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Key Financial Measures
Dollars in thousands |
| |
Three months ended
March 31, |
| |||||||||
|
2022
|
| |
2021
|
| ||||||||
Total net revenue
|
| | | $ | 63,227 | | | | | $ | 76,730 | | |
Product cost
|
| | | $ | 27,290 | | | | | $ | 28,248 | | |
Gross margin
|
| | | $ | 35,937 | | | | | $ | 48,482 | | |
Gross margin %
|
| | | | 56.8% | | | | | | 63.2% | | |
Adjusted EBITDA
|
| | | | (13,538) | | | | | | 1,302 | | |
Adjusted EBITDA as a % of net revenue
|
| | | | (21.4)% | | | | | | 1.7% | | |
Loss before income taxes
|
| | | $ | (40,848) | | | | | $ | (36,474) | | |
Net loss
|
| | | $ | (40,874) | | | | | $ | (27,195) | | |
Retail footprint | | | | | | | | | | | | | |
Ending number of kiosks
|
| | | | 37,791 | | | | | | 39,257 | | |
Ending number of locations
|
| | | | 32,160 | | | | | | 33,068 | | |
Physical Theatrical Titles Released in Period
|
| | | | 22 | | | | | | 7 | | |
Key Financial Measures
Dollars in thousands |
| |
Year ended December 31,
|
| |||||||||||||||
|
2021
|
| |
2020
|
| |
2019
|
| |||||||||||
Total net revenue
|
| | | $ | 288,540 | | | | | $ | 546,191 | | | | | $ | 858,370 | | |
Product cost
|
| | | $ | 115,141 | | | | | $ | 220,999 | | | | | $ | 359,880 | | |
Gross margin
|
| | | $ | 173,399 | | | | | $ | 325,192 | | | | | $ | 498,490 | | |
Gross margin %
|
| | | | 60.1% | | | | | | 59.5% | | | | | | 58.1% | | |
Adjusted EBITDA
|
| | | $ | (15,145) | | | | | $ | 133,776 | | | | | $ | 195,649 | | |
Adjusted EBITDA as a % of net revenue
|
| | | | (5.2)% | | | | | | 20.8% | | | | | | 22.8% | | |
Loss before income taxes
|
| | | $ | (174,791) | | | | | $ | (94,707) | | | | | $ | (14,823) | | |
Net loss
|
| | | $ | (140,756) | | | | | $ | (69,503) | | | | | $ | (7,567) | | |
Retail footprint | | | | | | | | | | | | | | | | | | | |
Ending number of kiosks
|
| | | | 38,379 | | | | | | 40,026 | | | | | | 41,420 | | |
Ending number of locations
|
| | | | 32,586 | | | | | | 33,661 | | | | | | 34,758 | | |
Physical Theatrical Titles Released in Period
|
| | | | 57 | | | | | | 68 | | | | | | 140 | | |
Dollars in thousands
|
| |
March 31,
|
| |
2022 vs 2021 YTD
|
| ||||||||||||||||||
|
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||||
Net revenue
|
| | | $ | 63,227 | | | | | $ | 76,730 | | | | | $ | (13,503) | | | | | | (17.6)% | | |
Product cost
|
| | | | 27,290 | | | | | | 28,248 | | | | | | 958 | | | | | | 3.4% | | |
Gross margin
|
| | | | 35,937 | | | | | | 48,482 | | | | | | (12,545) | | | | | | (25.9)% | | |
Gross margin %
|
| | | | 56.8 | | | | | | 63.2 | | | | | | | | | | | | (6.4)% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Direct operating
|
| | | | 30,005 | | | | | | 33,024 | | | | | | 3,019 | | | | | | 9.1% | | |
Marketing
|
| | | | 4,022 | | | | | | 3,284 | | | | | | (738) | | | | | | (22.5)% | | |
Stock-based compensation expense
|
| | | | 1,808 | | | | | | 566 | | | | | | (1,242) | | | | | | n.m. | | |
General and administrative
|
| | | | 23,203 | | | | | | 13,309 | | | | | | (9,894) | | | | | | (74.3)% | | |
Depreciation and amortization
|
| | | | 25,090 | | | | | | 27,526 | | | | | | 2,436 | | | | | | 8.8% | | |
Operating (loss) income
|
| | | | (48,191) | | | | | | (29,227) | | | | | | (18,964) | | | | | | (64.9)% | | |
Interest and other income (expense), net: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and other income (expense), net
|
| | | | 7,343 | | | | | | (7,247) | | | | | | 14,590 | | | | | | n.m. | | |
Total interest and other income (expense), net
|
| | | | 7,343 | | | | | | (7,247) | | | | | | 14,590 | | | | | | n.m. | | |
Loss before income taxes
|
| | | | (40,848) | | | | | | (36,474) | | | | | | (4,374) | | | | | | (12.0)% | | |
Income tax expense (benefit)
|
| | | | 26 | | | | | | (9,279) | | | | | | (9,305) | | | | | | (100.3)% | | |
Net loss
|
| | | | (40,874) | | | | | | (27,195) | | | | | | (13,679) | | | | | | (50.3)% | | |
Adjusted EBITDA(1)
|
| | | $ | (13,538) | | | | | $ | 1,302 | | | | | $ | (14,840) | | | | | | n.m. | | |
Ending number of kiosks
|
| | | | 37,791 | | | | | | 39,257 | | | | | | (1,466) | | | | | | (3.7)% | | |
Physical Theatrical Titles Released in Period
|
| | | | 22 | | | | | | 7 | | | | | | 15 | | | | | | n.m. | | |
Dollars in thousands
|
| |
For the years ended December 31,
|
| |
2021 vs 2020
|
| |
2020 vs 2019
|
| |||||||||||||||||||||||||||||||||
|
2021
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| |
$
|
| |
%
|
| |||||||||||||||||||||||
Net revenue
|
| | | $ | 288,540 | | | | | $ | 546,191 | | | | | $ | 858,370 | | | | | $ | (257,651) | | | | | | (47.2)% | | | | | $ | (312,179) | | | | | | (36.4)% | | |
Product cost
|
| | | | 115,141 | | | | | | 220,999 | | | | | | 359,880 | | | | | | 105,858 | | | | | | 47.9% | | | | | | 138,881 | | | | | | 38.6% | | |
Gross margin
|
| | | $ | 173,399 | | | | | $ | 325,192 | | | | | $ | 498,490 | | | | | $ | (151,793) | | | | | | (46.7)% | | | | | $ | (173,298) | | | | | | (34.8)% | | |
Gross margin %
|
| | | | 60.1% | | | | | | 59.5% | | | | | | 58.1% | | | | | | | | | | | | 0.6% | | | | | | | | | | | | 1.4% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Direct operating
|
| | | | 131,926 | | | | | | 167,090 | | | | | | 237,490 | | | | | | 35,164 | | | | | | 21.0% | | | | | | 70,400 | | | | | | 29.6% | | |
Marketing
|
| | | | 14,806 | | | | | | 21,214 | | | | | | 25,813 | | | | | | 6,408 | | | | | | 30.2% | | | | | | 4,599 | | | | | | 17.8% | | |
Stock-based compensation expense
|
| | | | 1,994 | | | | | | 16 | | | | | | 156 | | | | | | (1,978) | | | | | | n.m. | | | | | | 140 | | | | | | 89.7% | | |
General and
administrative |
| | | | 59,436 | | | | | | 62,219 | | | | | | 67,002 | | | | | | 2,783 | | | | | | 4.5% | | | | | | 4,783 | | | | | | 7.1% | | |
Depreciation and amortization
|
| | | | 108,505 | | | | | | 136,838 | | | | | | 138,274 | | | | | | 28,333 | | | | | | 20.7% | | | | | | 1,436 | | | | | | 1.0% | | |
Operating (loss) income
|
| | | | (143,268) | | | | | | (62,185) | | | | | | 29,755 | | | | | | (81,083) | | | | | | n.m. | | | | | | (91,940) | | | | | | n.m. | | |
Other, expense, net: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense and other, net
|
| | | | (31,523) | | | | | | (32,522) | | | | | | (44,578) | | | | | | 999 | | | | | | 3.1% | | | | | | 12,056 | | | | | | 27.0% | | |
Total interest expense and other, net
|
| | | | (31,523) | | | | | | (32,522) | | | | | | (44,578) | | | | | | 999 | | | | | | 3.1% | | | | | | 12,056 | | | | | | 27.0% | | |
Loss before income taxes
|
| | | | (174,791) | | | | | | (94,707) | | | | | | (14,823) | | | | | | (80,084) | | | | | | (84.6)% | | | | | | (79,884) | | | | | | n.m. | | |
Income tax benefit
|
| | | | (34,035) | | | | | | (25,204) | | | | | | (7,256) | | | | | | 8,831 | | | | | | 35.0% | | | | | | 17,948 | | | | | | n.m. | | |
Net loss
|
| | | $ | (140,756) | | | | | $ | (69,503) | | | | | $ | (7,567) | | | | | $ | (71,253) | | | | | | (102.5)% | | | | | $ | (61,936) | | | | | | n.m. | | |
Adjusted EBITDA(1)
|
| | | $ | (15,145) | | | | | $ | 113,776 | | | | | $ | 195,649 | | | | | $ | (128,921) | | | | | | (113.3)% | | | | | $ | (81,873) | | | | | | (41.8)% | | |
Ending number of kiosks
|
| | | | 38,379 | | | | | | 40,026 | | | | | | 41,420 | | | | | | (1,647) | | | | | | (4.1)% | | | | | | (1,394) | | | | | | (3.4)% | | |
Physical Theatrical Titles Released in Period
|
| | | | 57 | | | | | | 68 | | | | | | 140 | | | | | | (11) | | | | | | (16.2)% | | | | | | (72) | | | | | | (51.4)% | | |
Dollars in thousands
|
| |
Three Months Ended
March 31, |
| |
March 31,
2022 vs 2021 |
| ||||||||||||||||||
|
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||||
Net revenue
|
| | | $ | 48,767 | | | | | $ | 67,637 | | | | | $ | (18,870) | | | | | | (27.9)% | | |
Adjusted EBITDA
|
| | | | (15,553) | | | | | | 334 | | | | | | (15,887) | | | | | | n.m | | |
Adjusted EBITDA margin
|
| | | | (31.9) | | | | | | 0.5 | | | | | | | | | | | | n.m | | |
Physical Theatrical Titles Released
|
| | | | 22 | | | | | | 7 | | | | | | 15 | | | | | | n.m | | |
Physical Rentals (in thousands)
|
| | | | 11,195 | | | | | | 17,754 | | | | | | (6,559) | | | | | | (36.9)% | | |
Net revenue per physical rental
|
| | | $ | 3.29 | | | | | $ | 3.17 | | | | | $ | 0.12 | | | | | | 3.8% | | |
Dollars in thousands
|
| |
Year ended
|
| |
2021 vs 2020
|
| ||||||||||||||||||
|
December 31,
2021 |
| |
December 31,
2020 |
| |
$
|
| |
%
|
| ||||||||||||||
Net revenue
|
| | | $ | 253,417 | | | | | $ | 506,437 | | | | | $ | (253,020) | | | | | | (50.0)% | | |
Adjusted EBITDA
|
| | | | (15,932) | | | | | | 109,074 | | | | | | (125,006) | | | | | | (114.6)% | | |
Adjusted EBITDA margin
|
| | | | (6.3)% | | | | | | 21.5% | | | | | | | | | | | | n.m. | | |
Physical Theatrical Titles Released
|
| | | | 57 | | | | | | 68 | | | | | | (11) | | | | | | (16.2)% | | |
Physical Rentals (in thousands)
|
| | | | 62,315 | | | | | | 146,364 | | | | | | (84,049) | | | | | | (57.4)% | | |
Net revenue per physical rental
|
| | | $ | 3.29 | | | | | $ | 3.12 | | | | | $ | 0.17 | | | | | | 5.4% | | |
Dollars in thousands
|
| |
Year ended
|
| |
2020 vs 2019
|
| ||||||||||||||||||
|
December 31,
2020 |
| |
December 31,
2019 |
| |
$
|
| |
%
|
| ||||||||||||||
Net revenue
|
| | | $ | 506,437 | | | | | $ | 838,627 | | | | | $ | (332,190) | | | | | | (39.6)% | | |
Adjusted EBITDA
|
| | | | 109,074 | | | | | | 197,887 | | | | | | (88,813) | | | | | | (44.9)% | | |
Adjusted EBITDA margin
|
| | | | 21.5% | | | | | | 23.6% | | | | | | | | | | | | (210)pts | | |
Physical Theatrical Titles Released
|
| | | | 68 | | | | | | 140 | | | | | | (72) | | | | | | (51.4)% | | |
Physical Rentals (in thousands)
|
| | | | 146,364 | | | | | | 250,111 | | | | | | (103,747) | | | | | | (41.5)% | | |
Net revenue per physical rental
|
| | | $ | 3.12 | | | | | $ | 3.12 | | | | | $ | — | | | | | | —% | | |
Dollars in thousands
|
| |
Three Months Ended
March 31, |
| |
March 31,
2022 vs 2021 |
| ||||||||||||||||||
|
2022
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||||
Net revenues
|
| | | $ | 14,460 | | | | | $ | 9,093 | | | | | $ | 5,367 | | | | | | 59.0% | | |
Adjusted EBITDA
|
| | | | 2,015 | | | | | | 968 | | | | | | 1,047 | | | | | | 108.2% | | |
Adjusted EBITDA margin
|
| | | | 13.9% | | | | | | 10.6% | | | | | | | | | | | | 330pts | | |
Dollars in thousands
|
| |
Year ended
|
| |
2021 vs 2020
|
| ||||||||||||||||||
|
December 31,
2021 |
| |
December 31,
2020 |
| |
$
|
| |
%
|
| ||||||||||||||
Net revenue
|
| | | $ | 35,123 | | | | | $ | 39,754 | | | | | $ | (4,631) | | | | | | (11.6)% | | |
Adjusted EBITDA
|
| | | | 787 | | | | | | 4,702 | | | | | | (3,915) | | | | | | n.m. | | |
Adjusted EBITDA margin
|
| | | | 2.2% | | | | | | 11.8% | | | | | | | | | | | | n.m. | | |
Dollars in thousands
|
| |
Year ended
|
| |
2020 vs 2019
|
| ||||||||||||||||||
|
December 31,
2020 |
| |
December 31,
2019 |
| |
$
|
| |
%
|
| ||||||||||||||
Net revenue
|
| | | $ | 39,754 | | | | | $ | 19,743 | | | | | $ | 20,011 | | | | | | 101.4% | | |
Adjusted EBITDA
|
| | | | 4,702 | | | | | | (2,238) | | | | | | 6,940 | | | | | | n.m. | | |
Adjusted EBITDA margin
|
| | | | 11.8% | | | | | | (11.3)% | | | | | | | | | | | | n.m. | | |
Dollars in thousands
|
| |
Three Months Ended
March 31, |
| |||||||||
|
2022
|
| |
2021
|
| ||||||||
Net loss
|
| | | $ | (40,874) | | | | | $ | (27,195) | | |
Depreciation and amortization
|
| | | | 25,090 | | | | | | 27,526 | | |
Interest and other (income) expense, net
|
| | | | (7,343) | | | | | | 7,247 | | |
Income tax expense (benefit)
|
| | | | 26 | | | | | | (9,279) | | |
EBITDA
|
| | | | (23,101) | | | | | | (1,701) | | |
Adjustments to EBITDA: | | | | | | | | | | | | | |
Business optimization(a)
|
| | | | — | | | | | | 550 | | |
One-time non-recurring(b)
|
| | | | 3,743 | | | | | | 364 | | |
New business start-up costs(c)
|
| | | | — | | | | | | 171 | | |
Restructuring related(d)
|
| | | | 4,012 | | | | | | 1,352 | | |
Stock-based compensation expense
|
| | | | 1,808 | | | | | | 566 | | |
Adjusted EBITDA
|
| | | $ | (13,538) | | | | | $ | 1,302 | | |
Dollars in thousands
|
| |
Year ended December 31,
|
| |||||||||||||||
|
2021
|
| |
2020
|
| |
2019
|
| |||||||||||
Net loss
|
| | | $ | (140,756) | | | | | $ | (69,503) | | | | | $ | (7,567) | | |
Depreciation and amortization
|
| | | | 108,505 | | | | | | 136,838 | | | | | | 138,274 | | |
Interest and other expense, net
|
| | | | 31,523 | | | | | | 32,522 | | | | | | 44,578 | | |
Income tax benefit
|
| | | | (34,035) | | | | | | (25,204) | | | | | | (4,256) | | |
EBITDA
|
| | | | (34,763) | | | | | | 74,653 | | | | | | 168,029 | | |
Adjustments to EBITDA: | | | | | | | | | | | | | | | | | | | |
Business optimization(a)
|
| | | | 6,907 | | | | | | 19,011 | | | | | | 7,687 | | |
One-time non-recurring(b)
|
| | | | 7,689 | | | | | | 10,584 | | | | | | 5,326 | | |
New business start-up costs(c)
|
| | | | 1,004 | | | | | | 6,041 | | | | | | 3,793 | | |
Restructuring related(d)
|
| | | | 2,024 | | | | | | 3,471 | | | | | | 4,432 | | |
Stock-based compensation expense
|
| | | | 1,994 | | | | | | 16 | | | | | | 156 | | |
Discontinuation of games business(e)
|
| | | | — | | | | | | — | | | | | | 6,226 | | |
Adjusted EBITDA
|
| | | $ | (15,145) | | | | | $ | 113,776 | | | | | $ | 195,649 | | |
Dollars in thousands
|
| |
Repayment
Amount |
| |||
2022
|
| | | $ | 38,394 | | |
2023
|
| | | | — | | |
2024
|
| | | | 271,562 | | |
Total
|
| | | $ | 309,956 | | |
Dollars in thousands
|
| |
Repayment
Amount |
| |||
2022
|
| | | $ | 31,480 | | |
2023
|
| | | | — | | |
2024
|
| | | | 271,562 | | |
2025
|
| | | | — | | |
Total
|
| | | $ | 303,042 | | |
Dollars in thousands
|
| |
Three Months Ended
March 31, |
| |||||||||
|
2022
|
| |
2021
|
| ||||||||
Net cash used in operating activities
|
| | | $ | (14,823) | | | | | $ | (14,110) | | |
Net cash used in investing activities
|
| | | | (2,832) | | | | | | (3,518) | | |
Net cash provided by financing activities
|
| | | | 12,835 | | | | | | 25,843 | | |
Total change in cash, cash equivalents and restricted cash
|
| | | $ | (4,820) | | | | | $ | 8,215 | | |
Dollars in thousands
|
| |
Year ended December 31,
|
| |||||||||||||||
|
2021
|
| |
2020
|
| |
2019
|
| |||||||||||
Net cash (used in) / provided by operating activities
|
| | | $ | (29,240) | | | | | $ | 29,693 | | | | | $ | 102,797 | | |
Net cash used in investing activities
|
| | | | (12,190) | | | | | | (19,042) | | | | | | (31,765) | | |
Net cash provided by / (used in) financing activities
|
| | | | 50,981 | | | | | | (9,102) | | | | | | (74,100) | | |
Total change in cash, cash equivalents and restricted cash
|
| | | $ | 9,551 | | | | | $ | 1,549 | | | | | $ | (3,068) | | |
Dollars in thousands
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026 &
Beyond |
| |
Total
|
| ||||||||||||||||||
Long-term debt(1)
|
| | | $ | 38,394 | | | | | $ | — | | | | | $ | 271,562 | | | | | $ | — | | | | | $ | — | | | | | $ | 309,956 | | |
Contractual interest on long-term debt(1)
|
| | | | 21,627 | | | | | | 25,840 | | | | | | 7,932 | | | | | | — | | | | | | — | | | | | | 55,399 | | |
Revolving credit facilities(1)
|
| | | | 3,145 | | | | | | — | | | | | | 33,223 | | | | | | — | | | | | | — | | | | | | 36,368 | | |
Minimum estimated movie content commitments(2)
|
| | | | 40,709 | | | | | | 8,865 | | | | | | — | | | | | | — | | | | | | — | | | | | | 49,574 | | |
Asset retirement obligations(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,501 | | | | | | 9,501 | | |
Other(4) | | | | | 505 | | | | | | 67 | | | | | | — | | | | | | — | | | | | | — | | | | | | 572 | | |
Total(5) | | | | $ | 104,380 | | | | | $ | 34,772 | | | | | $ | 312,717 | | | | | $ | — | | | | | $ | 9,501 | | | | | $ | 461,370 | | |
Dollars in thousands
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026 &
Beyond |
| |
Total
|
| ||||||||||||||||||
Long-term debt(1)
|
| | | $ | 31,480 | | | | | $ | — | | | | | $ | 271,562 | | | | | $ | — | | | | | $ | — | | | | | $ | 303,042 | | |
Contractual interest on long-term debt(1)
|
| | | | 26,962 | | | | | | 24,092 | | | | | | 7,407 | | | | | | — | | | | | | — | | | | | | 58,461 | | |
Revolving credit facilities(1)
|
| | | | 2,731 | | | | | | — | | | | | | 19,616 | | | | | | — | | | | | | — | | | | | | 22,347 | | |
Capital lease obligations(2)
|
| | | | 2,116 | | | | | | 1,010 | | | | | | 387 | | | | | | 144 | | | | | | — | | | | | | 3,657 | | |
Operating lease obligations, net(2)
|
| | | | 3,527 | | | | | | 3,045 | | | | | | 2,244 | | | | | | 1,687 | | | | | | — | | | | | | 10,503 | | |
Minimum estimated movie content commitments(2)
|
| | | | 19,860 | | | | | | 4,109 | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,969 | | |
Asset retirement obligations(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,629 | | | | | | 9,629 | | |
Other(4) | | | | | 1,152 | | | | | | 127 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,279 | | |
Total(3) | | | | $ | 87,828 | | | | | $ | 32,383 | | | | | $ | 301,216 | | | | | $ | 1,831 | | | | | $ | 9,629 | | | | | $ | 432,887 | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers | | | | | | | |
Galen C. Smith | | |
46
|
| | Chief Executive Officer and Director | |
Mitchell Cohen | | |
66
|
| | Interim Chief Financial and Principal Accounting Officer | |
Jason K. Kwong | | |
46
|
| | Chief Strategy and Digital Officer | |
Michael D. Chamberlain | | |
49
|
| | Chief Operating Officer | |
Christina Chu | | |
51
|
| | Chief Technology Officer | |
Michael F. Feldner | | |
45
|
| | Chief Marketing Officer | |
Frederick W. Stein | | |
57
|
| | Chief Legal Officer | |
Non-Employee Directors | | | | | | | |
Kimberly Kelleher | | |
50
|
| | Director | |
Gregory W. Frenzel | | |
58
|
| | Director | |
Neal P. Goldman | | |
52
|
| | Director | |
Robert H. Warshauer | | |
64
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($)(1) |
| |
Stock
Awards(2) |
| |
All Other
Compensation ($)(3) |
| |
Total
($) |
| ||||||||||||||||||
Galen C. Smith
Chief Executive Officer |
| | | | 2021 | | | | | $ | 720,000 | | | | | $ | 4,851,554 | | | | | $ | 4,619,809 | | | | | $ | 150,244 | | | | | $ | 10,341,607 | | |
| | | 2020 | | | | | $ | 700,000 | | | | | $ | 3,069,583 | | | | | $ | — | | | | | $ | 144,974 | | | | | $ | 3,914,557 | | | ||
Jason K. Kwong
Chief Strategy & Digital Officer |
| | | | 2021 | | | | | $ | 387,692 | | | | | $ | 1,344,792 | | | | | $ | 2,771,888 | | | | | $ | 57,409 | | | | | $ | 4,561,781 | | |
| | | 2020 | | | | | $ | 375,000 | | | | | $ | 863,542 | | | | | $ | — | | | | | $ | 57,553 | | | | | $ | 1,296,095 | | | ||
Kavita Suthar(4)
Chief Financial Officer & Principal Accounting Officer |
| | | | 2021 | | | | | $ | 330,577 | | | | | $ | 856,875 | | | | | $ | 2,771,888 | | | | | $ | 18,076 | | | | | $ | 3,977,415 | | |
Name
|
| |
Portion of Retention
Award Earned in 2021 |
| |
Portion of Retention
Award unpaid as of December 31, 2021 |
| ||||||
Galen C. Smith,
|
| | | $ | 4,851,554(1) | | | | | $ | 7,240,000 | | |
Jason Kwong
|
| | | $ | 1,344,792(2) | | | | | $ | 2,000,000 | | |
Kavita Suthar
|
| | | $ | 605,156(2) | | | | | $ | 750,000 | | |
| | |
Stock Awards
|
| |||||||||||||||||||||
Name
|
| |
Number of
Time-Based Shares or Units of Stock That Have not Vested (#) |
| |
Market Value of Time-
Based Shares or Units of Stock that Have not Vested ($)(1) |
| |
Number of
Performance-Based Shares or Units of Stock That Have not Vested (#)(2) |
| |
Market Value of
Performance-Based Shares or Units of Stock that Have not Vested ($)(3) |
| ||||||||||||
Galen C. Smith
Redbox Entertainment Inc. Redbox Holdco |
| | | |
576,036(3) |
| | | | $ | 4,268,427 | | | | | | — | | | | | $ | — | | |
| | | 0 | | | | | $ | 0 | | | | | | 569,656 | | | | | $ | 4,221,151 | | | ||
Jason K. Kwong
Redbox Entertainment Inc. Redbox Holdco |
| | | |
345,622(3) |
| | | | $ | 2,561,059 | | | | | | — | | | | | $ | — | | |
| | | 14,000(4) | | | | | $ | 103,740 | | | | | | 155,000 | | | | | $ | 1,148,550 | | | ||
Kavita Suthar
Redbox Entertainment Inc. Redbox Holdco |
| | | |
345,622(3) |
| | | | $ | 2,561,059 | | | | | | — | | | | | $ | — | | |
| | | 32,000(4) | | | | | $ | 237,120 | | | | | | 100,000 | | | | | $ | 741,000 | | |
Name
|
| |
Grant Date
|
| |
Redbox Entertainment Vesting Schedule
|
|
Galen C. Smith
|
| |
12/27/2021
|
| |
Vests in equal tranches on each of November 15, 2022, 2023 and 2024.
|
|
Jason K. Kwong
|
| |
12/27/2021
|
| |
Vests in equal tranches on each of November 15, 2022, 2023 and 2024.
|
|
Kavita Suthar
|
| |
12/27/2021
|
| |
Vests in equal tranches on each of November 15, 2022, 2023 and 2024.
|
|
Name
|
| |
Grant Date
|
| |
Vesting Schedule
|
|
Jason K. Kwong
|
| |
12/7/2017
|
| | Vests 20% per year over 5 years. The 14,000 remaining Redwood RSUs are scheduled to vest on September 25, 2022. | |
Kavita Suthar
|
| |
07/01/2020
|
| | Vests 20% per year over 5 years. 8,000 of the remaining Redwood RSUs are scheduled to vest on July 1, 2022. 8,000 of the remaining Redwood RSUs are scheduled to vest on July 1, 2023. 8,000 of the remaining Redwood RSUs are scheduled to vest on July 1, 2024. 8,000 of the remaining Redwood RSUs are scheduled to vest on July 1, 2025. | |
Name
|
| |
Fees Earned
or Paid in Cash ($) |
| |
Stock Awards
($)(1) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| ||||||||||||
Jay Burnham(2)
|
| | | | 25,000 | | | | | | 69,293 | | | | | | — | | | | | | 94,293 | | |
Kimberly Kelleher
|
| | | | 21,250 | | | | | | 69,293 | | | | | | — | | | | | | 90,543 | | |
Michael Redd(2)
|
| | | | 22,500 | | | | | | 69,293 | | | | | | — | | | | | | 91,793 | | |
Charles Yamarone(2)
|
| | | | 25,000 | | | | | | 69,293 | | | | | | — | | | | | | 94,293 | | |
Plan Category
|
| |
(a)
Number of securities to be issued upon exercise of outstanding options, warrants and rights(1) |
| |
(b)
Weighted-average exercise price of outstanding options, warrants and rights(2) |
| |
(c)
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))(3) |
| |||||||||
Equity compensation plans approved by shareholders
|
| | | | 3,019,855 | | | | | | — | | | | | | 384,284 | | |
Equity compensation plans not approved
by shareholders |
| | | | — | | | | | | — | | | | | | | | |
Total
|
| | | | 3,019,855 | | | | | | — | | | | | | 384,284 | | |
| | |
Shares of
Class A Common Stock(1) |
| |
Percent of
Class A Common Stock |
| |
Shares of
Class B Common Stock |
| |
Percent of
Class B Common Stock |
| |
Percent of
Total Voting Power(3) |
| |||||||||||||||
Name of Beneficial Owner(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Named Executive Officers and Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Galen C. Smith
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jason K. Kwong
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kavita Suthar(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mitchell Cohen
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Christina Chu
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gregory W. Frenzel
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Neal P. Goldman
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Robert H. Warshauer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kimberly Kelleher
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All Executive Officers and Directors as a Group
(9 Individuals) |
| | |
|
—
|
| | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Five Percent Holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Redwood Holdco, LP(5)
|
| | | | 1,756,487 | | | | | | 13.9% | | | | |
|
—
|
| | | |
|
—
|
| | | | | 76.1% | | |
West 57th Street, 43rd Floor
New York, NY 10019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Seaport Global SPAC, LLC and affiliates(6)
|
| | | | 10,431,065 | | | | | | 55.8% | | | | |
|
—
|
| | | |
|
—
|
| | | | | 20.3% | | |
360 Madison Avenue, 20th Floor
New York, NY 10017 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Atlas Diversified Master Fund, Ltd.(7)
|
| | | | 750,000 | | | | | | 5.9% | | | | |
|
—
|
| | | |
|
—
|
| | | | | 1.7% | | |
c/o Maples Corporate Services Limited
P.O. Box 309, Ugland House George Town, Grand Cayman KY1-1104 Cayman Islands, British West Indies |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Standard General L.P.(8)
|
| | | | 979,771 | | | | | | 7.8% | | | | |
|
—
|
| | | |
|
—
|
| | | | | 2.2% | | |
767 Fifth Avenue, 12th Floor
New York, NY 10153 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Shares of
Class A Common Stock(1) |
| |
Percent of
Class A Common Stock |
| |
Shares of
Class B Common Stock |
| |
Percent of
Class B Common Stock |
| |
Percent of
Total Voting Power(3) |
| |||||||||||||||
Feis Equities LLC(9)
|
| | | | 820,100 | | | | | | 6.5% | | | | |
|
—
|
| | | |
|
—
|
| | | | | 1.8% | | |
20 North Wacker Drive, Suite 2115
Chicago, IL 60606 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Securities Beneficially
Owned Prior to this Offering |
| |
Securities to be Sold
in this Offering |
| |
Securities Beneficially Owned After this Offering
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Common
Stock |
| |
Warrants
|
| |
Common
Stock |
| |
Warrants
|
| |
Common
Stock |
| |
Percent
|
| |
Warrants
|
| |
Percent
|
| ||||||||||||||||||||||||
Name of Selling Securityholder | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Redwood Holdco, LP(1)
|
| | | | 32,770,000 | | | | | | — | | | | | | 32,770,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Seaport Global SPAC, LLC(2)
|
| | | | 3,593,750 | | | | | | 6,062,500 | | | | | | 3,593,750 | | | | | | 6,062,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Seaport Global Asset Management V2 LLC
|
| | | | 60,994 | | | | | | — | | | | | | 60,994 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Seaport Global Asset Management
V-Port LLC |
| | | | 98,673 | | | | | | — | | | | | | 98,673 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Armory Fund LP
|
| | | | 609,834 | | | | | | — | | | | | | 609,834 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
AP VIII Aspen Holdings, L.P(3)
|
| | | | 1,756,487 | | | | | | | | | | | | 1,756,487 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Funds affiliated with Standard General L.P.(4)
|
| | | | 995,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | 495,000 | | | | | | 1.1% | | | | | | — | | | | | | — | | |
Thomas E. Bernard
|
| | | | 200,000 | | | | | | — | | | | | | 200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lions Gate Entertainment, Inc.(5)
|
| | | | 200,000 | | | | | | — | | | | | | 200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Tricia M. Hedberg Revocable Trust under agreement dated July 18, 2006, as amended(6)
|
| | | | 100,000 | | | | | | — | | | | | | 100,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Legend Pictures, LLC(7)
|
| | | | 50,000 | | | | | | — | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Thunder Road Film Productions,
Inc.(8) |
| | | | 10,000 | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Page
|
| |||
Redbox Entertainment Inc. and Subsidiaries. – Unaudited Condensed Consolidated Financial Statements | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
Redbox Entertainment Inc. and Subsidiaries. – Audited Consolidated Financial Statements | | | | | | | |
| | | | F-25 | | | |
| | | | F-26 | | | |
| | | | F-27 | | | |
| | | | F-28 | | | |
| | | | F-29 | | | |
| | | | F-30 | | |
| | |
(unaudited)
March 31, 2022 |
| |
December 31,
2021 |
| ||||||
Assets | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash, cash equivalents and restricted cash
|
| | | $ | 13,658 | | | | | $ | 18,478 | | |
Accounts receivable, net of allowances of $202 at March 31, 2022 and $259 at December 31, 2021
|
| | | | 14,109 | | | | | | 10,856 | | |
Due from related parties, net (Note 15)
|
| | | | 4,370 | | | | | | 3,813 | | |
Content library
|
| | | | 23,214 | | | | | | 25,201 | | |
Prepaid expenses and other current assets
|
| | | | 6,662 | | | | | | 6,667 | | |
Total current assets
|
| | | | 62,013 | | | | | | 65,015 | | |
Property and equipment, net (Note 2)
|
| | | | 36,743 | | | | | | 40,624 | | |
Goodwill (Note 4)
|
| | | | 147,523 | | | | | | 147,523 | | |
Intangible assets, net (Note 4)
|
| | | | 106,349 | | | | | | 124,207 | | |
Operating lease right-of-use assets (Note 3)
|
| | | | 8,274 | | | | | | — | | |
Other long-term assets
|
| | | | 612 | | | | | | 663 | | |
Total assets
|
| | | $ | 361,514 | | | | | $ | 378,032 | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Trade payables
|
| | | $ | 38,704 | | | | | $ | 32,266 | | |
Due to related parties, net (Note 15)
|
| | | | 74 | | | | | | 74 | | |
Operating lease liabilities, current portion (Note 4)
|
| | | | 2,958 | | | | | | — | | |
Accrued and other current liabilities (Note 5)
|
| | | | 58,566 | | | | | | 57,755 | | |
Current portion of long-term debt (Note 6)
|
| | | | 41,539 | | | | | | 34,211 | | |
Total current liabilities
|
| | | | 141,841 | | | | | | 124,306 | | |
Long-term debt, net (Note 6)
|
| | | | 301,371 | | | | | | 287,355 | | |
Warrant liability (Note 11)
|
| | | | 4,056 | | | | | | 17,821 | | |
Operating lease liabilities, non-current portion (Note 4)
|
| | | | 5,599 | | | | | | — | | |
Other long-term liabilities
|
| | | | 10,664 | | | | | | 11,501 | | |
Total liabilities
|
| | | | 463,531 | | | | | | 440,983 | | |
Commitments and contingencies (Note 13) | | | | ||||||||||
Shareholders’ Equity | | | | ||||||||||
Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 12,618,516 shares issued and outstanding as of March 31, 2022 and December 31, 2021
|
| | | | 1 | | | | | | 1 | | |
Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 32,770,000 issued and outstanding as of March 31, 2022 and December 31, 2021
|
| | | | 3 | | | | | | 3 | | |
Additional paid-in-capital
|
| | | | 302,958 | | | | | | 302,455 | | |
Non-controlling interest
|
| | | | (70,581) | | | | | | (32,456) | | |
Accumulated deficit
|
| | | | (334,398) | | | | | | (332,954) | | |
Total equity
|
| | | | (102,017) | | | | | | (62,951) | | |
Total liabilities and shareholders’ equity
|
| | | $ | 361,514 | | | | | $ | 378,032 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Net revenue
|
| | | $ | 63,227 | | | | | $ | 76,730 | | |
Operating expenses: | | | | | | | | | | | | | |
Product cost
|
| | | | 27,290 | | | | | | 28,248 | | |
Direct operating
|
| | | | 30,005 | | | | | | 33,024 | | |
Marketing
|
| | | | 4,022 | | | | | | 3,284 | | |
Stock-based compensation expense
|
| | | | 1,808 | | | | | | 566 | | |
General and administrative
|
| | | | 23,203 | | | | | | 13,309 | | |
Depreciation and amortization
|
| | | | 25,090 | | | | | | 27,526 | | |
Total operating expenses
|
| | | | 111,418 | | | | | | 105,957 | | |
Operating loss
|
| | | | (48,191) | | | | | | (29,227) | | |
Interest and other income (expense), net: | | | | | | | | | | | | | |
Interest and other income (expense), net
|
| | | | 7,343 | | | | | | (7,247) | | |
Total interest and other income (expense), net
|
| | | | 7,343 | | | | | | (7,247) | | |
Loss before income taxes
|
| | | | (40,848) | | | | | | (36,474) | | |
Income tax expense (benefit)
|
| | | | 26 | | | | | | (9,279) | | |
Net loss
|
| | | | (40,874) | | | | | $ | (27,195) | | |
Net loss attributable to non-controlling interest
|
| | | | (39,430) | | | | | | N/A | | |
Net loss attributable to Class A common stockholders
|
| | | $ | (1,444) | | | | | | N/A | | |
Loss per share of Class A common stock: | | | | | | | | | | | | | |
Basic and diluted loss per share (Note 9)
|
| | | $ | (0.11) | | | | | | N/A | | |
Weighted average shares of Class A common stock outstanding: | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 12,618,516 | | | | | | N/A | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (40,874) | | | | | $ | (27,195) | | |
Adjustments to reconcile net loss to net cash flows used in operating activities: | | | | | | | | | | | | | |
Depreciation
|
| | | | 7,363 | | | | | | 9,791 | | |
Amortization of intangible assets
|
| | | | 17,857 | | | | | | 17,858 | | |
Gain on sale/disposal of assets
|
| | | | (132) | | | | | | (123) | | |
Stock-based compensation expense
|
| | | | 1,808 | | | | | | 566 | | |
Deferred income taxes
|
| | | | — | | | | | | (6,303) | | |
Amortization of deferred financing costs
|
| | | | 410 | | | | | | (831) | | |
PIK interest added to Senior Facilities
|
| | | | 7,328 | | | | | | — | | |
Change in fair value of warrant liability
|
| | | | (13,765) | | | | | | — | | |
Non-cash rent, interest and other
|
| | | | (2) | | | | | | 7,060 | | |
Cash flows from changes in net operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (3,242) | | | | | | (2,463) | | |
Content library
|
| | | | 1,977 | | | | | | 398 | | |
Income tax receivable
|
| | | | — | | | | | | (3,130) | | |
Prepaid expenses and other current assets
|
| | | | 5 | | | | | | 227 | | |
Other assets
|
| | | | 50 | | | | | | 217 | | |
Trade payables
|
| | | | 5,998 | | | | | | (7,179) | | |
Change in due to/from related parties
|
| | | | (557) | | | | | | 2,626 | | |
Accrued and other liabilities
|
| | | | 953 | | | | | | (5,629) | | |
Net cash flows used in operating activities
|
| | | | (14,823) | | | | | | (14,110) | | |
Investing Activities: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (3,003) | | | | | | (3,631) | | |
Proceeds from disposition of property and equipment
|
| | | | 171 | | | | | | 113 | | |
Net cash flows used in investing activities
|
| | | | (2,832) | | | | | | (3,518) | | |
Financing Activities: | | | | | | | | | | | | | |
Proceeds from Redbox’s borrowings
|
| | | | 14,103 | | | | | | 26,750 | | |
Repayments of Redbox’s debt obligations
|
| | | | (497) | | | | | | — | | |
Dividends paid
|
| | | | — | | | | | | (90) | | |
Principal payments on finance lease obligations
|
| | | | (771) | | | | | | (817) | | |
Net cash flows provided by financing activities
|
| | | | 12,835 | | | | | | 25,843 | | |
Change in cash, cash equivalents and restricted cash
|
| | | | (4,820) | | | | | | 8,215 | | |
Cash, cash equivalents and restricted cash: | | | | | | | | | | | | | |
Beginning of period
|
| | | | 18,478 | | | | | | 8,927 | | |
End of period
|
| | | $ | 13,658 | | | | | $ | 17,142 | | |
| | |
Common Units
|
| |
Class A Common Stock
|
| |
Class B Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Non-
controlling Interest |
| |
Total
Equity |
| |||||||||||||||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31,
2020 |
| | | | 27,799,748 | | | | | $ | 3 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 223,085 | | | | | $ | (221,626) | | | | | $ | — | | | | | $ | 1,462 | | |
Dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation plans and related activity
|
| | | | 3,193,549 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 566 | | | | | | — | | | | | | — | | | | | | 566 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (27,195) | | | | | | — | | | | | | (27,195) | | |
Balance at March 31, 2021
|
| | | | 30,993,297 | | | | | $ | 3 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 223,651 | | | | | $ | (248,821) | | | | | $ | — | | | | | $ | (25,167) | | |
Balance at December 31,
2021 |
| | | | — | | | | | $ | — | | | | | | 12,618,516 | | | | | $ | 1 | | | | | | 32,770,000 | | | | | $ | 3 | | | | | $ | 302,455 | | | | | $ | (332,954) | | | | | $ | (32,456) | | | | | $ | (62,951) | | |
Dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation plans and related activity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 503 | | | | | | — | | | | | | 1,305 | | | | | | 1,808 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,444) | | | | | | (39,430) | | | | | | (40,874) | | |
Balance at March 31, 2022
|
| | | | — | | | | | $ | — | | | | | | 12,618,516 | | | | | $ | 1 | | | | | | 32,770,000 | | | | | $ | 3 | | | | | $ | 302,958 | | | | | $ | (334,398) | | | | | $ | (70,581) | | | | | $ | (102,017) | | |
Dollars in thousands
|
| |
March 31, 2022
|
| |
December 31, 2021
|
| ||||||
Kiosks and components
|
| | | $ | 190,661 | | | | | $ | 190,496 | | |
Computers, servers, and software
|
| | | | 101,912 | | | | | | 99,123 | | |
Leasehold improvements
|
| | | | 4,152 | | | | | | 4,129 | | |
Office furniture and equipment
|
| | | | 676 | | | | | | 676 | | |
Leased Vehicles
|
| | | | 11,178 | | | | | | 11,380 | | |
Property and equipment, at cost
|
| | | $ | 308,579 | | | | | $ | 305,804 | | |
Accumulated depreciation
|
| | | | (271,836) | | | | | | (265,180) | | |
Property and equipment, net
|
| | | $ | 36,743 | | | | | $ | 40,624 | | |
Dollars in thousands
|
| |
Three Months Ended
March 31, 2022 |
| |||
Operating lease cost
|
| | | $ | 1,032 | | |
Finance lease cost | | | | | | | |
Amortization of right-of-use assets
|
| | | | 709 | | |
Interest on lease liabilities
|
| | | | 29 | | |
Total finance least cost
|
| | | $ | 738 | | |
Short-term lease cost(1)
|
| | | | 58 | | |
Total lease cost
|
| | | $ | 1,828 | | |
Dollars in thousands
|
| |
Three Months Ended
March 31, 2022 |
| |||
Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | |
Operating cash flows from operating leases
|
| | | $ | 1,091 | | |
Financing cash flows from financing leases
|
| | | | 771 | | |
| | |
March 31, 2022
|
| |||
Weighted average remaining lease term (in years): | | | | | | | |
Operating leases
|
| | | | 3.2 | | |
Finance leases
|
| | | | 1.2 | | |
Weighted average discount rate: | | | | | | | |
Operating leases
|
| | | | 9.25% | | |
Finance leases
|
| | | | 3.51% | | |
Dollars in thousands
|
| |
Operating
Leases |
| |
Finance Leases
|
| ||||||
Nine months ending December 31, 2022
|
| | | $ | 2,771 | | | | | $ | 1,441 | | |
Year ending December 31, | | | | | | | | | | | | | |
2023
|
| | | | 3,073 | | | | | | 1,003 | | |
2024
|
| | | | 2,284 | | | | | | 401 | | |
2025
|
| | | | 1,681 | | | | | | 154 | | |
2026
|
| | | | — | | | | | | — | | |
Thereafter
|
| | | | — | | | | | | — | | |
Total lease payments
|
| | | $ | 9,809 | | | | | $ | 2,999 | | |
Less imputed interest
|
| | | | (1,253) | | | | | | — | | |
Total
|
| | | $ | 8,556 | | | | | $ | 2,999 | | |
Dollars in thousands
|
| |
Legacy Business
|
| |
Digital Business
|
| |
Total
|
| |||||||||
Balance as of December 31, 2021
|
| | | $ | 144,014 | | | | | $ | 3,509 | | | | | $ | 147,523 | | |
Balance as of March 31, 2022
|
| | | $ | 144,014 | | | | | $ | 3,509 | | | | | $ | 147,523 | | |
| | |
March 31, 2022
|
| |
December 31, 2021
|
| |||||||||||||||||||||||||||||||||
Dollars in thousands
|
| |
Estimated
Useful Life |
| |
Gross
Carrying Amount |
| |
Accumulated
Amortization |
| |
Net
Carrying Amount |
| |
Gross
Carrying Amount |
| |
Accumulated
Amortization |
| |
Net
Carrying Amount |
| ||||||||||||||||||
Intangible assets subject to amortization:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contracts with retailers
|
| |
7 years
|
| | | $ | 370,000 | | | | | $ | (291,301) | | | | | $ | 78,699 | | | | | $ | 370,000 | | | | | $ | (278,087) | | | | | $ | 91,913 | | |
Trade name
|
| |
7 years
|
| | | | 60,000 | | | | | | (47,238) | | | | | | 12,762 | | | | | | 60,000 | | | | | | (45,095) | | | | | | 14,905 | | |
Contactable customer list
|
| |
7 years
|
| | | | 40,000 | | | | | | (31,492) | | | | | | 8,508 | | | | | | 40,000 | | | | | | (30,063) | | | | | | 9,937 | | |
Developed technology
|
| |
7 years
|
| | | | 30,000 | | | | | | (23,620) | | | | | | 6,380 | | | | | | 30,000 | | | | | | (22,548) | | | | | | 7,452 | | |
Total intangible assets subject to amortization
|
| | | | | | $ | 500,000 | | | | | $ | (393,651) | | | | | $ | 106,349 | | | | | $ | 500,000 | | | | | $ | (375,793) | | | | | $ | 124,207 | | |
Dollars in thousands
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Accrued payroll and other related expenses
|
| | | $ | 24,900 | | | | | $ | 23,901 | | |
Accrued revenue share
|
| | | | 9,338 | | | | | | 11,786 | | |
Deferred revenue
|
| | | | 9,401 | | | | | | 9,553 | | |
Income taxes payable
|
| | | | 183 | | | | | | — | | |
Other
|
| | | | 14,744 | | | | | | 12,515 | | |
Total accrued and other current liabilities
|
| | | $ | 58,566 | | | | | $ | 57,755 | | |
Dollars in thousands
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Term B Facility
|
| | | $ | 271,562 | | | | | $ | 271,562 | | |
Paid-In-Kind Interest related to Term Loan Facility
|
| | | | 38,394 | | | | | | 31,480 | | |
Revolving Credit Facility
|
| | | | 29,104 | | | | | | 15,000 | | |
Paid-In-Kind Interest related to Revolving Credit Facility
|
| | | | 3,145 | | | | | | 2,731 | | |
Union Revolving Credit Facility
|
| | | | 4,119 | | | | | | 4,616 | | |
Total debt outstanding
|
| | | $ | 346,324 | | | | | $ | 325,389 | | |
Less: Unamortized debt issuance costs
|
| | | | (3,414) | | | | | | (3,823) | | |
Total debt, net
|
| | | $ | 342,910 | | | | | $ | 321,566 | | |
Portion due within one year
|
| | | $ | 41,539 | | | | | $ | 34,211 | | |
Total long-term debt, net
|
| | | $ | 301,371 | | | | | $ | 287,355 | | |
Dollars in thousands
|
| |
Repayment
Amount |
| |||
2022
|
| | | $ | 38,394 | | |
2023
|
| | | | — | | |
2024
|
| | | | 271,562 | | |
Total
|
| | | $ | 309,956 | | |
| | |
For the three months ended
March 31, |
| |||||||||
Dollars in thousands
|
| |
2022
|
| |
2021
|
| ||||||
Interest and other income (expense), net
|
| | | $ | — | | | | | $ | 1,432 | | |
| | |
March 31,
|
| |||||||||
Dollars in thousands
|
| |
2022
|
| |
2021
|
| ||||||
Net revenue | | | | | | | | | | | | | |
Legacy Business
|
| | | $ | 48,767 | | | | | $ | 67,637 | | |
Digital Business
|
| | | | 14,460 | | | | | | 9,093 | | |
Total
|
| | | $ | 63,227 | | | | | $ | 76,730 | | |
Adjusted EBITDA | | | | | | | | | | | | | |
Legacy Business
|
| | | $ | (15,553) | | | | | $ | 334 | | |
Digital Business
|
| | | | 2,015 | | | | | | 968 | | |
Total
|
| | | $ | (13,538) | | | | | $ | 1,302 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
Dollars in thousands
|
| |
2022
|
| |
2021
|
| ||||||
Loss before income taxes
|
| | | $ | (40,848) | | | | | $ | (36,474) | | |
Add: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 25,090 | | | | | | 27,526 | | |
Interest and other (income) expense, net
|
| | | | (7,343) | | | | | | 7,247 | | |
Business optimization(a)
|
| | | | — | | | | | | 550 | | |
One-time non-recurring(b)
|
| | | | 3,743 | | | | | | 364 | | |
New business start-up costs(c)
|
| | | | — | | | | | | 171 | | |
Restructuring related(d)
|
| | | | 4,012 | | | | | | 1,352 | | |
Stock-based compensation expense
|
| | | | 1,808 | | | | | | 566 | | |
Adjusted EBITDA
|
| | | $ | (13,538) | | | | | $ | 1,302 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
Dollars in thousands, except per share amounts
|
| |
2022
|
| |
2021
|
| ||||||
Basic and Diluted EPS | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (40,874) | | | | | $ | (27,195) | | |
Less: net loss attributable to non-controlling interests
|
| | | | (39,430) | | | | | | N/A | | |
Net loss attributable to Redbox Entertainment Inc. – Basic and Diluted
|
| | | $ | (1,444) | | | | | | N/A | | |
Denominator: | | | | | | | | | | | | | |
Weighted average shares of Class A common stock outstanding – Basic and Diluted
|
| | | | 12,618,516 | | | | | | N/A | | |
Earnings per share of Class A common stock outstanding – Basic and Diluted
|
| | | $ | (0.11) | | | | | | N/A | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Public and private placement warrants
|
| | | | 16,848,733 | | | | | | N/A | | |
Dollars in thousands
|
| |
Level
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| |||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | $ | 2,480 | | | | | $ | 11,213 | | |
Warrant Liability – Private Placement Warrants
|
| | | | 3 | | | | | | 1,576 | | | | | | 6,608 | | |
Total Warrant Liability
|
| | | | | | | | | $ | 4,056 | | | | | $ | 17,821 | | |
Input
|
| |
March 31, 2022
|
| |
December 31, 2021
|
| ||||||
Risk-free interest rate
|
| | | | 2.40% | | | | | | 1.20% | | |
Expected term (years)
|
| | | | 4.60 | | | | | | 4.80 | | |
Expected volatility
|
| | | | 55.0% | | | | | | 31.4% | | |
Stock price
|
| | | $ | 2.36 | | | | | $ | 7.41 | | |
Dollars in thousands
|
| |
Public
|
| |
Private
Placement |
| |
Warrant
Liabilities |
| |||||||||
Valuation as of December 31, 2021
|
| | | $ | 11,213 | | | | | $ | 6,608 | | | | | $ | 17,821 | | |
Change in valuation inputs or other assumptions
|
| | | | (8,733) | | | | | | (5,032) | | | | | | (13,765) | | |
Fair value as of March 31, 2022
|
| | | $ | 2,480 | | | | | $ | 1,576 | | | | | $ | 4,056 | | |
Dollars in thousands
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Gross property and equipment
|
| | | $ | 11,178 | | | | | $ | 11,380 | | |
Accumulated depreciation
|
| | | | (7,727) | | | | | | (7,285) | | |
Net property and equipment
|
| | | $ | 3,451 | | | | | $ | 4,095 | | |
Dollars in thousands
|
| |
Total
|
| |
2022
|
| |
2023
|
| |||||||||
Minimum estimated movie content commitments
|
| | | $ | 49,574 | | | | | $ | 40,709 | | | | | $ | 8,865 | | |
Dollars in thousands
|
| |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Due from related parties, net
|
| | | $ | 4,370 | | | | | $ | 3,813 | | |
Due to related parties, net
|
| | | $ | 74 | | | | | $ | 74 | | |
Dollars in thousands
|
| |
March 31, 2022
|
| |
December 31,
2021 |
| ||||||
Cash and cash equivalents
|
| | | $ | 9,763 | | | | | $ | 14,320 | | |
Restricted cash
|
| | | | 3,895 | | | | | | 4,158 | | |
Cash, cash equivalents and restricted cash
|
| | | $ | 13,658 | | | | | $ | 18,478 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
Dollars in thousands
|
| |
2022
|
| |
2021
|
| ||||||
Cash paid during the period for interest
|
| | | $ | — | | | | | $ | — | | |
Cash paid during the period for income taxes, net
|
| | | $ | 37 | | | | | $ | 91 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
Dollars in thousands
|
| |
2022
|
| |
2021
|
| ||||||
Purchases of property and equipment financed by finance lease obligations
|
| | | $ | 83 | | | | | $ | — | | |
Right-of-use assets obtained in exchange for new operating lease liabilities
|
| | | $ | 9,102 | | | | | $ | — | | |
Purchases of property and equipment included in ending trade payables or accrued and
other current liabilities |
| | | $ | 210 | | | | | $ | 213 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Assets | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash, cash equivalents and restricted cash
|
| | | $ | 18,478 | | | | | $ | 8,927 | | |
Accounts receivable, net of allowances of $259 at December 31, 2021 and $145 at December 31, 2020
|
| | | | 10,856 | | | | | | 8,631 | | |
Due from related parties, net (Note 18)
|
| | | | 3,813 | | | | | | 4,112 | | |
Content library
|
| | | | 25,201 | | | | | | 26,074 | | |
Income tax receivable
|
| | | | — | | | | | | 10,498 | | |
Prepaid expenses and other current assets
|
| | | | 6,667 | | | | | | 6,949 | | |
Total current assets
|
| | | | 65,015 | | | | | | 65,191 | | |
Property and equipment, net (Note 4)
|
| | | | 40,624 | | | | | | 63,089 | | |
Goodwill (Note 5)
|
| | | | 147,523 | | | | | | 147,523 | | |
Intangible assets, net (Note 5)
|
| | | | 124,207 | | | | | | 195,635 | | |
Other long-term assets
|
| | | | 663 | | | | | | 1,653 | | |
Total assets
|
| | | $ | 378,032 | | | | | $ | 473,091 | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Trade payables
|
| | | $ | 32,266 | | | | | $ | 26,719 | | |
Due to related parties, net (Note 18)
|
| | | | 74 | | | | | | 449 | | |
Accrued and other current liabilities (Note 6)
|
| | | | 57,755 | | | | | | 75,954 | | |
Current portion of long-term debt (Note 7)
|
| | | | 34,211 | | | | | | — | | |
Total current liabilities
|
| | | | 124,306 | | | | | | 103,122 | | |
Long-term debt, net (Note 7)
|
| | | | 287,355 | | | | | | 307,474 | | |
Warrant liability (Note 14)
|
| | | | 17,821 | | | | | | — | | |
Other long-term liabilities
|
| | | | 11,501 | | | | | | 19,862 | | |
Deferred income taxes, net
|
| | | | — | | | | | | 41,171 | | |
Total liabilities
|
| | | | 440,983 | | | | | | 471,629 | | |
Commitments and contingencies (Note 16) | | | | | | | | | | | | | |
Shareholders’ Equity | | | | | | | | | | | | | |
Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 12,618,516 shares issued and outstanding as of December 31, 2021
|
| | | | 1 | | | | | | — | | |
Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 32,770,000 issued and outstanding as of December 31, 2021
|
| | | | | | | | | | | | |
Common units
|
| | | | — | | | | | | 3 | | |
Additional paid-in-capital
|
| | | | 302,455 | | | | | | 223,085 | | |
Non-controlling interest
|
| | | | (32,456) | | | | | | — | | |
Accumulated deficit
|
| | | | (332,954) | | | | | | (221,626) | | |
Total equity
|
| | | | (62,951) | | | | | | 1,462 | | |
Total liabilities and shareholders’ equity
|
| | | $ | 378,032 | | | | | $ | 473,091 | | |
| | |
Year Ended
December 31, |
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Net revenue
|
| | | $ | 288,540 | | | | | $ | 546,191 | | | | | $ | 858,370 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Product cost
|
| | | | 115,141 | | | | | | 220,999 | | | | | | 359,880 | | |
Direct operating
|
| | | | 131,926 | | | | | | 167,090 | | | | | | 237,490 | | |
Marketing
|
| | | | 14,806 | | | | | | 21,214 | | | | | | 25,813 | | |
Stock-based compensation expense
|
| | | | 1,994 | | | | | | 16 | | | | | | 156 | | |
General and administrative
|
| | | | 59,436 | | | | | | 62,219 | | | | | | 67,002 | | |
Depreciation and amortization
|
| | | | 108,505 | | | | | | 136,838 | | | | | | 138,274 | | |
Total operating expenses
|
| | | | 431,808 | | | | | | 608,376 | | | | | | 828,615 | | |
Operating (loss) income
|
| | | | (143,268) | | | | | | (62,185) | | | | | | 29,755 | | |
Other expense, net:
|
| | | | | | | | | | | | | | | | | | |
Other expense, net
|
| | | | (31,523) | | | | | | (32,522) | | | | | | (44,578) | | |
Total other expense, net
|
| | | | (31,523) | | | | | | (32,522) | | | | | | (44,578) | | |
Loss before income taxes
|
| | | | (174,791) | | | | | | (94,707) | | | | | | (14,823) | | |
Income tax benefit
|
| | | | (34,035) | | | | | | (25,204) | | | | | | (7,256) | | |
Net loss
|
| | | $ | (140,756) | | | | | $ | (69,503) | | | | | $ | (7,567) | | |
Net loss attributable to non-controlling interest
|
| | | | (27,967) | | | | | | N/A | | | | | | N/A | | |
Net loss attributable to Class A common stockholders
|
| | | $ | (112,789) | | | | | | N/A | | | | | | N/A | | |
Loss per share of Class A common stock: | | | | | | | | | | | | | | | | | | | |
Basic and diluted loss per share (Note 12)
|
| | | $ | (0.58) | | | | | | N/A | | | | | | N/A | | |
Weighted average shares of Class A common stock outstanding: | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 12,618,516 | | | | | | N/A | | | | | | N/A | | |
| | |
Year Ended
December 31, |
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (140,756) | | | | | $ | (69,503) | | | | | $ | (7,567) | | |
Adjustments to reconcile net income to net cash flows from operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation
|
| | | | 37,701 | | | | | | 65,537 | | | | | | 66,534 | | |
Amortization of intangible assets
|
| | | | 71,429 | | | | | | 71,428 | | | | | | 71,428 | | |
(Gain) loss on sale/disposal of assets
|
| | | | (625) | | | | | | (127) | | | | | | 311 | | |
Stock-based compensation expense
|
| | | | 1,994 | | | | | | 1 | | | | | | 156 | | |
Deferred income taxes
|
| | | | (37,494) | | | | | | (25,424) | | | | | | (23,118) | | |
Amortization of deferred financing costs
|
| | | | 2,815 | | | | | | 3,574 | | | | | | 5,371 | | |
PIK interest added to Senior Facilities
|
| | | | 34,211 | | | | | | — | | | | | | — | | |
Related party tax payable settlement
|
| | | | 15,777 | | | | | | — | | | | | | — | | |
Change in fair value of warrant liability
|
| | | | (3,477) | | | | | | — | | | | | | — | | |
Non-cash rent, interest and other
|
| | | | (2,976) | | | | | | 2,061 | | | | | | 130 | | |
Cash flows from changes in net operating assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (2,225) | | | | | | 11,133 | | | | | | 12,534 | | |
Content library
|
| | | | 873 | | | | | | 35,829 | | | | | | 14,963 | | |
Income tax receivable
|
| | | | 10,498 | | | | | | (3,065) | | | | | | (2,063) | | |
Prepaid expenses and other current assets
|
| | | | 282 | | | | | | 3,255 | | | | | | 3,046 | | |
Other assets
|
| | | | 989 | | | | | | 795 | | | | | | (2,066) | | |
Trade payables
|
| | | | 4,984 | | | | | | (53,790) | | | | | | (18,507) | | |
Change in due to/from related parties
|
| | | | 297 | | | | | | (1,399) | | | | | | (2,189) | | |
Accrued and other liabilities
|
| | | | (23,537) | | | | | | (10,612) | | | | | | (16,166) | | |
Net cash flows (used in) provided by operating activities
|
| | | | (29,240) | | | | | | 29,693 | | | | | | 102,797 | | |
Investing Activities: | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (13,017) | | | | | | (21,053) | | | | | | (33,005) | | |
Proceeds from disposition of property and equipment
|
| | | | 827 | | | | | | 1,261 | | | | | | 1,990 | | |
Other investments
|
| | | | — | | | | | | 750 | | | | | | (750) | | |
Net cash flows used in investing activities
|
| | | | (12,190) | | | | | | (19,042) | | | | | | (31,765) | | |
Financing Activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from Redbox’s borrowings
|
| | | | 31,655 | | | | | | 32,550 | | | | | | 7,500 | | |
Repayments of Redbox’s debt obligations
|
| | | | (54,589) | | | | | | (37,188) | | | | | | (76,563) | | |
Business combination (Note 3)
|
| | | | 77,425 | | | | | | — | | | | | | — | | |
Dividends paid
|
| | | | (373) | | | | | | (978) | | | | | | (1,182) | | |
Principal payments on capital lease obligations
|
| | | | (3,137) | | | | | | (3,486) | | | | | | (3,855) | | |
Net cash flows provided by (used in) financing activities
|
| | | | 50,981 | | | | | | (9,102) | | | | | | (74,100) | | |
Change in cash, cash equivalents and restricted cash
|
| | | | 9,551 | | | | | | 1,549 | | | | | | (3,068) | | |
Cash, cash equivalents and restricted cash: | | | | | | | | | | | | | | | | | | | |
Beginning of period
|
| | | | 8,927 | | | | | | 7,378 | | | | | | 10,446 | | |
End of period
|
| | | $ | 18,478 | | | | | $ | 8,927 | | | | | $ | 7,378 | | |
| | |
Common Units
|
| |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Non-controlling
Interest |
| |
Total
Equity |
| |||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018
|
| | | | 27,549,660 | | | | | $ | 3 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 222,928 | | | | | $ | (144,312) | | | | | $ | — | | | | | $ | 78,619 | | |
Dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (297) | | | | | | — | | | | | | (297) | | |
Stock-based compensation plans
and related activity |
| | | | 141,219 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 156 | | | | | | — | | | | | | — | | | | | | 156 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,567) | | | | | | — | | | | | | (7,567) | | |
Balance at December 31, 2019
|
| | | | 27,690,879 | | | | | $ | 3 | | | | | | — | | | | | $ | — | | | | | | — | | | | | | — | | | | | $ | 223,084 | | | | | $ | (152,176) | | | | | $ | — | | | | | $ | 70,911 | | |
Dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 53 | | | | | | — | | | | | | 53 | | |
Stock-based compensation plans
and related activity |
| | | | 108,869 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 1 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (69,503) | | | | | | — | | | | | | (69,503) | | |
Balance at December 31, 2020
|
| | | | 27,799,748 | | | | | $ | 3 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 223,085 | | | | | $ | (221,626) | | | | | $ | — | | | | | $ | 1,462 | | |
Shares of Redwood RSUs
withheld to satisfy withholding tax obligations |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (611) | | | | | | — | | | | | | — | | | | | | (611) | | |
Related party tax payable settlement
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,777 | | | | | | — | | | | | | — | | | | | | 15,777 | | |
Stock-based compensation plans
and related activity prior to the reverse recapitalization |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 862 | | | | | | — | | | | | | — | | | | | | 862 | | |
Business Combination
(Note 3) |
| | | | (27,799,748) | | | | | | (3) | | | | | | 12,618,516 | | | | | | 1 | | | | | | 32,770,000 | | | | | | 3 | | | | | | 63,027 | | | | | | 1,461 | | | | | | (5,306) | | | | | | 59,183 | | |
Stock-based compensation post reverse recapitalization
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 315 | | | | | | — | | | | | | 817 | | | | | | 1,132 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (112,789) | | | | | | (27,967) | | | | | | (140,756) | | |
Balance at December 31, 2021
|
| | | | — | | | | | $ | — | | | | | | 12,618,516 | | | | | $ | 1 | | | | | | 32,770,000 | | | | | $ | 3 | | | | | $ | 302,455 | | | | | $ | (332,954) | | | | | $ | (32,456) | | | | | $ | (62,951) | | |
| | |
Year ended
December 31, |
| |||||||||||||||
| | |
2011
|
| |
2020
|
| |
2019
|
| |||||||||
Wal-Mart Stores Inc.
|
| | | | 13.0% | | | | | | 13.8% | | | | | | 18.3% | | |
Walgreen Co.
|
| | | | 11.9% | | | | | | 14.6% | | | | | | 14.7% | | |
| | |
Useful Life
|
|
Redbox kiosks and components
|
| |
3 – 5 years
|
|
Computers and software
|
| |
2 – 3 years
|
|
Leasehold improvements (shorter of life of asset or remaining lease term)
|
| |
3 – 6 years
|
|
Office furniture and equipment
|
| |
5 – 7 years
|
|
Vehicles
|
| |
3 – 4 years
|
|
Dollars in thousands
|
| |
Recapitalization
|
| |||
Cash – Seaport’s trust and cash, net of redemptions
|
| | | $ | 20,405 | | |
Cash – PIPE financing
|
| | | | 50,000 | | |
Cash – Backstop agreement
|
| | | | 20,159 | | |
Less: Transaction costs paid at close
|
| | | | (13,139) | | |
Net Business Combination
|
| | | | 77,425 | | |
Plus: Tax impact, net
|
| | | | 4,442 | | |
Less: Additional capitalized transaction costs
|
| | | | (1,387) | | |
Less: Warrant liability assumed
|
| | | | (21,297) | | |
Net contribution from Business Combination
|
| | | $ | 59,183 | | |
| | |
Class A
Common Stock |
| |
Class B
Common Stock |
| ||||||
Seaport common stock outstanding prior to Business Combination
|
| | | | 14,375,000 | | | | | | — | | |
Less: redemption of Seaport shares
|
| | | | (12,346,223) | | | | | | — | | |
Ordinary shares of Seaport
|
| | | | 2,028,777 | | | | | | — | | |
Seaport sponsor shares
|
| | | | 3,593,750 | | | | | | — | | |
Shares issued in PIPE financing
|
| | | | 5,000,000 | | | | | | — | | |
Shares issued pursuant to Backstop Agreement
|
| | | | 1,995,989 | | | | | | — | | |
Shares to Redwood Holdco shareholders
|
| | | | — | | | | | | 32,770,000 | | |
Total shares of common stock outstanding immediately after the Business Combination
|
| | | | 12,618,516 | | | | | | 32,770,000 | | |
Dollars in thousands
|
| |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Kiosks and components
|
| | | $ | 190,496 | | | | | $ | 190,416 | | |
Computers, servers, and software
|
| | | | 99,123 | | | | | | 87,113 | | |
Leasehold improvements
|
| | | | 4,129 | | | | | | 3,991 | | |
Office furniture and equipment
|
| | | | 676 | | | | | | 676 | | |
Leased Vehicles
|
| | | | 11,380 | | | | | | 10,678 | | |
Property and equipment, at cost
|
| | | $ | 305,804 | | | | | $ | 292,874 | | |
Accumulated depreciation
|
| | | | (265,180) | | | | | | (229,785) | | |
Property and equipment, net
|
| | | $ | 40,624 | | | | | $ | 63,089 | | |
Dollars in thousands
|
| |
Legacy
Business |
| |
Digital
Business |
| |
Total
|
| |||||||||
Balance as of December 31, 2019
|
| | | $ | 144,014 | | | | | $ | 3,509 | | | | | $ | 147,523 | | |
Balance as of December 31, 2020
|
| | | $ | 144,014 | | | | | $ | 3,509 | | | | | $ | 147,523 | | |
Balance as of December 31, 2021
|
| | | $ | 144,014 | | | | | $ | 3,509 | | | | | $ | 147,523 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | |
Estimated
Useful Life |
| |
Gross
Carrying Amount |
| |
Accumulated
Amortization |
| |
Net
Carrying Amount |
| |
Gross
Carrying Amount |
| |
Accumulated
Amortization |
| |
Net
Carrying Amount |
| ||||||||||||||||||
Intangible assets subject to amortization:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contracts with retailers
|
| |
7 years
|
| | | $ | 370,000 | | | | | $ | (278,087) | | | | | $ | 91,913 | | | | | $ | 370,000 | | | | | $ | (225,230) | | | | | $ | 144,770 | | |
Trade name
|
| |
7 years
|
| | | | 60,000 | | | | | | (45,095) | | | | | | 14,905 | | | | | | 60,000 | | | | | | (36,524) | | | | | | 23,476 | | |
Contactable customer list
|
| |
7 years
|
| | | | 40,000 | | | | | | (30,063) | | | | | | 9,937 | | | | | | 40,000 | | | | | | (24,349) | | | | | | 15,651 | | |
Developed technology
|
| |
7 years
|
| | | | 30,000 | | | | | | (22,548) | | | | | | 7,452 | | | | | | 30,000 | | | | | | (18,262) | | | | | | 11,738 | | |
Total intangible assets subject to
amortization |
| | | | | | $ | 500,000 | | | | | $ | (375,793) | | | | | $ | 124,207 | | | | | $ | 500,000 | | | | | $ | (304,365) | | | | | $ | 195,635 | | |
Dollars in thousands
|
| |
Amortization
of intangible assets |
| |||
2022
|
| | | $ | 71,428 | | |
2023
|
| | | | 52,779 | | |
2024
|
| | | | — | | |
2025
|
| | | | — | | |
2026
|
| | | | — | | |
Total expected amortization
|
| | | $ | 124,207 | | |
Dollars in thousands
|
| |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Accrued payroll and other related expenses
|
| | | $ | 23,901 | | | | | $ | 24,212 | | |
Accrued revenue share
|
| | | | 11,786 | | | | | | 13,480 | | |
Deferred revenue
|
| | | | 9,553 | | | | | | 10,019 | | |
Income taxes payable
|
| | | | — | | | | | | 15,777 | | |
Other
|
| | | | 12,515 | | | | | | 12,466 | | |
Total accrued and other current liabilities
|
| | | $ | 57,755 | | | | | $ | 75,954 | | |
Dollars in thousands
|
| |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Term B Facility
|
| | | $ | 271,562 | | | | | $ | 281,563 | | |
Paid-In-Kind Interest related to Term Loan Facility
|
| | | | 31,480 | | | | | | — | | |
Revolving Credit Facility
|
| | | | 15,000 | | | | | | 30,000 | | |
Paid-In-Kind Interest related to Revolving Credit Facility
|
| | | | 2,731 | | | | | | — | | |
Union Revolving Credit Facility
|
| | | | 4,616 | | | | | | 2,550 | | |
Total debt outstanding
|
| | | $ | 325,389 | | | | | $ | 314,113 | | |
Less: Unamortized debt issuance costs
|
| | | | (3,823) | | | | | | (6,639) | | |
Total debt, net
|
| | | $ | 321,566 | | | | | $ | 307,474 | | |
Portion due within one year
|
| | | $ | 34,211 | | | | | $ | — | | |
Total long-term debt, net
|
| | | $ | 287,355 | | | | | $ | 307,474 | | |
Dollars in thousands
|
| |
Repayment
Amount |
| |||
2022
|
| | | $ | 31,480 | | |
2023
|
| | | | — | | |
2024
|
| | | | 271,562 | | |
Total
|
| | | $ | 303,042 | | |
Dollars in thousands
|
| |
Balance Sheet
Location |
| |
December 31,
2021, |
| |
December 31,
2020 |
| ||||||
Derivatives not designated as hedging instruments: | | | | | | | | | | | | | | | | |
Interest rate swap contract
|
| |
Other liabilities
|
| | | $ | — | | | | | $ | 4,782 | | |
| | |
For the years ended
December 31, |
| |||||||||||||||
Dollars in thousands
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Other expense, net
|
| | | $ | (394) | | | | | $ | 4,341 | | | | | $ | 3,946 | | |
Dollars in thousands
|
| |
Year Ended
December 31, 2021 |
| |||
Compensation cost recognized: | | | | | | | |
Restricted stock units
|
| | | $ | 996 | | |
Total compensation cost
|
| | | $ | 996 | | |
| | |
Shares
|
| |
Weighted Average
Grant-Date Fair Value Per Share |
| ||||||
Outstanding at January 1, 2021
|
| | | | — | | | | | $ | — | | |
Granted
|
| | | | 3,019,853 | | | | | | 8.02 | | |
Vested and converted
|
| | | | — | | | | | | — | | |
Forfeited/expired
|
| | | | — | | | | | | — | | |
Outstanding at December 31, 2021
|
| | | | 3,019,853 | | | | | $ | 8.02 | | |
| | |
For the years ended December 31,
|
| |||||||||||||||
Dollars in thousands
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Net revenue | | | | | | | | | | | | | | | | | | | |
Legacy Business
|
| | | $ | 253,417 | | | | | $ | 506,437 | | | | | $ | 838,627 | | |
Digital Business
|
| | | | 35,123 | | | | | | 39,754 | | | | | | 19,743 | | |
Total
|
| | | $ | 288,540 | | | | | $ | 546,191 | | | | | $ | 858,370 | | |
Adjusted EBITDA | | | | | | | | | | | | | | | | | | | |
Legacy Business
|
| | | $ | (15,932) | | | | | $ | 109,074 | | | | | $ | 197,887 | | |
Digital Business
|
| | | | 787 | | | | | | 4,702 | | | | | | (2,238) | | |
Total
|
| | | $ | (15,145) | | | | | $ | 113,776 | | | | | $ | 195,649 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
Dollars in thousands
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Loss before income taxes
|
| | | $ | (174,791) | | | | | $ | (94,707) | | | | | $ | (14,823) | | |
Add: | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 108,505 | | | | | | 136,838 | | | | | | 138,274 | | |
Interest and other expense, net
|
| | | | 31,523 | | | | | | 32,522 | | | | | | 44,578 | | |
Business optimization(a)
|
| | | | 6,907 | | | | | | 19,011 | | | | | | 7,687 | | |
One-time non-recurring(b)
|
| | | | 7,689 | | | | | | 10,584 | | | | | | 5,326 | | |
New business start-up costs(c)
|
| | | | 1,004 | | | | | | 6,041 | | | | | | 3,793 | | |
Restructuring related(d)
|
| | | | 2,024 | | | | | | 3,471 | | | | | | 4,432 | | |
Stock-based compensation expense
|
| | | | 1,994 | | | | | | 16 | | | | | | 156 | | |
Discontinuation of games business(e)
|
| | | | — | | | | | | — | | | | | | 6,226 | | |
Adjusted EBITDA
|
| | | $ | (15,145) | | | | | $ | 113,776 | | | | | $ | 195,649 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
Dollars in thousands, except per share amounts
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Basic and Diluted EPS | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (140,756) | | | | | $ | (69,503) | | | | | $ | (7,567) | | |
Less: net loss attributable to legacy Redbox prior to the business combination
|
| | | | (105,496) | | | | | | N/A | | | | | | N/A | | |
Less: net loss attributable to non-controlling interests
|
| | | | (27,967) | | | | | | N/A | | | | | | N/A | | |
Net loss attributable to Redbox Entertainment Inc. – Basic and Diluted
|
| | | $ | (7,293) | | | | | | N/A | | | | | | N/A | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted average shares of Class A common stock outstanding – Basic and Diluted
|
| | | | 12,618,516 | | | | | | N/A | | | | | | N/A | | |
Earnings per share of Class A common stock outstanding – Basic and Diluted
|
| | | $ | (0.58) | | | | | | N/A | | | | | | N/A | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Unvested restricted stock units
|
| | | | 110 | | | | | | 325 | | | | | | 376 | | |
Public and private placement warrants
|
| | | | 16,843,733 | | | | | | — | | | | | | — | | |
Dollars in thousands
|
| |
Level
|
| |
December 31, 2021
|
| ||||||
Liabilities: | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | $ | 11,213 | | |
Warrant Liability – Private Placement Warrants
|
| | | | 3 | | | | | $ | 6,608 | | |
Total Warrant Liability
|
| | | | | | | | | $ | 17,821 | | |
Input
|
| |
(Initial Measurement)
|
| |||
Risk-free interest rate
|
| | | | 1.20% | | |
Expected term (years)
|
| | | | 5.00 | | |
Expected volatility
|
| | | | 20.2% | | |
Stock price
|
| | | $ | 9.62 | | |
Input
|
| |
(Initial Measurement)
|
| |||
Risk-free interest rate
|
| | | | 1.20% | | |
Expected term (years)
|
| | | | 4.80 | | |
Expected volatility
|
| | | | 31.4% | | |
Stock price
|
| | | $ | 7.41 | | |
Dollars in thousands
|
| |
Public
|
| |
Private
Placement |
| |
Warrant
Liabilities |
| |||||||||
Initial measurement at closing of the Business Combination
|
| | | $ | 13,477 | | | | | $ | 7,821 | | | | | $ | 21,298 | | |
Change in valuation inputs or other assumptions
|
| | | | (2,264) | | | | | | (1,213) | | | | | | (3,477) | | |
Fair value as of December 31, 2021
|
| | | $ | 11,213 | | | | | $ | 6,608 | | | | | $ | 17,821 | | |
Dollars in thousands
|
| |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Gross property and equipment
|
| | | $ | 11,380 | | | | | $ | 10,677 | | |
Accumulated depreciation
|
| | | | (7,285) | | | | | | (5,204) | | |
Net property and equipment
|
| | | $ | 4,095 | | | | | $ | 5,473 | | |
Dollars in thousands
|
| |
Capital
Leases |
| |
Operating
Leases(1) |
| ||||||
2022
|
| | | $ | 2,116 | | | | | $ | 3,527 | | |
2023
|
| | | | 1,010 | | | | | | 3,045 | | |
2024
|
| | | | 387 | | | | | | 2,244 | | |
2025
|
| | | | 144 | | | | | | 1,687 | | |
2026 & Thereafter
|
| | | | — | | | | | | — | | |
Total minimum lease commitments
|
| | | $ | 3,657 | | | | | $ | 10,503 | | |
Less: Current portion of capital lease obligations
|
| | | | (2,116) | | | | | | | | |
Long-term portion of capital lease obligations
|
| | | $ | 1,541 | | | | | | | | |
Dollars in thousands
|
| |
Total
|
| |
2022
|
| |
2023
|
| |||||||||
Minimum estimated movie content commitments
|
| | | $ | 23,969 | | | | | $ | 19,860 | | | | | $ | 4,109 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
Dollars in thousands
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
U.S. operations
|
| | | $ | (174,791) | | | | | $ | (94,707) | | | | | $ | (14,823) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
Dollars in thousands
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Current: | | | | | | | | | | | | | | | | | | | |
U.S. Federal
|
| | | $ | 3,459 | | | | | $ | (491) | | | | | $ | 11,653 | | |
State and local
|
| | | | — | | | | | | 711 | | | | | | 4,209 | | |
Total current
|
| | | $ | 3,459 | | | | | $ | 220 | | | | | $ | 15,862 | | |
Deferred: | | | | | | | | | | | | | | | | | | | |
U.S. Federal
|
| | | | (28,078) | | | | | | (21,489) | | | | | | (19,467) | | |
State and local
|
| | | | (9,416) | | | | | | (3,935) | | | | | | (3,651) | | |
Total deferred
|
| | | $ | (37,494) | | | | | $ | (25,424) | | | | | $ | (23,118) | | |
Total income tax (benefit) expense
|
| | | $ | (34,035) | | | | | $ | (25,204) | | | | | $ | (7,256) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
U.S Federal tax expense at statutory rates
|
| | | | 21.0% | | | | | | 21.0% | | | | | | 21.0% | | |
State income taxes, net of federal benefit
|
| | | | 3.0% | | | | | | 3.8% | | | | | | 8.7% | | |
Valuation allowance
|
| | | | (1.5)% | | | | | | (0.2)% | | | | | | (6.8)% | | |
Federal research & development credit
|
| | | | 0.5% | | | | | | 2.0% | | | | | | 7.4% | | |
Uncertain tax benefit on federal research and development credit
|
| | | | (0.1)% | | | | | | (0.5)% | | | | | | (3.7)% | | |
Release of uncertain tax benefits
|
| | | | 0.7% | | | | | | 0.2% | | | | | | 22.1% | | |
Effect of non-controlling interest
|
| | | | (4.1)% | | | | | | —% | | | | | | —% | | |
Other
|
| | | | —% | | | | | | 0.4% | | | | | | 0.2% | | |
Effective tax rate
|
| | | | 19.5% | | | | | | 26.7% | | | | | | 48.9% | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
Dollars in thousands
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Balance, beginning of the period
|
| | | $ | 2,213 | | | | | $ | 1,935 | | | | | $ | 4,558 | | |
Additions based on tax positions related to the current year
|
| | | | 13 | | | | | | 250 | | | | | | 150 | | |
Additions for tax positions related to prior years
|
| | | | — | | | | | | 215 | | | | | | 509 | | |
Reductions for tax positions related to prior years
|
| | | | (897) | | | | | | — | | | | | | — | | |
Deductions for tax positions related to prior years
|
| | | | — | | | | | | (187) | | | | | | (1,945) | | |
Deductions for tax positions effectively settled
|
| | | | (1,151) | | | | | | — | | | | | | (1,337) | | |
Balance, end of period
|
| | | $ | 178 | | | | | $ | 2,213 | | | | | $ | 1,935 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Credit carryforwards
|
| | | $ | 40 | | | | | $ | 1,117 | | |
Net operating loss carryforwards
|
| | | | 1,459 | | | | | | — | | |
Section 163(j) interest carryforward
|
| | | | 410 | | | | | | — | | |
Outside basis difference in investments(1)
|
| | | | 20,186 | | | | | | — | | |
Accrued liabilities and allowances
|
| | | | — | | | | | | 1,388 | | |
Compensation accruals
|
| | | | — | | | | | | 2,750 | | |
Asset retirement obligation liability
|
| | | | — | | | | | | 1,994 | | |
Deferred revenue
|
| | | | — | | | | | | 2,237 | | |
Hedge liability
|
| | | | — | | | | | | 1,200 | | |
Other
|
| | | | — | | | | | | 253 | | |
Gross deferred tax assets
|
| | | | 22,095 | | | | | | 10,939 | | |
Less: Valuation Allowance
|
| | | | (22,095) | | | | | | (1,039) | | |
Total deferred tax assets
|
| | | $ | — | | | | | $ | 9,900 | | |
Deferred tax liabilities:
|
| | | | | | | | | | | | |
Property and equipment
|
| | | | — | | | | | | (14,172) | | |
Product costs
|
| | | | — | | | | | | (3,905) | | |
Prepaid expenses
|
| | | | — | | | | | | (284) | | |
Intangible assets
|
| | | | — | | | | | | (30,965) | | |
Goodwill
|
| | | | — | | | | | | (1,745) | | |
Total deferred tax liabilities
|
| | | $ | — | | | | | $ | (51,071) | | |
Net deferred tax liabilities
|
| | | $ | — | | | | | $ | (41,171) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
Dollars in thousands
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Valuation allowance, beginning of year
|
| | | $ | 1,039 | | | | | $ | 851 | | | | | $ | 1,224 | | |
Valuation allowance recorded (released) through tax expense
|
| | | | 2,694 | | | | | | 188 | | | | | | (373) | | |
Valuation allowance recorded (released) through additional paid-in-capital
|
| | | | 18,362 | | | | | | — | | | | | | — | | |
Valuation allowance, end of year
|
| | | $ | 22,095 | | | | | $ | 1,039 | | | | | $ | 851 | | |
Dollars in thousands
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||
Due from related parties, net
|
| | | $ | 3,813 | | | | | $ | 4,112 | | |
Due to related parties, net
|
| | | $ | 74 | | | | | $ | 449 | | |
| | |
Year Ended December 31,
|
| |||||||||
Dollars in thousands
|
| |
2021
|
| |
2020
|
| ||||||
Cash and cash equivalents
|
| | | $ | 14,320 | | | | | $ | 5,401 | | |
Restricted cash
|
| | | | 4,158 | | | | | | 3,526 | | |
Cash, cash equivalents and restricted cash
|
| | | $ | 18,478 | | | | | $ | 8,927 | | |
| | |
Year Ended December 31,
|
| |||||||||
Dollars in thousands
|
| |
2021
|
| |
2020
|
| ||||||
Cash paid during the period for interest
|
| | | $ | — | | | | | $ | 29,061 | | |
Cash paid (received) during the period for income taxes, net
|
| | | $ | (5,494) | | | | | $ | 2,993 | | |
| | |
Year Ended December 31,
|
| |||||||||
Dollars in thousands
|
| |
2021
|
| |
2020
|
| ||||||
Purchases of property and equipment financed by capital lease obligations
|
| | | $ | 1,561 | | | | | $ | 338 | | |
Purchases of property and equipment included in ending trade payables or
accrued and other current liabilities |
| | | $ | 267 | | | | | $ | 653 | | |
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