XML 15 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Loss from continuing operations $ (83,624) $ (140,817)
Less: Loss from discontinued operations, net of tax (256) (12,454)
Net loss from continuing operations (83,368) (128,363)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 8,842 11,356
Stock-based compensation 13,688 17,427
Amortization of debt discount 623 600
Deferred income tax benefit (114) (403)
Change in fair value of warrant liabilities 0 1,701
Amortization of right-of-use assets 667 707
Other adjustments 163 (180)
Changes in operating assets and liabilities of business, net of acquisitions:    
Accounts receivable, net 2,739 674
Prepaid expenses and other assets 1,877 2,860
Prepaid sports rights (6,731) (20,413)
Accounts payable (4,974) (6,706)
Accrued expenses and other liabilities (11,569) 2,210
Deferred revenue 1,048 (1,297)
Lease liabilities 70 628
Net cash used in operating activities - continuing operations (77,039) (119,199)
Net cash used in operating activities - discontinued operations (1,150) (5,676)
Net cash used in operating activities (78,189) (124,875)
Cash flows from investing activities    
Purchases of property and equipment (102) (798)
Capitalization of internal use software (3,816) (1,026)
Net cash used in investing activities - continuing operations (3,918) (1,824)
Net cash used in investing activities - discontinued operations 0 (4,071)
Net cash used in investing activities (3,918) (5,895)
Cash flows from financing activities    
Proceeds from the issuance of common stock / At-the-Market offering, net of offering costs 106,130 203,765
Redemption of non-controlling interest (2,147) 0
Vested restricted stock units settled for cash (125) 0
Proceeds from exercise of stock options 46 443
Proceeds from the exercise of warrants 0 5,000
Repayments of notes payable and long-term borrowings (217) 0
Net cash provided by financing activities - continuing operations 103,687 209,208
Net cash provided by financing activities - discontinued operations 0 0
Net cash provided by financing activities 103,687 209,208
Net increase in cash, cash equivalents and restricted cash 21,580 78,438
Cash, cash equivalents and restricted cash at beginning of period 343,226 376,080
Cash, cash equivalents and restricted cash at end of period 364,806 454,518
Supplemental disclosure of cash flows information:    
Interest paid 6,550 6,647
Income taxes paid 6 0
Non-cash financing and investing activities:    
Shares settled liability 1,825 0
Reclassification of the equity components of the 2026 Convertible Notes to liability upon adoption of ASU 2020-06 0 75,264
Cashless exercise of warrants 0 5,249
Accrued expenses - At-the-Market offering $ 91 $ 19