Revision for Immaterial Misstatements

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

As disclosed in Note 1 – Description of Business, subsequent to the issuance of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, during the six months ended June 30, 2023, the Company identified misstatements related to the elimination of intercompany balances and right of return assets. Although the Company concluded that these misstatements were not material, either individually or in the aggregate, the Company elected to revise its previously issued consolidated financial statements to correct for these misstatements. The revision to the accompanying Consolidated Balance Sheets, Consolidated Statements of Comprehensive Income (Loss), and Consolidated Statements of Cash Flows and related disclosures in Note 5 – Balance Sheet Components and Note 17 – Net Income (Loss) Attributable to Common Stockholders are detailed in the tables below.

As of December 31, 2021, accumulated deficit was understated by $4.3 million, and as such, previously reported stockholders’ equity of $302.3 million was revised to $298.0 million. There were no other changes to the consolidated statements of stockholders’ equity that have not otherwise been reflected in the Consolidated Balance Sheets and Consolidated Statements of Comprehensive Income (Loss) as detailed in the tables below.


	Year Ended December 31, 2021
Consolidated Statement of Comprehensive Income (Loss) (in thousands, except per share amounts)	As Previously Reported		Adjustment		As Revised
Cost of sales	$	78,259	$	3,289	$	81,548
Gross profit	$	181,827	$	(3,289)	$	178,538
Loss from operations	$	(36,639)	$	(3,289)	$	(39,928)
Loss before provision for income taxes	$	(377,350)	$	(3,289)	$	(380,639)
Income tax benefit	$	(2,242)	$	367	$	(1,875)
Net loss	$	(375,108)	$	(3,656)	$	(378,764)
Comprehensive loss	$	(376,607)	$	(3,656)	$	(380,263)
Net loss per share - Basic	$	(3.67)	$	(0.04)	$	(3.71)
Net loss per share - Diluted	$	(3.67)	$	(0.04)	$	(3.71)


	Year Ended December 31, 2021
Consolidated Statement of Cash Flows (in thousands)	As Previously Reported		Adjustment		As Revised
Net loss	$	(375,108)	$	(3,656)	$	(378,764)
Change in operating assets and liabilities:
Inventories	$	(10,577)	$	3,289	$	(7,288)
Prepaid expenses and other current assets	$	(5,434)	367		$	(5,067)


	As of December 31, 2022
Consolidated Balance Sheet (in thousands)	As Previously Reported		Adjustment		As Revised
Inventories	$	116,430	$	(6,774)	$	109,656
Prepaid expenses and other current assets	$	26,698	$	950	$	27,648
Total current assets	$	789,099	$	(5,824)	$	783,275
TOTAL ASSETS	$	1,008,907	$	(5,824)	$	1,003,083
Accounts payable	$	30,335	$	(1,868)	$	28,467
Income tax payable	$	962	$	467	$	1,429
Total current liabilities	$	73,115	$	(1,401)	$	71,714
TOTAL LIABILITIES	$	837,431	$	(1,401)	$	836,030
Accumulated deficit	$	(374,328)	$	(4,423)	$	(378,751)
Total stockholders' equity	$	171,476	$	(4,423)	$	167,053
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,008,907	$	(5,824)	$	1,003,083


	Year Ended December 31, 2022
Consolidated Statement of Comprehensive Income (Loss) (in thousands)	As Previously Reported		Adjustment		As Revised
Cost of sales	$	115,536	$	1,561	$	117,097
Gross profit	$	250,340	$	(1,561)	$	248,779
Loss from operations	$	(24,280)	$	(1,561)	$	(25,841)
Foreign currency transaction loss, net	$	3,164	$	(1,868)	$	1,296
Income before provision for income taxes	$	45,032	$	307	$	45,339
Income tax expense	$	648	$	467	$	1,115
Net income	$	44,384	$	(160)	$	44,224
Comprehensive income	$	41,111	$	(160)	$	40,951


	Year Ended December 31, 2022
Consolidated Statement of Cash Flows (in thousands)	As Previously Reported		Adjustment		As Revised
Net income	$	44,384	$	(160)	$	44,224
Change in operating assets and liabilities:
Inventories	$	(87,241)	$	2,878	$	(84,363)
Prepaid expenses and other current assets	$	(16,401)	$	(1,317)	$	(17,718)
Accounts payable	$	1,606	$	(1,868)	$	(262)
Income taxes payable	$	198	$	467	$	665