v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income (loss) $ (256,827) $ 149
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 989 499
Equity-based compensation 2,259 317
Non-employee equity-based compensation 355 368
Amortization of debt issuance costs 243 42
Bad debt expense (recovery) 0 (51)
Change in fair value of earn-out liability 171,098 0
Change in fair value of warrant liability 62,109 0
Change in fair value of derivative liability 7,507 0
Changes in operating assets and liabilities:    
Accounts receivable, net (5,976) (300)
Inventories (4,985) (4,266)
Prepaid expenses and other assets (5,193) (1,629)
Accounts payable (10,960) (247)
Accrued liabilities 6,174 (911)
Deferred revenue and gift card liability 434 340
Other liabilities 148 0
Net cash used in operating activities (32,625) (5,689)
Investing activities    
Purchases of property, plant and equipment (4,207) (2,024)
Net cash used in investing activities (4,207) (2,024)
Financing activities    
Proceeds from issuance of long-term debt, net of cash paid for debt issuance costs of $3 as of March 31, 2022 and $338 as of December 31, 2021 5,285 707
Repayment of long-term debt (23,174) (267)
Financing lease obligations 60  
Financing lease obligations   (119)
Distribution and redemption of Series A preferred equity (127,853) 0
Proceeds from Business Combination, including PIPE investment 337,957 0
Payment of Business Combination costs (31,638) 0
Redemption of Class A and Class B units (20,145) 0
Redemption of incentive units (3,627) 0
Net cash provided by financing activities 136,865 321
Net increase (decrease) in cash, cash equivalents, and restricted cash 100,033 (7,392)
Beginning cash, cash equivalents, and restricted cash 18,334 35,632
Ending cash, cash equivalents, and restricted cash 118,367 28,240
Non-cash operating activities    
Recognition of right-of-use operating lease assets 7,560  
Non-cash investing and financing activities    
Recognition of earn-out liabilities 218,679 0
Recognition of warrant liabilities 36,484 0
Recognition of derivative liability 9,741 0
Series A preferred exchange for PIPE shares 26,203 0
Series A preferred equity amortization 5,390 2,612
Accrued capital expenditures 1,171 287
Supplemental cash flow information    
Cash paid for income taxes 218 28
Cash paid for interest $ 377 $ 178

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