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, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net (loss) income $ (17,783) $ 10,737 $ 12,807
Adjustments:      
Depreciation and amortization 35,562 27,398 22,192
Amortization of loan costs 145 368 0
Stock-based compensation expense 17,727 4,455 3,519
Change in fair value of warrant liabilities (1,047) (13,933) 0
Change in fair value of contingent consideration (2,411) 0 0
Asset impairments 8,353 0 0
Deferred income tax benefit (7,791) (2,286) (3,568)
Other 490 1,545 (467)
Changes in operating assets and liabilities      
Receivables (1,486) (3,985) (2,367)
Prepaid expenses and other current assets 204 90 (8)
Income tax receivable 246 4,842 (4,902)
Accounts payable & accrued liabilities 1,967 3,877 21,975
Other (792) 768 (781)
Net cash provided by operating activities 33,384 33,876 48,400
Cash flows from investing activities:      
Acquisition of subsidiary, net of cash (70,365) 0 0
Purchase of property and equipment (11,979) (2,010) (1,847)
Additions to internal-use software (21,401) (25,890) (25,155)
Purchase of intangible assets 0 (13,000) 0
Additions to notes receivable and other investments (1,011) (9,536) 0
Advance payment related to license agreements 0 (8,000) 0
Proceeds from notes receivable 2,407 1,500 0
Net cash used in investing activities (102,349) (56,936) (27,002)
Cash flows from financing activities:      
Proceeds from stock option exercises 1,493 2,412 992
Repurchases of treasury stock 0 0 (2,540)
Payment for tender offer of warrants (1,792) 0 0
Payment for minimum guarantee obligations (5,000) 0 0
Repurchases of common stock for retirement (4,272) 0 0
Net proceeds from Acies Merger 0 185,170 0
Other 0 (690) (2,087)
Net cash provided by (used in) financing activities (9,571) 186,892 (3,635)
Foreign currency translation (966) 743 142
Net change in cash and cash equivalents (79,502) 164,575 17,905
Cash and cash equivalents at beginning of period 213,502 48,927 31,022
Cash and cash equivalents at end of period 134,000 213,502 48,927
Supplemental cash flow disclosures:      
Interest paid 150 125 53
Income taxes paid, net of (refunds) 1,884 (4,321) 7,015
Non-cash investing and financing activities:      
Capitalization of stock-based compensation 2,530 657 605
Increase in property and equipment included in accounts payable and other long-term liabilities 888 0 0
Right-of-use assets acquired under operating leases 14,638 0 0
Additions to intangible assets related to minimum guarantee obligations 3,000 5,000 0
Exchange of notes receivable as consideration for business combinations 1,055 0 0
Contingent consideration related to business combinations 3,361 0 0
Reduction of notes receivable in exchange for internal-use software 0 1,754 0
Settlement of MGM Profit Share liability through the issuance of shares of Class A common stock $ 0 $ 20,000 $ 0