Cash Flow

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income $ 7,961 $ 14,049
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,641 5,194
Stock-based compensation 1,790 1,763
CARES Act loan forgiveness   (8,561)
Amortization of debt issuance costs 186 265
Deferred taxes 586 120
Changes in operating assets and liabilities:    
Accounts receivable 3,436 (794)
Inventory (817) (181)
Other current assets 1,379 (210)
Security deposits 61 (26)
Other assets (329) (85)
Accounts payable 273 2,356
Accrued expenses (5,154) 7,596
Operating lease liabilities and right-of-use assets 464 29
Deferred gift card and license revenue (535) (1,671)
Net cash provided by operating activities 14,942 19,844
Investing activities:    
Purchase of property and equipment (12,091) (5,373)
Net cash used in investing activities (12,091) (5,373)
Financing activities:    
Repayments of long-term debt (250) (321)
Debt issuance costs   (41)
Exercise of stock options and warrants 28 3,151
Tax-withholding obligation on stock-based compensation (1,556) (154)
Purchase of non-controlling interests   (75)
Net cash (used in) provided by financing activities (1,778) 2,560
Effect of exchange rate changes on cash (270) (9)
Net increase in cash and cash equivalents 803 17,022
Cash and cash equivalents, beginning of period 23,614 24,385
Cash and cash equivalents, end of period 24,417 41,407
Supplemental disclosure of cash flow data:    
Interest paid, net of capitalized interest 874 2,076
Income taxes paid 287 53
Non-cash CARES Act loan forgiveness   $ 8,561
Accrued purchases of property and equipment $ 2,415  

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