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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating Activities    
Net loss $ (163,712) $ (110,266)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock-based compensation 1,751 2,249
Bad debt expense 407 12
Depreciation of property and equipment 12,716 10,954
Amortization of intangible assets 7,909 7,558
Amortization of debt discount 3,808 312
Non-cash operating lease expense (515) 296
Loss on sale of property and equipment 394 28
Deferred income taxes 16,792 (30,980)
Change in fair value of warrant liabilities 802 (856)
Impairment charges 39,093 118,599
Changes in operating assets and liabilities, net of acquisitions:    
Receivables (31) 2,347
Inventories 157,359 (42,901)
Prepaid expenses and other 703 450
Income tax receivable/payable 1,300 492
Other assets (476) (199)
Accounts payable, accrued expenses and other current liabilities 16,054 5,425
Net cash provided by (used in) operating activities 94,354 (36,480)
Investing Activities    
Cash paid for acquisitions, net of cash received 0 (97,727)
Net proceeds from sales of property and equipment 10,893 0
Purchases of property and equipment (19,021) (95,237)
Net cash used in investing activities (8,128) (192,964)
Financing Activities    
Net (repayments) borrowings under M&T bank floor plan (141,110) 98,530
Principal (repayments) borrowings on revolving line of credit (19,156) 49,500
Principal repayments on long-term debt and finance liabilities (11,713) (11,130)
Proceeds from issuance of long-term debt and finance liabilities 16,429 64,005
Loan issuance costs (2,431) (3,015)
Payment of dividends on Series A preferred stock 0 (4,800)
Repurchase of Treasury Stock 0 (109)
Proceeds from shares issued pursuant to the Employee Stock Purchase Plan 113 413
Proceeds from exercise of warrants 0 30,543
Proceeds from exercise of stock options 0 1,283
Disgorgement of short-swing profits 0 622
Net proceeds from the issuance of common stock 28,259 0
Cash received as nonrefundable deposit pursuant to the Asset Purchase Agreement 10,000 0
Net cash (used in) provided by financing activities (119,609) 225,842
Net decrease in cash (33,383) (3,602)
Cash, beginning of period 58,085 61,687
Cash, end of period 24,702 58,085
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 37,945 11,040
Cash paid during the period for income taxes net of refunds received 0 620
Cash paid for amounts included in the measurement of lease liability:    
Operating cash outflows for operating leases 7,673 6,810
Right-of use assets obtained in exchange for lease liabilities:    
Operating leases 3,408 4,826
Non-cash investing and financing activities:    
Dividends accrued on Series A Preferred Stock 7,254 0
Warrants issued to Coliseum Capital Partners, L.P. and Blackwell Partners, LLC 4,907 0
Issuance of common stock associated with preferred stock exchange $ 63,446 $ 0