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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2021
Oct. 14, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (164,827) $ (139,219) $ (79,605)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization expense 5,422 9,512 7,973
Non-cash lease expense 249 946 1,388
Share-based compensation expense (Note 11) 1,022 0 0
Unit-based compensation expense (Note 11) 44,892 33,877 11,649
Recognition of affiliate capital contribution (Note 8) 0 185 697
Amortization of customer consideration asset (Note 10) 0 1,743 388
Deferred income taxes 11,733 0 (354)
Impairment of long-lived assets 1,196 3,598 15,292
Acquisition-related expenses 0 0 1,378
Unrealized gain on investment in shares of affiliate stock (Note 8) 0 0 (628)
Loss on sale of shares of affiliate stock 0 63 0
Loss from change in fair value of warrant liability 79,373 0 0
Gain on extinguishment of software license liability (1,301) 0 0
Modification and vesting of Class C warrant (Note 10) 0 969 0
Cancellation of common units (192) 0 0
Other (129) 655 117
Changes in operating assets and liabilities:      
Accounts receivable (1,133) (6,601) (264)
Other receivable 0 0 115
Prepaid insurance (31,121) (351) (580)
Deposits with clearinghouse affiliate 0 20,199 11,002
Accounts payable and accrued liabilities (19,728) 23,292 16,076
Due to related party (affiliate in Predecessor periods) (1) [1] (1,696) 457 (7,927)
Deferred revenues 24 1,038 (4,331)
Operating lease liabilities. (12) (822) (1,192)
Customer funds payable 124 345 81
Other assets and liabilities (Note 11) (7,283) (801) (2,215)
Net cash used in operating activities (83,387) (50,915) (30,940)
Cash flows from investing activities:      
Capitalized internal-use software development costs and other capital expenditures (3,578) (12,109) (20,569)
Proceeds from maturities of short-term investments 0 0 1,988
Proceeds from disposal of assets 0 8 0
Proceeds from sale of shares of affiliate stock 0 1,759 0
Cash acquired through Business Combination 30,837 0 10,652
Net cash provided by (used in) investing activities 27,259 (10,342) (7,929)
Cash flows from financing activities:      
Payment of finance lease liability (404) (97) (313)
Repurchase of redeemed Class A ordinary shares (84,530) 0 0
Payment of deferred underwriting fee (7,258) 0 0
Proceeds from the exercise of warrants (Note 9) 37,117 0 0
Proceeds from PIPE, net of issuance costs (Note 4) 312,000 0 0
Proceeds from issuance of Class C voting units (Note 10) 0 0 37,800
Net cash provided by (used in) financing activities 256,925 (97) 37,487
Effect of exchange rate changes (307) 248 191
Net increase (decrease) in cash, cash equivalents, restricted cash and customer funds 200,490 (61,106) (1,191)
Cash, cash equivalents, restricted cash and customer funds at the beginning of the period 207,925 91,943 93,134
Cash, cash equivalents, restricted cash and customer funds at the end of the period 408,415 30,837 91,943
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 0 0 0
Non-cash operating lease right-of-use asset acquired 10,347 0 2,991
Supplemental disclosure of non-cash investing and financing activity:      
Issuance of Class A voting units in exchange of capital contribution (Note 10) 0 26 697
Capitalized internal-use software development costs and other capital expenditures included in accounts payable and accrued liabilities. 1,929 1,809 1,564
Issuance of Class B warrant 0 0 5,426
Cashless exercise of private placement warrants 64,978 0 0
Non-cash contribution of Bridge2 Holdings by affiliate (Note 8) 0 0 260,811
Reconciliation of cash, cash equivalents, restricted cash and customer funds to consolidated balance sheet:      
Cash and cash equivalents 391,364 13,911 75,361
Restricted cash 16,500 16,500 16,500
Customer funds 551 426 82
Total cash, cash equivalents, restricted cash and customer funds $ 408,415 $ 30,837 $ 91,943
[1] As a result of the Business Combination (Note 4), ICE and its affiliates are no longer our affiliates. Refer to Note 8 for our related party disclosures.