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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net loss $ (14,225) $ (5,318)
Provision for credit losses 1,126 380
Depreciation and amortization 1,514 1,191
Write-off and amortization of debt discount 0 692
Write-off and amortization of debt issuance costs 79 399
Share-based compensation expense 2,575 2,089
Gain on disposal of property and equipment 2 (18)
Deferred income taxes 1 0
Change in fair value of preferred stock derivative liability 0 (147)
Changes in operating assets and liabilities:    
Accounts receivable 42,796 17,220
Inventory 6,306 16,631
Prepaid expenses and other assets (11,199) (6,515)
Accounts payable (10,489) (4,704)
Accounts payable - Meisheng (related party) (3,637) (2,073)
Accrued expenses (13,521) (10,992)
Reserve for sales returns and allowances (10,672) (10,813)
Income taxes payable (3,735) (1,912)
Other liabilities 216 (226)
Total adjustments 1,362 1,202
Net cash used in operating activities (12,863) (4,116)
Cash flows from investing activities    
Purchases of property and equipment (2,228) (3,490)
Investments in employee deferred compensation trusts (1,407) 0
Proceeds from sale of property and equipment 1 18
Net cash used in investing activities (3,634) (3,472)
Cash flows from financing activities    
Repurchase of common stock for employee tax withholding 0 (1,214)
Redemption of preferred stock (20,000) 0
Repayment of 2021 BSP Term Loan 0 (38,719)
Net cash used in financing activities (20,000) (39,933)
Net decrease in cash, cash equivalents and restricted cash (36,497) (47,521)
Effect of foreign currency translation (565) 332
Cash, cash equivalents and restricted cash, beginning of period 72,554 85,490
Cash, cash equivalents and restricted cash, end of period 35,492 38,301
Supplemental disclosures of non-cash activities:    
Right-of-use assets exchanged for lease liabilities 3,532 0
Supplemental disclosures of cash flow information:    
Cash paid for income taxes, net 1,312 550
Cash paid for interest $ 36 $ 1,906