Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income (loss) $ (6,091) $ 14,805 $ 1,442
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation expense 2,694 353 467
Amortization expense 14,016 6,409 5,760
Amortization of inventory fair value adjustment 15,908 0 0
Amortization of debt issuance costs 596 0 0
Non-cash interest expense 11 0 0
Loss on extinguishment of debt 10,924 0 0
Lease incentives 361 0 0
Non-cash operating lease expense 6,246 0 0
Equity-based compensation 8,043 1,380 353
Deferred income taxes, net (11,951) (2,908) (1,705)
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable (858) (833) (47)
Inventory (32,131) (9,375) (15,059)
Prepaid expenses and other current assets (11,543) 20 (2,707)
Accounts payable 6,038 (2,776) 5,115
Income taxes payable (9,329) 3,688 (1,567)
Accrued liabilities 26,678 8,648 6,542
Returns reserve 3,091 863 945
Deferred revenue 7,197 1,493 1,133
Lease liabilities (5,932) (55) (161)
Net cash provided by operating activities 23,968 21,712 511
Cash flows from investing activities:      
Acquisition of businesses, net of cash acquired (249,302) (600) (20,425)
Purchase of noncontrolling interest (20,198) 0 0
Purchase of intangible assets (841) (451) (372)
Purchases of property and equipment (7,734) (1,328) (1,031)
Net cash used in investing activities (278,075) (2,379) (21,828)
Cash flows from financing activities:      
Proceeds from initial public offering, net of issuance costs 96,863 0 0
Proceeds from line of credit, net of issuance costs 34,150 10,889 0
Repayment of line of credit (42,204) (10,099) (1,581)
Proceeds from issuance of debt, net of issuance costs 254,134 0 0
Repayment of debt (155,762) 0 0
Proceeds from issuance of units 82,669 450 22,164
Net cash provided by financing activities 269,850 1,240 20,583
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,824) 735 482
Net increase (decrease) in cash, cash equivalents and restricted cash 13,919 21,308 (252)
Cash, cash equivalents and restricted cash at beginning of period 27,099 5,791 6,043
Cash, cash equivalents and restricted cash at end of period 41,018 27,099 5,791
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 38,832 26,259 5,472
Restricted cash 2,186 840 319
Total cash, cash equivalents and restricted cash 41,018 27,099 5,791
Supplemental disclosure of cash flow information:      
Interest paid 7,901 278 334
Income taxes paid, net of refunds 20,626 4,875 4,431
Supplemental disclosure of non-cash investing activities:      
Consideration payable in connection with a business acquisition 4,901 0 728
Fair value of common stock issued in connection with the purchase of mnml 17,305 0 0
Right-of-use asset additions under operating leases 4,073 2,740 233
Offering costs not yet paid 1,142 0 0
Debt issuance costs not yet paid $ 121 $ 0 $ 0