Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (25,990,000) $ (98,886,000) $ (176,697,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation expense 6,550,000 7,605,000 6,156,000
Amortization expense 11,047,000 11,536,000 14,192,000
Amortization of inventory fair value adjustment 0 0 707,000
Amortization of debt issuance costs 597,000 624,000 647,000
Lease incentives 0 1,596,000 1,722,000
Loss on disposal of businesses 673,000 1,533,000 0
Non-cash operating lease expense 8,979,000 7,766,000 9,779,000
Equity-based compensation 7,980,000 7,640,000 6,730,000
Deferred income taxes, net 1,508,000 (745,000) (4,064,000)
Goodwill impairment 0 68,524,000 173,786,000
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable, net (3,294,000) (1,283,000) (602,000)
Inventory (10,657,000) 32,149,000 (16,257,000)
Prepaid expenses and other current assets 1,539,000 (2,789,000) 6,134,000
Accounts payable 2,442,000 7,512,000 (1,888,000)
Income taxes payable 778,000 6,214,000 (2,442,000)
Accrued liabilities 7,138,000 (13,982,000) (7,419,000)
Sales returns reserve (1,849,000) 5,566,000 (2,678,000)
Deferred revenue 856,000 522,000 267,000
Lease liabilities (7,628,000) (7,676,000) (8,392,000)
Net cash provided by (used in) operating activities 669,000 33,426,000 (319,000)
Cash flows from investing activities:      
Acquisition of businesses, net of cash acquired 0 0 (5,321,000)
Purchases of intangible assets (2,000) (61,000) (247,000)
Purchases of property and equipment (11,592,000) (5,970,000) (19,746,000)
Net cash used in investing activities (11,594,000) (6,031,000) (25,314,000)
Cash flows from financing activities:      
Payments of costs related to initial public offering 0 0 (1,142,000)
Proceeds from line of credit 49,500,000 11,500,000 40,000,000
Repayment of line of credit (26,200,000) (51,500,000) 0
Proceeds from issuance of debt, net of issuance costs 0 0 (121,000)
Repayment of debt (5,400,000) (10,700,000) (5,600,000)
Taxes paid related to net share settlement of equity awards (1,103,000) (191,000) (104,000)
Proceeds from issuances under equity-based compensation plans 224,000 162,000 227,000
Repurchase of shares (1,515,000) (2,100,000) 0
Net cash provided by (used in) financing activities 15,506,000 (52,829,000) 33,260,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,131,000) 1,090,000 (272,000)
Net change in cash, cash equivalents and restricted cash 2,450,000 (24,344,000) 7,355,000
Cash, cash equivalents and restricted cash at beginning of year 24,029,000 48,373,000 41,018,000
Cash, cash equivalents and restricted cash at end of year 26,479,000 24,029,000 48,373,000
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 24,192,000 21,859,000 46,319,000
Restricted cash, included in prepaid expenses and other current assets 577,000 2,170,000 2,054,000
Restricted cash, included in other assets 1,710,000 0 0
Total cash, cash equivalents and restricted cash 26,479,000 24,029,000 48,373,000
Supplemental disclosure of cash flow information:      
Interest paid 9,770,000 10,515,000 6,296,000
Income tax paid (refund received), net 2,056,000 (4,039,000) 2,329,000
Supplemental disclosure of non-cash activities:      
Right-of-use asset additions under operating leases 38,534,000 8,447,000 22,237,000
Property and equipment expenditures included in accounts payable and accrued liabilities $ 773,000 $ 70,000 $ 539,000