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
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Cash flows from operating activities:    
Net income (loss) $ (9,553) $ 1,525
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation expense 2,452 1,163
Amortization expense 2,988 4,054
Amortization of inventory fair value adjustment 0 707
Amortization of debt issuance costs 158 164
Lease incentives 334 0
Loss from sale of business 951 0
Non-cash operating lease expense 1,753 2,340
Equity-based compensation 1,936 1,368
Deferred income taxes, net (9) (271)
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable (107) (808)
Inventory 11,536 (3,132)
Prepaid expenses and other current assets (602) (1,759)
Accounts payable (4,010) (6,956)
Income taxes payable (1,120) (2,127)
Accrued liabilities (8,463) (4,937)
Returns reserve 1,026 (1,788)
Deferred revenue (314) (2,805)
Lease liabilities (1,916) (1,641)
Net cash used in operating activities (2,960) (14,903)
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired 0 (2,095)
Purchases of intangible assets (26) 0
Purchases of property and equipment (1,854) (2,608)
Net cash used in investing activities (1,880) (4,703)
Cash flows from financing activities:    
Payments of costs related to initial public offering 0 (1,142)
Proceeds from line of credit, net of issuance costs 0 25,000
Repayment of line of credit (10,000) 0
Proceeds from issuance of debt, net of issuance costs 0 (121)
Repayment of debt (1,400) (1,400)
Taxes paid related to net share settlement of equity awards (43) 0
Net cash provided by (used in) financing activities (11,443) 22,337
Effect of exchange rate changes on cash, cash equivalents and restricted cash 154 (77)
Net increase (decrease) in cash, cash equivalents and restricted cash (16,129) 2,654
Cash, cash equivalents and restricted cash at beginning of period 48,373 41,018
Cash, cash equivalents and restricted cash at end of period 32,244 43,672
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 30,224 41,166
Restricted cash 2,020 2,506
Total cash, cash equivalents and restricted cash $ 32,244 $ 43,672