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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 46,629 $ 7,814 $ 18,992
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 660 1,901 2,069
(Gain)/loss on disposal of equipment 19 1 112
Bad debt expense 260 2,641 76
Unrealized (gain)/loss on derivative instruments 872 (6,606) (2,093)
Stock-based compensation 9,128 7,384 3,380
Impairment loss on assets held for sale 363 619 0
Impairment of intangible assets 0 6,714 0
Noncash lease expense 1,288 1,058 0
Deferred tax expense (2,382) (3,081) (1,644)
Loss on extinguishment of debt 0 0 132
Changes in operating assets and liabilities:      
Accounts receivable (7,088) 321 (16,917)
Inventory 33,688 (9,333) (43,501)
Prepaid expenses, net supplier advances, and other assets (622) (3,592) 2,725
Accounts payable, accrued expenses, and other liabilities 24,340 (16,776) 20,503
Net cash provided by (used in) operating activities 107,155 (10,935) (16,166)
Cash flows from investing activities:      
Cash paid for property and equipment (599) (982) (557)
Proceeds from sale of property and equipment 5 0 0
Net cash used in investing activities (594) (982) (557)
Cash flows from financing activities:      
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and offering costs 0 0 30,356
Proceeds from exercise of stock awards 7,086 3,062 177
Borrowings on credit facility 0 22,000 0
Repayments of borrowings on credit facility 0 (22,000) (25,000)
Proceeds from the term loan 0 0 30,000
Repayments of the term loan 0 0 (30,000)
Proceeds from settlement of loan to stockholder 0 0 17,700
Cash received (paid) on notes payable (23) (28) 21
Cash paid to acquire treasury stock (773) 0 (50,003)
Cash paid to acquire portion of non-controlling interest 0 0 (54)
Net cash provided (used in) by financing activities 6,290 3,034 (26,803)
Effects of exchange rate changes on cash and cash equivalents 387 (178) 35
Net (decrease) increase in cash and cash equivalents 113,238 (9,061) (43,491)
Cash and cash equivalents at beginning of the period 19,629 [1] 28,690 [1] 72,181
Cash, cash equivalents and restricted cash at end of the period (1) [1] 132,867 19,629 28,690
Supplemental disclosures of cash flow information:      
Cash paid for income taxes 9,905 4,624 2,440
Cash paid for interest 75 217 349
Restricted Cash $ 330 $ 0 $ 0
[1]
(1) Includes $330, $0 and $0 of restricted cash as of December 31, 2023, 2022, and 2021 respectively, that were included in other current assets.