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
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net loss $ (916) $ (42,680)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 7,458 5,354
Equity-based compensation 7,862 5,645
Amortization of debt issuance costs 908 260
Loss on disposal of assets 1,236 3,622
Paid-in-kind interest 2,014 0
Other 30 252
Changes in operating assets and liabilities:    
Accounts receivable, net (3,960) (2,284)
Inventories, net (8,965) (14,190)
Prepaid expenses and other assets (2,289) (7,374)
Accounts payable (1,010) 12,629
Accrued liabilities 1,081 (3,285)
Deferred revenue and gift card liability (6,161) 655
Operating lease liability 462 915
Other liabilities 11,395 122
Net cash provided by (used in) operating activities 9,145 (40,359)
Investing activities    
Purchases of property, plant and equipment (7,007) (18,872)
Proceeds from sale of property and equipment 911 5,576
Net cash used in investing activities (6,096) (13,296)
Financing activities    
Proceeds from issuance of long-term debt, net of discount 206,182 294,501
Debt issuance costs paid (164) (3,876)
Repayment of long-term debt (214,751) (267,381)
Financing lease obligations (62) (73)
Repayment of promissory note (1,047) (1,047)
Issuance of stock from the Employee Stock Purchase Plan 518 673
Proceeds from exercise of stock options 13 0
Net cash (used in) provided by financing activities (9,311) 22,797
Net decrease in cash, cash equivalents and restricted cash (6,262) (30,858)
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 7,336 6,667
Restricted cash, end of period 315 1,465
Non-cash operating activities    
(Derecognition) Recognition of right-of-use operating lease assets (5,363) 15,913
Recognition of revenue for inventory exchanged for prepaid advertising 15,220 7,480
Non-cash investing and financing activities    
Property and equipment purchased but not yet paid 530 3,349
Supplemental cash flow information    
Cash paid for income taxes 385 665
Cash paid for interest $ 5,372 $ 2,591