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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Cash flows from operating activities:          
Net income $ 51,509 $ 9,158 $ 92,736 $ 15,838  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation 600 400 953 556  
Amortization     294 275  
Allowance for credit losses     1,088 466  
Amortization of deferred other costs     7,062 0  
Inventory excess and obsolescence     (3,888) 331  
Loss on disposal of property and equipment     191 0  
Stock-based compensation expense     11,242 8,517  
Deferred income taxes-net     (41,044) 1,072  
Foreign exchange loss     206 602  
Changes in operating assets and liabilities:          
Accounts receivable-net     (135,600) (27,920)  
Inventories-net     24,632 28,753  
Prepaid expenses and other current assets     (12,058) 1,257  
Accounts payable and accrued expenses     (12,491) (7,176)  
Income taxes payable     57,605 0  
Accrued promotional allowance     62,995 17,512  
Accrued distributor termination fees     (3,986) 0  
Other current liabilities     3,523 1,820  
Change in right of use and lease obligation-net     (38) (95)  
Deferred revenue     (8,219) 0  
Deferred revenue     0 488  
Other assets     8 0  
Net cash provided by operating activities     45,211 42,296  
Cash flows from investing activities:          
Collections from note receivable     3,233 2,592  
Purchase of property and equipment     (6,810) (2,456)  
Net cash (used in) provided by investing activities     (3,577) 136  
Cash flows from financing activities:          
Principal payments on finance lease obligations     (22) (37)  
Proceeds from exercise of stock options     707 1,260  
Dividends paid on preferred shares     (13,637) 0  
Net cash (used in) provided by financing activities     (12,952) 1,223  
Effect of exchange rate changes on cash and cash equivalents     (555) 121  
Net increase in cash and cash equivalents     28,127 43,776  
Cash and cash equivalents at beginning of the period     652,927 16,255 $ 16,255
Cash and cash equivalents at end of the period $ 681,054 $ 60,031 681,054 60,031 $ 652,927
Cash paid for:          
Taxes     $ 10,033 $ 2,100