Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income (loss) $ 482 $ (31,986)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 4,797 3,352
Equity-based compensation 5,257 5,049
Amortization of debt issuance costs 605 52
Loss on disposal of assets 881 128
Paid-in-kind interest 1,559 0
Other 151 1,202
Changes in operating assets and liabilities:    
Accounts receivable, net 2,036 (2,058)
Inventories, net (232) (32,537)
Prepaid expenses and other assets (4,778) (2,248)
Accounts payable 2,010 22,112
Accrued liabilities (1,203) (5,043)
Deferred revenue and gift card liability (5,438) 570
Operating lease liability 411 850
Other liabilities 674 100
Net cash provided by (used in) operating activities 7,212 (40,457)
Investing activities    
Purchases of property, plant and equipment (4,869) (10,009)
Proceeds from sale of property and equipment 892 186
Net cash used in investing activities (3,977) (9,823)
Financing activities    
Proceeds from issuance of long-term debt, net of discount 111,601 199,034
Debt issuance costs paid (164) (34)
Repayment of long-term debt (118,472) (167,783)
Financing lease obligations (27) (50)
Repayment of promissory note (400) (400)
Issuance of stock from the Employee Stock Purchase Plan 258 305
Proceeds from exercise of stock options 13 0
Net cash (used in) provided by financing activities (7,191) 31,072
Net increase (decrease) in cash, cash equivalents and restricted cash (3,956) (19,208)
Cash and cash equivalents, beginning of period 12,448 38,990
Restricted cash, beginning of period 1,465 0
Cash and cash equivalents, end of period 9,642 19,782
Restricted cash, end of period 315 0
Non-cash operating activities    
(Derecognition) Recognition of right-of-use operating lease assets (3,448) 13,919
Recognition of revenue for inventory exchanged for prepaid advertising 11,904 0
Recognition of receivable from inventory purchase commitment 3,000 0
Non-cash investing and financing activities    
Property and equipment purchased but not yet paid 445 2,956
Supplemental cash flow information    
Cash paid for income taxes 345 422
Cash paid for interest $ 3,567 $ 1,324