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Balance Sheet Components
6 Months Ended
Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Components

7. Balance Sheet Components

The following tables present the components of certain balance sheet amounts (in thousands):

 

 

 

June 30,
2023

 

 

December 31,
2022

 

 

 

 

 

 

 

 

Cash

 

$

181,100

 

 

$

151,180

 

Restricted cash—short term

 

 

2,676

 

 

 

2,647

 

Restricted cash—noncurrent

 

 

236

 

 

 

233

 

Total cash and restricted cash

 

$

184,012

 

 

$

154,060

 

 

Accounts receivable

 

$

150,714

 

 

$

145,380

 

Due from Factor

 

 

71,220

 

 

 

91,061

 

Allowance for doubtful accounts

 

 

(1,715

)

 

 

(785

)

Accounts receivable, net

 

$

220,219

 

 

$

235,656

 

On September 29, 2022, one of our fully consolidated subsidiaries entered into an accounts receivable factoring agreement (“Factoring Agreement”) with a third-party financial institution (“Factor”). Pursuant to the terms of the arrangement, we sell certain of our customer receivables on a non-recourse basis to the Factor. Proceeds from factoring the accounts receivable are due upon collection of payments from the customers, but upon our request, the Factor may, at their sole discretion, remit a portion of the proceeds to us prior to their collection of payments from the customers. Our obligations to the Factor arising from the Factoring Agreement are secured by certain assets of our subsidiary. In the three and six months ended June 30, 2023, we sold receivables of $84.6 million and $167.5 million to the Factor, respectively. In the three and six months ended June 30, 2023, we received cash proceeds of $88.3 million and $186.9 million from the Factor, respectively. The cost of factoring is included in selling, general and administrative expenses in our condensed consolidated statements of operations and the amounts incurred in the three and six months ended June 30, 2023, were immaterial.

Besides the Factor, one other customer represented 33.9% and 28.1% of our accounts receivable, net balance as of June 30, 2023 and December 31, 2022, respectively.

 

 

 

June 30,
2023

 

 

December 31,
2022

 

 

 

 

 

 

 

 

Raw materials

 

$

39,735

 

 

$

49,926

 

Work in progress

 

 

9,282

 

 

 

4,171

 

Finished goods

 

 

163,521

 

 

 

138,620

 

Inventories

 

$

212,538

 

 

$

192,717

 

 

Manufacturing equipment

 

$

31,960

 

 

$

28,993

 

Leasehold improvements

 

 

19,089

 

 

 

18,903

 

Computer equipment, software and office equipment

 

 

17,279

 

 

 

16,205

 

Furniture and fixtures

 

 

3,894

 

 

 

3,277

 

Total property and equipment

 

$

72,222

 

 

$

67,378

 

Less: Accumulated depreciation and amortization

 

 

(38,633

)

 

 

(32,451

)

Property and equipment, net

 

$

33,589

 

 

$

34,927

 

 

 

Right-of-use assets

 

$

42,460

 

 

$

45,175

 

Deferred tax asset

 

 

27,829

 

 

 

23,569

 

Other

 

 

6,927

 

 

 

6,546

 

        Other assets

 

$

77,216

 

 

$

75,290

 

 

Accrued reserves for customer incentive programs

 

$

55,447

 

 

$

58,621

 

Accrued reserves for sales return

 

 

29,481

 

 

 

27,199

 

Accrued payroll and related expense

 

 

14,919

 

 

 

10,511

 

Operating lease liabilities, current

 

 

11,821

 

 

 

11,051

 

Accrued freight expenses

 

 

9,751

 

 

 

12,486

 

Income tax payable

 

 

5,195

 

 

 

5,322

 

Contract liabilities

 

 

2,596

 

 

 

6,259

 

Other

 

 

29,999

 

 

 

33,021

 

Other liabilities and accrued expenses

 

$

159,209

 

 

$

164,470

 

 

Operating lease liabilities, noncurrent

 

$

42,202

 

 

$

45,457

 

Other

 

 

2,816

 

 

 

3,132

 

        Other liabilities, noncurrent

 

$

45,018

 

 

$

48,589