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, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 10,737 $ 12,807 $ 13,614
Adjustments:      
Depreciation and amortization 27,398 22,192 25,154
Amortization of loan costs 368 0 59
Stock-based compensation expense 4,455 3,519 5,884
Change in fair value of warrant liabilities (13,933) 0 0
Deferred income tax (benefit) expense (2,286) (3,568) 2,456
Other 1,545 (467) (315)
Changes in operating assets and liabilities      
Receivables (3,985) (2,367) (517)
Prepaid expenses and other current assets 90 (8) (202)
Income tax receivable 4,842 (4,902) (938)
Accounts payable & accrued liabilities 3,877 21,975 (1,591)
Other 768 (781) (7,516)
Net cash provided by operating activities 33,876 48,400 36,088
Cash flows from investing activities:      
Purchase of property and equipment (2,010) (1,847) (4,296)
Additions to internal-use software (25,890) (25,155) (20,996)
Payments to Acquire Intangible Assets (13,000) 0 0
Additions to notes receivable and other investments (9,536) 0 0
Advance payment related to license agreements (8,000) 0 0
Proceeds from notes receivable 1,500 0 0
Net cash used in investing activities (56,936) (27,002) (25,292)
Cash flows from financing activities:      
Proceeds from stock option exercises 2,412 992 754
Repurchases of common stock for retirement 0 (2,540) (6,176)
Net proceeds from Business Combination 185,170 0 0
Other (690) (2,087) (1,926)
Net cash provided by (used in) financing activities 186,892 (3,635) (7,348)
Foreign currency translation 743 142 (26)
Net change in cash and cash equivalents 164,575 17,905 3,422
Cash and cash equivalents at beginning of period 48,927 31,022 27,600
Cash and cash equivalents at end of period 213,502 48,927 31,022
Supplemental cash flow disclosures:      
Interest paid 125 53 233
Income taxes paid, net of (refunds) (4,321) 7,015 2,046
Non-cash investing and financing activities:      
Capitalization of stock-based compensation 657 605 912
Noncash additions to intangible assets related to license agreements 5,000 0 0
Reduction of notes receivable in exchange for internal-use software 1,754 0 0
Settlement of MGM Profit Share liability through the issuance of shares of Class A common stock $ 20,000 $ 0 $ 0