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, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (14,593) $ (2,687)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation expense 4,230 2,728
Amortization expense 5,931 8,079
Amortization of inventory fair value adjustment 0 707
Amortization of debt issuance costs 315 326
Lease incentives 1,186 0
Loss on disposal of businesses 1,533 0
Non-cash operating lease expense 3,760 3,109
Equity-based compensation 3,760 2,862
Deferred income taxes, net 3 (1,078)
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable 896 (424)
Inventory 15,511 (33,183)
Prepaid expenses and other current assets (3,793) (67)
Accounts payable 350 5,304
Income taxes payable (1,179) (7,213)
Accrued liabilities (9,117) 4,896
Returns reserve 2,214 (1,569)
Deferred revenue 98 (3,434)
Lease liabilities (3,815) (1,943)
Net cash provided by (used in) operating activities 7,290 (23,587)
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired 0 (2,095)
Purchases of intangible assets (62) (64)
Purchases of property and equipment (3,618) (5,803)
Net cash used in investing activities (3,680) (7,962)
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 (21,100) 0
Proceeds from issuance of debt, net of issuance costs 0 (121)
Repayment of debt (2,800) (2,800)
Taxes paid related to net share settlement of equity awards (66) (32)
Proceeds from issuances under equity-based compensation plans 90 0
Repurchase of shares (299) 0
Net cash provided by (used in) financing activities (24,175) 20,905
Effect of exchange rate changes on cash, cash equivalents and restricted cash 69 401
Net decrease in cash, cash equivalents and restricted cash (20,496) (10,243)
Cash, cash equivalents and restricted cash at beginning of period 48,373 41,018
Cash, cash equivalents and restricted cash at end of period 27,877 30,775
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 25,876 29,109
Restricted cash 2,001 1,666
Total cash, cash equivalents and restricted cash $ 27,877 $ 30,775