XML 91 R6.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Loss from continuing operations $ (133,574) $ (257,091)
Less: Income (Loss) from discontinued operations, net of tax 4,003 (33,764)
Net loss from continuing operations (137,577) (223,327)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 17,755 19,766
Stock-based compensation 26,744 30,291
Amortization of debt discount 1,268 1,219
Deferred income tax benefit (235) (758)
Change in fair value of warrant liabilities 0 1,701
Amortization of right-of-use assets 1,359 1,721
Other adjustments 319 653
Changes in operating assets and liabilities of business, net of acquisitions:    
Accounts receivable, net (4,828) 2,465
Prepaid expenses and other assets (5,169) 13,669
Prepaid sports rights 1,127 (38,687)
Accounts payable (20,716) (3,284)
Accrued expenses and other liabilities (22,845) (6,700)
Deferred revenue (4,659) (1,962)
Lease liabilities (610) 604
Net cash used in operating activities - continuing operations (148,067) (202,629)
Net cash used in operating activities - discontinued operations (1,232) (14,369)
Net cash used in operating activities (149,299) (216,998)
Cash flows from investing activities    
Purchase of short-term investments 0 (100,000)
Purchases of property and equipment (267) (962)
Capitalization of Internal Use Software (8,404) (1,949)
Net cash used in investing activities - continuing operations (8,671) (102,911)
Net cash used in investing activities - discontinued operations 0 (4,255)
Net cash used in investing activities (8,671) (107,166)
Cash flows from financing activities    
Proceeds from the issuance of common stock, net of offering costs 116,903 220,188
Redemption of non-controlling interest (2,147) 0
Vested restricted stock units settled for cash (125) 0
Proceeds from exercise of stock options 95 572
Proceeds from the exercise of warrants 0 5,000
Repayments of notes payable and long-term borrowings (326) (1,359)
Net cash provided by financing activities - continuing operations 114,400 224,401
Net cash provided by financing activities - discontinued operations 0 0
Net cash provided by financing activities 114,400 224,401
Net decrease in cash, cash equivalents and restricted cash (43,570) (99,763)
Cash, cash equivalents and restricted cash at beginning of period 343,226 376,080
Cash, cash equivalents and restricted cash at end of period 299,656 276,317
Supplemental disclosure of cash flows information:    
Interest paid 6,579 6,639
Income taxes paid 6 0
Non-cash financing and investing activities:    
Shares settled liability 3,670 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 - Issuance of common stock $ 9 $ 0