Transition Period

12 Months Ended

Mar. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Transition Period

TRANSITION PERIOD

We are presenting our consolidated financial statements for the three-month period ended March 31, 2021. The following tables provide certain unaudited comparative financial information for the same period of the prior year.

	Three-Months Ended March 31,
	2021		(unaudited) 2020
Net sales	$	206,075	$	93,722
Cost of sales	126,984		58,125
Gross profit	79,091		35,597
Operating expenses:
Selling and marketing	23,480		24,686
General and administrative	12,060		7,656
Research and development	3,843		3,815
Total operating expenses	39,383		36,157
Operating income (loss)	39,708		(560)
Other income (expense):
Interest income	45		2
Interest expense	(214)		(627)
Other, net	(1,363)		41
Total other expense, net	(1,532)		(584)
Income (loss) from continuing operations before income taxes	38,176		(1,144)
Income tax expense (benefit)	7,595		(3,446)
Income from continuing operations	30,581		2,302
Loss from discontinued operations, net of income taxes	(177)		(118)
Net income	$	30,404	$	2,184
Basic income per share from continuing operations	$	1.01	$	0.08
Basic loss per share from discontinued operations	(0.01)		—
Basic net income per share(1)	$	1.00	$	0.07
Diluted income per share from continuing operations	$	0.94	$	0.08
Diluted loss per share from discontinued operations	(0.01)		—
Diluted net income per share(1)	$	0.93	$	0.07
Shares used in per share calculations:
Basic	30,416		29,796
Diluted	32,642		30,584

(1) May not add due to rounding.

	Three-Months Ended March 31,
	2021		(unaudited) 2020
Cash flows from operating activities:
Income from continuing operations	$	30,581	$	2,302
Loss from discontinued operations	(177)		(118)
Net income	30,404		2,184
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,017		2,810
Provision for allowance for doubtful accounts	852		374
Inventory lower-of-cost-or-market/NRV adjustments	(163)		982
Stock-based compensation expense	1,172		564
Loss on asset dispositions	157		—
Loss on debt extinguishment	—		230
Deferred income taxes, net of valuation allowances	312		6,029
Other	(619)		329
Changes in operating assets and liabilities:
Trade receivables	1,841		20,265
Inventories	(16,813)		18,945
Prepaids and other assets	(5,871)		1,934
Income taxes receivable	4,019		(9,678)
Trade payables	2,692		(40,271)
Accrued liabilities and other liabilities, including warranty obligations	4,807		1,629
Net cash provided by operating activities	24,807		6,326
Cash flows from investing activities:
Purchases of available-for-sale securities	(37,249)		—
Purchases of property, plant and equipment	(2,739)		(1,694)
Net cash used in investing activities	(39,988)		(1,694)
Cash flows from financing activities:
Proceeds from long-term debt	335		44,142
Payments on long-term debt	(327)		(30,286)
Payment of debt issuance costs	—		(1,823)
Proceeds from employee stock purchases	103		—
Tax payments related to stock award issuances	(2,160)		(44)
Net cash (used in) provided by financing activities	(2,049)		11,989
Effect of exchange rate changes	(910)		(1,235)
Net (decrease) increase in cash, cash equivalents and restricted cash	(18,140)		15,386
Cash and cash equivalents at beginning of period	57,920		11,070
Cash, cash equivalents and restricted cash at end of period	$	39,780	$	26,456
Supplemental disclosure of cash flow information:
Cash (received) paid for income taxes, net	$	(608)	$	43
Cash paid for interest	124		238
Supplemental disclosure of non-cash investing activities:
Capital expenditures incurred but not yet paid	$	534	$	577