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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities    
Net income $ 24,462 $ 2,125
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 8,638 5,170
Stock-based compensation expense 3,326 410
Non-cash operating lease expense 3,678 2,538
Deferred income tax benefit (21,252) 0
Amortization of inventory step-up of basis 2,034 0
Other 1,361 601
Changes in assets and liabilities:    
Accounts receivable (1,740) (7,694)
Inventories (53,106) (29,730)
Prepaid expenses and other current assets 2,350 (3,650)
Other assets (2,567) 14
Accounts payable 1,828 18,145
Accrued expenses and other current liabilities 16,505 7,166
Lease liabilities (3,118) (2,379)
Other long-term liabilities 91 (493)
Net cash used in operating activities (17,510) (7,777)
Investing activities    
Business Combinations, net of cash and cash equivalents acquired (415,918) 0
Purchases of property and equipment (3,069) (700)
Proceeds from notes receivable 0 2,000
Other (420) 28
Net cash (used in) provided by investing activities (419,407) 1,328
Financing activities    
Proceeds from issuance of common stock upon follow-on public offering, net of offering costs 309,781 0
Proceeds from exercises of investor warrants 56,779 0
Payment of withholding tax related to restricted stock units (17,894) 0
Proceeds from issuance of Series A Convertible Preferred Stock, net of issuance costs 0 3,792
Borrowings from PPP Loan 0 3,274
Borrowings under revolving credit facilities 96,970 213,621
Repayments of long-term debt and revolving credit facilities (70,680) (213,709)
Other (509) (570)
Net cash provided by financing activities 374,447 6,408
Effect of exchange rate changes on cash, cash equivalents and restricted cash (29) 39
Net decrease in cash, cash equivalents and restricted cash (62,499) (2)
Cash, cash equivalents and restricted cash at beginning of period 76,955 32,857
Cash, cash equivalents and restricted cash at end of period $ 14,456 $ 32,855