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
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income (loss) $ 1,855 $ (17,321)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,413 1,719
Equity-based compensation 1,952 2,506
Amortization of debt issuance costs 301 33
Loss on disposal of assets 511 0
Other 315 0
Changes in operating assets and liabilities:    
Accounts receivable, net 58 3,055
Inventories, net (2,405) (25,724)
Prepaid expenses and other assets (1,892) (1,118)
Accounts payable 7,264 27,830
Accrued liabilities (2,331) (6,463)
Deferred revenue and gift card liability (3,468) (160)
Operating lease liability 371 219
Other liabilities (30) 30
Net cash provided by (used in) operating activities 4,914 (15,394)
Investing activities    
Purchases of property, plant and equipment (2,718) (4,902)
Proceeds from sale of property and equipment 41 0
Net cash used in investing activities (2,677) (4,902)
Financing activities    
Proceeds from issuance of long-term debt, net of discount 21,829 87,000
Debt issuance costs paid (164) 0
Repayment of long-term debt (32,224) (79,609)
Financing lease obligations 20 (25)
Repayment of promissory note (400) (399)
Issuance of stock from the Employee Stock Purchase Plan 251 305
Net cash (used in) provided by financing activities (10,688) 7,272
Net increase (decrease) in cash, cash equivalents and restricted cash (8,451) (13,024)
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 3,997 25,966
Restricted cash, end of period 1,465 0
Non-cash operating activities    
(Derecognition) Recognition of right-of-use operating lease assets (1,955) 5,786
Recognition of revenue for inventory exchanged for prepaid advertising 8,487 0
Non-cash investing and financing activities    
Property and equipment purchased but not yet paid 622 967
Supplemental cash flow information    
Cash paid for income taxes 58 179
Cash paid for interest $ 1,816 $ 492