Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 1,525 $ 1,790
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation expense 1,163 196
Amortization expense 4,054 2,390
Amortization of inventory fair value adjustment 707 0
Amortization of debt issuance costs 164 0
Non-cash operating lease expense 2,340 298
Equity-based compensation 1,368 523
Deferred income taxes, net (271) (1,944)
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable (808) (1,312)
Inventory (3,132) 7,984
Prepaid expenses and other current assets (1,759) 721
Accounts payable (6,956) (2,840)
Income taxes payable (2,127) (457)
Accrued liabilities (4,937) 9,504
Returns reserve (1,788) 58
Deferred revenue (2,805) 2,372
Lease liabilities (1,641) (309)
Net cash (used in) provided by operating activities (14,903) 18,974
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired 0 (225,725)
Cash paid from holdbacks associated with acquisitions (2,095) 0
Purchases of property and equipment (2,608) (297)
Net cash used in investing activities (4,703) (226,022)
Cash flows from financing activities:    
Payments of costs related to initial public offering (1,142) 0
Proceeds from line of credit, net of issuance costs 25,000  
Proceeds from line of credit, net of issuance costs   (996)
Repayment of line of credit 0 (6,408)
Proceeds from issuance of debt, net of issuance costs (121)  
Proceeds from issuance of debt, net of issuance costs   144,478
Repayment of debt (1,400) 0
Proceeds from issuance of units 0 82,669
Net cash provided by financing activities 22,337 219,743
Effect of exchange rate changes on cash, cash equivalents and restricted cash (77) (326)
Net increase in cash, cash equivalents and restricted cash 2,654 12,369
Cash, cash equivalents and restricted cash at beginning of period 41,018 27,099
Cash, cash equivalents and restricted cash at end of period 43,672 39,468
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 41,166 37,390
Restricted cash 2,506 2,078
Total cash, cash equivalents and restricted cash $ 43,672 $ 39,468