Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net loss $ (42,680) $ (318,014)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,354 3,055
Equity-based compensation 5,645 4,584
Non-employee equity-based compensation 0 849
Amortization of debt issuance costs 260 281
Other (483) 0
Change in fair value of earn-out liability 0 209,651
Change in fair value of warrant liability 0 56,675
Change in fair value of derivative liability 0 2,335
Changes in operating assets and liabilities:    
Accounts receivable, net (2,284) (15,306)
Inventories, net (14,190) (20,061)
Prepaid expenses and other assets (7,374) (3,110)
Accounts payable 10,350 (12,811)
Accrued liabilities (3,285) 11,041
Deferred revenue and gift card liability 655 1,286
Operating lease liability 915 425
Other liabilities 122 149
Net cash used in operating activities (46,995) (78,971)
Investing activities    
Purchases of property, plant and equipment (12,236) (19,950)
Proceeds from sale of property and equipment 5,576 0
Net cash used in investing activities (6,660) (19,950)
Financing activities    
Proceeds from issuance of long-term debt, net of discount 294,501 21,593
Debt issuance costs paid (3,876) (53)
Repayment of long-term debt (267,381) (24,467)
Financing lease obligations (73) 31
Repayment of promissory note (1,047) 0
Issuance of stock from the Employee Stock Purchase Plan 673 0
Distribution and redemption of Series A preferred equity 0 (127,853)
Proceeds from Business Combination, including PIPE investment 0 337,957
Payment of Business Combination costs 0 (31,638)
Redemption of Class A and Class B units 0 (20,145)
Redemption of incentive units 0 (3,627)
Net cash provided by financing activities 22,797 151,798
Net increase (decrease) in cash, cash equivalents, and restricted cash (30,858) 52,877
Cash and cash equivalents, beginning of period 38,990 18,334
Restricted cash, beginning of period 0 0
Cash and cash equivalents, end of period 6,667 71,211
Restricted cash, end of period 1,465 0
Non-cash operating activities    
Recognition of right-of-use operating lease assets 15,913 14,915
Recognition of revenue for inventory exchanged for prepaid advertising 7,480 0
Non-cash investing and financing activities    
Property and equipment purchased but not yet paid 3,349 135
Series A preferred exchange for PIPE shares 0 26,203
Series A preferred equity amortization 0 5,390
Supplemental cash flow information    
Cash paid for income taxes 665 255
Cash paid for interest $ 2,591 $ 903