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 ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (85,003,000) $ (2,801,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation expense 5,912,000 4,121,000
Amortization expense 8,782,000 11,252,000
Amortization of inventory fair value adjustment 0 707,000
Amortization of debt issuance costs 470,000 487,000
Lease incentives 1,499,000 1,384,000
Loss on disposal of businesses 1,533,000 0
Non-cash operating lease expense 5,786,000 7,211,000
Equity-based compensation 5,478,000 4,448,000
Deferred income taxes, net 3,000 (2,343,000)
Goodwill impairment 68,524,000 0
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable 111,000 (1,339,000)
Inventory 20,428,000 (31,067,000)
Prepaid expenses and other current assets (5,448,000) 2,965,000
Accounts payable 7,495,000 9,430,000
Income taxes payable (4,528,000) (6,987,000)
Accrued liabilities (10,912,000) 641,000
Returns reserve 3,714,000 (415,000)
Deferred revenue (4,000) (3,294,000)
Lease liabilities (5,798,000) (5,817,000)
Net cash provided by (used in) operating activities 18,042,000 (11,417,000)
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired 0 (2,095,000)
Purchases of intangible assets (59,000) (164,000)
Purchases of property and equipment (5,462,000) (13,946,000)
Net cash used in investing activities (5,521,000) (16,205,000)
Cash flows from financing activities:    
Payments of costs related to initial public offering 0 (1,142,000)
Proceeds from line of credit, net of issuance costs 0 25,000,000
Repayment of line of credit (33,100,000) 0
Proceeds from issuance of debt, net of issuance costs 0 (121,000)
Repayment of debt (4,200,000) (4,200,000)
Taxes paid related to net share settlement of equity awards (107,000) (84,000)
Proceeds from issuances under equity-based compensation plans 90,000 0
Repurchase of shares (910,000) 0
Net cash (used in) provided by financing activities (38,227,000) 19,453,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash (63,000) 211,000
Net decrease in cash, cash equivalents and restricted cash (25,769,000) (7,958,000)
Cash, cash equivalents and restricted cash at beginning of period 48,373,000 41,018,000
Cash, cash equivalents and restricted cash at end of period 22,604,000 33,060,000
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 20,742,000 31,114,000
Restricted cash 1,862,000 1,946,000
Total cash, cash equivalents and restricted cash $ 22,604,000 $ 33,060,000