Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (98,886,000) $ (176,697,000) $ (6,091,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation expense 7,605,000 6,156,000 2,694,000
Amortization expense 11,536,000 14,192,000 14,016,000
Amortization of inventory fair value adjustment 0 707,000 15,908,000
Amortization of debt issuance costs 624,000 647,000 607,000
Loss on extinguishment of debt 0 0 10,924,000
Lease incentives 1,596,000 1,722,000 361,000
Loss on disposal of businesses 1,533,000 0 0
Non-cash operating lease expense 7,766,000 9,779,000 6,246,000
Equity-based compensation 7,640,000 6,730,000 8,043,000
Deferred income taxes, net (745,000) (4,064,000) (11,951,000)
Goodwill impairment 68,524,000 173,786,000 0
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable (1,283,000) (602,000) (858,000)
Inventory 32,149,000 (16,257,000) (32,131,000)
Prepaid expenses and other current assets (2,789,000) 6,134,000 (11,543,000)
Accounts payable 7,512,000 (1,888,000) 6,038,000
Income taxes payable 6,214,000 (2,442,000) (9,329,000)
Accrued liabilities (13,982,000) (7,419,000) 26,678,000
Returns reserve 5,566,000 (2,678,000) 3,091,000
Deferred revenue 522,000 267,000 7,197,000
Lease liabilities (7,676,000) (8,392,000) (5,932,000)
Net cash provided by (used in) operating activities 33,426,000 (319,000) 23,968,000
Cash flows from investing activities:      
Acquisition of businesses, net of cash acquired 0 (5,321,000) (249,302,000)
Purchase of noncontrolling interest 0 0 (20,198,000)
Purchases of intangible assets (61,000) (247,000) (841,000)
Purchases of property and equipment (5,970,000) (19,746,000) (7,734,000)
Net cash used in investing activities (6,031,000) (25,314,000) (278,075,000)
Cash flows from financing activities:      
Proceeds from initial public offering, net of issuance costs 0 0 96,863,000
Payments of costs related to initial public offering 0 (1,142,000) 0
Proceeds from line of credit, net of issuance costs 11,500,000 40,000,000 34,150,000
Repayment of line of credit (51,500,000) 0 (42,204,000)
Proceeds from issuance of debt, net of issuance costs 0   254,134,000
Proceeds from issuance of debt, net of issuance costs   (121,000)  
Repayment of debt (10,700,000) (5,600,000) (155,762,000)
Taxes paid related to net share settlement of equity awards (191,000) (104,000) 0
Proceeds from issuances under equity-based compensation plans 162,000 227,000 0
Proceeds from issuance of units 0 0 82,669,000
Repurchase of shares (2,100,000) 0 0
Net cash (used in) provided by financing activities (52,829,000) 33,260,000 269,850,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,090,000 (272,000) (1,824,000)
Net change in cash, cash equivalents and restricted cash (24,344,000) 7,355,000 13,919,000
Cash, cash equivalents and restricted cash at beginning of year 48,373,000 41,018,000 27,099,000
Cash, cash equivalents and restricted cash at end of year 24,029,000 48,373,000 41,018,000
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 21,859,000 46,319,000 38,832,000
Restricted cash 2,170,000 2,054,000 2,186,000
Total cash, cash equivalents and restricted cash 24,029,000 48,373,000 41,018,000
Supplemental disclosure of cash flow information:      
Interest paid 10,515,000 6,296,000 7,901,000
Income tax (refund received) paid, net (4,039,000) 2,329,000 20,626,000
Supplemental disclosure of non-cash investing activities:      
Consideration payable in connection with a business acquisition 0 0 4,901,000
Fair value of common stock issued in connection with the purchase of mnml 0 0 17,305,000
Right-of-use asset additions under operating leases 8,447,000 22,237,000 4,073,000
Offering costs not yet paid 0 0 1,142,000
Debt issuance costs not yet paid $ 0 $ 0 $ 121,000