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
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ (2,687) $ 3,979
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Depreciation expense 2,728 870
Amortization expense 8,079 6,231
Amortization of inventory fair value adjustment 707 6,266
Amortization of debt issuance costs 326 247
Non-cash interest expense 0 693
Non-cash operating lease expense 3,109 3,064
Equity-based compensation 2,862 1,132
Deferred income taxes, net (1,078) (2,109)
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable (424) (1,602)
Inventory (33,183) (11,490)
Prepaid expenses and other current assets (67) (5,755)
Accounts payable 5,304 1,354
Income taxes payable (7,213) (8,587)
Accrued liabilities 4,896 13,278
Returns reserve (1,569) 2
Deferred revenue (3,434) 2,857
Lease liabilities (1,943) (2,950)
Net cash (used in) provided by operating activities (23,587) 7,480
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired 0 (225,744)
Cash paid from holdbacks associated with acquisitions (2,095) 0
Purchase of intangible assets (64) 0
Purchases of property and equipment (5,803) (3,361)
Net cash used in investing activities (7,962) (229,105)
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 12,045
Repayment of line of credit 0 (6,364)
Proceeds from issuance of debt, net of issuance costs (121)  
Proceeds from issuance of debt, net of issuance costs   144,103
Repayment of debt (2,800) (938)
Taxes paid related to net share settlement of equity awards (32) 0
Proceeds from issuance of units 0 82,669
Net cash provided by financing activities 20,905 231,515
Effect of exchange rate changes on cash, cash equivalents and restricted cash 401 (413)
Net increase (decrease) in cash, cash equivalents and restricted cash (10,243) 9,477
Cash, cash equivalents and restricted cash at beginning of period 41,018 27,099
Cash, cash equivalents and restricted cash at end of period 30,775 36,576
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 29,109 34,341
Restricted cash 1,666 2,235
Total cash, cash equivalents and restricted cash $ 30,775 $ 36,576