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 ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 471 $ (16,080)
Adjustments:    
Depreciation and amortization 33,686 25,265
Amortization of loan costs 113 106
Stock-based compensation expense 14,391 13,563
Change in fair value of warrant liabilities (1,381) (1,139)
Change in fair value of contingent consideration (950) 0
Asset impairments 2,042 8,353
Deferred income tax expense (6,973) (6,601)
Other (57) 14
Changes in operating assets and liabilities    
Receivables (3,780) 1,777
Prepaid expenses and other current assets 1,348 1,948
Income tax receivable (936) 190
Accounts payable & accrued liabilities (2,269) 4,430
Other 691 (595)
Net cash provided by operating activities 36,396 31,231
Cash flows from investing activities:    
Purchase of property and equipment (5,114) (10,852)
Additions to internal-use software (16,516) (15,597)
Other (225) 346
Net cash used in investing activities (21,855) (26,103)
Cash flows from financing activities:    
Proceeds from stock option exercises 2,922 1,144
Payments for tax withholding of stock-based compensation (2,877) 0
Payment for tender offer of warrants 0 (1,792)
Payments for minimum guarantee obligations (2,360) (5,000)
Repurchases of treasury stock (15,452) 0
Net cash used in financing activities (17,767) (5,648)
Foreign currency translation (967) (913)
Net change in cash and cash equivalents (4,193) (1,433)
Cash and cash equivalents at beginning of period 134,000 213,502
Cash and cash equivalents at end of period 129,807 212,069
Supplemental cash flow disclosures:    
Interest paid 148 150
Income taxes paid, net of refunds 2,308 411
Non-cash investing and financing activities:    
Capitalization of stock-based compensation 1,340 1,966
Additions to intangible assets related to licensing agreements 9,832 0
Exchange of notes receivable as consideration related to the WonderBlocks Acquisition 0 1,055
Contingent consideration related to the WonderBlocks Acquisition $ 0 $ 1,564