XML 25 R7.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net loss for the period $ (109,860) $ (96,197) $ (27,571)
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of property and equipment 40,323 36,431 28,187
Impairment of property and equipment 19,167 4,822 92
Amortization of debt discount and issuance costs 4,479 3,331 685
Amortization of intangible assets 5,297 10,829 11,394
Net amortization of contract costs 248 (754) (748)
Accretion of contingent consideration 0 0 248
Deferred income taxes (recovery) 854 (13,040) (6,981)
Excess tax benefits on share-based compensation expense 0 0 (193)
Net Right of use assets/Operating lease liability (776) (406) (897)
Disposal of domain names 7 5 7
Accretion of redeemable preferred units 9,758 14,163 3,896
Loss on debt extinguishment 0 14,680 0
Write-off of debt discount and issuance cost 0 277 0
Loss (gain) on change in the fair value of forward contracts 0 1,624 281
Amortization of discontinued cash flow hedge 0 (1,144) (761)
Loss (gain) on disposal of property and equipment 0 0 0
Stock-based compensation expense 7,021 8,134 7,599
Remeasurement of contingent consideration 0 0 (400)
Undistributed earnings of equity method investee (258) 0 0
Change in non-cash operating working capital:      
Accounts receivable 1,328 (3,802) (3,825)
Contract assets 1,417 6,070 (6,709)
Inventory 2,811 361 (4,007)
Prepaid expenses and deposits 331 (382) 3,981
Deferred costs of fulfillment (5,907) (394) 2,037
Income taxes recoverable (480) 734 3,355
Accounts payable (3,391) (5,319) 6,754
Accrued liabilities 1,826 9,044 7,411
Customer deposits (2,675) 3,552 (1,191)
Contract liabilities 8,721 2,952 (2,667)
Accreditation fees payable 14 (342) (101)
Net cash provided by (used in) operating activities (19,745) (4,771) 19,876
Financing activities:      
Proceeds received on exercise of stock options 43 0 1,096
Proceeds from issuance of notes payable 62,991 227,258 0
Redeemable preferred units redemption 0 (45,718) 87,500
Proceeds from redeemable preferred units 0 35,000 0
Deferred notes payable financing costs (2,011) (6,738) 0
Deferred preferred financing costs 0 145 (1,016)
Proceeds received on syndicated revolver 0 52,382 48,300
Repayment of syndicated revolver (16,500) (80,182) (748)
Payment of syndicated revolver costs (25) (1,711) 0
Contingent consideration for acquisitions 0 (1,600) (3,125)
Net cash (used in) provided by financing activities 44,498 178,836 132,007
Investing activities:      
Proceeds on disposal of property and equipment 542 0 0
Additions to property and equipment (56,460) (92,055) (136,710)
Acquisition of other intangible assets (575) (528) (782)
Net cash used in investing activities (56,493) (92,583) (137,492)
Increase (decrease) in cash and cash equivalents, restricted cash, and restricted cash equivalents (31,740) 81,482 14,391
Cash and cash equivalents, restricted cash, and restricted cash equivalents beginning of year 104,978 23,496 9,105
Cash and cash equivalents, restricted cash, and restricted cash equivalents end of year 73,238 104,978 23,496
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:      
Cash and cash equivalents 56,903 92,687 23,496
Restricted cash included in funds held by trustee 4,628 3,639 0
Restricted cash included in secured notes reserve funds 11,707 8,652 0
Total Cash and cash equivalents, restricted cash, and restricted cash equivalents end of period 73,238 104,978 23,496
Supplemental cash flow information:      
Interest paid 37,961 24,736 10,289
Income taxes paid, net 7,653 4,929 3,883
Supplementary disclosure of non-cash investing and financing activities:      
Property and equipment acquired during the period not yet paid for $ 3,572 $ 6,948 $ 501