Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (31,434,000) $ (25,990,000) $ (98,886,000)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation expense 8,332,000 6,550,000 7,605,000
Amortization expense 9,426,000 11,047,000 11,536,000
Amortization of debt issuance costs 761,000 597,000 624,000
Lease incentives 3,621,000 0 1,596,000
Loss on disposal of businesses 600,000 673,000 1,533,000
Non-cash operating lease expense 13,615,000 8,979,000 7,766,000
Equity-based compensation 7,049,000 7,980,000 7,640,000
Deferred income taxes, net 41,000 1,508,000 (745,000)
Goodwill impairment 0 0 68,524,000
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable, net (2,331,000) (3,294,000) (1,283,000)
Inventory 12,070,000 (10,657,000) 32,149,000
Prepaid expenses and other current assets 4,273,000 1,539,000 (2,789,000)
Accounts payable 811,000 2,442,000 7,512,000
Income taxes payable (802,000) 778,000 6,214,000
Accrued liabilities 1,781,000 7,138,000 (13,982,000)
Sales returns reserve 220,000 (1,849,000) 5,566,000
Deferred revenue 202,000 856,000 522,000
Lease liabilities (11,799,000) (7,628,000) (7,676,000)
Net cash provided by operating activities 16,436,000 669,000 33,426,000
Cash flows from investing activities:      
Purchases of intangible assets 0 (2,000) (61,000)
Purchases of property and equipment (17,069,000) (11,592,000) (5,970,000)
Net cash used in investing activities (17,069,000) (11,594,000) (6,031,000)
Cash flows from financing activities:      
Payments of debt issuance costs (1,406,000) 0 0
Proceeds from line of credit 40,900,000 49,500,000 11,500,000
Repayment of line of credit (35,600,000) (26,200,000) (51,500,000)
Proceeds from issuance of debt, net of issuance costs 13,773,000 0 0
Repayment of debt (19,417,000) (5,400,000) (10,700,000)
Taxes paid related to net share settlement of equity awards (944,000) (1,103,000) (191,000)
Proceeds from issuances under equity-based compensation plans 237,000 224,000 162,000
Repurchase of shares (1,976,000) (1,515,000) (2,100,000)
Net cash (used in) provided by financing activities (4,433,000) 15,506,000 (52,829,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,101,000 (2,131,000) 1,090,000
Net change in cash, cash equivalents and restricted cash (3,965,000) 2,450,000 (24,344,000)
Cash, cash equivalents and restricted cash at beginning of year 26,479,000 24,029,000 48,373,000
Cash, cash equivalents and restricted cash at end of year 22,514,000 26,479,000 24,029,000
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 20,273,000 24,192,000 21,859,000
Restricted cash, included in prepaid expenses and other current assets 232,000 577,000 2,170,000
Restricted cash, included in other assets 2,009,000 1,710,000 0
Total cash, cash equivalents and restricted cash 22,514,000 26,479,000 24,029,000
Supplemental disclosure of cash flow information:      
Interest paid 7,798,000 9,770,000 10,515,000
Income tax paid (refund received), net 2,554,000 2,056,000 (4,039,000)
Supplemental disclosure of non-cash activities:      
Right-of-use asset additions under operating leases 30,362,000 38,534,000 8,447,000
Property and equipment expenditures included in accounts payable and accrued liabilities $ 239,000 $ 773,000 $ 70,000