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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ 22,637 $ 21,186 $ (9,556)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:      
Depreciation and amortization expense 2,942 1,924 1,424
Deferred income taxes (7,320) (732) (3,732)
Non-cash operating lease cost 2,863 2,381 0
Stock-based compensation 45,799 37,458 81,139
Accretion of discount on available-for-sale securities (1,678) 0 0
Changes in operating assets and liabilities:      
Accounts receivable (603) (4,425) 3,339
Inventory 58,936 (91,908) (36,333)
Prepaid expenses and other current assets (572) (4,483) (735)
Other assets (79) (197) 127
Accounts payable (6,192) 6,315 2,855
Accrued expenses (18,657) 1,487 17,983
Accrued compensation and benefits 3,897 (3,049) 2,250
Sales tax payable (225) (354) 652
Gift card liability 358 2,292 2,571
Deferred revenue (626) 2,190 (1,185)
Returns reserve (469) 697 1,084
Income tax payable 2,557 (3,973) 4,428
Deferred rent and lease incentive 0 0 (117)
Operating lease liabilities (2,660) (2,071) 0
Other non-current liabilities 7 (67) 243
Net cash (used in) provided by operating activities 100,915 (35,329) 66,437
Cash flows from investing activities:      
Purchases of property and equipment (16,348) (5,348) (2,712)
Purchases of available-for-sale securities (150,139) 0 0
Maturities of available-for-sale securities 49,300 0 0
Purchases of held-to-maturity securities 0 (500) 0
Net cash used in investing activities (117,187) (5,848) (2,712)
Cash flows from financing activities:      
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts 0 0 95,881
Payments of initial public offering issuance costs, net of reimbursements 0 0 (780)
Payment of debt issuance and financing costs 0 0 (181)
Proceeds from capital contributions 0 479 1,301
Proceeds from stock option exercises and employee stock purchases 916 3,043 907
Tax payments related to net share settlements on restricted stock units (246) 0 (21,556)
Net cash provided by financing activities 670 3,522 75,572
Net (decrease) increase in cash, cash equivalents, and restricted cash (15,602) (37,655) 139,297
Cash, cash equivalents, and restricted cash, beginning of period 159,775 197,430 58,133
Cash, cash equivalents, and restricted cash, end of period 144,173 159,775 197,430
Supplemental disclosures:      
Cash paid for income taxes, net of refunds received 21,100 11,903 15,004
Property and equipment included in accounts payable and accrued expenses 453 19 32
Deferred offering costs recorded in stockholders’ equity upon initial public offering, net of related tax impacts $ 0 $ 0 $ 220