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
Operating activities      
Net income (loss) $ (338,044) $ (13,845) $ 4,321
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 4,383 2,895 1,375
Equity-based compensation 6,079 3,204 1,929
Non-employee equity-based compensation 849 1,492 1,384
Amortization of debt issuance costs 317 358 133
Loss on extinguishment of debt 0 726 0
Bad debt expense (recovery) 0 (51) 195
Loss from equity method investment 0 0 52
Loss on disposal of property and equipment 0 70 0
Change in fair value of warrant liabilities 209,651 0 0
Change in fair value of earn-out liabilities 56,675 0 0
Change in fair value of derivative liability 2,335 0 0
Changes in operating assets and liabilities:      
Accounts receivable, net (14,895) (3,761) (2,956)
Inventories (56,311) (4,831) (10,897)
Prepaid expenses and other assets (184) (5,283) (1,054)
Accounts payable (6,146) 4,646 7,032
Accrued liabilities 15,986 3,636 6,717
Deferred revenue and gift card liability 2,171 2,719 3,315
Operating lease liability 776    
Other liabilities 168 334 0
Net cash provided by (used in) operating activities (116,190) (7,691) 11,546
Investing activities      
Purchases of property and equipment (30,404) (19,287) (9,760)
Net cash used in investing activities (30,404) (19,287) (9,760)
Financing activities      
Proceeds from issuance of long-term debt, net of cash paid for debt issuance costs of $279, $338 and $591 in 2022, 2021 and 2020, respectively 51,314 38,402 16,436
Repayment of long-term debt (38,761) (20,058) (7,333)
Repayment of and restricted cash for capital lease obligations 0 (1,663) (451)
Repurchase of member units 0 0 (125,000)
Repayment of notes receivable from members 0 0 56
Issuance of Series A preferred equity, net of cash paid for issuance costs of $4,897 0 0 145,103
Payment of Series A preferred dividends 0 (7,001) 0
Distribution and redemption of Series A preferred equity (127,853) 0 0
Financing lease obligations 3 0 0
Proceeds from Business Combination, including PIPE investment 337,957 0 0
Payment of Business Combination costs (31,638) 0 0
Redemption of Class A and Class B shares (20,145) 0 0
Redemption of Incentive Units (3,627) 0 0
Net cash provided by financing activities 167,250 9,680 28,811
Net increase (decrease) in cash, cash equivalents, and restricted cash 20,656 (17,298) 30,597
Beginning cash, cash equivalents, and restricted cash 18,334 35,632 5,035
Ending cash, cash equivalents, and restricted cash 38,990 18,334 35,632
Non-cash operating activities      
Accrued other assets 0 750 0
Deferred transaction costs 0 1,214 0
Recognition of right-of-use operating lease assets 20,050    
Non-cash investing and financing activities      
Series A preferred equity exchange for PIPE shares 26,203 1,406 0
Accrued Series A preferred equity distribution and related discount amortization 5,390 27,510 870
Capital expenditures financed through credit facilities and capital leases 0 0 6,430
Accrued capital expenditures 2,279 803 140
Supplemental cash flow information      
Cash paid for income taxes 277 147 114
Cash paid for interest $ 1,279 $ 719 $ 1,007