XML 21 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities    
Net income $ (110,266) $ 66,393
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Stock-based compensation 2,249 2,813
Bad debt expense 12 (526)
Depreciation and amortization of property and equipment 10,954 9,480
Amortization of intangible assets 7,558 7,278
Amortization of debt discount 312 431
Non-cash lease expense 296 173
Loss (gain) on sale of property and equipment 28 (20)
Goodwill impairment 117,970 0
Deferred income taxes (30,980) 1,872
Change in fair value of warrant liabilities (856) (12,453)
Impairment charges 629 0
Changes in operating assets and liabilities:    
Receivables 2,347 6,512
Inventories (42,901) (127,594)
Prepaid expenses and other 450 (613)
Income tax receivable/payable 492 (6,725)
Other assets (199) (1,146)
Accounts payable and Accrued expenses and other current liabilities 5,425 (17,835)
Total Adjustments 73,786 (138,353)
Net Cash Used In Operating Activities (36,480) (71,960)
Cash Flows From Investing Activities    
Cash paid for acquisitions, net of cash received (97,727) (14,694)
Proceeds from sales of property and equipment 0 36
Purchases of property and equipment (95,237) (39,884)
Net Cash Used In Investing Activities (192,964) (54,542)
Cash Flows From Financing Activities    
Net borrowings under M&T bank floor plan 98,530 148,180
Borrowings under revolving line of credit 49,500 0
Principal payments on long-term debt and finance liabilities (11,130) (29,657)
Proceeds from issuance of long-term debt and finance liabilities 64,005 11,686
Debt issuance costs (3,015) 0
Payment of dividends on Series A preferred stock (4,800) (4,801)
Repurchase of Treasury Stock (109) (44,504)
Proceeds from shares issued pursuant to the Employee Stock Purchase Plan 413 918
Proceeds from exercise of warrants 30,543 5,714
Proceeds from exercise of stock options 1,283 2,418
Disgorgement of short-swing profits 622 0
Tax benefit related to stock-based awards 0 115
Net Cash Provided By Financing Activities 225,842 90,069
Net Decrease In Cash (3,602) (36,433)
Cash - Beginning 61,687 98,120
Cash - Ending 58,085 61,687
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for interest 11,040 15,558
Cash paid during the period for income taxes net of refunds received 620 23,920
ROU Assets Obtained in Exchange for Lease Liabilities:    
Operating leases 4,826 886
Finance lease 0 24
ROU assets obtained in exchange for lease liabilities 4,826 910
Non-Cash Investing and Financing Activities:    
Accrued dividends on Series A Preferred Stock $ 0 $ 1,210