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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 2,720 $ 22,637 $ 21,186
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation and amortization expense 6,694 2,942 1,924
Deferred income taxes 6,648 (7,320) (732)
Non-cash operating lease cost 8,483 2,863 2,381
Stock-based compensation 42,673 45,799 37,458
Accretion of discount on available-for-sale securities (5,741) (1,678) 0
Changes in operating assets and liabilities:      
Accrued interest (758) 0 0
Accounts receivable (1,219) (603) (4,425)
Inventory 3,281 58,936 (91,908)
Prepaid expenses and other current assets (2,544) (572) (4,483)
Other assets (737) (79) (197)
Accounts payable (5,332) (6,192) 6,315
Accrued expenses 33,950 (18,657) 1,487
Accrued compensation and benefits (1,623) 3,897 (3,049)
Sales tax payable 556 (225) (354)
Gift card liability 1,364 358 2,292
Deferred revenue 2,452 (626) 2,190
Returns reserve 884 (469) 697
Income tax payable (2,211) 2,557 (3,973)
Operating lease liabilities (8,278) (2,660) (2,071)
Other non-current liabilities (100) 7 (67)
Net cash (used in) provided by operating activities 81,162 100,915 (35,329)
Cash flows from investing activities:      
Purchases of property and equipment (17,021) (16,348) (5,348)
Purchases of available-for-sale securities (246,949) (150,139) 0
Maturities of available-for-sale securities 196,580 49,300 0
Purchases of held-to-maturity securities 0 0 (500)
Purchase of investment in equity securities (27,534) 0 0
Net cash used in investing activities (94,924) (117,187) (5,848)
Cash flows from financing activities:      
Proceeds from capital contributions 0 0 479
Repurchases of Class A Common Stock (45,454) 0 0
Proceeds from stock option exercises and employee stock purchases 438 916 3,043
Tax payments related to net share settlements on restricted stock units 0 (246) 0
Issuance of Class A Common Stock in exchange for services 250 0 0
Net cash (used in) provided by financing activities (44,766) 670 3,522
Net decrease in cash, cash equivalents, and restricted cash (58,528) (15,602) (37,655)
Cash, cash equivalents, and restricted cash, beginning of period 144,173 159,775 197,430
Cash and cash equivalents end of period 85,645 144,173 159,775
Supplemental disclosures:      
Cash paid for income taxes, net of refunds received 13,138 21,100 11,903
Property and equipment included in accounts payable and accrued expenses $ 536 $ 453 $ 19