks Acquisition 0 3,361 0
Reduction of notes receivable in exchange for internal-use software 0 0 1,754
Settlement of MGM Profit Share liability through the issuance of shares of Class A common stock $ 0 $ 0 $ 20,000